13,494
June 19, 2007
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.
News : The pre-bid conference for PSO privatization is going to be held in Islamabad tomorrow…Al Dabbagh, Jumaih Holding Company Consortium Textile Mills, Bakri Energy Company Consortium, Kohinoor Holding Company Limited Consortium, Mcb Bank Limited Consortium, TransAsia Gas Intl; and Vitol S.A. will participate in the pre-bid conference … Geo News
Upper Cap : JOVC / Callmate Telips / Soneri Bank
Market Low : 13,483.04 High : 13,633.73
Market Close : 13,494.14 – 73.26 points down.
