KARACHI STOCK MARKET NEWS

The market had a lacklustre start zig-zagging up and down 20 points . It then began performing mainly with the rise of ORGYDC of course, and settled at around 80 points up. It remained stable slowly rising and then went soaring up as OGDC went upto 162.25 towards the last 20 minutes of the market. Banks showed strength with Faysal Bank and Metropolitan Bank capping briefly, while NBP was  struggling to go anywhere today. A fairly dull day with some excitement at the end in ORGYDC.

Market close : 11,568.69 , 154.32 points plus 

The market opened with a full blooded erection of 80+ points making a high of 120 points at 11,568.95 . ORGYDC went up to 160.1. It then receded slowly downwards struggling at about 50+ and then nosedived down to 11,313. there was a fairly quick recovery to -45 then plus 8 and then the market got fucked by OGDC at the end, closing at 11,414.34 down 35 points . Banks looking up with MCB capping at 229.85.  2moro depends on whether ORGYDC can hold or if it goes down to Rs.150. 

Objections have been raised about the merger with PICIC and PICIC Commercial bank with Crescent Commercial Bank , which explains CCBL’s recent price bashing down to 13.5 from 15.3. 

UPPER CAP : MCB 

The market experienced a choppy ride today with ORGYDC looking like it would break, taking the market down with it at times. Support from PTC held it up and in general there seemed some stability at low volumes for most of the day. FFC performed after ages making a high of 135.3 and a lot of buying in FFBL as well. PPL didn’t quite display the strength of the previous day. Banks got a bit of a boost. The  future depends on OGDC ’s ability to hold its current level as the market tries to test breaking its previous high of 11,692. Market closed at 11,449.52, up 47.4 points.Too busy and tired to elaborate further. Sutta Bhai has a lot on his plate this week.

Finally ORGYDC came down from its ridiculous upside and closed at 156.65 making an intra-day high of  165 +. Note the vertical nose-dive in the graph.The market looked tight till the end , when PPL came off upper cap  and POl sank from its high of 634.Suis are charging along, moving upwards daily. Too tired to write further, posting will be tough this week.

The market closed up 181.10 points on its high of the day at 11,459.58 tearing through its predicted resitance at 11,350 . Once again it was predominantly the surge in ORGYDC which finally closed at upper cap at 162.65 with 111.4 million shares traded that contributed to the majority of the percentage of the upside. Another classic example of an imbalanced index in terms of its weightage. While POL closed Rs.24 up at 621 and PPL upper cap at 268.5, the rest of the market remained fairly lacklustre. FFC finally closed above Rs.130 at 132. Banks were down again. ORGYDC seems highly over bought, being up nearly 40 rupees in 9 trading sessions, about 30%. While it seems likely that the index is due to re-test its previous high of 11,692, a correction is due for next week.

UPPER CAP : ORGYDC / SUI SOUTH / BHOSRICOR ( 5TH CONSECUTIVE CAP ) 

The market managed to maintain its upside, despite looking shaky at +99 and closed at 11,278.45 (+148.61 points ). Big buying in ORGYDC yet again, closing at 154.95 with 89 million shares traded. PTC rose towards the end closing at 64.9 . Banks took a bit of a whacking. Suis closed at upper cap based on privatization news, Sui North closing at an all time high of 115.5.

Bhosricor planning to set up another 120,000 bpd refinery , costing $225m. 

UPPER CAP : SNGP/ SSGC / TELECARD / CTTL / BHOSRICOR (cap for the 4th consecutive day )

2moro is a holiday, as it’s Pakistan Day. Sutta Bhai will be back on Friday 24th.

Google Finance has launched today in its beta stage, taking on Yahoo Finance & MSN Money. It currently only focuses on North American stocks and hopefully will cover the whole world soon. Yahoo Finance has a world indices section which covered the KSE-100 index with useful charts, RSI’s etc , but true to its crappy reputation, it seems to have frozen on Jan.1st . A Google search for ‘’live charts for the Kse-100 index " brings up Marketcenter.com which seems to have a chart, but with various errors including a 52 week range of 1,121.61 - 15,520.60 !!!!

If anyone knows of a site showing free, accurate real time charts for the KSE-100 index, please leave a comment.

