About the Karachi Stock Market Blog Daily updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. More than 850 posts and counting ...
Another day of lacklustre volumes and sluggishness at the Karachi Stock Exchange. Engro Chemical was the top scorer on the board with 16.6 million shares traded of a total 98.7 million. The next upward resistance remains at 14,100.
Dividends : Fauji Fertilzer (FFC) : 35% Cash . EPS : 10.86 Fauji Fertilizer Company (FFC) has recorded net earning of Rs5.361 billion for the full year ended Dec 31, 2007, which is 15.6 per cent higher than Rs4.363 billion last year…The net earning of the company translates into earning per share (EPS) of Rs10.86 for the period under review against Rs9.39 EPS in 2006. The increase in its earning was achieved primarily on the back of a better urea price in 2007…. Source : The News
The State Bank of Pakistan (SBP) on Thursday announced an increase in its discount rate to 10.5 percent from 10.0 percent, reinforcing its fight against rising inflation and widening external and fiscal deficits.The move was widely anticipated and welcomed by bankers and analysts, though stockbrokers expected a knee-jerk negative reaction in the share market when it opens on Friday….In another step to tighten monetary conditions, Akhtar said banks’ cash reserve requirement (CRR) will be increased to 8.0 percent from 7.0 percent for deposits and time liabilities below one year…. Aaj News
Engro Food Limited has announced that it will invest about Rs3.4 billion over two years in a bid to expand its current portfolio.Under the expansion plan, the company would set up a new dairy farm and develop an ice-cream venture in Pakistan, Engro Food CEO Sarfaraz Rehman unveiled this at a press conference… Source : The News
The Karachi Stock market opened up and made an intra-day high of 14,088. Unable to sustain its gains it closed down at 13,989. The total volume traded today was relatively lower at 107.8 million. A close above 14,080 would lead towards 14,300. Downside support is 13,800.
Board Meetings : Fauji Fertilizer will announce its results 2moro.
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
Dividends : Arif Habib Ltd : EPS : 10.68 After much speculation about a 100% bonus, which led to 4 consecutive upper caps and an intra-day high of 394.50 , AHL’s steam finally fizzled out and it opened at lower cap with today’s announcement of a low EPS and no payout . It turned out to be a big wet fart after all !
News : The board of the Privatisation Commission, which met with Incharge Minister for Privatisation, Shahzada Alam Monnoo on Tuesday, decided to start listing process of Kot Addu Power Company shares in the international market through Global Depository Receipts (GDRs)… Aaj News
Fitch Ratings on Tuesday affirmed the ratings of the following banks: - Habib Bank Limited (HBL): Individual affirmed at ‘D/E’ and Support at ‘5′. - MCB Bank Limited (MCB): Individual affirmed at ‘D’ and Support at ‘5′. - National Bank of Pakistan (NBP): Individual affirmed at ‘D’ and Support at ‘4′.The individual ratings of the banks generally reflect their moderate balance sheet strength and earning profile, with HBL still relatively weak in terms of its asset quality and operating expense efficiency in contrast with the credit profile of MCB and NBP… Aaj News
Upper Caps : Packages / JOVC Lower Cap : Arif Habib Ltd
The Karachi Stock market made a high an intra-day high of 13,931 and closed up at 13,880. Volumes were lower than usual with 121.3 million shares traded and the most stocks are sluggish except those with announcements due in the next few days. It seems that most people are sitting on the fence for the moment. The next upward resistance is 14,050.
