10,182 - Some recovery
December 20, 2006
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
Upper Cap : Faysal Bank
Market Low : 9,963.21 High : 10,182.46
Market Close : 10,182.46 — 126.81 points up.
