Morning Chronicle issued by Adeel and Nadeem Securities Limited

Karachi, July 27, 2012 (PPI-OT): Bullish trend was witnessed at the Karachi Stock Exchange on Wednesday despite of low trading activity.

According to Adeel and Nadeem Securities Limited, the KSE-100 share index concluded the day with an increase of 52.61 points (+0.36 percent) at 14,564.68. The intra-day range of the KSE-100 index for the session was 14,507.30 – 14,616.86. Total shares traded during the session increased marginally by 0.60 million shares from the previous turnover of 56.85 million shares to reach at 57.45 million shares. The KSE-100 share index opened the session at 14,512.56 with a marginal upside gap of 0.49 point and immediately afterwards touched the day’s low before starting the upward journey. Some late profit taking wiped out half of the intraday gains. Foreign investors were once again seen on the buying side with a net purchase of $US 2.20 million during the session. Out of 252 active scrips, 129 closed in the positive zone, 96 in the negative zone, while the values of 27 scrips remained unchanged.

The KSE-100 index is overall bullish and hopefully very soon will close above 14,618 and continue its upward flight for 15,000. At current levels limited buying in blue chips can be done.