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
News : Pak-American Fertiliser, Pakistan’s largest urea producing factory in Daudkhel, has been closed down owing to the on-going gas crisis in the country. The factory produces 1,125 to 1,130 tonnes of urea on a daily basis.The halt in urea production will inflict a daily loss of over Rs 12.5 million to the factory. The factory will remain closed for 15 days…Aaj News
The first instalment of 6,000 tonnes of cement imported from Pakistan by State government through Indian central agency MMTC is likely to reach Chennai and Tuticorin in few weeks…Aaj News
Adamjee Insurance made an On Account Payment of Rs 50 million to Berger Paints Pakistan Ltd within 24 hours after a huge fire engulfed the plant. The payment was made even before the fire could be completely extinguished. Adamjee Insurance also took the initiative in setting losses relating to the incidents of December 27 and made On Account Payments to almost all its customers. This speaks volumes about Adamjee Insurance’s unmatched ability and willingness to pay claims… Aaj News
Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate in its exploratory Passkhi East Well located in district Hyderabad. The new discovery will supply an additional 10.7 million cubic feet of gas per day,.. Aaj News
The KSE-100 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
Dividends : FFBL : 10% Cash EPS : 2.92
PPL : 50% Cash : EPS : 5.95 for the quarter
State-run Pakistan Petroleum Ltd (PPL) posted a 10 per cent rise in net profits for the first half of 2007/08 (July-June) on Thursday, narrowly missing forecasts, on higher oil and gas prices and increased production.PPL, which operates Pakistan’s largest gas field at Sui in south western Balochistan province, in a statement to the Karachi Stock Exchange (KSE), said it earned a net profit of 9.29 billion rupees ($149 million) in the six months upto 31st December 2007; compared with a net profit of 8.45 billion rupees for the first half of the last fiscal year… The News
The Karachi Stock market opened up with a gap making a high of 13,902 and then slowly fizzled out to end closing up at 13,787. Arif Habib Ltd hit another all time high closing at its upper limit of 378.55 . With 4 consecutive upper caps and its result on the 29th, it seems fairly obvious that a large bonus is on the cards. NIB Bank & Arif Habib Securities Ltd were the top scorers on the leader board trading 40 & 37 million shares respectively. With Asian markets recovering today and the Dow closing 2.5% up , it’s possible that the market will go up and stay up 2moro.
Board Meetings : FFBL & PPL will announce their results 2moro.
News : Leading international stock exchanges/strategic investors like Dubai, Korean, London and Norway bourses have shown keenness in acquiring stakes in Pakistan’s de-mutualised stock exchanges. The Securities and Exchange Commission of Pakistan (SECP) Chairman, Razi-ur-Rehman Khan, told reporters on Wednesday that President Pervez Musharraf would sign the Stock Exchanges (Corporatisation, Demutualisation and Integration) Ordinance, 2008 within the next 10-15 days…He said that the SECP has sent a draft of two new products to the exchanges. These are ‘Index Futures’ and ‘Options’…He said that the Continuous Funding System Mk II (CFS) would be implemented in the next 3-4 weeks….the process of Corporatisation and Demutualisation would be completed within the period of 119 days following promulgation of the Ordinance… Aaj News
Upper Caps : Arif Habib Ltd (4th consec. day ) / JOVC / JSCL / Netsol Tech
Global panic selling took its toll on the KSE-100 index which opened over 250 points down and then slowly recovered to close down at 13,759. Arif Habib Ltd closed at its highest close to date at its upper limit of 360.55 and traded its highest ever volume of 5 million plus shares. Markets got another bashing with HK, China and India suffering further losses.
The US Federal Reserve slashed interest rates by 75 basis points on Tuesday – and hinted clearly at more cuts to come – in a bid to arrest the deterioration in the US economy and stem a wave of selling in world stock markets….Financial Times. Once again the KSE-100 index has been relatively unscathed by all the global panic selling since yesterday, with a loss of only 115.2 points in the last 2 days. There should be some bounce in regional markets 2moro as they are quite oversold. Upside sees resistance at 13,900 and downside support is at 13,560.
