9,853 — 10k breaks — mkt at 21 month low
August 4, 2008
The KSE-100 index rose to make a high of 10,282 and then got raped again down to a low of 9,739 and closed down at 9,853. The market swung a total of 543 points from its high to its low and has closed at its lowest close since Dec.22nd 2006. Its seems that the Rs.5 billion worth of stock bought on Saturday did fuck all to stem the index’s continuous fall and the market has fallen a 1000 points in the last three trading sessions. The credit rating by S&P and Moodys due this week is said to having caused further panic selling today. It looks like the shorters have stepped in and could bash the index further down to 8700. The next downside support is 9700 followed by 9350. Oil fell below $120 for the first time in 3 months today.
News : The Securities and Exchange Commission of Pakistan (SECP) has turned down the proposal to freeze the stock market on Monday’s closing level or index 9,500 points. In an emergency meeting held at the residence of SECP chairman on Monday night, the board of directors of Karachi Stock Exchange (KSE) and Securities and Exchange Commission of Pakistan Chairman Razi-ur-Rehman discussed different suggestions to support the market. Some of the members gave a suggestion to freeze the stock market on Monday’s closing level or index 9,500 points. Senior KSE members also attended the meeting and discussed the prevailing situation at the local bourses. However, the final decision is likely to be taken on Tuesday before opening the market as some of the senior members opposed this proposal… Aaj News
Market Low : 9,739.01 High : 10,282.78
Market Close : 9,853.18 – 318.21 points down
