12,245 - KSE-100 index gets slaughtered
August 21, 2007
The KSE-100 index got reamed out of shape with a drop of 446 points down at its close. What must have started as basic selling led to snowball into panic as at one stage the market was down by 504 points !! With OGDC down by Rs.4.40 at 111 and many stocks across the board hitting their lower caps , it was one of the worst falls experienced this year. A classic case of selling with low volumes, meaning fuck all ! Hopefully there will be some pullback 2moro from such extreme downside. 12,300 and 12,500 were ripped out as support levels and would be the upward resistance now.
Dividends : Crescent Commercial Bank : EPS : -0.64
News : Price of cement has been increased by Rs 10 per bag in the Sindh province mainly in Karachi, a private TV channel reported…. Source :Aaj News
Lower Caps : AHSL/BAFL/JOVC/FFBL/SNBL/CCBL/ENGRO/NML/KAPCO/SSGC
Market Low : 12,187.64 High : 12,706.53
Market Close : 12,245.82 – 446.35 points down
