11,528 - Short selling begins again
October 30, 2006
The Karachi Stock market opened on a high note after a closure of 11 days due to Eid. It made a high of 11,635 and then dipped down to 11,434. Today is the first time since the middle of June that short selling has been allowed, a reality check for this market. While the market looks firm and there is a lot of noise about it testing its previous 12,300 + high once again, don’t discount a possiblity of a correction down to 11k. RSI levels are very high and the market is overbought, especially OGDC and NBP. Cements have taken a good bashing.The next upward resistance levels are 11,630 and 11,700.
News : The Cabinet Committee on Privatisation (CCoP), is scheduled to meet on Monday, and will approve the Privatisation Commission’s (PC) plan to float Global Depository Receipts (GDRs) of National Bank of Pakistan (NBP)…. Business Recorder
Dividends : OGDC :FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 3O/O9/2OO6 = 17.5% Cash. EPS : Rs.2.87
PROFIT BEFORE TAXATION RS. IN MILLION 17,461.812 / PROFIT AFTER TAXATION RS. IN MILLION 12,327.803
Pakistan Refinery : FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 3O/O9/2OO6 = EPS = (21.05)
LOSS BEFORE TAXATION RS. IN MILLION (586.067)
LOSS AFTER TAXATION RS. IN MILLION (631.608)
POL : EPS : Rs.9.35
BOP : EPS : Rs.10.5
Upper Caps : Bank Alfalah
Lower Caps : Lucky Cement + Maple Leaf Cement
Market Low : 11,434.93 High : 11,635.40
Market Close : 11,528.27 — 38.57 points down.
