About the Karachi Stock Market Blog Daily updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. More than 630 posts and counting ...
Though the bull-run at Pakistan market continued in calendar year 2006, the magnitude of stock market return has slowed down. And a return of only 5 per cent (3% in dollar terms) during the outgoing year 2006 compared to previous four-year average return of 68 per cent. In fact, this was lowest gain that KSE has posted in last 5 years of bull-run. Out of 52 weeks in 2006, market closed in the positive territory 30 times on weekly closing basis leaving the bulls to bears ratio of 3:2 in 2006. In 2006, KSE saw its all-time high 12,274 points on April 17th …. The News
Has the Karachi Stock Market run its course ? More to follow in 2007 !
Draw for allocation of shares of Arif Habib Limited (AHL) to the general public was held at a local hotel on Saturday. This became necessary due to the overwhelming response and over-subscription to the Offer for Sale of 5 million shares–out of a total 20 million shares–by AHL’s holding company, Arif Habib Securities Limited (AHSL)The offer price was Rs 100 per share, including a premium of Rs 90 per share. Accordingly, the total amount offered for subscription was Rs 500 million. Against this offer, valid applications of over Rs 1.32 billion were received, representing 264 percent over-subscription. Given the subscription pattern, only the applications for minimum subscription (500 shares)… Business Recorder
The Karachi Stock Exchange (KSE) will hold the ‘Top Companies Award’ Distribution Ceremony on January 8, 2007 in Karachi for the years 2004 and 2005. The ceremony will be attended by a large number of people from government, semi-government organisations, banks and financial institutions, trade and industries and diplomats…. Business Recorder
Some of the Top 25 Companies for 2004-5 are :
Fauji Fertiliser Company Limited Pakistan State Oil Company Limited Oil & Gas Development Company Limited Arif Habib Securities Limited Unilever Pakistan Limited Nestle Pakistan Limited
The Privatisation Commission has made the OGDC shares’ secondary offering to the domestic investors. The subscription for 21,505,000 shares of the offer at Rs 110 per share will commence on January 11th, and close on January 13th, 2007.The retail offer price represents an effective discount of almost 3 percent to the price paid by institutional investors in the international and domestic institutional offering that priced on November 30, 2006. The balloting for subscription will take place on January 23, with final allocations announced thereafter…. Business Recorder
The last trading session at the Karachi Stock Exchange for 2006 was another uneventful low volume day, with 71.6 million shares traded. The market made a high of 10,105 and then closed down at 10,040. Downside faces a test of 9,935 followed by 9,800 and a close above 10,155 will head for 10,300-500. Its only a matter of time before interest will pick up and the market starts to go up again, probably after the middle of January 2007.
News :TeleCard, a local telecom company, is in final talks to sell more than 15 per cent shares to another subsidiary of its parent company, Total Telecom, which plans to launch $300 million CDMA (code division multiple access) technology-based operations in 2007… The News
JCR-VIS Credit Rating Company Ltd (JCR-VJS) has assessed the fund performance ranking of Golden Arrow Selected Stocks Fund Limited (GASFL) for the period ended June 30, 2006 at ‘MFR 5-Star.’… Business Recorder
A relatively lacklustre day at the Karachi Stock Exchange with low volumes of 73.9 million shares traded. The market made a high of 10,087 and closed up at 10,058. Marginal improvements in cements with DGKC as the volume leader of the day and DGKC, Lucky Cement and Maple Leaf closing up.
