Market’s negative response on SECP’s short selling ban removal
August 22, 2006
The SECP’s inefficient response of the rejection of the KSE board’s proposal to lift the short selling ban for September contracts has had a negative response on the Karachi Stock Market. The market closed down at 10,221 ( having made a low of 10,118), a 2.5% decrease since yesterday. Should it have taken five days for the SECP to react to the board’s decisions ? The Dawn has more details.
It also doesn’t help that the Standard & Poor’s Ratings Services has hinted at removing long-term positive outlook from Pakistan’s credit rating. So for the short term the market looks fucked and OGDC’s close at 129.25 (well below its 30,50 and 200 DMA ) does not augur well. While there might be an upward bounce 2moro , it looks like the KSE-100 index is heading to test the 10k index level as there are not many company results left to be announced that would boost the market.
Pakistan Refinery:(PRL) DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6. 2O% BONUS. EPS = Rs.53.8
(see the Bloomberg article below)
Attock Petroleum : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6. 80% CASH
Lower Cap : PRL
Market Low : 10,118.18 , HIGH : 10,529.44 (a 411 point swing )
Close : 10,221.49 — 260.14 points down
