15,317 - short lived gains
April 29, 2008
The KSE-100 index ended the result season with a bang today, closing down at 15,317, based on the failure to resolve the judicial issue. The stupidest politician in the history of Pakistan has rushed to Dubai to continue with talks to try and resolve the issue before the "deadline " 2moro. While his party threatens that they could resign from the cabinet, it seems unlikely that will happen, though its possible that the scum of the legal profession (lawyers) could hit the streets again.
The last 2 days of upside for the index have been wiped out. There don’t seem to be many triggers left for this market and oil going down to $115 won’t help. Closing below 15,300 will lead to 15,100 and then 14,900. Breaking 15,700 seems unlikely at the moment. Keep the Vaseline at close reach !
Dividends : PTC: EPS : -1.29 / NBP : EPS : 5.08 / ICI : 3 / SNGP : 3.21 / Azgard Nine : 2.32
Upper Cap : PAKRI
Lower Cap : JOVC
Market Low : 15,280.91 High : 15,548.95
Market Close : 15,317.30 – 161.92 points down.
The KSE-100 index opened up and made a high of 15,594 > The market was unable to sustain its gains and closed up at 15,479. BOP was the flavour of the day with 17.9 million shares traded. The tick size (the minimum price change) has been changed to day from 0.05 to 0.01 . The next upward resistance is 15,600.
On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis " issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !
The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.
The KSE-100 index experienced a further correction today wth a low of 15,324 and closed down at 15,470. The Bank of Punjab was the volume leader today with 18.5 million shares traded. It could well be the end of the correction with the market rising back up 2moro.
The KSE-100 index finally corrected today with a low of 15,481 and closed down at 15,543. Oil nearly touched $120 today. 
The Karachi Stock market was sluggish today with very low volumes of 131 million shares traded. There was also a technical fault which led to the market being suspended for 50 minutes. (see the flat line in graph ). The market made a new intra-day high of 15,739 and closed down at 15,654. It seemed as though the market was sitting on the fence, or could it be the begining of a correction ? Oil crossed $117.75 today.
The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
After its flat close yesterday, the Karachi Stock market shot up to make an new intra-day high of 15,664 and ended up on its 3rd consecutive record close at 15,622. Nishat Mills was the top scorer of the day with 23 million shares traded. Engro Chemical has closed on another record high at 373.75 and is quite overbought now . Oil made a new high of $115.54 today. The next upward resistance is 15,700-750 and downside support is at 15,450-300 . The market looks like it could well correct in the next day or two.
The KSE-100 index made a new intra-day high of 15,637 and closed marginally up at a new high of 15,540. Engro Chemical was the main man in terms of volume with 22 million shares traded. It made a record close at 368.20. Oil crossed $115 today. 
After a shaky close yesterday, the KSE-100 index continued its upward climb with a high of 15,560 and closed at another record high of 15,538. POL was the top dog in terms of volume , trading 20.7 million shares out of a relatively low total of 141.8 million today. Closing at 402.5 , it’s POL’s highest close in nearly 2 years. Oil has jumped to a new high of nearly $114 today. Upward resistance is at 15,600.
A choppy ride on the Karachi Stock market today, with the KSE-100 index moving in a narrow band, from a low of 15,372 to an intra-day high of 15,483 and closing marginally up at 15,437. BOP was the " flavour " of the day with 20.5 million shares traded, another stock that has been seriously bashed out of shape, of late. The market seemed to be going nowhere today and looks shaky again. Another bashing could well be on the cards. 15,500 still remains as upward resistance.
Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.
As expected the KSE-100 index undertook a correction today with a low of 15,177, from where it recovered to close down at 15,304. DGKC was the flavour of the day with 32.2 million shares traded. While its looks like the recovery at the close is strong enough for continued upside, there could be another test downwards to 15,170.
The Karachi Stock market opened up and made a new intra-day high of 15,598. Towards the end of the session it headed downwards and closed down at 15,404. POL was the flavour of the day with 26.4 million shares traded. After many days of smooth sailing , violence has erupted in Karachi again with the fucking lawyers having armed battles in the streets with 8 dead and 40 vehicles torched. This could lead to a further correction in the market 2moro. Keep an eye on that Vaseline jar.
The KSE-100 index opened down making a low of 15,371 and then recovered to close at 15,474, the highest close so far. DGKC was the flavour of the day with 51.1 million shares traded . Engro set another record close at 357.90. The bells have started tolling for the exemption of CGT (Capital Gains Tax ) to be removed in the new fiscal year and the sooner the new Govt.’s stance is clarified, the better for the market and foreign investment.
The Karachi Stock market opened up and made a new intra-day high of 15,591. Arif Habib Securities was the top volume traded stock of the day with 23.5 million shares. Engro made its highest ever close at 347.40. Upside resistance is 15,591 and downside support is 15,300.
The KSE-100 index shot up to a new intra-day high of 15,523 and closed at another record high of 15,472. 3 record highs in 3 consecutive days. OGDC was the flavour of the day and finally pulled its finger out to make a high of 139.95 having stagnated for days in a range of 133-136.80. It traded 39.4 million shares, 10 times its volume yesterday, and gave the market the impetus for a bigger upward thrust. It’s possible that there could be some correction soon before making more headway to 16,000. Downside support is at 15,300.
The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.
The Karachi Stock market closed at an all time high of 15,333. 
The KSE-100 index was back on track today and closed up at 15,210. Volumes were marginally higher with 158.4 million shares traded. Azgard Nine was the flavour of the day closing up at its upper limit. FFC made its highest close for the year at 145.60. Upside resistance is at 15,300.