News : The Federal Cabinet, which met here on Tuesday with Caretaker Prime Minister Mohammedmian Soomro in chair, approved the Stock Exchanges (Corporatization, Demutualization and Integration) Ordinance.The proposed Ordinance will ensure that all the Stock Exchanges are corporatised and effectively demutualized within 110 days of the promulgation of the Ordinance. After demutualization, 60% of the Directors and the Chairman of the Board of any Stock Exchange will be independent members…Eventually the shareholding structure of the Stock Exchanges will be 40% with the existing members, 20% with the general public and 40% with the foreign strategic investors or local Financial Institutions…Aaj News
The KSE-100 index opened up with a gap and made a high of 14,065. Then at around midday it slid downward into the red based on pressure from regional & European markets, which were plunging on panic selling, and close down at 13,850. Asian and European markets got fucked shapeless today in panic selling on fears of a US recession and fears that the Bush Monkey’s proposed bandage of $140 billion is too late(see the article below). The market seems to have got off lightly in comparison to others e.g. India which was down 11% at one stage today. Whether the KSE-100 index will follow suit in the carnage 2moro remains to be seen. Upward resistance is 14,050 and downside sees 13,600. Stock up on the Vaseline !
News : Global equities plunged on Monday as investor concerns over the economic outlook and financial market turbulence snowballed into a sweeping sell-off. Tumbling Asian shares led European stock markets into their biggest one-day fall since 9/11 as the prospect of a US recession and further fall-out from credit market turmoil prompted near panic among investors, who rushed to the safety of government bonds. About €339bn ($490bn) was wiped off the market value of Europe’s FTSE Eurofirst 300 index and £76bn ($148bn) from the FTSE 100 index in London, which suffered its biggest points slide since it was formed in 1983…Financial Times
Friday’s market saw the KSE-100 index dip down to 13,577 and then bounce back up to recover in the 2nd session closing up at 13,874. PTCL was the flavour of the day with 31 million shares traded. The next upward resistance is 14,050.
News : The government is considering increasing petroleum prices from February 1, ARY TV reported on Saturday.The channel quoted Petroleum Ministry sources as saying that petrol prices would be increased by Rs 2.5 a litre while diesel prices would be increased by Rs 2 a litre…Daily Times
Pakistan Petroleum Limited (PPL) earnings are expected to increase by 14 percent to Rs 9.6 billion in the first half of FY08 as compared to Rs 8.4 billion in the corresponding period last year.PPL is scheduled to announce its results on January 24, 2008 and the earning per share (EPS) of the company is expected to surge to Rs 12.75 as compared to an EPS of Rs 11.2 recorded during the corresponding period of last year… Aaj News
The ministry of finance has cleared a proposal of the ministry of petroleum for arranging Rs 40 billion syndicated loan from a banks consortium led by National Bank of Pakistan for payments to OMCs against outstanding differential on POL prices. Sources said the MoF is negotiating the loan with NBP, MCB, Allied Bank and Bank Alfalah…In all, 12 OMCs are operating in Pakistan. State-owned company PSO’s market shares is roughly 60 percent. Shell comes next with 23 percent. The rest 17 percent goes to the remaining 10 OMCs. These include two world giants - Total and Chevron. Their share is around 13 percent in the market… Aaj News
Following high level consultations with the Securities and Exchange Commission of Pakistan (SECP), FTSE Group (“FTSE”), the global index provider has deferred its decision to remove Pakistan from the FTSE Global Equity Index Series (“GEIS”) from June 2008. The announcement to the above effect was made by FTSE from its London office on January 17, 2008… Daily Times
Upper Caps : Arif Habib Ltd / Js Bank Ltd / Nib Bank / Sitara Peroxide
The KSE-100 continued its downward spiral as world markets and the oil price tumbled further today on US recession fears. The market has dropped by 425 since monday and 2moro’s Friday show could bugger it further downwards. Total volume was lower today with 113 million shares traded.The next downside support is 13,600, followed by 13,300. Keep lots of Vaseline at close reach !