News : State Bank of Pakistan on Wednesday suggested to policy makers that badla financing in share markets be completely “removed with better risk management tools”… The News
The income tax exemption, which the banks and insurance companies have been enjoying on capital gains, will expire on December 31, 2006, a leading tax expert said….Some leading tax experts have approached the Central Board of Revenue (CBR), seeking extension in capital gains exemption to banks and insurance companies… The News
Dubai Islamic Bank (DIB) has announced that it has arranged sale of ‘Sukuks’, or Islamic bonds, worth $85.3 million for two companies in Pakistan, namely, Karachi Shipyard and Engineering Works (KSEW), and Sui Southern Gas Company (SSGC)… Business Recorder
Despite the continuation of investor-friendly policies and a decent growth in corporate earnings, the local capital market remained slow in terms of attracting new listings compared with the previous year.The calendar year 2006 was a depressing year in terms of Initial Public Offerings (IPOs)…“There have been only five equity IPOs worth Rs 1.9 billion in 2006,”…. Daily Times
The Karachi Stock market continued its upward movement making a high of 10,155 and then fizzled out, unable to sustain its gains, closing at 10,030. Last week it recovered to 10,182, only to get bashed again.The market needs to consolidate above 10k to make further headway to 10,200-300 and don’t expect much as there are only 2 trading sessions left for the week with a 4 day break thereafter till Jan 3rd.
OGDC looks weak, unable to sustain any upside above 115 and could well take the market down in the next 2 days. Sadly the market’s lemming mentality to rise and fall based on the performance of this stock, still persists !! Keep the Vaseline jar at close reach.
News : In its third round, Sui Northern Gas Pipelines Limited (SNGPL) has disconnected gas supply to dozens of export-oriented industrial units, giving a clear message that load shedding was for all industrial sectors, as it believes in indiscrimination…. Business Recorder
The Karachi Stock Exchange (KSE) has informed the members that the trading and settlement schedule of T+3 for remaining days of December 2006 has been revised to bring the same in line with T+3 system…. Business Recorder
The 124.5 per cent increase in cap of CFS from Rs24.5 billion to Rs55 billion in one go has not proved to be an intelligent and investment-friendly decision, retail investors, punters and analysts said talking to The News
JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Management Quality rating of AKD Investment Management Limited (AKDIML) to ‘AM3+’ (AM-Three Plus). The management of the company has focused towards building strong support functions for fund management and administration…. Business Recorder
The KSE -100 index made a slight recovery after its intra-day move down to 9,700 on Friday. The market made a high of 10,054 and closed up at 10,025. Finally there was a positive close in NBP and MCB closed upper cap with other banks showing positive closes. The market is still well below its 30,50 and 200 DMA’s . The next upward resistance is 10,150 to 10,300.
News : Being a holiday yesterday there is no real news as such as the papers have the day off. There is an amusing piece of reportage from Geo News … "Karachi Stock Exchange (KSE), while shedding last week’s uncertain outlook though wavered and vacillated initially, but then flashed back to a welcome optimism, putting in motion a lively kicking business that enabled the KSE-100 index to breach the 10,000 points psychological barriers today."
Another day of carnage at the Karachi Stock Exchange . Continued foreign selling lead to a rectum ripping low of 9,696 in the first half , followed by some recovery in the 2nd half.The market held its support of 9,800, closing at 9,893. The market has lost 658 points (6.2%) this week. According to Dr. Salman Shah,"the current declining trend in the stock market was a temporary phase, and expressed hope that things will improve with the start of new year." ‘’Hope'’ will not feed those who got royally fucked in the market this week !! Whether the worst is over remains to be seen next week. The next support level below 9,800 is 9,630. Vaseline would be a good stocking filler this X’mas !!
News :The Advisor to the Prime Minister on Finance and Revenue, Dr Salman Shah has said that there will be no victimisation for the stock market crash but action would be taken under the rules and regulations against those involved in the stock market scam… Business Recorder
The Ministry of Industries, Production and Special Initiatives has withdrawn the freight subsidy of Rs 60 per 50kg bag on imported cement from all countries with immediate effect, a SBP circular said on Friday…. Business Recorder
Upper Caps : wishful thinking Lower Cap : Lucky Cement
After some minor relief from yesterday’s 25% recovery, the Karachi Stock market got buggered again. Making a high of 10,202 it went down to 9,908 and closed at 9,923. The last time the market closed at this level was September 7th. OGDC closed below its support of Rs.115.50. NBP and MCB were bashed down a further 5%, and cements got reamed again.
