Heading to break 10,500
July 31, 2006
The KSE-100 index opened with a gap and made a high of 10,497.93. OGDC finally closed above 143 which should lead to further upside as the index breaks 10,500 tomorrow. A Merill Lynch report released earlier today on PPL’s fair value at Rs.296, to took it to its upper limit.
Its pouring with rain in Karachi since yesterday afternoon. The Clifton underpass , brilliantly designed by the F.W.O (Fucked Up Workers Organization ), is a huge swiimming pool. On I.I. Chundrigar Road, (Karachi’s Wall St. ) a piece of road has given way and a few cars have dropped in the hole !! Excellent for foreign investment. Perhaps the Govt. should spend some money wisely on its roads instead on increasing its nuclear arsehole !
PICIC Growth Fund : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 10% CASH EPS = Rs.14.84
UPPER CAPS : BOSICOR / FFBL / PPL / PSO / PRL
Market Close : 10,497.93 — 144.14 points up
The Karachi stock Market tested 10,484 again and closed down at 10,353. Some weekend selling was expected and OGDC is struggling to maintain a close above 143.
The market is heading to test its next resistance level of 10,500. It made a high of 10,488 today and closed down at 10,430. POL kicked off, fueled by bonus rumours for its upcoming results next month and shot up Rs.17 to upper cap. OGDC is closing higher almost daily and needs to close well above 143 to take the market upwards. While some profit taking might occur, 2moro being Friday, the market looks tight in general.
The Karachi Stock Market witnessed a correction down to 10,316 and then closed up at 10,343. While a further correction is still possible , the market held firm with OGDC still above 139 , closing at 140.85.
The market continued its upward drive to make a high of 10,436 . OGDC broke its resistance at 139 and closed at its high of the day at 141.5 PPL closed up at 246.95 . The next target is 10,500 for the index.
As expected/hoped the market finally closed above 10,300 . Opening with an upward gap,it maintained a steady upward movement peaking at 10,393.94 and finally closing at 10,350. While OGDC broke through 139 making an intra-day high of 140.20, it still closed below 139 at 138.35, a higher daily close than Friday. While the market can test now 10,500 and thereafter 10,950 with resitance at 10,665, there might be another intra-day correction this week to give it the impetus to keep rising. It appears to be struggling at times.
The Karachi Stock Market witnessed a correction down to 10,112 in the first half and then soared upto 10,321 in the second half.It finally closed at 10,257.63 , the highest close in over 7 weeks. While OGDC is struggling to break 139 from where it will breakout to the mid 140’s , PPL closed over 239 (its breakout level) and should continue upwards. Perhaps Monday will see a close over 10,300 which will enable the market to further test 10,500.
The market opened up with a gap and made a high of 10,361. It then slowly slid downwards till a final bang down to 10,034 and then recovered sharply back to 10,198. Hopefully this intra-day correction will suffice to let it continue upwards to closing above 10,300.
The Karachi Stock Exchange opened and went down to 10,082. It then corrected making a high of 10,259, finally closing at 10,198. Oil was the flavour of the day with OGDC / POL / PPL / PSO / PRL / SHELL all moving up.
The market finally closed above its 30, 50 and 200 dma at 10,191.07 . Hopefully this will lead to a breakout above 10,300.
The KSE-100 index was unable to maintain an upward drive through 10k and closed down at 9,947 , down 79 points down.
The market continued its upside making a high of 10,126.73 and finally closed at 10,014.98. It would have been more positive for the future sessions had it closed above its 200 dma. Oil upto $ 76 taking OGDC/ POL and PPL rocketing up.
The Karachi Stock market maintained an upward movement through the day and towards the end surged up to 9,949 and finally closed at 9,920.64 . OGDC closing at upper cap was was one of the main determinants for all the other stocks to follow. While the market has closed well above its 30 dma it remains to be seen whether it will close above its 200 dma (10,060) 2moro. 
The market went down to 9,437.99 and then slowly crawled up to close at 9,656.52 after a period of stagnation at 9,560. 
The market continued its downward spiral that began on Friday with the news of a meeting with the SECP and the National Assembly’s Committee on Finance and Revenue. While the record NIT dividend of Rs. 5.80 per unit would have boosted the price of NBP, Bank of Punjab and Faysal Bank under normal market conditions, it went down 331 points to close at 9,504. The result of the meeting is that the government has directed the SECP to prepare a charge sheet against its former chairman Dr.Tariq Hassan for his failure to prevent the Karchi Stock Market crash in March 2005. Hassan had hinted at the Govt’s. intervention as the cause of no action taken against the ‘’culprits " .
Market close : 9,836.04 — 80.4 points down.
A lacklustre day, quite relaxing after the rampant 400 point daily swings in the last 2 weeks. The stock market went up a 100 points to a high of 10,038.84 and closed at 9,916.10 . Being Friday 2moro there might be some shedding but otherwise the market looks like its firming up.
There were less violent intra-day swings in the market with a low at 9,724 and the high at 9,954. Banks are performing ,perhaps in lieu of the NIT board meeting on the 8th which will effect NBP,BOP, and FABL. While OGDC seems to be struggling for the 2nd day, the market looks like more upside is due and perhaps a breakout above the 200 dma.
The market dipped down to 9,475 and then rose to a high of 9,912, an intra-day range of 437 points . As the index is still below the 200 dma , its possible there will be a further slide 2moro/this week. While PPL and most of the bigger banks closed at upper cap, OGDC struggled through the day facing a lot of resistance at 135. The market’s close despite being up 225 points up, looked weak, yet the gaps were filled .
There seem to be violent swings in the Karachi Stock Market at the moment. Every day it’s either 400 points up or down. Closing on the 200 dma was the trigger for the downside and the market could slide again down to 9,200 . 