News : The Siemens Pakistan Engineering Company Limited has teamed up with the Flying Cement Company Limited to manufacture a state-of-art 132 KVA grid station to power its cement plant in Khushab. The contract, a 26-MVA grid station with service and maintenance provided by the Siemens Engineering Company Limited, is the first part of a three-point strategy by the Flying Cement Company Limited to tackle high-energy costs. This station will cut the cost by more than 50 percent, enabling larger profits for its shareholders… Aaj News
Upper Cap ; JS Value Fund
Lower Caps : JSBL /JSCL / Azgard Nine / Pace Pakistan
The Karachi Stock market got bashed along with most other markets today, closing down at 13,846. The market has closed below its 30 & 50 DMA’s and downside support is from 13,800-600. Keep the Vaseline handy.
News : The UK-based Innovative Investment Bank would initially invest $15 million which would increase further substantially in future. Its main areas of services would be financial services, wholesale distribution, retail activities, management and development of commercial as well as residential property… Daily Times
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
News : Oil prices slumped on Tuesday after US President George W. Bush urged producers to take action over ‘very high’ prices and as US recession fears gathered pace, traders said… Aaj News
Premier Oil Plc, the U.K. explorer in the North Sea, Asia and Africa, plans to boost operations in Pakistan at the same time Tullow Oil Plc is getting ready to quit the strife-torn nation…Pakistan’s largest natural gas fields, such as the Sui, are located in Baluchistan. The government plans to increase exploration to meet demand for gas that’s forecast to grow 8 percent a year and is expected to exceed production by 2010. London-based Premier has up until now been operating mainly in the south of the country, Lockett said."For all the time we’ve been there, we have never really had a problem'’ with Pakistan, he said."We are on the inside,we know how it works.'’ … " Baluchistan is very under explored and there is a huge potential for oil and gas discoveries "…. Source : Bloomberg
After a dip down to 13,852 , the KSE-100 index revovered and rose to an intra-day high of 14,084, closing up at 14,049. Arif Habib Ltd closed at its all time high at 310.80 today, as well as Jahangir Siddiqui & Co. at Rs.1260. The market is still below its 30 DMA, having closed above its 50 DMA today. Upward resistance is from 14,200-300 and downside sees 13,800-700. This evening’s bomb in Karachi will possibly take the market down again.
News : The South Asian Federation of Exchanges (Safe) has signed a joint marketing agreement with Dow Jones Indices Inc, New York, for launching the first ever index, covering prominent companies listed on the major exchanges like Karachi Stock Exchange (KSE) and Bombay Stock Exchange (BSE)…as a part of the agreement, Dow Jones Indices would construct and publicise an index to be known as "Safe-Dow Jones Index" after collecting both live trading data and historical price data from the member exchanges of the South Asian Federation of Exchanges…Aaj News
Upper Caps : Arif Habib Ltd / Arif Habib Securities Ltd / JS Value Fund / JS Bank Ltd / Netsol Tech
Friday saw the KSE-100 index slide further downwards, and at one stage dipping down to -340 points on some bullshit rumour of a bomb at the Stock Exchange. The market recovered to close down at 13,915. While there could be a pullback towards 14,100, the sentiment appears to negative at the moment. Further downside support is at 13,500-600.
News: The balloting for the allotment of ordinary shares of Arif Habib Bank Limited was held here on Saturday. Karachi Stock Exchange (KSE) Managing Director Adnan Afridi inaugurated the computerised balloting process.According to details, the public offer for the ordinary shares of Arif Habib Bank Limited was made from December 29, 2007 to January 2, 2008 at an offer price of Rs 21 per share (inclusive a premium of Rs 11 per share) by Arif Habib Securities Limited. The amount offered was Rs 1.254 billion against which the offerers received subscription of Rs 7.057 billion, 5.6 times higher than the offered amount. The overwhelming public response triggered the full exercise of the Green Shoe Option of 60 million shares…Aaj News
The Karachi Stock market made a high of 14,320 and then tumbled downwards on the news of a bomb blast in Lahore. It closed down at 14,083. Arif Habib Ltd closed on its all time high at 307.55 with an intra-day high of 317.80. The market could see more downside with 2moro’s Friday show. The next downward support is 14k -13,800.
