Morning Chronicle issued by Adeel and Nadeem Securities Limited

Karachi, July 09, 2012 (PPI-OT): A highly dull trading session was witnessed at the Karachi Stock Exchange on Thursday where the trading volumes plunged sharply while the KSE-100 share index closed in the red zone.

According to Adeel and Nadeem Securities Limited, the KSE-100 share index finished the session with a decrease of 7.19 points (- 0.05 percent) at 14,170.91. The intra-day range of the KSE-100 index for the session was 14,150.85 – 14,215.77. Total shares traded during the session decreased sharply by 61.98 million shares from the previous turnover of 100.83 million shares to reach at 38.84 million shares. The KSE-100 share index opened the session at 14,191.89 with an upside gap of 13.79 points but most of the market participants opted to stay away from the market due to which lack luster activity was seen through out the day. The foreign investors were once again seen on the buying side with a net buy of $US 0.42 million during the session. Out of 327 active scrips, 114 closed in the positive zone, 129 in the negative zone, while the values of 84 scrips remained unchanged.

The KSE-100 index will be considered bullish as long as it stays above 13,942. Strategy should be “Buy on Dip”. On upside important targets are 14,364 and then 14,618.