10,512
September 29, 2006
The Karachi Stock market has held above its 200 DMA for the second day running. It made a high of 10,562 and given the fact that it was a shorter session being a Friday in Ramzan, the volume of 130.6 million shares traded was good. The next resistance level is 10,600. A correction could be due at current levels before the market continues upwards.
News : The Securities and Exchange Commission of Pakistan (SECP) has agreed to accommodate the Karachi Stock Exchange’s request for implementation of the new risk management system to be put in place. The SECP has also agreed that the enhanced Continuous Funding System (CFS) will be introduced into four phases. Full details at the Business Recorder.
Oil and Gas Development Company Limited (OGDC) has made a discovery in Mela Well No.01 …. Dawn
Dividends : Searle Pakistan : 10% Bonus + 15% Cash. EPS : Rs.3.53
Kohat Cement and Telecard will announce their results on Monday as the broad meeting is 2moro.
UPPER CAPS : Bosicor / Metropolitan Bank / Soneri Bank
Market Low : 10,493.25 High 10,562.64
Market Close : 10,512.52 — 16.17 points down
Continuing its upward surge the Karachi Stock Market broke through its 200 DMA with a high at 10,547, closing at 10,528. The next resistance level is 10,655. OGDC closed above its 30 DMA and could head to Rs.132 . Volumes were higher with 218 million shares traded. Ramzan has started off with a bang as most people expected sluggish volumes and a lack of interest until the end. 
The market moved up through its resistance at 10,350 and made a high of 10,403. The next resistance is 10,430 before it heads to 10,500, the 200 DMA. Due to some news about the combined oil and gas reserves of Tal Block increased by 24% to 519mn boe, POL went up and there was some upward movement in OGDC and PPL as well. 
The market dipped down to 10,228 and closed again at 10,305, another close above its 50 DMA. It looks like its heading for 10,350 plus. OGDC held at 124 and closed up. Market volumes were slightly lower at 92.45 million shares traded.
The Karachi Stock market re-tested its resistance level of 10,350 and then undertook a correction down to 10,180 closing up at 10,253. It has closed above its 50 DMA and needs to successfully break 10,350 to go up further. OGDC has closed way below its 30 & 50 DMA with low volumes and could drag the market down in the next few sessions. It’s predominantly the banking sector that is experiencing major activity with 31.5 and 29.1 million shares traded for NBP and MCB respectively. Total market turnover today was 128.5 million shares traded.
The market finally broke out of its recent range bound behaviour (9,800-10,200) making a high of 10,346 and closing at 10,306. Now that it has closed above its 30 and 50 DMA , the next resistance is 10,350 and 10,480. The last time it closed above 10,306 was a month ago.Volumes were substantially higher at 238.9 million shares traded. MCB has gone up over Rs.25 in the last 2 days and all banks are currently hot.
The last time the market closed at 10,157 on the news of the 
The Karachi Stock Market finally moved up and over the 10k index with relatively healthy volumes of 98.8 million shares. The upward move was based on the news that the in-house badla facility would be extended till the end of October 2006. The market closed above 10k at 10,032 and while it might well push forwards to 10,100, the market will still remain range bound. For the moment, support holds at 9,800.
As expected there was more movement in the KSE-100 index today with 64 million shares traded. The market made a low of 9,798 and finally closed up at 9,908. There is still a lethargic sentiment amongst investors and with very few results yet to come and no good news on the horizon, there is not much to look forward to at the moment. Ramzan begins next week which will add a sleepier note to daily trading.
Some index movement today as the Karachi Stock market slid down a 100 points on very low volumes of 46.5 million shares traded . Perhaps OGDC being in Spot prevented the market from falling further. As 9,950 breaks the slide could continue down to 9,500. The last time these low volumes were witnessed it led to an upward spike, but don’t hold your breath !
Another sluggish day at the Karachi Stock Exchange with 84 million shares traded, a high of 10,073 and still holding on above 9,950. It has now been 2 weeks that the market has been moving between 9,800 and 10,175 with an unknown direction whether it will break out upwards or downwards. 
The market is moving in a narrow band with half-hearted attempts to go up. Today’s SECP meeting with the Govt. to abolish the 0.1% stamp duty on shares will decide its current direction depending on the result.
It seems that yesterday’s huge boost of 264 points up has fizzled out with the index closing below 10k again. While it held on to its support of 9,980 it could not break yesterday’s high of 10,180 sufficiently. OGDC, POL, PPL, PSO and PTC all took a good bashing today and the market’s direction is uncertain. Maybe it was a ‘’suckers’ rally ‘’ !!
Shrinking volumes generally lead to volatility. After yesterday’s low volume of 43 million shares and today’s announcement that the CFS cap has been increased to Rs.55 billion from October 2nd 2006, the Karachi Stock market went up 264 points on the news. The market closed above its 30 DMA at 10,157 and could test 10,300 in the following sessions.
The Karachi Stock Market witnessed one of the lowest volume turnovers today with only 43.8 million shares traded. It seems that people are sitting on the fence waiting for more downside to buy again. With the current close and market weakness, it looks like further downside will come in the days to follow. It’s a tough market to make money in with hardly any movement.
The market looks weak as it is well below its 30,50 and 200 DMA’s . It dipped down to 9,826 and found some support there, eventually pulling back to close just above its support level of 9,950. It seems that the interest is just not there as volumes are shrinking, which might change next week with certain stocks depending on their announcements. The last time it closed around here on August 24th 2006, there was a sharp downside to 
After yesterday’s minor pullback, the KSE-100 index couldn’t maintain its upward swing for very long. It hit 10,116 and then closed below the support level of 9,950. OGDC, POL, PPL,NBP and Lucky were all bashed downwards. 9,800 is the net stop down with trouble lurking below 9,550. 
The Karachi Stock Market held onto its support level at 9,950 , making a low of 9,967and closed up at 10,069. The market appears to be range bound at the moment but is still closing below its 30,50 and 200 DMA’s which is not a positive sign.
Unable to sustain the 10,170 levels the market slide down to its support level of 9,950 and closed just above 10k, yet well below its 30 and 50 DMA’s. OGDC was bashed down by Rs.3 to Rs.126 and it looks like the downward slide will continue as it will head for 123-121. The ‘’Tech Guy ‘’ has been quite negative for some time and 9800 is the first level of support from here with 10,190 on the upside. 
The Karachi Stock Market continued its upward drive from Friday and made a high of 10,219. The main activity was in cements as their results are due later this month. Towards the end the market tailed off closing down with OGDC off by Rs.2. The market has again closed below its 30,50 and 200 DMA’s . The next resistance level is 10,300-400.
Finally my net connection is back, but of course after the market closed ! They say there is a reason for everything, but I’m still trying to figure out this one !!