The KSE-100 index made a high of 14,370 and closed down at 14,267. Attock Petroleum closed at its all time high of Rs.629 with an intra-day high of 634.90. The market appears to be slightly struggling at these levels and volumes are shrinking. Downside support is 14,200-100.
News : None worth mentioning.
Upper Caps : Arif Habib Ltd / Habib Bank Ltd / Azgard Nine / Sitara Peroxide
The Karachi Stock market opened up and stayed positive all day. It made an intra-day high of 14,360 and closed up at 14,324. NIB Bank was the flavour of the day with 28.8.million shares traded. The market looks to be continuing towards 14,500.
News : The Textile industry, the largest sector having a 65 percent share in the country’s exports, shows a dismal performance by registering only two percent growth during the first quarter of the current fiscal year as compared to the 14.3 percent growth during the same period of the previous year… Aaj News
Upper Caps : Arif Habib Ltd / Attock Refinery / Azgard Nine
The KSE-100 index corrected down to 14,090 after a high of 14,280 and recovered to close down at 14,163. Upward resistance is 14,300-500.
News : Importers on Monday raised the price of di-ammonium phosphate (DAP), an essential crop nutrient, by Rs 400 per 50-kilogramme bag on the back of soaring international prices, market sources said. They said that after the current upsurge, the price of the commodity had reached the historical level of Rs 1,680 per bag… Aaj News
A consortium including Bank Muscat and Japan’s Nomura Holdings has agreed to buy 85 percent of Saudi Pak Bank for about $200 million, a banker involved in the deal said on Monday. The bid group, led by Pakistani financier Shaukat Tarin, also includes International Finance Corp, an arm of the World Bank…"We will be selling them 68.01 percent of the bank that we hold at 29.30 rupees a share," Rashid Zahir, the company’s chief executive, told Reuters. That price is nearly an 8 percent premium to Saudi Pak’s last closing share price. The small lender has a market capitalisation of about $177 million.A source in the bid group said the consortium had reached agreements to buy another 17 percent from local investors."We will be buying 85 percent of the bank now, and issuing a tender offer for the remaining shares pretty soon," the source said, adding that deal was expected to close by mid-February…Aaj News
Upper Caps : Arif Habib Ltd / Sui North / NIB Bank / Sitara Peroxide
The first initiative of South Asian countries to develop an integrated financial sector is to materialise in shape of South Asian Federation Exchanges Index (SAFE Index).The SAFE Index is going to be launched within few months as basic framework is already completed and Dow Jones and SAFE Index are about to sign an agreement on January 9, 2008 at Bombay Stock Exchange…in the SAFE Index the composition will be of 100 companies from the SAARC countries depending on that the company should meet the SAFE Index standards…initially 93 Indian companies were considered and seven Pakistani companies but later it was reconsidered that 50 Indian, 39 Pakistani companies and the rest of companies would be taken from the remaining SAARC countries, but this is not final yet and might be further reviewed.
The 13 primary members of SAFE Index are Bombay Stock Exchange Limited, Chittagong Stock Exchange Limited, Colombo Stock Exchange Ltd, Dhaka Stock Exchange Limited, Islamabad Stock Exchange (G) Ltd, Karachi Stock Exchange (G) Ltd, Lahore Stock Exchange (G) Ltd, Maldives Stock Exchange, National Commodity Exchange Limited, National Stock Exchange of India Limited, The Nepal Stock Exchange, Royal Securities Exchange of Bhutan Limited and The Stock Exchange of Mauritius Limited…. Source : The News
The KSE-100 index has truly been a rollercoaster ride in the last 6 sessions. The market has gone from 14,7772 down to 13,335 and back upto Friday’s close of 14,259 in the last week, with a record loss and and a record gain for a single session. There appears to be some stability now and with the upcoming result season due to start in a couple of weeks, the market could well go back to its previous high, or further. Volumes need to increase though. The next upside is 14,300-500.
