Karachi Stock Market crashes down to 9,956
August 24, 2006
Having made a high of 10,330 the stock market crashed towards the end making a low of 9,931 and finally closing at 9,956. The break of the 10k index and a close below the market’s 30,50 and 200 DMA’s is a negative sign and while it could bounce back up briefly 2moro, the future is not looking good. 9800 is the next support level followed by 9400 and then 8900 !
NEWS:
Pakistan Refinery Ltd announced its plans to invest $182 million in the next 3 years to upgrade its refining facilty. More details at The News.
A no-confidence motion has been filed by the oppostion against Prime Minister Shaukat Aziz. More news at the Business Recorder.
DIVIDENDS:
Bank of Punjab (BOP) :FINANCIAL RESULT FOR THE HALF YEAR ENDED 3O/O6/2OO6. 1.25% Rights EPS Rs.8.48
MCB Bank : INT.DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6. 20% CASH EPS Rs.11.22
ICI Pakistan : INT.DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6. 25% CASH EPS Rs.4.21
LOWER CAPS : POL / NBP / MCB / CTTL / DGKC
Market Low : 9,931.53 High : 10,330.97 (another 400 point swing )
Market Close : 9,956.01 — 288.68 points down.
