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 600 posts and counting ...
The KSE-100 index made a high of 11,173 , then dipped down to 10,979 and close up at 11,156. Total volume traded today was 111.9 million shares, still on the low side. Arif Habib Securities was the flavour of the day with 12.6 million shares traded. The market has closed above its first resistance of 11,100 and the next target is 11,400. The market is up by nearly 1000 points since Friday and after 4 days of green, there could be some weekend selling 2moro.
News : The authorities have decided at a meeting held on Thursday that Equity Market Opportunity Fund (EMOF) would be an Open-End Fund. The EMOF launched from Friday (today) would be injected in stock markets under NIT management when market is under pressure…The initial size of fund was declared at Rs20 billion, but owing to its attractiveness of being an open-end fund, the size might inflate to any level. The general public would also be able to invest in this fund and the National Investment Trust (NIT) would be announcing its daily NAV value and dividends,…NIT would form a separate board to manage the fund. The board would be meeting at least after every six months or in case of emergency too. Initially, EOBI has confirmed to pool Rs3 billion; State Life Rs2 billion and Rs2 billion by National Bank, besides other financial institutions and banks would share rest of funds, sources said. This fund would be invested in KSE 100-share Index instead of KSE 30-share Index as was informed earlier. The fund would not be invested in more than 50 companies… The News
Malaysia’s Maybank is set to buy another 5 percent of Pakistan’s MCB Bank as early as next month, in a deal estimated at $218 million,…Malayan Banking Bhd, Malaysia’s leading lender, bought a 15 percent stake in MCB Bank, Pakistan’s top lender, for $680 million in May. That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction. The price for this stake was then agreed at Rs 490 per share, plus holding cost, with the total price not exceeding Rs 510 per share. “The deal is very much on, the talks have started, and if all goes well, it should materialise sometime in August,” said a source close to the transaction. A spokesman at Maybank declined comment. A spokesman at MCB Bank said any stake purchase by Maybank would be in line with the previous agreement, but he did not give a time frame for the new purchase…. Daily Times
Adamjee Insurance is likely to announce profit after tax of Rs 2.7 billion (EPS Rs 26) for the first half of the current year compared to Rs 1.18 billion (EPS Rs 11.6) in the corresponding period of last year, a growth of 125 percent, says a research report…“Exceptional growth in 2Q2008 profitability would mainly be attributable to a one-time capital gain of Rs 2.7 billion on account of MCB sell-off deal,”…. Daily Times
The United Arab Emirates (UAE) has recently raised the cement price by 15 percent due to its rising demand, mainly benefiting Pakistani cement industry, sources said on Thursday. Pakistan is the major cement exporter to the UAE, as it fulfils around 70 percent of the total demand of the product in the Emirates.After the rising cement prices in the face of huge demand in UAE, analysts see Pakistan as a primary beneficiary to flood the Arab markets with its product. It is likely to receive huge cement export orders shortly, they said…Source : Aaj News
The Karachi Stock market displayed more of the same today with most stocks hitting their lower caps. There was some activity in OGDC which closed up marginally and PSO which closed at 428.79, up Rs.11.55. Volumes increased compared to yesterday with 40.8 million shares traded. Whether the rest of the market opens up from its lower limits 2moro remains to be seen, but there should be some recovery soon.
Dividends : National Investment Trust (NIT) Limited has declared highest-ever dividend of Rs 6.50 per unit for its unit holders (both for LOC and non-LOC Funds) for the year ended on June 30, 2008. “The payment of record dividend would involve a huge total payout of Rs 10,490 million among its unit holders as against Rs 10,034 million paid to unit holders last year,” chairman and managing director NIT, Muhammad Nawaz Tinsha said Tuesday. NIT has out performed the benchmark KSE-100 Index by a good margin of 4.4 percent… Daily Times
Local cement manufacturers on Tuesday raised the price of cement by Rs 15 per 50-kg bag due to increase in the sales tax and excise duty. The federal government has raised General Sales Tax (GST) by one percent and Federal Excise Duty (FED) by Rs 150 per tonne on cement in the new budget….Industry sources claimed that with an increase in the GST and FED, the tax impact on cement has risen to Rs 85 per bag from July 1, 2008, while earlier it stood at Rs 73 per bag. However, it is interesting to note that cement manufacturers had already increased cement prices by Rs 40-50 per 50-kg bag after the announcement of the budget… Aaj News
The Karachi Stock market continued its rise making a high of 12,499 and closed up at 12,430. The market has jumped up 1268 points in the last two sessions and there could be some lower caps creeping in, in a day or two. Volumes have increased with 192.7 million shares traded today.