News : Opec president Chakib Khelil said on Saturday he expected oil prices to keep rising during the first quarter of this year before stabilising in the following quarter. "The rise is likely to continue until the end of the first quarter 2008 and will stabilise in the second quarter," …Aaj News
The commercial banking sector offered a cumulative return of 66 percent as compared to KSE-100 index return of 40 percent in the calendar year 2007. ‘The main reason behind the sector’s excellent return can be attributed to the continued earnings growth momentum’, Atif Malik, senior analyst at JS Global Capital said. He further said, that in nine moths (January to September) of 2007, the banking sector profitability had depicted a growth of 14 percent. Moreover, mergers and acquisitions in the sector, such as that of Crescent Commercial Bank by ‘Samba’, Prime Commercial Bank by ABN Amro, and of Picic Group by NIB Bank in 2007, and expectations of further mergers and acquisitions increased the investors’ interest in the sector. Among the 12 key banks, representing 84 percent of total market cap of the listed banking sector, NIB Bank and MCB Bank offered highest returns, of 259 percent and 91 percent respectively. NBP with a return of 21 percent, stood as the laggard in 2007 versus its peers.NIB Bank outshined others on the back of its acquisition of Picic Group which was completed at the end of the year, while MCB Bank attracted foreigners’ interest due to its strong entry in the consumer financing in 2007. Other noticeable performers, within banks in 2007, were Allied Bank (71 percent return) and Bank Al Falah (67 percent return)…Aaj News
The KSE-100 index set a record today with the highest ever gain in a session, rising 643 points. While there have been falls of 500-600 points before, one has never seen a screen full of upper caps like today. Various factors like the confirmation of the new election date, the 2 parties acceptance of it, oil at $100 and the Scotland yard probe, all led to create confidence in the market. The next upward resistance is 14,100-300.
News : One of the world’s biggest deals of 8 billion pounds has gone through between Akzo Nobel of Holland and ICI world-wide. As per the deal, the former has acquired 100 percent shares of the latter world over. Sources said ICI per share price for the deal has been evaluated at 6 pounds 80 pence…The employees of all the industrial units of ICI in Pakistan will now be on the payroll of the new group. The deal provides that the new management will be free to divest any of the ICI industrial units globally…. Aaj News
International prices of Di-ammonium Phosphate (DAP) fertiliser have surged more than double during the last year, dealers said here Wednesday. At the start of last year DAP could have been purchased for approximately $300 per ton cfr Karachi port. Today, if a fresh purchase was to be made, this price would be more than $700/ton cfr Karachi port…. Daily Times
UPPER CAPS : Practically all 1st tier stocks barring FFC, and many 2nd tier stocks.
The Karachi stock market opened up and made a high of 13,778. It then slowly went down and in the last half hour got bashed down to 13,353, due to some baseless rumours. The market is now down by 1,418 points (9.6% ) in the last 3 sessions and should be ripe for a pullback soon. The uncertainty of the election date has been removed today with the announcement of Feb.18th as the new date. Provided the 2 political parties behave and control their dogs from rioting and burning, there should be some consolidation in the market. Oil has hit $100 today for the 1st time. The next upward resistance is 13,500-700.
