About the Karachi Stock Market Blog
Daily updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. More than 850 posts and counting ...
The final trading session for 2008 ended on another negative note with the market closing below 6000. Exactly one year ago the market closed at 14,077. 2008 has definitely been the worst year for the Karachi Stock market, a sentiment shared by almost all other markets. The only cheerful note here is that the market has far greater scope for upward movement at these levels once it settles down.
Another week of carnage and nearly 700 points down in 4 days. Friday showed the first signs of the market bouncing up marginally. While CFS issues are being resolved and NIT has been ordered into the fray, there could be some respite for the market next week.
The graphs above show the market steadily declining during the week as it was finally " unfrozen " on Monday for the first time since August 27th 2008. While there is activity in the garbage 3rd tier shares under Rs.5, there has been virtually no trading in the blue chips. Confidence is at an all time low, as is liquidity. As for the much awaited " stabilization fund " , it seems that nobody is holding their breath and it will be believed when seen. The picture for next week appears to be equally dismal with a possible further 20% slide in the index.
The board of directors of the Karachi Stock Exchange (KSE) has decided that the stock market will start its normal trading on Monday without ‘floor’ strictly in accordance with the directive of the Securities and Exchange Commission of Pakistan (SECP). This decision was taken at an emergent meeting of KSE board of directors here on Saturday evening.
The board decided that the "floor rule" will be removed from Monday (December 15) and the market will start its normal trading with five percent upper and lower locks…. Source : Aaj News
