7,206
June 29, 2009Dividends : Exide Pakistan : 50% Cash EPS : 21.87
Board Meeting : PTCL - 2moro.
News : The International Monetary Fund (IMF), which is to quiz Pakistan’s economic managers, led by Advisor to Prime Minister on Finance, Shaukat Tarin, on July 3, 2009, in Istanbul, has sought detailed information on the amount used by the public fund (NIT)-SEF for interventions in the stock market, their impact, stocks holdings by foreigners of shares listed on the Karachi Stock Exchange (KSE), and status of reforms of broker financing (badla)… Aaj News
The Securities and Exchange Commission of Pakistan (SECP) has suspended the registration of five members of Karachi Stock Exchange (KSE) till the claims against them in the light of the investors’ complaints are ascertained and settled in accordance with law…Following the SECP decision, the Karachi Stock Exchange has also suspended the trading rights of the these five members with immediate effect and until further notice to protect the interests of the investors….The names of the KSE members whose trading rights and registration have been suspended are: Eastern Capital Limited; Prudential Securities Limited; ClikTrade Limited; MKA Securities (Private) Limited; and Capital One Equities Limited…Aaj News
Market Low : 7,163.04 High : 7,237.93
Market Close : 7,206.17 – 43.13 points up
The Karachi Stock market got another bashing today and closed down at 12,261. There was heavy selling in banks and cements and across the board in general. The market could go down to 11,800 if support at 12k doesn’t hold.
The KSE-100 Index opened up, made an intra-day high of 14,052 and closed up at 14,018. NETSOL was the flavour of the day with 10.8 million shares traded. Yet another day of low volumes and the inability to close above 14,050. 
The Karachi Stock market opened up and made an intra-day high of 14,088. Unable to sustain its gains it closed down at 13,989. The total volume traded today was relatively lower at 107.8 million. A close above 14,080 would lead towards 14,300. Downside support is 13,800.
The Karachi Stock market soared further upwards making another new intra-day high of 14,802 and closing up at a new high of 14,755. Cements were the flavour of the day with DGKC and Lucky trading 48 and 43 million out of a massive volume of 485.3 million shares traded today. The next upward resistance is 14,900 and there could be some sell off in 2moro’s Friday show.
The KSE-100 index corrected down to 14,253 and then recovered to close at a new all time high of 14,591 (intra-day high of 14,616). Due to the high price of oil at $88 , OGDC was the flavour of the day with 66.4 million shares traded from a total volume of 325.9 million. PSO also moved up by Rs.10.45 , POL by Rs.10.20 and PPL hit the 300 mark, up by Rs.12.55. The market looks like its headed towards 14,700 with 14,360 as the downside support.
The KSE-100 index seems to be struggling at these levels despite making a lower low of 13,505 today. BOP was the volume leader of the day with 37.7 million shares traded and was bashed down to Rs.111.70 on some news of loan defauting. Cements were the flavour of the day with Lucky up by Rs.5.75 , closing at 126.75. PSO was bashed down by Rs.11 to Rs.405 on the news of a further delay in the bidding date. While there is some stock specific activity, the market in general looks shaky and must close above 13,600 for further upside to continue. If not the cobwebs might well be shaken of the Vaseline jars as downside could see 13,250 and lower. Possibly with 2moro’s Friday show there could be a long overdue shakeout.
Without casting an eye over its shoulder at yesterday’s correction, the KSE-100 index opened up with a gap and made a high of 12,189. Market volumes were the highest for some time with 399.4 million shares traded. After being dormant for the last few weeks ,OGDC was the flavour of the day based of news of new deposits (see below)with 58.7 million shares traded. Making a high of 125.3, it closed up Rs.4.35 at 124.55. PPL closed up by Rs.7.85 at 265.8 , NBP up Rs.6.40 at 250.8 and MCB up Rs. 7.3 to close at 293.85.
