KSE-100 index ends FY07 at 13,772
June 30, 2007
Yesterday was the last trading day of the fiscal year, and the KSE-100 index closed on an all-time high of 13,772 and broke 13,800 intra-day. Bank Alfalah was the flavour of the day with 42.3 million shares traded. POL got fucked again and closed down at Rs.317. The next upward resistance is 13,815 -13,870 . Within the result season starting towards the end of July , it’s likely that we will see a 14k plus index.
News : Pakistan will announce an increase in the wellhead price of its gas next month when it unveils a new Petroleum Policy…"We will realign wellhead prices with international oil prices. As a result of realignment the prices are going to go up. The prices will have to be reflected (for end users)," said Mukhtar Ahmed, energy advisor to Prime Minister…At present Pakistan caps gas sale prices for over 90 fields at $36 a barrel crude equivalent.. Aaj News
The Karachi Stock Exchange (KSE), one of the most emerging share markets in the region, witnessed bullish trend during the sixth consecutive year, as the benchmark KSE-100 index grew by 38 percent during FY07, on the back of great foreign investor’s interest, strong economic growth of the country and higher earnings expectations of corporate sector…Aaj News
The Central Depository Company (CDC) has planned to hold ‘road shows’ to London and New York in early July to globally showcase the investment opportunities in the Pakistani Capital Market. The first event would be held in London on July 6, for which the CDC in working in collaboration with the London Stock Exchange… Aaj News
Upper Caps : None worth mentioning
Market Low : 13,646.04 High : 13,805.55
Market Close : 13,772.46 — 44.51 points up
The KSE-100 index tore through 13,700 making an all time intra-day high of 13,767 and closed up on a record high of 13,727. The Karachi Stock market has increased by 36.6% since the first of January 2007. Nishat Mills was the flavour of the day with 34.3 million shares traded. The oil sector got fucked with POL closing down by Rs.8.5 at 325, PSO down by Rs.9.50 on negative privization news and OGDC going nowhere as usual. Bank Alfalah closed up at its highest this year at Rs.62.15 based on the Singtel-Warid news. The next upward resistance is 13,800 heading for 14k.
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000.
News :Singapore Telecommunications has emerged as the front-runner to acquire a significant stake in Warid, one of Pakistan’s leading mobile phone operators, according to people familiar with the situation.The Singapore-based telecoms group is in advanced talks to purchase about 30 per cent of the company, in a deal likely to value Warid at $1bn… 
After Friday’s correction, the KSE-100 index resumed its upward path with a day in the green, a high of 13,545, and closed up at 13,540. The Bank of Punjab seems to have momentarily sorted out its alleged fraud rumours and closed up Rs.3 at 111.30. Once again Lucky Cement was on top of the leader board with 28.4 million shares traded. The Karachi Stock market has closed just short of where it slid downhill from. Upward resistance stands at 13,633. A close above 13,600 would augur well.
As expected yesterday, the KSE-100 index finally got a good bashing down to 13,249 and managed to recover to close down at 13,392. Cements were the flavour of the day, especially Lucky Cement trading 31.9 million shares and closing at its upper limit. Rumours of loan defaults of Rs. 6-8 billion continue to plague the Bank of Punjab which closed down at its lower limit and has dropped nearly 8% in the last 2 days. Whether the worst is over for the Karachi Stock market remains to be seen. While it made a somewhat healthy recovery, there could be another bash to test 13,300 again. Upside resistance is at 13,440 and 13,500.
The KSE-100 index seems to be struggling at these levels despite making a lower low of 13,505 today. BOP was the volume leader of the day with 37.7 million shares traded and was bashed down to Rs.111.70 on some news of loan defauting. Cements were the flavour of the day with Lucky up by Rs.5.75 , closing at 126.75. PSO was bashed down by Rs.11 to Rs.405 on the news of a further delay in the bidding date. While there is some stock specific activity, the market in general looks shaky and must close above 13,600 for further upside to continue. If not the cobwebs might well be shaken of the Vaseline jars as downside could see 13,250 and lower. Possibly with 2moro’s Friday show there could be a long overdue shakeout.
A somewhat choppy day at the Karachi Stock Exchange with a high of 13,597 and a low of 13,456. Banks were the flavour of the day with Askari, NBP and BOP trading 20,19,and 18 million shares respectively. OGDC closed below its 30,50 and 200 DMA, compounding its thoroughly pathetic performance in the last few months along with POL. The market needs to close above 13,600 for further upside, downside support is at 13,440 followed by 13,300.
Making a new intra-day high of 13,633, the market was unable to hold above 13,600 and after resisting the support level of 13,554 for some time, eventually drifting downwards to close down at 13,494. The KSE-100 index seems a bit exhausted here and perhaps needs further correction in order to climb upwards towards greater highs. It is still in an overbought state with yesterday’s RSI-14 being 83. Upside resistance is 13,554 followed by 13,633. There could well be a good bash down to 13,300 2moro, though today’s selling was on low volumes of 166.9 million shares traded.
