11,327 - correction time
October 31, 2006
As expected yesterday,the KSE-100 index experienced a correction today and closed 200 points down at 11,327. The market had no juice to go up beyond its previous close and further corrections seem likely as its still overbought and some of the corporate results are fucking terrible.
Oil related stocks are getting a bashing as the price of oil was much higher in the last quarter than it is now. OGDC could go down to 145, taking the index down with it and PSO has been badly fucked by its result (EPS Rs.3) and down Rs.24 (7.4%) since yesterday morning. The next index resistance level down is 11,200 and upside will continue on a close above 11,600.
News : The Board of Directors of the Karachi Stock Exchange (KSE) has approved the VAR (value at risk) - the new risk management system that is going to be implemented from November 6…. Business Recorder
The Karachi Stock Exchange (KSE) has set December 31, 2006, for demutualization of the exchange as part of reform process and to run it on international professional lines…. The News
Dividends: Fauji Fertilizer : 18.5% Cash. EPS : Rs.6.14
MCB : 20% Cash. EPS : Rs.16.89
Pakistan Petroleum Ltd: EPS : Rs.5.54
Soneri Bank : EPS : Rs.3.35
Nishat Mills : EPS : Rs.2.93
Adamjee Insurance : EPS : Rs.14.17
Lower Cap : Pakistan Refinery
Market Low : 11,327.71 High : 11,528.27
Market Close : 11,327.71 –200.56 points down
