13,353 - heading for 13,800 ?
September 28, 2007
The Karachi Stock market undertook an expected correction making a low of 13,237 and towards the end recovered to close at 13,353. Worldcall Telecom was the flavour of the day with a turnover of 17.4 million shares traded. Oil trading at $83 surprisingly made no impact on the OMC’s or oil related stocks.
The Supreme Court decison in favour of G.Mush will be taken well by the business and market community and could spark off a small rally next week. 13,700-800 is quite possible provided the whining opposition rabble don’t get to stick a spoke in the electoral wheel.
Dividend : Sui South Gas : 5% Cash. EPS : 0.43
News : Leading stock brokers, investors and analysts while welcoming the Supreme Court verdict on President Musharraf’s dual offices expected that the share market will witness a bullish rally to reach new record levels and more foreign investment will come in the country’s equity market."We are looking consistent economic policies which will boost the country’s economy, consistently growing at the rate of over 7 percent since 2001", leading analysts said… Aaj News
The earnings of Sui Southern Gas Company (SSGC) have declined by 68 percent to Rs 290.380 million in the year ended on June 30 as compared to Rs 891.717 million in the corresponding period last year. The company earning per share stood at Rs 0.43 in the period under review against Rs 1.33 last year… Aaj News
Importers have raised the prices of dai ammonium phosphate (DAP), essential crop nutrients, by Rs 50 per 50-kilogram bag ahead of rising international prices, dealers said.A leading DAP importer on Thursday issued new price list of the commodity, announcing four percent per bag raise in the price of the commodity across the country, effective from Friday, they added. As a result, the retail price of the DAP had also gone up by Rs 50, reaching Rs 1,400 per bag of 50 kilograms from Rs 1,350… Aaj News
The Oil and Gas Development Company Limited (OGDCL) is poised well for overseas joint ventures in many countries as its teams are currently negotiating modalities to enter into new horizons. China, Kuwait, central states, South African countries are on OGDC priority list for overseas joint ventures…OGDC is a part of Shell Pakistan led joint venture, hopefully starting drilling in Pakistan’s deep waters in next couple of weeks… Aaj News
Market Low : 13,237.53 High : 13,353.68
Market Close : 13,353.68 – 25.55 points up
A fairly lacklustre day at the Karachi Stock Exchange with the KSE-100 index making a high of 13,265 and closing down at 13,198. Its possible that the market is sitting on the fence waiting for more news from the courts. Upside resistance is 13,275 -13,350 and 12,950 on the downside.
The Karachi Stock market appeared to ignore the political situation, the opposition’s farce and the disgraceful behaviour of the lawyers, opening up and remained positive all day. The KSE-100 index closed up at its high of 13,220. Lucky Cement was the flavour of the day with 29.33 million shares traded, boosted by JP Morgan’s psoitive report and hitting its upper limit at one stage. Having closed well above its 50-DMA , the market looks to be headed for 13,350 -13,460.
Having broken and closed above 13,000 at 13,127 yesterday, the KSE-100 continued upwards making a high of 13,190. Towards the end it was unable to sustain these levels and the market being slightly overbought, it closed down at 13,045. The news of the exclusion of Pakistan from FTSE’s Global Equity Index in June 2008 didn’t help either. Having closed marginally above its 50-DMA the next upward move is a close above 13,190. 2moro being the "Friday show " could see some more offloading. Downside support is from 12,950-750.
The Karachi Stock market opened up and stayed in the green all day. Boosted by the high price of oil the index made a high of 12,989 and close up at 12,952. OGDC made a high of Rs. 116.40 and PSO, SHELL and APL closed at their upper limits. August 13th was the last time the index saw these levels as 13k broke downwards. The KSE-100 index is headed to test 13k on its way to its 50- DMA at 13,070, with probable corrections on the way. A close above that will see more upside.
The Karachi Stock market opened down making a low of 12,693 and then stayed choppy till it closed up at 12,791. The market will depend on the political landscape for its current direction and looks to be heading towards 12,950, provided there is no bad news. The result season has virtually come to an end barring DGKC and Sui North.
After yesterday’s jittery performance , the KSE-100 index allayed all fears of an immediate reprisal/backlash to Sharif’s expulsion and made a high of 12,784. OGDC was the star performer of the day in terms of the highest volume, trading 29.6 million shares and has risen over Rs.4 in the last 2 days. If there are no more jitters , the Karachi Stock market should continue rising towards the next resistance level of 12,950. Today’s close over the 30 DMA is a positive step towards that.
The KSE-100 index opened down at the start of the market, then recovered back to being positive and then soared upwards as the plane deporting Sharif took off . Hopefully, Pakistan has disposed of one of its biggest, stupid, arrogant arseholes for the next 3 years, and as one can see from the graph, the stock market holds the same view. Cements were the flavour of the day with Lucky and DG Khan cement taking the top volume of the day. MCB has somewhat recovered from its bashing on Friday to close up at 329.50. The upside should continue with 12,600- 750 as the next upward resistance.
While the KSE-100 index made a high of 12,730, the upward momentum of the market appears to have halted with a close of 12,567. Investors are probably nervous about the cunt’s determination to arrive on the 10th despite the " VIP rooms " at the Attock Jail being whitewashed and provided with new furniture ! The market closed down by 96 points right towards the end and it’s possible that 2moro’s "Friday show " will get buggered further, unless it was just a technical correction. Keep the Vaseline at close reach .
The Karachi Stock market opened up with a gap and finally the KSE-100 index broke 12,500, made a high of 12,710 and closed up at 12,666. Volumes increased with 265 million shares traded. OGDC was the volume leader trading 31.3 million shares and moved up to close at 110. It seems that the positive news of the current political deal in progress boosted the market today. Hopefully the upward momentum will continue and the next upside is around 12,750 leading to 12,950.
The KSE-100 index stayed positive all day and made a high of 12,433 and closed at 12,393. This is the highest close since the market nose-dived in the last few weeks. BAFL was the volume leader of the day with 26.2 million shares traded and has finally moved up slightly since its recent dormancy. Its possible that 12,500 could be tested 2moro provided the ‘political uncertainty ‘ jitters subside and there are no negative developments.
