13,917
July 10, 2007
The Karachi Stock market made an intra-day all time high of 14,124 and then nose-dived down to 13,889 and closed down at 13,917. It is possible that the raid at the Lal Masjid led to investors offloading and also being downgraded to Stable from Positive by S&P (see below ). While the index needed to let off steam again, its currently hard to say whether the KSE-100 index will go back upto 14k or see some more downside. As ‘’Mr. Long ‘’ said " this time when the market crashes, nobody will ask why !" Downside leads to 13,800-13,600, upside resistance is 13,960 - 14,080.
News : Standard & Poor’s Ratings Services today affirmed its ‘B+/B’ foreign currency and ‘BB/B’ local currency sovereign credit ratings on the Islamic Republic of Pakistan (Pakistan). At the same time, Standard & Poor’s revised its outlook on both the foreign and local currency ratings to stable from positive…"Pakistan’s political and security situation has deteriorated markedly in recent months," said Standard & Poor’s credit analyst Agost Benard. "This period of increased uncertainty has been marked by violent social unrest relating to the removal of the country’s chief justice, Islamabad’s Red Mosque siege, and the latest assassination attempt on President Musharraf’s life." Source : Standard & Poor’s
Upper Caps : Arif Habib Ltd. / JS Bank
Lower Caps : Azgard Nine
Market Low : 13,889.99 High : 14,124.06
Market Close : 13,917 — 101.62 points down