After Friday’s minor correction , the KSE-100 index opened up with a gap today and stayed positive all day long. The Karachi Stock market remained stable with a high of 13,580 and closed up at 13,567, another record close. PSO closed up at Rs.14 at 419 and Packages hit its upper cap for the 3rd consecutive session. While in RSI terms the market is still high and overbought , it looks like 13,613 will break intra-day and a new high will be set this week. Upward resistance is 13,613 followed by 13,700.
Finally there was some semblance of a correction on Friday as the KSE-100 index dove down to touch 13,303, but the 13,300 support level held and the market made a strong recovery back to close down at 13,438 . It’s possible that it could test the 13,300 support again before going up. There was a relatively low volume of 193.6 million shares traded. The week ahead : HPFL bidding, PSO pre- bidding and UBL GDR listing.
The KSE-100 index opened up with a big gap and made a record intra-day high of 13,613 . Unable to sustain such high levels, the market slid down towards the end to a low of 13,428 and recovered to close down at 13,462. 
The Karachi Stock market ripped through all its resistance levels to make an intra-day high of 13,492 and closed up at 13,475. The market breadth has increased as was expected on a close over 13,330 yesterday. Needless to say that the market is getting overbought daily and when the big bang comes, it will be quick and vicious. Banks were the flavour of the day with Bank Alfalah trading 27 million shares. It seems that the news of bidding for its Warid stake sale has finally kicked in. It’s hard to say what the next upward resistance is beyond 13,500 as the market in uncharted territory. Downside leads to 13,300.
After several recent attempts to hold above 13,300, the Karachi stock market finally closed at 13,326 making a record high close with an intra-day record high of 13,390. Cements were the flavour of the day with the sector trading an astonishing 138.2 million shares out of a total of 254.8 million.Banks were firmer than yesterday and the fucking E&P sector still lags behind the whole market. Upside looks to 13,400 for its next resistance.
The KSE-100 index opened up fully erect with post-budget euphoria making a high of 13,382, an intra-day record. Unable to sustain these levels it dipped down to a low of 13,220 and then recovered to close at 13,220. DGKC was the flavour of the day with 28 million shares traded. The Karcahi stock market is still in an overbought state with RSI-14 levels at around 80, and there could be a much needed correction down to 13,146 to 13,050. Upside resistance is 13,400-500. A close over 13,332 would set a positive trend.
The KSE-100 index experienced another choppy ride in a fairly similar range as yesterday. A high of 13,313 and a low of 13,149 closing up at 13,274 yet another record close. The future of the KSE-100 index will ride on the Budget for 2007-8 which will be announced 2moro and is expected to be more on the positive side. Currently the previous high of 13,332 is the current resistance for upward movement in the market followed by 13,375 to 13,500. On the downside there is support at 13,145 and 13,000.
The KSE-100 index was a choppy ride today with an intra-day high of 13,312 and a low of 13,181 closing up at 13,237. PSO roared up to close at its upper limit at Rs.403.05 based on news of a pre-bid meeting coming soon (see below). and United Bank Ltd made a new record close at its upper limit at 218.40. 2moro’s pre-budget "Friday Show'’ is anyone’s guess whether the market will get bashed, remain stable or close higher. The Karachi Stock market is quite overbought with a RSI-14 of nearly 80. The next upward resistance is 13,332 followed by 13,400, and the downside could see 13,130 to 13,000.
Once again the KSE-100 index has made a record close and a new intra-day high of 13,332, trading a high volume of 389.9 million shares today. Engro made a record close at Rs.248.25. OGDC was the flavour of the day with 74.8 million shares traded, but did fuck all by closing up Rs.1.The Karachi Stock market is now up by 31.5% since January 1st 07 and has risen nearly a 1,000 points since May 22nd, with no significant correction.
The KSE-100 index tore through various resistance levels to make an new intra-day high of 13,171 and closed up at 13,166, another record close. DG Khan cement was the flavour of the day with 35.3 million shares traded. Engro closed on its all time high at 239.4 and MCB made another new high at 367, up by Rs.16.8, United Bank closed on anew high at its upper cap and Adamjee Insurance also made a new high at 337. While certain stocks are making new highs daily as is the index , the oil sector is far from its all-time highs with OGDC at 122.6 , POL at 355.5 and PPL at 268.75. If they were to have performed one would have seen a much higher index. The next upward resistance is 13,200 leading to 13,500. There should be some intra-day correction soon.
A relatively dull day at the Karachi Stock Exchange with the market opening up making a high of 13,012 and then drifting down slowly to finally get bashed down to 12,872. Towads the end it recovered to close at 12,956 , its 2nd highest close to date. A mixed market with some stocks staying tight , some going up (Engro up Rs.9.50 and some getting bashed (BOP intra-day bash down to Rs.112.30. Nevertheless, the Karachi Stock market still looks poised to break 13k and hold above it , maybe 2moro or dayafter. The next upward resistance is 13,050 heading for 13,200 and downside would lead to 12,860 followed by 12,750.
Yesterday the KSE-100 index broke through 13,000 points making an intra-day all time high of 13,041. With almost daily record high closes at the moment , its not realy worth creaming about. Maybe at 13,500 !
