14,077 - 2007 ends in carnage.
December 31, 2007
As expected, the KSE-100 index was royally buggered out of shape today, with practically all the stocks hitting their lower limits at the open. The graph shows a flatlined market with a meagre 39.3 million shares traded and a fall of 694 points. Overall the Karachi Stock market is up 4037 points from its last trading day in December 2006, an increase of 40%. This would have been undoubtedly higher has it not been for the untimely assasination of Benazir. While there was talk of an 18k index by the end of Dec.2008, a few days ago, perceptions have momentarily changed.
Analysts predict another 5-10% fall from here in the coming week, which could get worse if there is a longer delay in the election process. There will be some support in the markets, once the animals settle down and stop burning and pillaging, and when a clearer picture of the political process emerges. This market has survived and flourished without Benazir and Nawaz in the last 8 years and will survive and flourish again. For the moment, dust the cobwebs off the Vaseline jar and stock up !!
News : Here is an excerpt from William Dalrymple’s recent article in the Guardian… "The educated middle class is in Pakistan still largely excluded from the political process. As a result, in many of the more backward parts of Pakistan, the feudal landowner expects his people to vote for his chosen candidate. As writer Ahmed Rashid put it: ‘In some constituencies, if the feudals put up their dog as a candidate, that dog would get elected with 99 per cent of the vote."
Is democracy really the answer to our problems?
Lower Caps : Barring FFC ,nearly every 1st and 2nd tier stock !!
Market Low : 14,061.53 Market High : 14,0772.08
Market Close : 14,077.16 — 694.92 points down !!
The KSE-100 index dipped down to 14,668 and then recovered to close at 14,772. Benazir Bhutto was killed earlier today at 18.20 pm in a rally in Pindi. This will certainly make the market plummet when it opens on Monday. 
The KSE-100 index once again closed at its all time high at 14,814, but is yet to surpass its intra-day peak of 14,908. The market is headed to break 15k, but could correct along the way. Immediate resistance is at 14,908-15k and downside support is at 14,700.
The KSE-100 index has closed at its all time high today, with 14,900- 15k plus very much in sight. Bhosricor was the volume leader once again with 28.5 million shares traded. AHBL opened for provisonal trading today with a high of 40.75 and closed up at 37.30. The next upward resistance is 14,900 . 
After a week of fucking boring, range-bound lassitude, the KSE-100 index rose upto an intra-day high of 14,676 and closed up at 14,660, ( the 3rd highest close in the history of the market). Bhoscricor was once again the flavour of the day with 31.7 million shares traded. Volumes doubled from yesterdays 88.3 mil to a healthier 170.2 mil today. Upside resistance is 14,700-900.
The Karachi Stock market broke 14,500 on an intra-day basis making a low of 14,474 and then recovered to close at 14,508. Volumes shrank to 88.3 million as there is not much interest in the market with a long weekend and X’mas coming up. Hopefully it will pick up next week.
Another relatively lacklustre at the Karachi Stock market with low volumes of 113 million shares traded, an intra-day high of 14,636 with the market closing down at 14,544. Askari Bank was the flavour of the day with 17.7 million shares traded. The market is still holding on to 14,500, but for how long ? If there is no significant upside soon, it could slide down to 14,300. 
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
The Karachi Stock market made an intra-day high of 14,680 and closed down at 14,556. Arif Habib Securities was the flavour of the day with 30 million shares traded. The market could do with a good correction here to enable it to rise further and restest its previous high. Downside support is at 14,500-14,300. 
The KSE-100 index dipped down to a low of 14,435 and then recovered to close up at 14,633. Pakistan Cement was the flavour of the day with 19.5 million shares traded due to 
The Karachi Stock market continued its upward run today, opening up with a gap and making an intra-day high of 14,615. Arif Habib Securities was the volume leader today with 20.8 million shares traded out of a relatively low volume total of 170.2 million shares. MCB has closed on a new all time high of 412.40. The next upward resistance is 14,650 - 14,800.
Friday’s close saw the KSE-100 index rise further upwards , with an intra-day break above 14,500 , closing up at 14.473. OGDC was the flavour of the day with 29.3 million shares traded. MCB closed at its highest ever at 401.90, its recent price soaring due to an unconfirmed rumour that Barclays are looking to buy a stake. The next upward resistance is 14,530 and the market looks poised to retest its 14,900 levels. Some correction along the way is inevitable and downside support is at 14,300-200.
The KSE-100 index made a high of 14,039, then slid down to a low of 13,875 and closed down at 13,925. Volumes were amongst the lowest for the year with only 83.8 million shares traded. JS Bank was the flavour of the day and traded 20.5 million shares. Lack of news and an overdue correction are partly at play here. The recent news that The Buffoon has been barred from the election polls due to his criminal activities in the past, could send the market further down. Downside sees 13,700.
On Friday,the KSE-100 index made a high of 14,070 and closed up at 13,998. There have been consecutive 10 sessions where the market has closed in the green, 759 points up. Despite creeping upwards, the market now appears to be struggling with the main blue chips not going any further. There could well be a correction towards 13,800-700 coming soon. The Donkey Race is on , with Jan.8th as the set date. The Big Thief is in the lead proclaiming that she will participate. The X-exiled Buffoon is yelping boycott , but will surely participate to see what his chances are against the B.Thief. Captain Hunger Strike has decided not to bat, shouting boycott to all and sundry, and making a bigger fool of himself in general, day by day.