News : Cement sales in Pakistan jumped 24 percent in the first half of fiscal 2007/08 from a year earlier, driven by growing construction demand at home and abroad…Sales totalled 13.9 million tonnes for the six months to December, compared with 11.18 million tonnes in the same period of 2006, said Shahzad Ahmed, secretary-general of the All Pakistan Cement Manufacturers Association Pvt Ltd. Exports of cement soared 149 percent to 2.99 million tonnes from the 1.20 million tonnes shipped a year earlier…Cement demand is expected to rise further as the 2007/08 budget has earmarked a record 520 billion rupees ($8.45 billion) for the public sector… Aaj News
Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.Oil’s gain, extending last year’s 57 percent rally, was boosted by forecasts that U.S. stockpiles dropped to a three-year low last week. Unrest in Nigeria, Africa’s largest oil producer, also spurred prices…"Various geopolitical problems have deteriorated overnight, in particular Nigeria and Pakistan. Commodities, and in particular oil, have become safe havens in a dangerous world.'’… Bloomberg
The KSE-100 index continued its downward slide, making a low of 13,481 before a marginal recovery to close at 13,666. Total volume increased considerably compared to yesterday, with 193.6 million shares traded. The market has fallen 1,105 points (7.4%) in the last 2 sessions and there could be some pullback towards 14,100. A lot depends on the date of elections which will be announced 2moro. Keep the Vaseline handy.
News : The government has increased gas prices by 5.25 percent to 10 percent for different categories of the consumers, and has issued the notification on January 1. The revised gas rates will be effective from January 1st 2008.Maximum increase has been made for two categories-CNG and cement sectors. For them the increase will be 10 percent in their existing rates. The increase in gas rates for consumers falling in the categories of commercial, power and industrial has been made by 5.25 percent… Aaj News
The State Bank of Pakistan (SBP) has directed de-scheduling of PICIC Commercial Bank Ltd with effect from the close of business on December 31, 2007 on account of its merger with NIB Bank Ltd under section 48 of the Banking Companies Ordinance, 1962 on Tuesday.It may be noted that the SBP had approved the schemes of amalgamation and consequently the merger of PICIC and PICIC Commercial Bank with and into NIB Bank following the acquisition of PICIC by NIB on June 28, 2007. The three institutions were merged on December 31, 2007. In the wake of this merger, NIB Bank is said to become the seventh largest bank in the country in terms of distribution network with 240 branches and total assets exceeding Rsl85 billion. NIB is now the second most highly-capitalised bank in the country with paid-up capital exceeding Rs27.5 billion… The News
Another day of lacklustre volumes and sluggishness at the Karachi Stock Exchange. Engro Chemical was the top scorer on the board with 16.6 million shares traded of a total 98.7 million. The next upward resistance remains at 14,100.
The Karachi Stock market opened up and made an intra-day high of 14,088. Unable to sustain its gains it closed down at 13,989. The total volume traded today was relatively lower at 107.8 million. A close above 14,080 would lead towards 14,300. Downside support is 13,800.
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
The Karachi Stock market made a high an intra-day high of 13,931 and closed up at 13,880. Volumes were lower than usual with 121.3 million shares traded and the most stocks are sluggish except those with announcements due in the next few days. It seems that most people are sitting on the fence for the moment. The next upward resistance is 14,050.
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
The KSE-100 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
The Karachi Stock market opened up with a gap making a high of 13,902 and then slowly fizzled out to end closing up at 13,787. Arif Habib Ltd hit another all time high closing at its upper limit of 378.55 . With 4 consecutive upper caps and its result on the 29th, it seems fairly obvious that a large bonus is on the cards. NIB Bank & Arif Habib Securities Ltd were the top scorers on the leader board trading 40 & 37 million shares respectively. With Asian markets recovering today and the Dow closing 2.5% up , it’s possible that the market will go up and stay up 2moro.
Global panic selling took its toll on the KSE-100 index which opened over 250 points down and then slowly recovered to close down at 13,759. Arif Habib Ltd closed at its highest close to date at its upper limit of 360.55 and traded its highest ever volume of 5 million plus shares. Markets got another bashing with HK, China and India suffering further losses. 
The KSE-100 index opened up with a gap and made a high of 14,065. Then at around midday it slid downward into the red based on pressure from regional & European markets, which were plunging on panic selling, and close down at 13,850. Asian and European markets got fucked shapeless today in panic selling on fears of a US recession and fears that the Bush Monkey’s proposed bandage of $140 billion is too late(see the article below). The market seems to have got off lightly in comparison to others e.g. India which was down 11% at one stage today. Whether the KSE-100 index will follow suit in the carnage 2moro remains to be seen. Upward resistance is 14,050 and downside sees 13,600. Stock up on the Vaseline !
