10,622 - pullback
November 21, 2006
The KSE-100 Index made a reasonable recovery from yesterday’s close with a high at 10,673 and closed at 10,622. As seen in the graph, the Karachi Stock market was suspended for about 45 minutes in the morning , apparently due to a fire that broke out. The market has closed below its 30 and 200 DMA and 10,700 is the next upward resitance level followed by 10,900. OGDC closed way below its 30,50 and 200 DMA and has to cross 132 for further upward movement. Keep the Vaseline handy at the moment !
The names of 13 brokers accused for irregularities in future contracts, have been handed to the SECP in the 94 page report done by the forensic team. The report costing $10,638 per page , held the flawed trading system responsible for the March 2005 Crisis/crash. I still feel its a fucking criminal waste of time and money, crying over split milk nearly 18 months later !
News : Human error caused a technical fault in trading software (KATS) at KSE following Arif Habib Securities bonus announcement. The fault contributed 84.11 points to the total decline of 275.21 points in 100-Index on Monday… The News
Callmate Telips Telecom Limited is in the process of finalizing basic arrangements of a US$300 million joint venture to enter the Saudi Telecom market. The services that the joint venture may offer would range from pre-paid calling cards to offering fixed line phone services, while the requisite licenses are expected to be awarded in the first quarter of 2007. This possibly explains Callmate’ 3rd consecutive close at its upper limit with a huge buy volume.
Upper Cap : Callmate Telips / Soneri Bank
Market Low : 10,394.36 High: 10,673.71
Market Close : 10,622.55 — 191.89 points up
