13,045
September 20, 2007
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.
News : Oil surged to $84 a barrel on Thursday in the seventh straight record-breaking session as companies shut Gulf of Mexico output on forecasts a tropical depression churning through the region would become a storm.US crude settled up $1.39 at $83.32 a barrel after touching an all time high of $84.10 earlier. London Brent settled up 62 cents at $79.09 a barrel… Aaj News
Upper Caps : Worldcall Telecom / Soneri Bank
Lower Caps : Arif Habib Securities / JOVC
Market Low : 13,018.43 High : 13,190.53
Market Close : 13,045.69 – 81.89 points down
i think the 13200 is major resitant level and also a 50% retracment of previous bear spell along with plitical intability in the country. Today Investor need more clear pic in plitcal scenario for more buying but at last they may sell some stock at good level and with maximum profit for the time being.
Comment by asif — September 21, 2007 @ 4:00 am