KARACHI STOCK MARKET NEWS

As of today, posting will be sporadic, verging on non-existent for the next month or so. Suttabhai will be in the islands on holiday !

Friday saw the KSE-100 index fall further and finally close below 15k at 14,956. The market has weakened over the last few days registering a drop of 522 points in the last 3 sessions. Uncertainty is a killer of markets and the uncertainty over the restoration of the judges hasn’t helped this market along with a weak ruppee. The economy is getting fucked daily with higher oil prices, and the lack of electricity and food  needs to be focused on, more than a few judges whose restoration will not feed the man on the street ! The last time the market closed below 15k was on March 20th. A close below 14,800 will lead to more disaster and the road will be rocky for sometime in the near future. After 34 years of not paying Capital Gains Tax, the market will have to face upto new tax rules before July 1st. That will certainly not take the market soaring upwards ! Keep lots of Vaseline at close reach or step out of the market till the dust settles.

News : Malaysia’s Maybank has signed an agreement to acquire 15 per cent shares of the MCB Bank which may yield a sum of about $700 million for the bank, banking sources said…Maybank has arranged a press conference in Kuala Lumpur on Monday to announce the deal, signed in Lahore….Although officially the price per share could not be confirmed, sources said it was around Rs470, while a senior banker quoted it at Rs500.“Even if the rate of Rs470 is considered, the deal will bring about $660 to $700 million in the country,” the banker said… Dawn

Lower Caps : PAKRI / Attock Refinery/ Pak Refinery 

Market Low : 14,909.27 Market High : 15,201.27

Market Close : 14,956.82 — 165.64 points down. 

Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside  support at 14,900.

Dividends : BOP : EPS : -5.85 / PAKRI : 3.08

News :  The government on Wednesday gave the green signal to appoint the financial adviser for divestment of Kot Addu Power Company’s (KAPCO) shares through an offering of Global Depository Receipts in the international market…The board also decided to initiate the process for the appointment of financial adviser for the block sale of Habib Bank Limited (HBL) shares and approved the recommendations of the pre-qualification committee for the pre-qualification of bidders for Hazara Phosphate & Fertilisers with instructions to ensure maximum participation of potential bidders… The News

Upper Cap : PAKRI
Lower Cap : Sitara Peroxide  

Market Low : 15,078.76 High : 15,317.30

Market Close : 15,122.47 — 194.83 points down