News : The government is arranging two tranches of Rs35 billion each for the payment of price differential claims (PDC) to oil marketing companies (OMCs) and refineries,…The ministry of finance has conveyed to the ministry of petroleum that it will very soon release two tranches of Rs35 billion each to the oil marketing companies and refineries under the head of price differential claims,…The PDC is a subsidy on POL products not passed on to consumers in fortnightly price revisions, but borne by the government to offset the effects of soaring petroleum prices. The PDC claims stood at Rs72 billion before the announcement of the federal budget earlier this month…The News
Most of the listed cement companies have registered huge losses from operations during the first nine months of the current fiscal year, industry sources say. They say that 85 percent of the listed cement companies have incurred losses amounting to Rs 5 billion during first nine months of the current fiscal. These losses occurred mainly due to rising cost of doing business and an imbalance in supply-demand phenomenon, resulting in depressed market prices,…Fauji, Lucky and Attock are the only three cement companies showing profit from operations worth Rs 2.4 billion… Daily Times
Pakistan Telecommunication Company Limited and the Karachi Stock Exchange signed a memorandum of understanding here on Wednesday, under which PTCL would set up a high-speed network at the bourse. According to the agreement, PTCL will deploy all necessary equipment to establish a ‘point of presence’ within the KSE building for laying a high-speed dedicated network called ‘KSE Connect’, especially developed for the stock exchange….KSE Connect would allow KSE members the facility to conduct real-time on-line trading from anywhere in Pakistan… Source : The News
Dubai’s Giladari Cement plans to invest around 3 billion rupees to establish a cement plant in the country with the capacity of producing 3300 metric tones per day…Work will commence on the plant next month and will be completed by November 2009… Source : Aaj News
Friday saw the KSE-100 index close down at 12,941, mainly due to a wait & see approach to the results of the " Long March " over the weekend. The " Long March " was a total waste of time and a criminal waste of money at a time when we are being taxed to the hilt to cover the govt’s shortfall in its fiscal and current account deficts.
It was summed up better by Ardeshir Cowasjee in his weekly column… How much has this ‘long march’… burdened this deprived nation and its thirsty and hungry people? If street thinking or street power is to be believed, the funds for the lawyers’ movement and for this culmination have emanated from the coffers of Mian Nawaz Sharif and his brand of Muslim League, whose coffers were and are filled to the brim with the nation’s money…Nawaz’s professed love for an independent judiciary can never ring true in the light of his past dealings with the judiciary of his country. His party man, Gohar Ayub, in his book published last year, has recounted how one day early in November 1997 Nawaz wanted to arrest the Chief Justice of Pakistan, Sajjad Ali Shah, and jail him for a night, merely because he was getting uppity… Dawn
The government really needs to pull their finger out and resolve the current judiciary issue a.s.a.p. to avoid statements like this one… " Moody’s Investors Service said in a report on Pakistan on Friday that weak governance, political tensions and flaws in the legal system will undermine institutions and policy-makers, and heighten risks of sudden shifts in private investor confidence… " The News It also doesn’t help that we have the stupidest fucking politician in the history of Pakistan (who has proved to be a total hypocrite in terms of his past respect for justice) who now wants to destabilize the country further by baying for G.Mush’s blood, impeachment etc. The market should remain rangebound until the time for the next results season draws close.
News : Increase in taxes has made Pakistani cement the highest taxed cement in the world, Chairman All Pakistan Cement Manufacturers Association (APCMA), Aizaz Mansoor Sheikh said. He said that excise duty has been increased from Rs 750 per tonne to Rs 900 per tonne along with additional excise duty of 1 percent. Increase of General Sales Tax from 15 percent to 16 percent has increased the menace of double taxation as General Sales Tax is charged on excise duty paid value… Daily Times
The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.
Pakistan Petroleum Limited (PPL): PPL has posted Rs 5.676 billion after tax profit in the quarter ended on March 31 compared to Rs 4.655 billion in the previous year, depicting almost 22 percent growth….Profit before tax also jumped to Rs 8.472 billion in the said quarter against Rs 6.886 billion in the previous year whereas net sales of the company rose to Rs 11.959 billion from Rs 10.250 billion… Adamjee Insurance Company Ltd registered over 500 percent decline in its net profit for the quarter ended on March 31. According to KSE, net profit of the company stood at Rs 88.425 million during the quarter against Rs 561.577 million in the corresponding quarter of the previous year, which translated into Rs 0.86 earnings per share against Rs 5.49 of the previous year… Daily Times
News : Lucky Cement, Pakistan’s biggest cement maker, said on Thursday it planned listing on the London Stock Exchange through an issue of global depositary receipts (GDRs) would take place next month. It did not give details about the size and pricing of the issue, which will be managed by Merrill Lynch and Pakistan’s KASB Capital."The order book in connection with the offering will be opened during the period from April 27, 2008, to May 7, 2008,… Aaj News
The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.
News : Pakistani cement sales surged 25 percent in the first nine months of the 2007/08 (July-June) fiscal year, compared with the previous year, driven by growing construction demand, an industry official said on Thursday.Cement sales during the period totalled 21.9 million tonnes, compared with 17.5 million tonnes sold in the same period last year, said Shahzad Ahmed, secretary-general of the private All Pakistan Cement Manufacturers Association… Aaj News
In a strange move, the Ministry of Petroleum (MOP) has set the cat among the pigeons by seeking personal information of all the Managing Directors, Chairmen, members of all the boards, corporations, companies and attached departments…They have been asked to provide all the personal details including passport numbers, NIC numbers, date of birth, previous experience and date of joining in the existing positions.This is the first time in the history of the country that the top management including board members have been asked to provide their passport numbers to the ministry…This strongly indicates that something highly unpleasant is brewing… Aaj News
Upper Caps : Lucky Cement / Arif Habib Ltd. / Pace Pakistan Ltd.
