13,965 - Heading for 14,300 ?
November 29, 2007
The KSE-100 index opened up with a gap, crossed the 14k mark and closed up at 13,965. Cements were the flavour of the day due to the recent increase of Rs.10 per bag. The transition of Gen. Mush to Mr. Mush, securing another 5 year term as President and anticipation of the emergency rule being lifted shortly have all been upward tiggers for the market. This evening’s announcemt for the emergency rule to be lifted on Dec.16th along with the removal of the PCO, should take the market further towards restesting 14,300. Upward resistance is at 14,050-130 and downside support remains at 13,700.
News : The government is expected to announce a rise in fuel prices on Friday, the first in 19 months…The caretaker government is expected to announce at least a 10 percent rise in fuel prices, with more increases to follow,… Aaj News
Habib Bank of Pakistan has sought the approval of the Economic Coordination Committee (ECC) of the Cabinet for acquiring up to 10 percent shares worth $11 million of Diamond Trust Bank of Kenya which has 20 branches in East Africa - Kenya, Uganda and Tanzania…. Aaj News
Upper Caps : NCL
Market Low : 13,884.93 High: 14,051
Market Close : 13,965.30 – 80.37 points up
The KSE-100 index made a low of 13,698, a high of 13,897 and closed up at 13,797. The market looks shaky despite closing up and certain stocks are at lower levels at this index , than when the market was below 13,700. Downside support is 13,655 -500 and upside resistance is 13,850- 13,920.
The Karachi Stock market opened up and made a high of 13,852 . It then dipped down to its low of 13,713, crossed 13,800 again and closed up at 13,776. OGDC was the flavour of the day followed by NBP and PTC in terms of volume. The market has finally closed well above its 30 & 50 DMA’s and upward resistance is at 13,850 leading to 14,000.
Friday’s close saw the KSE-100 index continue its rise and break 13,700 to close up at 13,732. Oil was the flavour of the day with PSO closing at 422.80 and POL closing up at 349.50. The market looks set to hit 14k plus with possibly a correction along the way. The exiled buffoon has returned making a lot of noise about future plans, which will probably lead to fuck all. Just another greedy hand reaching for the honeypot in the name of "democracy".
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
A stable, positive session for the KSE-100 index, making a high at 13,521 and closing up at 13,508. Its seems that confidence is slowly creeping back into the market and volumes are rising daily after Fridays low. The return of the exiled buffoon next week could put a spanner in the works.The market has still closed below its 30 & 50 DMA and a close above 13,650 would be positive. 
A choppy day at the Karachi Stock Exchange with the index making a low of 13,201, a high of 13,346 and closing up at 13,316. OGDC continued its gains and made a high of 120.90. Oil has hit $98 again. Upside resistance is 13,360-13,470.
The KSE-100 opened up and then sank down to a low of 12,881.The market then made a strong recovery to close up on its high of 13,239. The recovery was based on the news that the SC dismissed 5 of the 6 main petitions filed to challenge G.Mush’s re-election. Also a change in the E&P formula (see below) led to a big upward move of 3.8% in OGDC which took the whole market up as well. Pakistan Oilfields hit its upper limit and PPL was up by Rs.9.85. Volumes were double Friday’s at 129 million and the majority of the blue chips closed up. Upside resistance is 13,400-500.
Friday saw the KSE-100 index spike up to make a high of 13,200, followed by a dive into the red down to 13,048 and closing down at 13,082. One of the lowest volumes of the year with only 65 million shares traded in total. With no further news on the political fron the market is likely to be rangebound with 13,300 as its upward resistance and 12,700 on the downside.
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550. 
The KSE-100 index got a good bashing today. Having made an intra-day high of 13,713 it dipped down to 13,284 and closed down at 13,315. Buy some Vaseline !
The KSE-100 index dipped down to 13,541 and then recovered to make a high of 13,739. Volumes were low again with 151 million shares traded. The market seems to be consolidating re : political news and didn’t appear to give a toss about the Big Thief’s seven day detention. The Karachi Stock market is still closing below its 30 DMA and a break of 13,470 would see more downside. Upside resistance is 13,720 - 13,850.
The KSE-100 index opened up with a 140 point gap on the news of a tentative election date in Jan. It made an intra-day high of 13,701 and closed up at 13,656. The market is still trading below its 30 DMA. Volumes were on the lower side with only 153 million shares traded. The euphoria maybe short-lived as the "Queen of Corruption" is shaking her rattle and behaving like a spoilt child, demanding a long march 2moro despite all rallies/protests currently being banned. There is now talk of her boycotting the elections which seems unlikely as she is only here to get her hand in till which is considerably bigger than before. It seems unlikely that it will be smooth sailing for the market at the moment.
The Karachi Stock market made a low of 13,355 and closed up at 13,500. The next upward resistance is 13,550 -13,600. There could be some selling 2moro as Friday is a holiday and ze Big Voleur has threatened to pursue a long march on Friday to protest the emergency. One would have thought that with the blood of over 130 people on her hands on Oct.18th, she would know better. As she said " I appeal to the people of Pakistan to come out in groups of three or four with Pakistani flags and if you get arrested, get arrested.'’ (her comment on Bloomberg today ) (sound advice from a possible future PM ) !! Stock up on the Vaseline over the long weekend !
The KSE-100 index continued to get hammered down to a low of 13,079 based on the news of being downgraded by Moody;s and S&P. The market recovered slowly and crawled back into the green closing up at 13,426. While most of the stocks recovered after yesterday’s enormous fall, OGDC fell down to 111.95 at one stage and closed marginally up. MCB got bashed down to its lower limit . The market closed above its 50-DMA and the next upward resistance is 13,550 - 13,700, with downside support at 13,100. The next few days could well be an erratic,volatile and choppy time to be in this market and I recommend stocking up on Vaseline before supplies run out ! 
Due to the inevitable announcement of a state of emergency on Saturday, the KSE-100 index got buggered senseless today. Opening down below 13,580 , it then recovered back to 13,780 and then got a royal fisting down to 13,257, closing down at 13,279. The Karachi Stock market’s fall of 635 points is possibly the largest in its history in terms of points. It has lost 1636 points since its intra-day high of 14,908 on October 22nd. The market has closed below its 30 and 50 DMA’s and there could be a pullback soon, perhaps after some more downside or 2moro. While the index has had its gaps filled in the 13,300-14k range, no doubt several punters have had their gaps filled as well !! Apply copious amounts of Vaseline and enjoy the ride !
The KSE-100 index continued to get buggered and dived down to 13,730. It then recovered to close up at 14,049 at the end of the first session. The start of the 2nd session saw a downward slope and the market closed at 13,915. It seems that some confidence has been regained and a date for the 12th has been given to decide G.Mush’s future. MCB seems to have held up throughout the onslaught and closed at a record 393.50 having made another intra-day high record of 399.25. The next upside resistance is 14.030-14,200. There should be some pullback again next week. Keep the Vaseline handy at the moment ! 
After a strong recovery to 14,321 the day before, the KSE-100 index plunged down to an intra-day low of 13,823 based on rumours of a state of emergency, leading to panic selling. The courts need to pull their finger out and finish the decision of G.Mush’s validity to stand for another 5 years. The uncertainty is whats killing the mkt, although a correction was needed to fill the gaps in the rapid rise from 13,000 - 14,900. Keep the Vaseline at close reach ! Downside sees 13,700 ish
