12,806
May 30, 2007
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.
News : Next month the Securities and Exchange Commission of Pakistan (SECP) will introduce a new system of T+2 instead of the existing T+3… Geo News
The Securities and Exchange Commission of Pakistan (SECP) has announced reduction in basic deposit from Rs 500,000 to Rs 250,000 payable by a broker for entering into Cash Settled Futures Contracts and reduction in cash deposit percentage, to 40 percent of the margins payable on exposure in the CSF market… Business Recorder
Cement prices have again been raised by Rs 10 per bag to Rs 260 in the wake of increasing international demand and low supply in the local market, dealers said on Tuesday. They said that cement companies are getting better price in the international market than the domestic market, and have been receiving huge export orders. Therefore, they are concentrating on export to earn more profit…. Aaj News
Upper Caps : Maple Leaf Cement / Pioneer Cement / Bosicor Refinery
Market Low : 12,783.09 High : 12,877.14
Market Close : 12,806.93 – 10.98 points down