The KSE-100 index opened up with a huge erection of over 190 points. Making an intra-day high of 15,231, the market closed up at an all time high of 15,182, embracing the dawn of democracy, celebrating a new chapter of corruption with one of the most corrupt political parties in Pakistan’s history at the helm. Cements were the flavour of the day with Lucky Cement scoring a total volume of 30.5 million shares traded. Upward resistance is 15,231-300.
News : Rumours about a delay in the implementation of Continuous Financing System Mark II (CFS MK-II) at the Karachi stock market were circulating on Monday. This product would provide unlimited lending to equity investors in eligible scrips and is scheduled to launch on April 7th. “Yes, there is a meeting between the SECP and KSE officials on Tuesday (today) to finalise the regulations for CFS MK-II product …The main agenda of this meeting is to resolve the issue of submitting 50 per cent cash margins while availing CFS financing on eligible scrips. This percentage of margins is only to be applied on rate of mark-up and not on total funded money…The News
Upcountry cement prices rose by Rs10 to Rs15 per 50kg bag to Rs240 to Rs245. Cement companies attributed the recent price hike to rising cost of production due to high cost of raw material especially coal that has surged to around $140 per tonne from $90 per tonne in the last six months.After an Rs20-25 per bag increase on March 6 the cement companies have again increased ex-factory cement prices by Rs10-15 per bag now stands at Rs240-245 per bag… The News
Upper Cap: Arif Habib Bank / NML / JSCL / Sitara Peroxide
The KSE-100 index recovered from yesterday’s big slide to close up at 14,964. OGDC was the flavour of the day with 25.1 million shares traded. PSO made a record close of 539.70. Upward resistance is at 15,050.
News : The Ministry of Petroleum & Natural Resources on Wednesday announced a new discovery of oil and gas in TAL block located at NWFP. MOL Pakistan is the operator with 10 percent working interest in the block. Other joint venture partners are OGDC, PPL, POL and GHPL. OGDCL 30 percent PPL 30 percent, POL 25 percent and GHPL 5 percent… Aaj News
The cement manufacturers have increased its price by Rs 5-10 per 50 kg bag on the basis of rise in the prices of petroleum products and raw material,.. Cement companies have claimed that rising petroleum and furnace oil prices have impacted the cost of cement production which has gone up by 2-3 percent,…It is the second time this month that cement price have been increased by manufacturers. Earlier in the first week they had increased the prices by Rs 5-10 per 50 kg bag. "Thus, overall about Rs 15-20 per bag raise has been effected which stood at Rs 230-255 per bag and now it is being sold at Rs 250-270 per bag"… Aaj News
Another choppy day at the Karachi Stock Exchange with volumes shrinking down to 120 million shares traded. PSO closed at a new high of 538.55. Despite regional and world markets getting fucked out of shape after Bear Stearns was sold for $2 per share today, the market showed resilience and closed marginally down at 15,043. It’s possible that there will be some foreign selling this week, which could take the market below 14,900. With no good news on the near horizon, start brushing the cobwebs off the Vaseline jar !
News : The country’s cement sector has received a green signal from the South African authorities to export cement with a Pakistani tag,…Sources said that Lucky Cement is the only Pakistani company, which has received an export certificate from the South African Bureau of Standards…demand of Pakistani cement is increasing globally with the result it has already captured cement markets of India, Iraq, UAE and other countries. The country’s cement exports have witnessed a healthy growth of 140 percent to all time high level of 4.2611 million tons during the first eight months of current fiscal year 2008… Aaj News
The management of the Bank of Punjab (BOP) has clarified that Board of Directors of the Bank has proposed a final stock dividend of 25 percent bonus shares in addition to 10 percent interim stock dividend earlier announced for the year ended December 31, 2007. There is no ambiguity in the said announcement of 25 percent final stock dividend and all shareholders at the date of book closure shall be eligible for receipt of bonus shares, a press release issued by the bank said on Sunday…It further says the bank continued its growth trends by earning an after tax profit of Rs 4.4 billion for the year ended December 31, 2007 which was 17 percent higher than previous year’s after tax profit of Rs 3.8 billion… Source : Aaj News
The Karachi stock market opened up and made a new intra-day high of 15,231, then corrected down to 14,989 and closed down at 15,074. DGKC was the top volume stock traded today with 34.2 million shares. PSO made its highest close todate at 522.15. BOP got bashed down to lower cap by baseless rumours of it cancelling its 25% bonus share dividend. Upward resistance is at 15,120-230.