Whether there will be another recovery 2moro is hard to say. While RSI levels are now at their lowest for sometime, people might not hold their positions over the long weekend. The next downward support is 9,800 and then 9,600. Keep a good supply of Vaseline handy !!
News : The chairman of the Securities and Exchange Commission of Pakistan (SECP) has clarified the position of the Commission about the data related to the March 2005 stock market crash and he also pointed out correspondence with the Karachi Stock Exchange (KSE) management, indicating inability of data holding by the IT system of the KSE.The Commission termed the news item regarding the disappearance of data appearing in a section of the press “misleading and incorrect.” According to a press release, the SECP said “it has been incorrectly reported that the data of bid and offer pertaining to the March 2005 crash was available with the SECP prior to January 2006 and that it had disappeared from the records of the SECP thereafter.”… Daily Times
The government is likely to decrease gas prices by six to seven percent from January 1st … Daily Times
After further downside to 9,963 the Karachi Stock market finally started recovering and closed up at its high of 10,182, a 25% recovery from the 500 point bashing in the last two days. The next level of resistance is 10,300. There was apparently some foreign selling in certain stocks which led to their downside in the last 2 days.
News : The Board of Directors of Pakistan Industrial Credit and Investment Corporation (Picic) has unanimously approved that its due diligence and that of its subsidiaries may be conducted by the NIB Bank Ltd backed by Temasek Group of Singapore…. Business Recorder
The Karachi Stock market got a further bashing down to 9,982 and closed at 10,055. The is the first break of the 10k index level in some time. While there is no real bad news this week to incur a drop of nearly 500 points in the last 2 trading sessions, there has been no good news in the last six weeks either. Is the re-opening of the stupid fucking forensic report , based on a crash nearly 2 years ago, doing this market any good ?? While the National Asssembly standing committee on Finance might get their pound of flesh, the ‘’small investor'’ gets raped once again !
Banks and cements have been fucked out of shape. The SBP is pushing banks towards increasing deposit rates. While some pullback should occur 2moro as RSI levels are quite low in certain stocks, the KSE-100 index might go further downwards to 9,800 before seeing further upside. Keep the Vaseline jar at close reach !!
News : Standard & Poor’s Ratings Services on Tuesday affirmed its ‘B+’ foreign currency and ‘BB’ local currency long-term ratings and its ‘B’ short-term sovereign ratings on Pakistan…."The outlook revision on the local currency ratings to positive from stable is motivated by the government’s renewed efforts to finance more of its fiscal gaps through local currency bond issues after a period of suspension," said Standard & Poor’s credit analyst Agost Benard… Source : Business Recorder
JCR-VIS has reaffirmed the performance rankings of PICIC Growth Fund’s MFR 4-star, while PICIC Investment Fund’s MFR 3-star… Geo News
Callmate Telips Telecom Limited has announced the date of the Annual General Meeting (AGM) and would hold an Extraordinary General Meeting (EGM) in first week of next year, according to a notice issued by the company….The letter issued by the regulating authority Securities and Exchange Commission of Pakistan (SECP) said that considering the fact that this is a special case in which the trading in the share of the company is suspended, the book closure in Callmate Telips will continue as announced…. Daily Times
After a stagnant week of low volumes and a narrow range of 100 points, the Karachi Stock market got bashed down to 10,341. Banks and cements got fucked , with several closing at lower cap, while the oil related stocks held up somewhat better. Volumes were relatively higher at 76.98 million shares traded today. Hopefully there will be an upward bounce 2moro as a close below 10,300 will lead to testing the 10k index. Its Vaseline time again !
News : The Lahore High Court (LHC) giving a verdict in the Nisar Danka case, ordered the Lahore Stock Exchange (LSE) to return the shares worth Rs500 million.… Geo News
SPOT : Callmate Telips + Fauji Fertlizer
Lower Caps : Bank Al-Falah / CCBL / Faysal Bank / Soneri Bank /DGKC / Lucky Cement / Pak Refinery / SNGP /
Another dull day at the Karachi Stock Market with similar low volumes as yesterday. 54.1 million shares traded and a high of 10,634 closing at 10,551. The market is still holding its support level of 10,550 , but there is no real buying as such. Perhaps the continuing nonsense of the ‘’March 2005 Crisis ‘’ report is in the back of investors minds, nevertheless a relatively calm ‘’Friday show'’ with not too much downside. Oil rose to $63 today.
