13,850 - Global markets plunge in panic selling
January 21, 2008
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
Upper Caps : Arif Habib Ltd / Sitara Peroxide
Market Low : 13,820.76 High : 14,065.13
Market Close : 13,850.03 – 24.51 points down
