Big upside to 10,576
August 16, 2006
I forgot to mention in the about this blog page that there are days when the Karachi Stock Market just leaves you scratching your head in bewilderment. Today is one of those fucking days ! Atfer yesterday’s slide to 10,300, a very low volume and OGDC’s shit close , it looked like the market would head down to 10,100 . However it made a high of 10,588 and closed 259 points up. Perhaps the upside trigger was the rumour of the Rs.24 million badla cap removal in the morning meeting of the KSE with the SECP. It does seem strange that the market went flat yesterday given its proper correction from 10,900 and that some of the blue chip results are yet to come.
While the ‘’Tech Guy'’ still maintains a slide down to 10,100, the market could well go up to 10,655 or more 2moro. PPL and National Refinery’s results are due 2moro.
UPPER CAP : PPL / SNBL (3rd consec. day )
Market Close : 10,576.78 — 259.37 points up.