News : The government on Thursday informed the National Assembly standing committee on privatisation that the secondary offering for Oil and Gas Development Company Limited (OGDCL) shares in local stock markets would start within days…. Business Recorder
The Securities and Exchange Commission of Pakistan (SECP) will complete the investigation based on the forensic report against five top brokerage houses/financial institutions in the next fortnight, whereas complete details in all 88 cases would be made available within next two months…. Business Recorder
Various options are now being considered for the privatisation of Pakistan Steel Mills , which includes listing at the stock exchanges of the country, said Minister for Industries and Production Jehangir Khan Tareen on Thursday…. The News
Sui Northern Gas Pipelines Limited (SNGPL) has signed a Gas Sales Agreement (GSA) with M/s Savari Power (Pvt) Limited for supply of 100 MMCFD gas for setting up power plant… Daily Times
Another ‘’exciting'’ day at the Karachi Stock Exchange with fuckall happening !! Fortunately the market was suspended at 2.p.m. , due to some KSE fault, alleviating 15 mins less boredom. Even lower volumes today, with only 54.5 million shares traded. Since December 5th the market has been trading in a narrow band of a 100 points between 10,550 - 10,650. Continous low volumes generally lead to some breakout in the trading range.
News : The Board of Directors of the Karachi Stock Exchange (KSE) held a meeting to discuss the issue relating to the suspended company Callmate Telips and asked the Securities and Exchange Commission of Pakistan (SECP) and the management of the suspended company to resolve the issue in line with the investors’ interest…. Daily Times
The process of privatisation of Sui Northern Gas Pipeline Limited (SNGPL) is underway and is expected to be completed by 2007. "We have provided necessary data to the Privatisation Commission and, on our part, we are fully prepared for the privatisation of the company," SNGPL Managing Director…. Business Recorder
According to sources, huge quantity of natural gas and oil has been discovered recently in Hangu district at Adam Banda (known as Manzali Well-3). Although the exact quantity of oil and gas has not yet measured, said the sources, adding that it is under testing. They added it is another success, by the MOL, oil and gas exploring company in the southern districts of the province…. Business Recorder
There is no juice in the Karachi Stock market at the moment ! It failed to break 10,700 today , yet held up above its support level of 10,550. The KSE -index made a high of 10,674 and closed down at 10,588. Extremely low volumes of 64.44 million shares were traded today resulting in a lacklustre market. OGDC has gone to fucking sleep with less than a million shares traded.
News : BMA Funds, (the marketing name of BMA Asset Management Co. Ltd.), has announced the launching of the first capital guaranteed mutual fund in Pakistan’s history, the BMA Principal Guaranteed Fund (BPGF).BPGF is structured to return at least 100 percent of investors’ initial investment, if the investment is held till maturity, a duration of two years…. Daily Times
On the IMF chart, Pakistan’s banking profitability is at third position after Colombia and Venezuela. On the IMF chart India is on 36th position and China is on 40th position. Foreign banks’ interest in Pakistani banks is also on the rise, partly in response to the government’s plans to divest most of its shares in several domestic banks…. Daily Times
The Karachi Stock Exchange on Tuesday announced the de-listing of Union Bank, with effect from December 29, 2006, in pursuant to amalgamation of the bank with and into Standard Chartered Bank (Pakistan)…. Business Recorder
The KSE-100 index made a high of 10,689 and closed up at 10,643. A relatively stable day in the green and trading volumes rose by 30% compared to yesterday’s 71.5 million shares traded. The next resistance level on the upside is 10,700.