Tag: Google Finance 

From the 3rd of April 2006 , the following six companies will be added to the KSE-100 Index :

Attock Petroleum Ltd.
Allied Bank Ltd.
EFU General Insurance Company Ltd.
Pioneer Cement Company Ltd.
Telecard Ltd.
United Bank Ltd

The following six companies will simultaneously be removed from the KSE - 100 Index :

BOC Pakistan Ltd.
Century Paper & Board Mills Ltd.
Dawood Lawrencepur Ltd.
Gul Ahmed Textile Mills Ltd.
Javed Omer Vohra & Co. Ltd
Security Papers Ltd. 

A rough ride in the market today starting off up 148 points and then down into minus, followed by a high of 11,223.56 (+ 191 points) diving down to its low of 11,008.53 and then closing 97.82 points up at 11,130.13. The market seemed unable to sustain its high as was the case yesterday. Massive buying again in ORGYDC ( 113.5 million shares traded ) making its highest close of 150.8 in some time.

MCB was bashed down to 217 at one stage, and PTC made a recent high at 64.7 but closed down at 62.95. In general a shitty sort of market nearly breaching the 11k index and would have gone below had ORGYDC not been used to pull it back up. a clear indication of what a one horse market this can be.

Upper Cap : Telecard 16.2, Bhosricor 29.8 and Sui South 36.15.

The market tore through the 11,000 index barrier with strong buying in ORGYDC which hit upper cap briefly at 151.45 with 93,47 million shares traded. The index made an intra-day  high of 11,259 points, a 308 point increase with all the stocks at high levels. As predicted on Friday, the market was overbought, esp. ORGYDC and that an intra-day correction was due. As OGDC fell (low = 140.35 ), the index  nose-dived down to minus 10,907 ( -44 points ) . Banks were the flavour of the day with NBP, UNBP, MCB  and CCBL at upper cap at the peak of the market.

The long awaited result for NBP was announced with an EPS of Rs.21.5 , 25% Cash and a 20% bonus. It closed at upper cap at Rs.277.8 and Mr. Long is quite chuffed about it.

The EU Commission has granted a downward revision in the anti-dumping duty for Pakistani bed linen exports, from 7.6% to 5.8% applicable from April 06, iterating a BUY for NML.

POL & PPL closed down Rs.11.95 & Rs.11.25 at Rs.583.1 & 251.5, considerably lower than their highs of 621.5 and 268.15. The market bounced back from its low of 10,907 to 11,028.22, closing  at +77.14 points. The next resistance of 11,300-350 appears to be quite possible, esp. if the rampant buying in ORGYDC continues.

SPOT : BOP/ ACBL / FABL / METBK / CTTL 

UPPER CAP : NBP & BHOSRICOR. 

I missed the first half hour of the market due to my useless ISP being down. As it was up a 100 points by the time it came back on it was fine. Another day of strong buying especially in ORGYDC which closed upper cap at 144.25 for the 2nd consecutive day. There has been a rise of over 1000 points from Tuesday’s intra-day low of 9,920 to todays close of 10,951. The market seems to have risen too fast especially ORGYDC, up nearly 20 bucks from its recent low. It seems that 11k should be broken on Monday 20th and some sort of intra-day correction will follow in the next week . NBP remained lacklustre in anticipation for its announcement 2moro. Cements are still tight.

UPPER CAP : ORGYDC / POL / BOP/ BHOSRICOR / ASKARI BANK / UNBL

Market close : 10,951.08 

A much better weekend ahead for all, compared to last weekend, and 2 days of peace from this crazy market. Sutta Bhai will be back on Monday. 

The KSE-100 index suffers from an imbalance in its weightage (the percentage allocated to a stock effecting the increase or decrease of the index points) In March 2005 the index roared up to about 10,300 predominantly based on OGDC reaching an absurd unwarranted high of 197 . As its index weightage is 22.68% , 2.5 times higher than the second highest stock, it makes it very easy to swing the index up or down by pulling or bashing OGDC. There is talk for a more balanced index in the future, but the "big boys " are not happy about it as it will reduce the volatility of the market.

Currently these are the top 10 stocks listed by percentage:

ODGC  22.68%
PTC      9.3%
PPL      6.61%
NBP      6.05%
MCB     4.17%
POL      2.86%
PSO      2.44%
FFC       2.42%
SNGP    2.06%
KAPCO  1.47% 

A frustrating day as the online trading system was down for most of the time (see the previous post).Fortunately the market was strong and closed at +296.45 with serious buying in ORGYDC which closed upper cap at 137.4 . Cements once again were rock hard as the inauguration of the Basha-Diamir Dam is due (was cancelled today owing to bad weather).