News : Oil prices soared to an all-time high of 111 dollars on Thursday, driven by investment demand to hedge against the tumbling dollar and rising inflation, traders said. New York’s main oil contract, light sweet crude for delivery in April, had earlier on Thursday hit a record 110.98 dollars per barrel… Source : The News
Pakistani cement exports will be key beneficiaries as the demand for Pakistani cement in Gulf countries will now further rise subsequently after United Arab Emirates (UAE) government has removed 5 percent custom duty on cement to help the fast moving construction sector in Dubai. This removal of import duty will decrease the cost of importing cement into UAE, in turn increasing the demand for imported cement… Daily Times
Upper Cap : Maple Leaf Cement Lower Cap : Bank of Punjab
The KSE-100 index opened up and closed on a new high of 15,171, the highest close to date so far. Lucky Cement was the top volume stock traded with 33.6 million shares traded. Engro Chemical closed at its highest close of 343.90. Oil made a high over $110 today. The market is headed for 15,500 with possible corrections along the way.
News : Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.Traders said the ailing dollar also has also fuelled a spike in world oil prices because crude is priced in dollars and has become cheaper to buy for purchasers holding stronger currencies…New York’s main oil futures contract, light sweet crude for delivery in April, ended up 1.17 dollars at a record closing high of 109.92 dollars per barrel after trading as high as 110.20 dollars… Source : Aaj News
Cement sales are expected to rise in the remaining months of fiscal year 2008 (FY08) with rising exports and stable local dispatches, a research report said. Industry sources said that the cement industry is set to increase its sales due to high production and high export orders.With the advent of the peak local cement demand season in the country and soaring regional prices, demand for Pakistani cement is set to rise further. “Hence, it is likely that in remaining months of FY08, we might see record cement sales on both local as well as export front. Already, in the first eight months (Jul-Feb) of FY08, sales have demonstrated a healthy increase in demand of 23 per cent with dispatches of 18.7 million tons,” said JS Research…Cement exports are expected to soar by a massive 107 per cent.. The News
The KSE-100 index finally rebounded after 3 sessions of corrections, to close up at 14,957. OGDC was the top volume stock traded with 22.6 million shares. PSO closed short of its upper limit at 505.50, a record close. Oil has jumped upto over $104.70. The market should head upwards to test its previous high of 15,079.
News : Crude oil rose above $104 a barrel for the first time in New York after OPEC gave no indication it will increase production,…Crude oil for April delivery rose $5, or 5 percent, to settle at $104.52 a barrel on the New York Mercantile Exchange, a record close. It was the biggest one-day increase since Jan. 30, 2007. Futures touched $104.95 a barrel, the highest since trading began in 1983. Prices are up 74 percent from a year ago… Bloomberg
Lucky Cement has come out as the biggest contributor to cement industry’s profits as it posted earnings of Rs1.35 billion in the first half of FY08, more than the combined profits of other cement companies, ….The cumulative profits of 18 cement companies, out of 21, representing almost 90 per cent of the total market capitalisation of the cement sector, has been Rs284 million against Rs2.1 billion in 1HFY08 in the same period last year, registering a decline of 87 per cent….The 18 companies are Al-Abbas Cement, Attock Cement, Bestway Cement, Cherat Cement, Dadabhoy Cement, DG Khan Cement, Fauji Cement, Fecto Cement, Flying Cement, Gharibwal Cement, Javedan Cement, Kohat Cement, Lucky Cement, Maple Cement, Mustehkam Cement, Pakistan Slag Cement, Pioneer Cement, and Zeal Pak Cement… The News
Friday’s close saw some correction with the Karachi Stock Market making an intra-day high of 15,146 and closing down at 14,934. Whether the correction will continue remains to be seen 2moro as quite a few stocks are still overbought. The recent 9% increase in petrol prices could well take the OMC’s up and some of the market with them. As such the bulk of the result season is over.
Dividends : Bank of Punjab (BoP) earned Rs 4.44 billion as profit after tax in 2007, which was higher by 16.84 percent from Rs 3.8 billion earned in 2006… The bank’s earnings per share rose from Rs 9.01 to Rs 10.51. Net mark-up/interest income declined by 11.79 percent from Rs 4.07 billion to Rs 3.59 billion. The decline was caused by increased mark-up/ interest expenses, which surged to Rs 13.93 billion from Rs 7.50 billion. Similarly, provisioning against non-performing loans and advances jumped from Rs 340 million to Rs 1.61 billion. However, the bank’s non mark-up/interest income rose by 83.72 percent from Rs 2.95 billion to Rs 5.42 billion. National Bank of Pakistan: NBP, the country’s largest bank, posted profit after tax of Rs 19.40 billion in 2007, rising by 12.46 percent from Rs 17.25 billion in 2006. The bank’s earnings per share increased from Rs 21.15 to Rs 23.78. Its net mark-up/interest income rose from Rs 30.29 billion in 2006 to Rs 33.81 billion in 2007. Provisions against non-performing loans and advances increased from Rs 3.07 billion to Rs 4.72 billion. The bank’s non mark-up/interest income was up by 11.69 percent from Rs 12.48 billion to Rs 13.94 billion… Daily Times
News : Country’s cement exports have witnessed a healthy growth of 140 percent to all-time high level of 4.2611 million tonnes during the first eight months of the current fiscal year in the wake of rising international demand,…The statistics made available from the All Pakistan Cement Manufacturers Association (APCMA), which show that cement export registered a robust increase of 2.48 million tonnes during July-February of the current fiscal year and it has touched a new mark of 4.261 million tonne mark as compared to 1.774 million tonne over the same period last year… Aaj News
The government on Friday approved an increase in power prices by nine percent, prices by nine percent, petrol prices by Rs 5 a litre and diesel prices by Rs 3.5 a litre.Kerosene prices have also been increased by Rs 3.3 a litre, prices of JP4 fuel by Rs 3.4 a litre and of prices of HOBC fuel by Rs 5 a litre. Oil prices in the international market surpassed 103 US dollars a barrel on Friday for the first time… Daily Times
Upper Cap : Azgard Nine Lower Cap : Bank of Punjab
Friday saw further lethargy in terms of trading activity, with 69 million shares traded. The KSE-100 index made a high of 14,018 and closed down at 13,938. The next week could be quite volatile with the build up to the farcical elections alluding to the myth of democracy. The result will make no fucking difference to the state of the nation as the poor will continue to get fucked on a daily basis and the rich just get richer. A lot depends on who gets blown up and who doesn’t (hopefully nobody will ). However, there should be some stock specific activity as a lot of results are to be announced this week. Stock up on the Vaseline !