News : The Oil and Gas Development Company’s (OGDC) global depository share (GDS) has been oversubscribed by 100 percent as it fetched $1.5 billion commitments from institutional buyers against the target of $713 million... Business Recorder
The Karachi Stock market slid down further to a low of 10,486 and then made a high of 10,598. It didn’t have the juice to break 10,600 and closed up 10,584. The total volume of shares traded today was 71.55 million, which is relatively low. OGDC remains lacklustre with a very small range of movement and it seems the market will be range bound for the moment. OGDC’s GDR price has been falling daily since it was listed for trading on the 6th of December.
News :The Privatisation Commission of the Islamic Republic of Pakistan today announced that Citigroup, Goldman Sachs International and BMA Capital had exercised the over-allotment option over 53,294,000 ordinary OGDCL shares in the form of GDSs. This completes the final element of the institutional offering.Including the over-allotment option and the retail offering, gross proceeds of the Offer are expected to amount to PKR 49,353 million (US$811mn)…. London Stock Exchange
Engro Chemicals has won the final bidding for the allocation of 100 MMCFD gas from the Qadirpur gas field for setting up a new urea plant, having offered Rs.101 million as a bid. Of the four companies, International Petroleum Investment Limited, Orascom Construction Industries Limited, Fauji Fertilizer and Engro Chemicals that were pre-qualified, only Engro Chemicals participated in the bidding. The fertilizer plant would produce 1.3 million tons of urea per year in Pakistan.
Foreign investors during the current month made investments amounting to $2.238 million in the bourses here…. Geo News
Callmate Telips , a pre-paid phone cards company, has announced that it will challenge in court the Security and Exchange Commission of Pakistan (SECP) decision to expel it from the stock market for two months for a row over its audit authenticity…. The Security and Exchange Commission of Pakistan notification said: "CTTL had declared a bonus issue without compliance with the provisions of Rule 6 of the Companies (issue of capital) Rules, 1996 (Rules)"….. Business Recorder
The Securities and Exchange Commission of Pakistan (SECP) has directed the managements of all the stock exchanges in Pakistan to suspend trading in shares of Callmate Telips Telecom Limited with immediate effect…..According to the sources the decision has been taken following the information that the company has sold around 36.4 million shares in the market out of a total of 65.6 million shares, which is around 51 percent…. Daily Times
There seems to be never a dull fucking moment with Callmate nowadays !!
As expected, another downside day at the Karachi Stock market. The KSE-100 index made a high of 10,663 and then nose-dived down to 10,514 closing at 10,561. Range bound behaviour will continue between 10,500 - 10,700 with no real news on the horizon. Callmate Telips has been suspended from trading in the 2nd half today. Perhaps there will be a probe into its 55% price increase in 11 trading sessions ! Banks took a bit of a hammering today with NBP closing below 260. Only PTC and PSO managed to hold up.
News : The Lahore High Court, Rawalpindi Bench, has restrained the Securities and Exchange Commission of Pakistan (SECP) from appointing an auditor for Callmate Telips Telecom Limited on a writ petition filed by Barrister Aitzaz Ahsan…. Business Recorder
The final bidding of 100mmcfd gas from Qadirpur gas field is finally scheduled for Monday, 11th December 2006 where the final bidders include Fauji Fertilizer, Engro, IPIC and Orascom.
AKD Securities (Pvt) Limited has been given the "Best Equity House Award (2005-2006)" by the CFA Association of Pakistan…. Business Recorder
The KSE-100 index crossed 10,700 again, making a high of 10,743 but failed to hold above 10,700. 2moro’s ‘’ Friday Show ‘’ could see some bloodshed in the market . Cements got fucked again. The Karachi Stock market looks rangebound and a close above 10,700 has to hold for further upside.
News : The candidates supported by the AKD Group won the KSE elections for 2007 in a large number.An extra ordinary general meeting of the Karachi Stock Exchange (KSE) held at its premises here on Thursday elected 5 directors of the Exchange out of 7 candidates in its annual elections… Geo News
Upper Cap : Soneri Bank Lower Cap : Callmate Telips
Upward movement continued today at the Karachi Stock Exchange as the KSE-100 index made a high of 10,720 but couldn’t hold above 10,700 and closed at 10,667. OGDC made a high of Rs.125 and its GDR has begun trading on the London Stock Exchange as of this morning. Its symbol is OIL&GAS REGS . Another day in the green, the market looks tight with interest in the oil and banking sectors. Faysal Bank traded 20.1 million shares, the highest volume of the day and MCB closed up Rs.10 at 256. Upside continues with 10,750-800 as the next resistance to 10,900.
