12,961 - KSE-100 index makes another new high
May 31, 2007
It seems to be a record breaking month with the KSE-100 index scaling greater peaks almost daily. Today’s intra-day high of 12,994 and the market close of 12,961 are both the highest intra-day high and close on record so far. Today’s volume of shares traded was 304.9 milion The Bank of Punjab was the flavour of the day in terms of volume with 40.8 million shares traded and a near upper limit close. MCB closed up in Spot by Rs. 13.35 at 340.95. and PSO closed up by Rs.9.80 at 370.
The Karachi Stock market looks poised to crack 13,000 , maybe first thing 2moro morning, but the market is skating on thin ice at the moment and some correction is long overdue.
News : Pakistan has delayed a plan to sell shares overseas in three companies till the next fiscal year because the government needs more time to prepare for the transactions…The government will offer global depositary receipts in
National Bank of Pakistan, the biggest lender by assets, Habib Bank Ltd., the second-biggest, and Kot Addu Power Co., the nation’s largest privately-owned producer, in that order in the year starting July 1st…These share sales were originally planned to be completed by June 30th. Source : Bloomberg
The budget session of the National Assembly will be held from June 6 and the budget for the 2007-08 will be presented on June 8th… Aaj News
The Securities and Exchange Commission of Pakistan (SECP) Chairman Raziur Rehman has said that the number of scrips eligible for funding under ‘Continuous Funding System’ (CFS) would be reduced…. Regarding CFS Mk-II, he said that a committee, headed by KSE Chairman Shaukat Tareen, was working on this project and the committee would submit its paper to SECP for approval for implementation of this mode of financing. In CFS Mk-II, there would be unlimited funding, without any upper cap. However, he pointed out that there would be limited number of scrips for CFS Mk-II…. Aaj News
Upper Cap : Crescent Commercial Bank
Market Low : 12,806.93 High : 12,994.38
Market Close : 12,961.14 – 154.21 points up
A relatively dull day at the Karachi Stock Exchange with less than 200 million shares traded. While no new highs were made the market stayed tight and closed down at 12,806. With the 14 day RSI at 72 there is still some room for more upside , but a correction at these levels won’t come as a surprise as the market is up over 500 points without a real break. While upward resistance is 13,000, downside sees support at 12,740 followed by 12,675.
The KSE-100 index made a new high of 12,895 intra-day.
The Karachi Stock market made another record close of 12,830 with an intra-day high of 12,862. The KSE-100 index is now up by 550.22 points since the 22nd of May and 27.8% up since January 1st 2007. Some correction will be due soon, perhaps around 13k levels or sooner. Banks and cements were the flavour of the day.
Yesterday’s ‘’ Friday Show ‘’ took the KSE-100 index to a new high with intra-day 12,784 and a close of 12,732. The perception seems to have changed from a week ago now that all the judicial crap has died down and foreign buying has resumed. The market is witnessing a pre-budget rally and todays meeting with the KSE and SECP could boost the market further if the CFS enhancement issues get resolved. If so, the Karachi Stock market could well touch 13k levels soon. The next upward resistance is 12,800-12,850 and downward support is at 12,630 to 12,530.
The KSE-100 index ripped through 12,500 and made an all time intra-day high of 12,674 closing at its historical peak of 12,663. The banking sector was the flavour of the day with 106 million shares traded of a total of 270 million. BOP was the volume leader of the day with 28 million shares traded and closed at its upper limit . MCB shares were being sucked up like crazy and it closed at Rs.333.55 , an all time high. Allied Bank and Crescent Commercial Bank closed at their upper limits.
The KSE-100 index made a high of 12,528 and closed up at 12,498. The market stayed fairly tight throughout the day while volumes were still below 200 million. It seems poised to make a new all-time high possibly 2moro. The next upward resistance is 12,533 followed by 12,600.
The Karachi Stock market broke out of its stagnation, opening up and making a high of 12,453. The banking sector was back in favour with BOP scoring the top volume of 16 million shares traded and MCB closing at upper cap. The market was buzzing with rumours on the CFS enhancement and closed at 12,436, the 2nd highest close in the history of the KSE-100 index. The next upward resistance is 12,500.