News : Securities & Exchange Commission of Pakistan (SECP) has announced setting up a capital markets institute with the objective to offer different examinations leading to licensing certifications in various specialised areas and domains of financial markets. The present environment in Pakistan’s capital markets does not foster or mandate minimum levels of required knowledge for capital market participants or intermediaries. The various types of financial intermediaries operating in capital and money markets in Pakistan need to be adequately trained and certified in order to improve the overall profile and functioning of the capital markets in the country….Daily Times
Lucky Cement Limited, the largest cement manufacturer in the country, is expected to show a 22 percent year-on-year increase in its net earnings to Rs 968 million for the first half of the current financial year. Analysts at Arif Habib Securities said in a report released on Thursday that the company’s earning per share is likely to be Rs 3.67 for the above period mentioned. A 31 percent increment in sales volume to 2.63 million metric tonnes is expected to support the bottom line growth.. Daily Times
The United Bank Limited (UBL) is expected to post profit after tax of Rs 9.197 billion in CY07 compared to Rs 9.468 billion in CY06…UBL has a short dividend payment history, which was increased from 45% in CY05 to 55% in CY06. We expect the bank to maintain a dividend payout of 55% for CY07, said the analyst…UBL is expected to announce financial results for CY07 on February 14, 2008… Daily Times
Upper Cap : Eye Televison Net Lower Cap : Netsol Tech
On Friday, the KSE-100 index made a high of 14,059 and closed down at 13,974. Volumes were extremely low with only 73.5 million shares traded. Upside resistance is 14,070 and downside support is 13,800.
News : The cement sector exports witnessed a growth of 148 percent, to 3.596 million tons, during the July-January period of the current fiscal year against 1.450 million tons during the same period of last year in the wake of rising international demand, industry sources said on Friday…Cement exports during January 2008 also rose by 152 percent to 0.618 million tons as compared to January 2007… Aaj News
The Securities and Exchange Commission of Pakistan (SECP) has introduced two types of Real Estate Investment Trusts (REITS) schemes providing opportunity to the general public to pool funds for investment in the real estate sector…REITs in Pakistan are introduced in the form of a trust where the property itself will be vested in the name of the trustee and REIT Management Company (RMC) will look after the Real Estate on behalf of the unit holders…The SEPC has said that the REITs have been provided a tax exemption, if 90 percent of the income is being distributed. The REIT’s will initially be allowed in Islamabad/Rawalpindi, Karachi, Lahore, Peshawar or Quetta... Aaj News
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
News : Pak-American Fertiliser, Pakistan’s largest urea producing factory in Daudkhel, has been closed down owing to the on-going gas crisis in the country. The factory produces 1,125 to 1,130 tonnes of urea on a daily basis.The halt in urea production will inflict a daily loss of over Rs 12.5 million to the factory. The factory will remain closed for 15 days…Aaj News
The first instalment of 6,000 tonnes of cement imported from Pakistan by State government through Indian central agency MMTC is likely to reach Chennai and Tuticorin in few weeks…Aaj News
Adamjee Insurance made an On Account Payment of Rs 50 million to Berger Paints Pakistan Ltd within 24 hours after a huge fire engulfed the plant. The payment was made even before the fire could be completely extinguished. Adamjee Insurance also took the initiative in setting losses relating to the incidents of December 27 and made On Account Payments to almost all its customers. This speaks volumes about Adamjee Insurance’s unmatched ability and willingness to pay claims… Aaj News
Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate in its exploratory Passkhi East Well located in district Hyderabad. The new discovery will supply an additional 10.7 million cubic feet of gas per day,.. Aaj News
The KSE-100 continued its downward spiral as world markets and the oil price tumbled further today on US recession fears. The market has dropped by 425 since monday and 2moro’s Friday show could bugger it further downwards. Total volume was lower today with 113 million shares traded.The next downside support is 13,600, followed by 13,300. Keep lots of Vaseline at close reach !
