Karachi, May 10, 2012 (PPI-OT): The Karachi Stock Exchange witnessed correction in the Tuesday session after a 4-day bullish streak.
According to Adeel and Nadeem Securities Limited, the KSE-100 share index concluded the day at 14,513.96 with a decline of 104.01 points (0.71 percent). The intra-day range of the KSE-100 index for the session was 14,480.38 – 14,686.72. Total shares traded during the session declined further by 28.20 million shares from the previous turnover of 254.41 million shares to reach at 226.22 million shares. The KSE-100 share index opened the session at 14,645.85 with an upside gap of 27.88 points and after touching the day’s high in the first half hour, it gradually started the downward journey which lasted the entire session. Concerns regarding the circular debt in the energy sector and the decline of stock markets across the world played an important role. Foreign investors were seen on the buying side with a net buy of $US 2.33 million during the session. Out of 384 active scrips, 160 closed in the positive zone, 160 in the negative zone, while the values of 64 scrips remained unchanged.
The KSE-100 index may witness further correction upto 14,392 in the next couple of days before starting the rally for 15,041. Buying can be done either near the support area or on the breaking of 14,704.