Mr. Long is bullish on NBP, 2moro is the last day of trading before the announcement on Saturday 18th. OMC’s (oil marketing companies) margins will be reduced considerably due to the new structure for determing petroleum product prices coming into play as of today. Finally Lakson Tobacco (LAKST) signs an agreement with Philip Morris to manufacture and sell Marlboro locally. Good news, relief from the shitty, stale fake fucking Marlboro currently being sold in town.

It seems that the worst is over now. 

Upper Caps: ORGYDC / POL / ENGRO

CTTL bashed again down to a lower cap at 77.15

Market close = 10,689.36 

While many brokerage houses offer online trading systems including AKD Securities , KASB Direct and recently a big ad for ACEXS, I use view only access.When the internet is slow like this morning, where I am only being able to see market rates intermittently or get mouse finger from constantly clicking on the trade screen button on the KSE site, I would get fucked in a falling market being blind. Fortunately the market is up a 100 points at the moment with ORGYDC at 135.

Pakistan needs to improve its internet speed with a potential market of millions offering a reasonable priced broadband option. Recently its decided to go backwards by blocking access to viewing all blogspot.com blogs while everyone can access them using anonymizers e.g adding nyud.net:8080/ after the blogspot.com. We need to go forwards, not backwards ! 

Compared to the previous bashing in the last 9 sessions the market was relatively peaceful today. It dipped about 60 points at the open and made a peak of +150 points at 10,583 and then went down to about 10,320 where I’m sure the Vaseline jars were about to rattle. Cements were the hot game of the day with Lucky & Fauji Cement closing at upper cap and DGKC was up Rs.5.60 at the close.

Telecard looks good at 14 having been severely thumped down by nearly 50% from its peak of Rs.25.4

The market finally closed at -39.3 and it remains to be since which way it goes 2moro. 

Moody’s has upgraded Pakistan’s credit rating from B-2 Stable to B-2 Positive. 

The market started off shaky and went to 80 + . Then it tore through 10K and went down to about 170- to about 9920 where I’m sure another tablespoonfull of Vaseline was applied generously by most of the punters. Thats where I had my hand on the lid of my jar! Then a reversal by about 11 a.m. to plus 40 ish. a slow and steady rise to 150+ by 12.45 , 182 by 12.57 , then a swallow dive down to 76+ where Mr.Long shouts "ridiculous " ! Then back to 177 by 13.17, 208 at 13.22 , down to 156 at 13.30 , POL caps , 13.43 up by 254 , PPL caps , 13.55 = 283 + and finally the market closes at 343.29 plus at 10,436.53

CAPS: ORGYDC / NML / POL /PPL / LUCKY / SNGP & CTTL (I’m sure there might have been others but only have 38 stocks that I monitor on my screen)

CTTL hits its 3rd upper cap at 78.05 after a severe bashing down from 128 high to about 63 low in less than a month.

While the upside was strong today, I’m not fully convinced that the worst is over. Will we see NBP at 247.8 soon, it remains to be seen. Mr. Long was right about buying below 10K today, those who had the stones to do so and held will be smiling. A long overdue spike in the serotonin levels, but the jar still stays on the desk for 2moro !

Market Open : 10,093.24 RSI(14) 34.93 

P.S. Don’t expect Sutta Bhai to provide a daily fucking racing commentary of the market.

As the vaseline jars are being utilized by all and sundry, soothing their sore rectums as the market is poised to break the ‘’psychological barrier " of a 10K index, this is as good a time as any to start this blog.

The ride has been vicious, last week the index losing 941 points and an intra-day high peak from 11,692 bashed down to today’s 10,095 in no time at all. A shorter’s dream to be reversed 2moro ? While I’m sure there are current  flashbacks to last March, this market’s players have short memories. Mr.Long thinks its time to buy. While I think the index is quite oversold, 9850 may be tested. Recent pullbacks/dead cat bounce’s have lead to further erosion of the index, as experienced this morning from about 175+ to closing at -380 ! Rough fucking rides as the panic sets in and the margin calls shut down accounts.

PTC privatized and breaks 60 after nearly a year !!  FFC looks great at 122.5 . more from Sutta Bhai 2moro.

P.S. his vaseline jar is on his desk un-opened, but prepared !