10,431 - the slaughter continues
November 20, 2006
The Karachi Stock Market continued its downward slide from Friday and made a low of 10,419, closing at 10,431. Closing well below its 30,50 and 200 DMA, the market has lost 562 points in the last 2 sessions, and the last time the index was at this level, was September 27th. Rumours are rife about OGDC’s GDR price being discounted and therefore OGDC is down Rs.9 since Friday morning, (20% down from its pre-Eid high of 156). 2moro also brings the $1 million dollar KSE march 2005 crisis forensic report which could take the market down further to 10,300-10,100. The Vaseline jars are being emptied at a rapid rate !
News : Prime Minister’s Advisor Dr. Salman Shah has said that foreign experts’ investigation report on the KSE March-2005 crisis will be presented before National Assembly’s Standing Committee on Finance & Revenue tomorrow. Geo News
Crescent Commercial Bank : The Board of Directors of Crescent Commercial Bank Ltd (CCBL) has approved an investment of Rs 6.0 billion into the bank from Samba Financial Group (Samba) of Saudi Arabia. Samba is a leading financial services group in Saudi Arabia with a market capitalisation of $22.5 billion and shareholder’s equity of $3.9 billion…. Business Recorder
Upper Cap : Callmate Telips
Market Low : 10,419.04 High :10,705.87
Market Close: 10,431.97 — 273.90 points down
