Breaking the 200 dma
June 12, 2006
A relatively lacklustre day with a very low volume of 54.57 million shares traded. A high of 9,947 and the market closed at 9,733, 116 points down . As it has closed below its 200 dma of 9,832 , it is likely to retest 9,400 and with greater selling pressure, possibly heading for 8,700.
The SECP (Securities and Exchange Commission of Pakistan ) has finally woken up and has sent a 15 member team to Karachi to probe in the stock market crash. Of course their timing is perfect , when the mkt has fallen 20% in the last six weeks with no change in its fundamentals, they now feel it has been manipulated. The equivalent to taking an Imodium after you have had chronic dysentry for 3 weeks !!
The only stock to hold currently is your supply of Vaseline, as the ride is not over yet !!