News : The Siemens Pakistan Engineering Company Limited has teamed up with the Flying Cement Company Limited to manufacture a state-of-art 132 KVA grid station to power its cement plant in Khushab. The contract, a 26-MVA grid station with service and maintenance provided by the Siemens Engineering Company Limited, is the first part of a three-point strategy by the Flying Cement Company Limited to tackle high-energy costs. This station will cut the cost by more than 50 percent, enabling larger profits for its shareholders… Aaj News
Upper Cap ; JS Value Fund
Lower Caps : JSBL /JSCL / Azgard Nine / Pace Pakistan
The Karachi stock market opened up and made a high of 13,778. It then slowly went down and in the last half hour got bashed down to 13,353, due to some baseless rumours. The market is now down by 1,418 points (9.6% ) in the last 3 sessions and should be ripe for a pullback soon. The uncertainty of the election date has been removed today with the announcement of Feb.18th as the new date. Provided the 2 political parties behave and control their dogs from rioting and burning, there should be some consolidation in the market. Oil has hit $100 today for the 1st time. The next upward resistance is 13,500-700.
News : Cement sales in Pakistan jumped 24 percent in the first half of fiscal 2007/08 from a year earlier, driven by growing construction demand at home and abroad…Sales totalled 13.9 million tonnes for the six months to December, compared with 11.18 million tonnes in the same period of 2006, said Shahzad Ahmed, secretary-general of the All Pakistan Cement Manufacturers Association Pvt Ltd. Exports of cement soared 149 percent to 2.99 million tonnes from the 1.20 million tonnes shipped a year earlier…Cement demand is expected to rise further as the 2007/08 budget has earmarked a record 520 billion rupees ($8.45 billion) for the public sector… Aaj News
Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.Oil’s gain, extending last year’s 57 percent rally, was boosted by forecasts that U.S. stockpiles dropped to a three-year low last week. Unrest in Nigeria, Africa’s largest oil producer, also spurred prices…"Various geopolitical problems have deteriorated overnight, in particular Nigeria and Pakistan. Commodities, and in particular oil, have become safe havens in a dangerous world.'’… Bloomberg
The Karachi Stock market broke 14,500 on an intra-day basis making a low of 14,474 and then recovered to close at 14,508. Volumes shrank to 88.3 million as there is not much interest in the market with a long weekend and X’mas coming up. Hopefully it will pick up next week.
News : Pakistan is all set to export about 0.1 million tons cement to neighboring country India on monthly basis and both the countries are engaged in negotiations to devise a comprehensive mechanism for the export of the commodity… Aaj News
After a strong recovery to 14,321 the day before, the KSE-100 index plunged down to an intra-day low of 13,823 based on rumours of a state of emergency, leading to panic selling. The courts need to pull their finger out and finish the decision of G.Mush’s validity to stand for another 5 years. The uncertainty is whats killing the mkt, although a correction was needed to fill the gaps in the rapid rise from 13,000 - 14,900. Keep the Vaseline at close reach ! Downside sees 13,700 ish
News : Total profit of the cement sector has declined by 87 percent to Rs 252 million in the first quarter of 2008 financial year, ending September 30 as compared to Rs 1.88 billion in the corresponding period last year. Cement sector had a severe dent on gross margins, which were slashed to 12 percent in this period (30 percent in the first quarter of 2007 financial year), despite skyrocketing volumes resulting in only six percent rise in the top-line of the sector due to severe decline in retention. "There were three major reasons behind this huge slump in the sector’s core earnings, including considerably slim retention prices (-28 percent YoY), due to continuous supply-overhang coupled with rainfalls, resulting in acute fluctuation in price levels of the manufacturers, observed during most of the quarter"… Aaj News
The KSE-100 index made a high of 14,532 and closed down at 14,396. OGDC was the flavour of the day with 17.6 million shares traded out of a relatively low volume of 175.3 million shares traded today. The market closed just below its support level of 14,400 and downside could see 14,200. Upward resistance is 14,500 and a close above 14,600 would augur well.
Dividends : Due to the volume of results announced today, a separate post has been created for them.
News : Oil spiked past 93 US dollars in Asian trade on Monday for the first time to set a new intra-day high as tensions in the Middle East continued to spook investors Prices were also partly driven up by a new tropical storm, dubbed Noel, in the Caribbean which investors fear may make its way to the US gulf coast where many of the country’s energy facilities are located… Aaj News
After acquiring provisional certification from the Bureau of Indian Standards to sell their product in cement-hungry India by seven Pakistani companies, Pakistani traders are eying export of six million tones of cement per annum…Cheaper than Indian cement, Pakistani cement which sells in India in the price band of Rs 235-250 per bag, will make it much more attractive with the Indian construction and real estate boom… Aaj News
The market opened up yet again and closed on its high of 13,921 . July 16th was the last time that the KSE-100 index closed at these levels. OGDC was the volume leader of the day with 27.3 million of a total of 285.8 million shares traded. The Karachi Stock market has risen 593 points since September 27th and while its likely to test 14k 2moro, some correction is due soon as its overbought. However, if things go well this week and G.Mush is elected , expect to see a new all time high in the near future.
