11,180 - More bashing
February 28, 2007
Another day of downside at the Karachi Stock Exchange. The market opened down with a gap of 135 points making a low of 11,157 and closed at 11,180. Perhaps it was more the ripples from yesterday’s China stock market crash, which fucked markets worldwide, than the impending CLN issue that took the market down. There was some foreign selling in Fauji Fertilizer and Engro towards end and OGDC got bashed down to 119.25. The market has closed below its 30 DMA after some time. 11,100 and 10,900 are the next downward resistance levels.
SCRA inflow of $12 million takes February’s total to $161.6 million and $543 million for the current fiscal year.
Dividends : Bank of Punjab : 32.5% Bonus. EPS : Rs.13.14
ICI Pakistan : 30% Cash. EPS : Rs.10.49
Sui South Gas : EPS : Rs. 0.72
The Bank of Punjab Limited (BOP) has earned a pre-tax profit of Rs 4.8 billion in the year 2006 against Rs 3.2 billion in the preceding year, reflecting an increase of 51 percent….Earning per Share (EPS) for the year ending on December 31, was Rs 13.14 as compared to Rs 8.13 in the preceding year…Bank’s total assets on December 31 stood at Rs 165 billion , showing a growth of 48 percent from Rs 111 billion last year. Deposits and advances of the bank grew by 56 percent and 59 percent to Rs 137.7 billion and Rs 101.3 billion respectively…. Aaj News
News : The Oil & Gas Development Company Limited (OGDC) has announced acquisition of 70 percent working interest, along with operatorship, in Guddu Block, for IPR Transoil Corporation (IPRTOC). Guddu block covers an area of 2093.4 sq km over Sindh and Punjab provinces.The Block lies in the Middle Indus Basin within the largest gas producing fields of Pakistan ie, Sui, Qadirpur, and Man…. Business Recorder
Lower Caps : Fauji Fertilizer
Market Low : 11,157.77 High : 11,376.12
Market Close : 11,180.02 – 196.10 points down
The KSE-100 index continued to take a hammering making a low of 11,251 and then recovered to close at 11,378. Bank Alfalah was the volume leader of the day having announced its results this morning. The market has to cross 11,500 and hold above it for further upside. With the Client Level Netting issue on March 5th, the market should stay rangebound until its absorbed. 11,635 still remains the major hurdle to overcome for serious upside. As all the major blue chip stocks resulted are out barring BOP 2moro, activity will be stock specific in those that gave good results. While a pullback is possible, invest in more Vaseline !!
The Karachi Stock market was unable to breach its upward resistance level at 11,635 and got a good bashing down to 11,387 and closed down at 11,393. Banks were royally fucked with NBP down Rs.14 on results lower than expectations, MCB down Rs.9, BAFL and Faysal Bank closing at lower cap and Soneri Bank lower cap for the 2nd day. The next downward resistance is 11,300 followed by 11,100. Almost all of the KSE-100 index’s gains last week were wiped off today. Keep the Vaseline at close reach !
The Karachi Stock market made a high of 11,636 but didn’t have the juice to break its resistance level as close above it. It got banged down to 11,542 (yesterday’s closing index ) and closed up at 11,607. Volumes have increased today with 192.2 million shares traded. The Bank of Punjab was the volume leader with 31.9 million shares traded, closing up Rs.4. Fuck all happened in OGDC, its still below its 30 DMA. PSO shot up by Rs.15.25.
The Karachi Stock market made a high of 11,625 and closed up at 11,542. The market seems to be stagnant at these levels and needs to breakout either way. OGDC has closed below its 30 DMA at 122. PTCL’s result was below expectations. 2moro’s Friday show could see a sellout in lieu of the upcoming CLN issue or some upside based on the results due 2moro and in anticipation of those due on Monday. A close above 11,635 would pave the way for 11,750.
The KSE-100 index made a high of 11,538 and closed up at 11,521. OGDC’s result did not take the market soaring up as it was below market expectations. The market has to cross 11,635 and hold to continue its upward path, otherwise its down to 11,300 followed by 11,100-10,900. One could be heading for the Vaseline jar soon.
The KSE-100 index opened up and made a high of 11,676. The Karachi Stock market then dipped down to 11,435 and closed down at 11,463. NBP got severely buggered out of shape on rumours of lesser earnings than expected, hitting its lower cap at one stage. Whether there is anything in the rumours or a last grab at low prices remains to be seen. The rest of the market followed suit with ORGYDC down to Rs.123.75 , POL down to 340 and MCB down by Rs.6.2. Over half of yesterday’s rise of 198 points has gone leaving in its wake a stream of punters scratching their heads and reaching for the Vaseline. It will be a rocky ride back to test 12k !
The Karachi Stock market made a high of 11,578 and closed up at 11,557 after some days of correcting, since it crossed the 12k mark. ORGYDC was the star performer of the day with the top volume of shares traded, up Rs.3.6 and PPL up Rs.8.80. DGKC Lucky and Maple Leaf Cement closed at upper cap. The next upward resistance is from 11,635 -750. Given that OGDC, POL, PTC, & MCB amongst others are due to announce their results see week, the market should head upwards.
