Correction to 9,800
June 23, 2006
Just when you thought it was time to put away the Vaseline jar ! The market swung a total of 524 points today from its upside of 10,319 down to 9,795.94 . It has finally corrected after many days of upper caps and closed 363.47 points down, partly as it needed a correction and partly as July futures contracts begin on Monday, allowing short selling again.
There were incredible spreads in certain stocks of upto Rs.20 from their highs and lows. The market has closed well below its 200 dma which indicates a further downside to 9600-9400 under normal circumstances. However, if short selling is not allowed on Monday, the market will shoot back up again heading for 10,500.
At the market close a meeting has been planned to decide the issue of short selling from Monday. There is apparently a rumour that short selling will be banned for July as well which is fucking ridiculous. More update on that if there is any more news.
Tags : Karachi Stock Market : KSE 100 index correction