A sluggish day at the Karachi Stock Exchange with low volumes of 87.6 million shares traded. Bank Al-Falah was the volume leader today with 10.1 million shares traded. The last time the closed 
After a couple of days of the KSE-100 index dragging its heels, the Karachi stock market saw some renewed buying interest today. While volumes were lower than usual at 140.9 million shares traded, there was buying in specific stocks like Soneri Bank on continued rumours of being taken over by a foreign bank. The E&P sector continues to lag behind all other sectors, despite high oil prices. Once all the judicial issue crap dies down and with talk of CFS-II around the corner, the market should resume a healthier state.News
A relatively stagnant, dull day at the Karachi Stock Exchange with lower volumes below the 200m mark. There was no real pullback after yesterday’s bashng and there seems to be a slightly waning interest in general. With the Friday show 2moro , there could be another bashing down to 12,050.
The market has weathered enough storms of late from Karachi violence to a Peshawar bomb. Having made a high of 12,451 , the KSE-100 index nose-dived down 337 points to a low of 12,114 from where it steadily recovered. Its the first close below 12,300 since May 7th.The rumour that the number for stocks available in CFS will be reduced to 27 scrips with effect from May 21st, didn’t help. It seems that 12,050 will get tested again. Keep the Vaseline handy !
After a weekend of carnage and bloodshed leaving 41 dead and costing the city several billion ruppees, due to the intention of a possibly bent and thoughtless judge arriving in Karachi, the Karachi Stock market opened 279 points down. The market then made a good recovery and closed down 24 points at 12,343. A few years ago, a mere fart would have shaken the sentiments of the KSE-100 index, now there is so much more money chasing fewer stocks, at higher prices, and not much seems to rattle this market for very long.
The KSE-100 index appears to be slightly struggling and could well close below 12,300 2moro. The absymal performance of OGDC, POL and PPL is not helping either. Another bashing down to 12,050 could be on the cards soon.
It seems clear that the ‘’State of Emergency ‘’ rumour was well manipulated to bring the Karachi Stock market down. It has risen back to 12,435 (intra-day) within 2 days after a well-needed bashing. The market is likely to be volatile till the CFS issue is sorted out . A break above 12,500 will see a more clear direction. DGKC was the volume leader today with 30.4 million shares traded.
After yesterday’s enormous plunge, the KSE-100 index staged a healthy recovery to close up at 12,331. Bank Alfalah was the flavour of the day with 26.4 million shares traded. Relative to the performance of other sectors today, the E&P sector is lagging again. Its possible the market will remain volatile this week until the CFS limit increase is finalized. The market held its support of 12,050 today. The next upward resistance is 12,370 followed by 12,500.
The Karachi Stock market experienced a big correction today closing down at 12,078, off by 433 points (3.46%). The market got buggered out of shape with most of the major stocks closing at their lower limit. It seems that panic was caused by Shaukat Aziz’s statement yesterday saying that the Govt. allowed the Constitution to declare a state of emergency, if need be. Also the fact that the SECP rejected the increase in the CFS limit for the moment, did not help either. While a correction was long overdue, perhaps it would not have been so severe if the CFS limit had been increased to Rs.75 billion as proposed on Saturday. Note that the ongoing judicial bullshit has not effected the market in the slightest in the last 2 weeks.
The KSE-100 index made a high of 12,533 and closed up above 12,500 at 12,512. The Karachi Stock market is making new records for its highs daily and is up by nearly 25% so far this year. While a correction is long over due, the market is perhaps waiting on the result of the meeting re: CFS limit increase. Apparently the SECP has agreed to Rs. 65 billion, but the brokers want Rs.75 billion. Either way, the announcement of an increase in the CFS limit will boost the market forwards. The next upward resistance is 12,600 and downside support id at 12,375 followed by 12,050.
A choppy, dull day at the Karachi Stock Exchange with the KSE-100 index opening up and then after making a high of 12,482, remained negative thereafter. FFBL was at the top of the leaderboard with 39.9 million shares traded. While the market looks tight, there could well be some selling in 2moro’s ‘’Friday show " or it will hold on for the CFS limit increase meeting on Saturday.
The Karachi Stock market opened up with a gap and made a historical intra-day high of 12,493 followed by the highest close so far, at 12,433. POL has finally woken up and closed at Rs.352.5, up Rs.16.60. The next upward resistance level is 12,500 and the market is in uncharted territory now. Some correction is due soon.
