Karachi: The KSE-100 share index witnessed further erosion due to selling by local institutions where trading volumes declined further.
According to Adeel & Nadeem Securities Limited, the KSE-100 share index finished the session with a further decrease of 65.83 points (-0.55 percent) at 11,883.92. The intra-day range of the KSE-100 index for the session was 11,866.89 – 12,029.12. Total shares traded during the session declined further by 29.31 million shares from the previous turnover of 124.85 million shares to reach at 95.53 million shares.
The KSE-100 share index opened the session at 11,951.52 with an upside gap of 1.77 points and surged further in the first half on account of foreign buying. However despite of good corporate announcement of Fauji Fertilizer Bin Qasim in the later half, local institutions opted for profit taking. The foreign investors were seen on the buying side with a net buy of $US 2.12 million during the session. Out of 321 active scrips, 94 closed in the green zone, 137 in the red zone, while the values of 90 stocks remained unchanged.
The KSE-100 share index is currently bullish with the stop loss is 11,802 with upside targets of 12,247 and 12,473.