More Vaseline needed as 10k breaks intra-day
December 19, 2006
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
Lower Caps : NBP / Faysal Bank / Soneri Bank / BAFL / MCB / DGKC / Lucky / SNGP / NML /
Market Low : 9,982.04 High : 10,370.06
Market Close : 10,055.65 — 285.76 points down.