News : The NIB Bank Ltd., a subsidiary of Singapore’s state investment agency Temasek, said on Wednesday it would buy a majority stake in Pakistan Industrial Credit Investment Corp. (PICIC)….The purchase price is around Rs 84/85 per share. PICIC and its subsidiaries have around 180 branches throughout Pakistan. Needless to mention that Picic is the fifth largest bank in Pakistan after National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd, and Muslim Commercial Bank Ltd…. Business Recorder
The Securities and Exchange Commission of Pakistan on Tuesday sent the draft of the proposed ‘Private Equity and Venture Capital Fund Rules’ to its parent ministry–Ministry of Finance–for review and vetting…. Business Recorder
A healthier day in the green on the Karachi Stock market, with the KSE-100 index surging upwards in the last 30 mins closing on its high of the day at 10,550. OGDC closed up at Rs.122 and POL took off, to close at Rs.367.9, up nearly 14 rupees. 10,650-700 is the next upward resistance.
News : Zahid Hamid, the Federal Minister for Privatisation & Investment left this morning for the United Kingdom for the official opening of OGDCL on the London market, which will take place on Wednesday 6th in a formal ceremony at London Stock Exchange (LSE). Zahid Hamid will formally push the button on ‘The Source’ (’The Source’ is the symbolic representation of the market opening; akin to the NYSE’s opening bell) at London Stock Exchange.The listing and trading of OGDCL’s GDS at the London Stock Exchange represents a significant milestone in the Government’s privatisation program. This is the largest equity offering of a Pakistani company abroad in more than a decade…. OGDCL is Pakistan’s flagship company in the energy sector, being the largest oil and gas exploration and production company in the country. Source : Business Recorder.
A Tale of Corporate Fraud : …the SECP (in its latest order) has dismissed Haseeb Waqas Sugar Mills (HWSM) Chairman’s allegations of violations of the Takeover Ordinance by the minority shareholders, and rejected his frivolous justifications that cite protection of shareholders’ interest to delay the annual general meeting…. Daily Times
Upper Cap : Telecard Lower Caps : Callmate Telips + Soneri Bank
Much to everyone’s surprise OGDC didn’t hit its lower cap or touch 115 today. The KSE-100 index made a low of 10,324 and a high of 10,455, closing up at 10,417. It’s hard to say which way OGDC will go in the next few days, hopefully upwards ! The GDR starts trading at the London Stock Exchange on the 6th and provisonal trading took place on Friday 1st. Here is a chart of OGDC’s GDR’s first trading day which closed at $19.18. Cements have got a slight erection after a big downward slide with Lucky hitting its upper cap and all others closing positive.
News : Foreign investors have made investments of over $290 million in the stock exchanges during the current fiscal year up to December…. Geo News
It is the faulty oil pricing mechanism that makes Pakistan an ideal place for oil marketing companies, which are fleecing customers and thriving their businesses without any fear and accountability. It’s the only country in the world where oil pricing was left at the oil-marketing companies’ mercy for years…. Business Recorder
The Privatisation Commission on Saturday extended the sell-off of Pakistan State Oil Company Limited (PSO) and asked the interested investors to send complete statements of qualification (SOQs) along with EOIs accompanied by January 15.The Privatisation Commission in its statement issued here said the government would sell 51 percent shares in PSO with management. A consortium led by J.P. Morgan is the advisor for the transaction…. Business Recorder
As expected after hearing the OGDC GDR price last night, OGDC opened at lower cap down Rs.6.35 at stayed at Rs.120.85 all day (see the vertical downward line in the graph). Its GDR price has been set at Rs.115 , 9% lower than yesterday’s market close of 127.2. Monday should see another fall in OGDC down to 115 and lets hope it doesn’t continue on Tuesday !! A predictable sheep/lemming mentality drove the rest of the stocks down and the market made a low of 10,318 and closed at 10,388. 10,200 is the next downward support followed by 9980. Yes, its Vaseline time again !!
