14,956 — 15k breaks !
May 4, 2008
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.
