13,500
November 7, 2007
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 !
News : Crude oil prices eased back from new peaks near the 100-dollar mark on Wednesday after a weekly US energy report showed a smaller-than-expected decline in stockpiles… Aaj News
Four Pakistani banks had the outlook on their long-term foreign currency deposit rating changed to negative from stable by Moody’s Investors Service, citing political instability following emergency rule in the country. Moody’s cut the outlook on the nation’s biggest, National Bank of Pakistan, Habib Bank Ltd., the No. 2, United Bank Ltd.
and MCB Bank Ltd., the third and fourth largest, according to a release by the rating company yesterday. The outlook on each bank’s financial strength rating, which
is stable, may be affected in the event of a “possible prolonged heightened political instability that eroded business confidence,'’ according to the statement. - Source : Bloomberg
Upper Caps : POL / JOVC / Kapco / Sui South
Market Low : 13,355.40 High : 13,503.32
Market Close : 13,500.81 – 74.69 points up