OGDC GDR News :Out of a total 645mn shares on offer, the CCOP has allocated 377 million shares to local and international investors at Rs115 per share while another 21mn shares at Rs.110 per share have been reserved for a retail secondary offering planned in the third week of December. The CCoP has also allocated up to 53mn shares for over-allotment.
Dividends : Callmate Telips : 30% BONUS + 20% CASH : EPS : Rs.11.06 FINANCIAL RESULT FOR THE YEAR ENDED 3O/O6/2OO6 PROFIT BEFORE TAXATION RS. IN MILLION 772.401 PROFIT/LOSS AFTER TAXATION RS. IN MILLION 723.019
UPPER CAPS : CALLMATE TELIPS ( 11th Consecutive day ) + Soneri Bank
The last trading session at the Karachi Stock Exchange for 2006 was another uneventful low volume day, with 71.6 million shares traded. The market made a high of 10,105 and then closed down at 10,040. Downside faces a test of 9,935 followed by 9,800 and a close above 10,155 will head for 10,300-500. Its only a matter of time before interest will pick up and the market starts to go up again, probably after the middle of January 2007.
A relatively lacklustre day at the Karachi Stock Exchange with low volumes of 73.9 million shares traded. The market made a high of 10,087 and closed up at 10,058. Marginal improvements in cements with DGKC as the volume leader of the day and DGKC, Lucky Cement and Maple Leaf closing up.
The Karachi Stock market continued its upward movement making a high of 10,155 and then fizzled out, unable to sustain its gains, closing at 10,030. Last week it recovered to 10,182, only to get bashed again.The market needs to consolidate above 10k to make further headway to 10,200-300 and don’t expect much as there are only 2 trading sessions left for the week with a 4 day break thereafter till Jan 3rd. 
The KSE -100 index made a slight recovery after its intra-day move down to 9,700 on Friday. The market made a high of 10,054 and closed up at 10,025. Finally there was a positive close in NBP and MCB closed upper cap with other banks showing positive closes. The market is still well below its 30,50 and 200 DMA’s . The next upward resistance is 10,150 to 10,300.
Another day of carnage at the Karachi Stock Exchange . Continued foreign selling lead to a rectum ripping low of 9,696 in the first half , followed by some recovery in the 2nd half.The market held its support of 9,800, closing at 9,893. The market has lost 658 points (6.2%) this week. According to Dr. Salman Shah,"the current declining trend in the stock market was a temporary phase, and expressed hope that things will improve with the start of new year." ‘’Hope'’ will not feed those who got royally fucked in the market this week !! Whether the worst is over remains to be seen next week. The next support level below 9,800 is 9,630. Vaseline would be a good stocking filler this X’mas !!
After some minor relief from yesterday’s 25% recovery, the Karachi Stock market got buggered again. Making a high of 10,202 it went down to 9,908 and closed at 9,923. The last time the market closed at this level was 
After further downside to 9,963 the Karachi Stock market finally started recovering and closed up at its high of 10,182, a 25% recovery from the 500 point bashing in the last two days. The next level of resistance is 10,300. There was apparently some foreign selling in certain stocks which led to their downside in the last 2 days. 
The Karachi Stock market got a further bashing down to 9,982 and closed at 10,055. The is the first break of the 10k index level in some time. While there is no real bad news this week to incur a drop of nearly 500 points in the last 2 trading sessions, there has been no good news in the last six weeks either. Is the re-opening of the stupid fucking forensic report , based on a crash nearly 2 years ago, doing this market any good ?? While the National Asssembly standing committee on Finance might get their pound of flesh, the ‘’small investor'’ gets raped once again !
