13,945 - a good bashing
July 16, 2007
The Karachi Stock market got a good bashing down to 13,869 and recovered to close down at 13,945. Stocks across all sectors got hammered with the banking sector getting the worst of it. BOP got further buggered down to 100.85 and MCB down by Rs13.45 to 334.55. The fertilizer sector held on with most stocks closing positive. If 13,800 breaks there could be more downside, upward resistance is 14,000-14,100. Keep the Vaseline jar handy !
News : The State Bank of Pakistan (SBP) Monday issued detailed guidelines for the banks and development finance institutions for compliance when issuing depository receipts (GDRs) in the international markets. The bank issued the guidelines keeping in view the increased interest of banks to raise equity from foreign markets through Depository Receipts and to manage the regulatory risk resulting there from… Source : Daily Times
Upper Cap : Attock Refinery
Lower Caps : AHSL/ AHL / JOVC / MLCF / PIOC / BOSICOR / SCBPL
Market Low : 13,869.45 High : 14,202.43
Market Close : 13,945.44 – 256.99 points down
