12,444 - a good bashing
June 16, 2008
The KSE-100 index got hopelessly fucked out of shape today with a steady downward slide leading to close at 12,444, nearly 500 points down. Apparently foreign selling, political uncertainty and the Pak-Afghan border situation were to blame, along with all banks getting shafted based on an article in the newspapers re : withdrawal of all govt. deposits. Whether there will be a pullback 2moro remains to be seen. Keep the Vaseline at close reach !
News : Economic Coordination Committee (ECC) of the Cabinet in its next meeting will review the oil pricing mechanism to reduce the profit margins of oil marketing companies (OMC), refineries and inland freight margins…Daily Times
The Sindh government has decided to do away with stamp duty of 0.1 percent enacted through Finance Act 2006 on electronic share transfer through CDC…the step has been taken to encourage local and foreign direct and portfolio investment and to encourage further development of capital market…. Daily Times
The Government has no plan to reduce the liquidity of Banking Sector as it is committed to strengthen the banking sector of the country. … news appearing in a daily newspaper of June 15, 2008 suggesting that five banks are near collapse and speculating withdrawal of deposits of government agencies in the banking sector, the spokesman of the Ministry of Finance has clarified that the Government does not intend to take such measures which can adversely affect the banking sector… Aaj News
Lower Caps : AHSL / BAFL / BOP / MCB / DGKC / ENGRO / PTC / PSO / POL /NBP/
Market Low : 12,416.10 High : 12,975.89
Market Close : 12,444.13 – 497.43 points down !!