After a stagnant week of low volumes and a narrow range of 100 points, the Karachi Stock market got bashed down to 10,341. Banks and cements got fucked , with several closing at lower cap, while the oil related stocks held up somewhat better. Volumes were relatively higher at 76.98 million shares traded today. Hopefully there will be an upward bounce 2moro as a close below 10,300 will lead to testing the 10k index. Its Vaseline time again !
Another dull day at the Karachi Stock Market with similar low volumes as yesterday. 54.1 million shares traded and a high of 10,634 closing at 10,551. The market is still holding its support level of 10,550 , but there is no real buying as such. Perhaps the continuing nonsense of the ‘’March 2005 Crisis ‘’ report is in the back of investors minds, nevertheless a relatively calm ‘’Friday show'’ with not too much downside. Oil rose to $63 today.
Another ‘’exciting'’ day at the Karachi Stock Exchange with fuckall happening !! Fortunately the market was suspended at 2.p.m. , due to some KSE fault, alleviating 15 mins less boredom. Even lower volumes today, with only 54.5 million shares traded. Since December 5th the market has been trading in a narrow band of a 100 points between 10,550 - 10,650. Continous low volumes generally lead to some breakout in the trading range.
There is no juice in the Karachi Stock market at the moment ! It failed to break 10,700 today , yet held up above its support level of 10,550. The KSE -index made a high of 10,674 and closed down at 10,588. Extremely low volumes of 64.44 million shares were traded today resulting in a lacklustre market. OGDC has gone to fucking sleep with less than a million shares traded. 
The KSE-100 index made a high of 10,689 and closed up at 10,643. A relatively stable day in the green and trading volumes rose by 30% compared to yesterday’s 71.5 million shares traded. The next resistance level on the upside is 10,700.
The Karachi Stock market slid down further to a low of 10,486 and then made a high of 10,598. It didn’t have the juice to break 10,600 and closed up 10,584. The total volume of shares traded today was 71.55 million, which is relatively low. OGDC remains lacklustre with a very small range of movement and it seems the market will be range bound for the moment. OGDC’s GDR price has been falling daily since it was listed for trading on the 6th of December.
As expected, another downside day at the Karachi Stock market. The KSE-100 index made a high of 10,663 and then nose-dived down to 10,514 closing at 10,561. Range bound behaviour will continue between 10,500 - 10,700 with no real news on the horizon. Callmate Telips has been suspended from trading in the 2nd half today. Perhaps there will be a probe into its 55% price increase in 11 trading sessions ! Banks took a bit of a hammering today with NBP closing below 260. Only PTC and PSO managed to hold up.
The KSE-100 index crossed 10,700 again, making a high of 10,743 but failed to hold above 10,700. 2moro’s ‘’ Friday Show ‘’ could see some bloodshed in the market . Cements got fucked again. The Karachi Stock market looks rangebound and a close above 10,700 has to hold for further upside.
Upward movement continued today at the Karachi Stock Exchange as the KSE-100 index made a high of 10,720 but couldn’t hold above 10,700 and closed at 10,667. OGDC made a high of Rs.125 and its GDR has begun trading on the London Stock Exchange as of this morning. Its symbol is 
Much to everyone’s surprise OGDC didn’t hit its lower cap or touch 115 today. The KSE-100 index made a low of 10,324 and a high of 10,455, closing up at 10,417. It’s hard to say which way OGDC will go in the next few days, hopefully upwards ! The GDR starts trading at the London Stock Exchange on the 6th and provisonal trading took place on Friday 1st. Here is a chart of 
As expected after hearing the OGDC GDR price last night, OGDC opened at lower cap down Rs.6.35 at stayed at Rs.120.85 all day (see the vertical downward line in the graph). Its GDR price has been set at Rs.115 , 9% lower than yesterday’s market close of 127.2. Monday should see another fall in OGDC down to 115 and lets hope it doesn’t continue on Tuesday !! A predictable sheep/lemming mentality drove the rest of the stocks down and the market made a low of 10,318 and closed at 10,388. 10,200 is the next downward support followed by 9980. Yes, its Vaseline time again !!