Pioneer cement will announce its results 2moro.
News : The Privatisation Commission (PC) intends to complete global depository receipts (GDRs) of National Bank of Pakistan (NBP) and Pakistan Petroleum Limited (PPL) by end of the current calendar year…PC expects that some $800 million to $1 billion would be generated through GDRs of both NBP and PPL that would help meet the privatisation targets in the current fiscal year, he added. GDR of the NBP is expected to be completed during the month of November 2007 as the relevant preparations are being completed… Daily Times
Cement sales rose by 34 percent during to the first quarter (July-September) of current financial year over the corresponding period of last year on the back of expanding local demand as well as higher exports…Of the total dispatches, local cement sales depicted 21 percent growth at 5.7 million tonnes as against 4.8 million tonnes previously…On the export front, analysts see bright prospects for the cement sector as Russia is reportedly eyeing to import cement from Pakistan as well… Daily Times
Furnace oil price has shot up by Rs 1,200 to Rs 29,606.75 per ton from Rs 28,406 in the domestic market due to soaring international prices, dealers said. Two leading oil marketing companies–Pakistan State oil (PSO) and Shell Pakistan–on Monday raised furnace oil prices by some 5 percent… Source : Aaj News
After yesterday’s jittery performance , the KSE-100 index allayed all fears of an immediate reprisal/backlash to Sharif’s expulsion and made a high of 12,784. OGDC was the star performer of the day in terms of the highest volume, trading 29.6 million shares and has risen over Rs.4 in the last 2 days. If there are no more jitters , the Karachi Stock market should continue rising towards the next resistance level of 12,950. Today’s close over the 30 DMA is a positive step towards that.
News : Seventeen companies of Pakistan would export 10 million tons of cement to India in 2008.According to Indian state trading company MMTC, it is expected that the production by the cement companies in Pakistan will grow by 50 percent… Aaj News
After a span of nearly three years, Pakistan Petroleum Limited (PPL) has announced a small discovery of oil and gas at Hala in Sindh…Drilling of one well at Hala has met success and initial estimates indicate 1,310 barrels per day condensate and 27.4 mmcfd of natural gas.urther drilling of extended well and piping connection to the main line will take at least six months. PPL will have to drill more wells before a proper assessment of the reservoir size can be ascertained. But initial indications show that to begin with 1,310 bbl/day condensate and about 15 to 11 mmcfd of gas could be obtained from this single well…. Aaj News
New York crude oil prices reached 80 dollars a barrel on Wednesday for the first time as the market fretted over declining US reserves and a new tropical storm in the Gulf of Mexico.Prices shot higher after news that US crude reserves fell by a sharper-than-expected 7.1 million barrels over the past week. Source : Aaj News
Upper Caps : JOVC / Arif Habib Ltd / Arif Habib Securities Ltd.
The Karachi Stock market opened up with a gap and finally the KSE-100 index broke 12,500, made a high of 12,710 and closed up at 12,666. Volumes increased with 265 million shares traded. OGDC was the volume leader trading 31.3 million shares and moved up to close at 110. It seems that the positive news of the current political deal in progress boosted the market today. Hopefully the upward momentum will continue and the next upside is around 12,750 leading to 12,950.
Hubco will announce its result 2moro.
News : KASB Capital Limited, the local partner of Merrill Lynch and the asset management, brokerage and investment banking arm of the KASB Group, has raised Rs 2 billion ($33 million) through a private placement of equity to GLG Emerging Markets Special Situations Fund, Tikehau Asia and Liberty Harbor.Under the terms of the placement the above mentioned investors will collectively take a 35 percent stake in KASB Capital Limited. .. Daily Times
Pakistan’s cement sales increased 41 percent in August, more than last fiscal year, boosted by demand from homebuilders and increased overseas shipments. Sales, including exports, climbed to 2.5 million metric tons from 1.7 million tons a year earlier, Shehzad Ahmed, secretary of the All-Pakistan Cement Manufacturers Association, said in a phone interview from Lahore today. Exports more than doubled to 575,987 tons from 236,098 tons. Pakistan’s demand for new houses is estimated at 500,000 units a year, the government has said. Cement sales are also expected to rise as the government increases spending on roads and bridges.. Source : Bloomberg
The KSE-100 index stayed positive all day and made a high of 12,433 and closed at 12,393. This is the highest close since the market nose-dived in the last few weeks. BAFL was the volume leader of the day with 26.2 million shares traded and has finally moved up slightly since its recent dormancy. Its possible that 12,500 could be tested 2moro provided the ‘political uncertainty ‘ jitters subside and there are no negative developments.