Shrinking volumes at the Karachi Stock Exchange with 119 million shares traded and a high of 11,481 down to 11,332 closing down at 11,379. Despite the low volumes which perhaps indicate that the market is bottoming out, POL and MCB got fucked by Rs.8 and 7.50 respectively. There should be a pullback soon, but continuing upward momentum needs a break of 11,635. Downside support is 11,300 followed by 11,100. Keep the Vaseline handy !!
The Karachi Stock Market took another bashing down to 11,314 and closed up marginally at 11,467. The total volume of shares traded was considerably lower at 183.3 million. The volume leader of the day was KAPCO with 39.8 million shares traded.Cements got fucked as the news is that the Govt. will not accept Rs.260 per 50kg bag and there is a meeting to discuss it on the 20th. Whether the market has bottomed out will be seen in 2moro’s "Friday show ". The next upward resistance is 11,500 and 11,635.
The KSE-100 index made a high of 11,766 and then staggered down to 11,285 to close down at 11,454. A volatile day with intra-day swings of 481 points. The market has undergone an intra-day correction of 762 from its recent peak of 12,047 to today’s low of 11,285. OGDC was bashed down to 120.50 at one stage followed by NBP losing all its gains from yesterday making a low of 281.75. PPL got fucked as well and PTC was down at lower cap briefly. A big shakeout, after 10 consecutive days of a 1000 point upside. The market has broken its support of 11,635-500 which it needs to regain to test the 12k index again. I’m sure the cobwebs were dusted off the Vaseline jars today !
The Karachi Stock market made a high of 11,674, dipping down to 11,502 and closed up at 11,643. NBP made an incredible recovery to close up Rs.13.6 at 295.5. BOP made its highest close in nearly a year at 127. PSO, PRL and Shell got a good bashing down. While it looks like the correction is over, there might be another dip downwards. The next upward resistance is 11,720 followed by 11,830.
The KSE-100 index made a high of 11,926 and then slowly headed downwards making a low of 11,611 , closing at 11,629. After several days of continuous upside , the market has finally undergone a long overdue correction. MCB and NBP were hammered down to lower cap and Rs.11 respectively followed by PPL down by 9.20. PSO, HUBCO and BOP closed up. How much lower the index will slide to remains to be seen. Having closed around the October 2006 peak , the previous closes were 11,589 and 11,349. While there could be a mini-Vaseline moment for those whose greed didn’t allow them to cut at 12k, the rally is far from over and the market should test its previous high of 12,337 soon.
The Karachi Stock Market crossed the 12k index making a high of 12,047 and then dipped down to 11,804 finally closing at 11,844. This is first negative close in 10 trading sessions , long overdue. Whether the intra-day correction of 200 points was sufficient or whether the market will continue downwards on Monday remains to be seen. While MCB, NBP, PPL and POL closed between Rs.9.50 - 4 down, PTC, PSO and FFC held their gains. 
The KSE-100 index made an intra-day high of 11,907, closing up at 11,868. The volume of shares traded crossed the 400 million mark with 411.8 million shares traded. The market looks like it’s headed to test 12,000 points. There is still no sign of any correction despite nine consecutive positive closes and 1000 points up since Jan.24th. The next upward resistance level is 12,060 with downside towards 11,590. The Karachi Stock market is now up 18.2% for 2007.
For the moment it seems that yesterday’s drop from 11,763 and down to 11,601 today, appears to be the current correction for the Karachi Stock market. The market made a high of 11,756 and closed up at 11,729. The next resistance is 11,763 followed by 11,850. Downside looks to 11,300. RSI(14) levels are very high at 85. The big cement stocks upper capped again.
The Karachi Stock market continued its upward rally making a high of 10,763, closing down at 11,632. The close is almost similar to the intra-day high of 11,635, the October 30th 2006 peak. After that the market slid downwards to 11,327. Whether the drop of 131 points from the intra-day high to today’s close is another minor intra-day correction or whether the cracks are setting in for a bigger one, it remains to be seen. Upward resistance is at 11,854 and the downside at 11,275. CFS borrowing has nearly reached its Rs.55 billion cap, so some correction seems inevitable even though a lot of foreign money is currently being pumped into the market.
416.7 million, a staggeringly large volume of shares were traded at the Karachi Stock Exchange today. No respite for the KSE-100 index as it closed on its high of 11,589 amid technical analysts screaming overbought momentum and exorbitant RSI levels over 80, and the fact that Monday is a holiday. Badla has reached 50 million and is bursting at the seams. Something has to give soon, but its been one fuck of a ride so far !!
The Karachi Stock Market made a high of 10,394 and for the first time in several sessions went negative down to 11,259 to close up at 11,349. The KSE-100 index recorded the highest volume of shares traded for 2007 at 369.3 million. Was the intra-day correction the one long overdue or will the market actually close down 200 plus points soon ? The way its going up with foreign funds being pumped in daily, it seems not at the moment, although 2moro is another Friday show with Monday a holiday making it another long weekend.
