9,923- KSE-100 Index breaks below 10k
December 21, 2006
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
Lower Caps : MCB / PIOC / DGKC / Lucky
Market Low : 9,908.71 High : 10,202.65
Market Close : 9,923.12 — 259.21 points down
loved it
Comment by Razi Ur Rehman Khan — December 21, 2006 @ 3:21 pm