Friday’s market saw the KSE-100 index dip down to 13,577 and then bounce back up to recover in the 2nd session closing up at 13,874. PTCL was the flavour of the day with 31 million shares traded. The next upward resistance is 14,050.
The KSE-100 continued its downward spiral as world markets and the oil price tumbled further today on US recession fears. The market has dropped by 425 since monday and 2moro’s Friday show could bugger it further downwards. Total volume was lower today with 113 million shares traded.The next downside support is 13,600, followed by 13,300. Keep lots of Vaseline at close reach !
The Karachi Stock market got bashed along with most other markets today, closing down at 13,846. The market has closed below its 30 & 50 DMA’s and downside support is from 13,800-600. Keep the Vaseline handy.
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
After a dip down to 13,852 , the KSE-100 index revovered and rose to an intra-day high of 14,084, closing up at 14,049. Arif Habib Ltd closed at its all time high at 310.80 today, as well as Jahangir Siddiqui & Co. at Rs.1260. The market is still below its 30 DMA, having closed above its 50 DMA today. Upward resistance is from 14,200-300 and downside sees 13,800-700. This evening’s bomb in Karachi will possibly take the market down again.
Friday saw the KSE-100 index slide further downwards, and at one stage dipping down to -340 points on some bullshit rumour of a bomb at the Stock Exchange. The market recovered to close down at 13,915. While there could be a pullback towards 14,100, the sentiment appears to negative at the moment. Further downside support is at 13,500-600.
The Karachi Stock market made a high of 14,320 and then tumbled downwards on the news of a bomb blast in Lahore. It closed down at 14,083. Arif Habib Ltd closed on its all time high at 307.55 with an intra-day high of 317.80. The market could see more downside with 2moro’s Friday show. The next downward support is 14k -13,800.
The KSE-100 index made a high of 14,370 and closed down at 14,267. Attock Petroleum closed at its all time high of Rs.629 with an intra-day high of 634.90. The market appears to be slightly struggling at these levels and volumes are shrinking. Downside support is 14,200-100.
The Karachi Stock market opened up and stayed positive all day. It made an intra-day high of 14,360 and closed up at 14,324. NIB Bank was the flavour of the day with 28.8.million shares traded. The market looks to be continuing towards 14,500.
The KSE-100 index corrected down to 14,090 after a high of 14,280 and recovered to close down at 14,163. Upward resistance is 14,300-500.
The KSE-100 index has truly been a rollercoaster ride in the last 6 sessions. The market has gone from 14,7772 down to 13,335 and back upto Friday’s close of 14,259 in the last week, with a record loss and and a record gain for a single session. There appears to be some stability now and with the upcoming result season due to start in a couple of weeks, the market could well go back to its previous high, or further. Volumes need to increase though. The next upside is 14,300-500.
The KSE-100 index set a record today with the highest ever gain in a session, rising 643 points. While there have been falls of 500-600 points before, one has never seen a screen full of upper caps like today. Various factors like the confirmation of the new election date, the 2 parties acceptance of it, oil at $100 and the Scotland yard probe, all led to create confidence in the market. The next upward resistance is 14,100-300.
The Karachi stock market opened up and made a high of 13,778. It then slowly went down and in the last half hour got bashed down to 13,353, due to some baseless rumours. The market is now down by 1,418 points (9.6% ) in the last 3 sessions and should be ripe for a pullback soon. The uncertainty of the election date has been removed today with the announcement of Feb.18th as the new date. Provided the 2 political parties behave and control their dogs from rioting and burning, there should be some consolidation in the market. Oil has hit $100 today for the 1st time. The next upward resistance is 13,500-700.
