Karachi, May 09, 2012 (PPI-OT): The Karachi Stock Exchange remained range bound at the start of the new week but still succeeded to close in the green zone.
According to Adeel and Nadeem Securities Limited, the KSE-100 share index concluded the day at 14,617.97 with an increase of 5.69 points (+0.04 percent). The intra-day range of the KSE- 100 index for the session was 14,583.54 – 14,706.39. Total shares traded during the session however declined sharply by 80.75 million shares from the previous turnover of 335.17 million shares to reach at 254.41 million shares. The KSE-100 share index opened the session at 14,648.10 with an upside gap of 35.82 points and initially good buying was seen which pushed the benchmark index above 14,700 at one point which is a new intraday high of the current bullish rally. However profit taking at higher levels was seen which pulled back the index drastically and at one point it entered the red zone in the later stages before closing positive. Foreign investors were seen on the buying side with a net buy of $US 1.95 million during the session. Out of 397 active scrips, 195 closed in the positive zone, 140 in the negative zone, while the values of 62 scrips remained unchanged.
The KSE-100 index after touching the level of 14,704 may take correction upto 14,392 before starting the rally for 15,041. Buying can be done either near the support area or on the breaking of 14,704.