News : Cement exports registered a record growth of 144 percent during August 2007 due to huge exports orders, over production and better quality… Aaj News
The ‘’downslide'’ continued at the Karachi Stock Exchange today with the KSE-100 index dipping below 12k to a low of 11,957. The market then stabilized and finally closed up at 12,326, the first positive close in some days. The next upward resistance is 12,500. While volumes of Vaseline have been expended in the last 2 days, keep the jar at close reach for the moment.
News : The Bureau of Indian Standards (BIS) has finally issued quality certificate to a Pakistani cement manufacturer, clearing the company for export of its products to India, industry sources said on Wednesday…BIS has given clearance to only Lucky Cement so far, enabling the company to resume exports to India… Aaj News
Bank of Punjab (BOP) has entered into an arrangement with Red Mountain Suria Pvt Ltd for the launch of ‘Suria Resorts House Financing Scheme’…Red Mountain Suria, a joint venture with a Malaysian company is developing state of the art luxury resorts situated in the pristine and idyllic setting at the foothills of Soan Sakesar in the Salt Range Mountains, over a 4000 canal area…Under this scheme, the BOP will provide house finance facilities to overseas and resident Pakistanis to purchase Suria Resorts condominiums and villas on attractive terms for a maximum tenure of 20 years… Aaj News
Oil & Gas Development Co.,Pakistan’s biggest fuel explorer, posted a 0.7 percent decline in full-year profit. Net income fell to 45.62 billion rupees ($753 million), or 10.61 rupees a share, in the year ended June 30 from 45.96 billion rupees, or 10.69 rupees, a year earlier, the Islamabad-based company said today in a statement to the Karachi Stock Exchange. Revenue rose 3.6 percent to 100.26 billion rupees…The company’s spending on exploration last fiscal year more than doubled to 7.4 billion rupees from 3.6 billion rupees a year earlier, according to the statement. Source : Bloomberg
The Supreme Court has extended the stay against privatisation of Pakistan State Oils Ltd (PSO) for an indefinite period…The Court was hearing an appeal of the Attock Group of Companies against its disqualification to participate in the purchase of 51 percent controlling shares of PSO here on Tuesday. The Privatisation Commission had disqualified the Attock Group alleging that it had concealed some adverse information which was required as per ‘Request for Statement Qualification’.In its appeal, the Attock Group stated that it was engaged in exploration production, refining, manufacturing of petroleum products and chemicals. The group had successfully participated in the privatisation process relating to National Refinery in 2003 and paid Rs 7.5 billion more than the next bidder… Aaj News
UPPER CAPS : Arif Habib Ltd / Bank of Punjab / TRG Pakistan Lower Cap : JOVC
Market Low : 11,957.65 High : 12,326.38 Market Close : 12,326.38 — 81.76 points up
Today was the highest close for the KSE-100 index since it got bashed out of shape 2 weeks ago. The index has been holding 13,600, trading in a narrow band and needs to breakout above 13,800 for further gains . Fauji Cement was the top score in terms of volume with 29.6 million shares traded followed by Bhosricor at 23.6 million. Next week brings the result season into full swing with Shell, PSO and PPL due to announce their results. While the market could well cross 13,800 2moro, being a Friday there could be some weekend selling.
News : The cement dispatches have marked massive growth of 41 percent year-on-year (YoY) in July of current financial year to 2.39 million tonnes as against 1.69 million tonnes in the corresponding of last year.According to latest data of cement dispatches in the first month of current financial year, the growth includes exports of 441k tonnes, surging by phenomenal 134 percent in the month under review whereas the local sales of the cement registered a growth of 29.6 percent to 1.95 million tonnes during this period.. Daily Times
The KSE-100 index broke through 14k and made a new intra-day high of 14,079 and closed up at a record 14,020. Volumes were relatively low at 225 million shares traded today and Fauji Fertilzer Bin Qasim was the flavour of the day trading 32.4 million shares. The banking sector is underperforming the index barring FABL which has just woken up having been dormant throughout the year. While certain stocks are hitting their upper limits daily, enthusiasm in the blue chips appears to be waning. The Karachi Stock market is still ripe for a correction and there is likely to be one closer to the result season in order for the big boys to grab shares at lower prices.
News :Habib Bank Limited (HBL) initial public offering (IPO) is likely to face a two weeks delay as Privatisation minister, Zahid Hamid, is not available for its go ahead till July 15. Zahid Hamid is presently in London for witnessing UBL GDR trading and listing of few upcoming global depository receipts (GDRs) and then he is scheduled to visit US for some other engagements.He is likely to return to Pakistan on July 15. Sources said HBL IPO would be offered once the minister comes back from his official visit to US and UK and, of course, it would be possible by the end of current month or in next month… Aaj News
The price of cement has further dropped by Rs15 per 50kg bag in Lahore markets due to a dent in cement manufacturers cartel and brisk construction activity caused by countrywide torrential rains this year. In local markets, the prices of different brands of cement ranged between Rs.180 and Rs.185 compared to Rs.195 to Rs.200 a few days ago … The News
Upper Caps : JOVC / Arif Habib Securities / Arif Habib Ltd. / FFBL / Sui North / JS Bank
As expected the Karachi Stock market had to left off steam as it was overbought. After making an intra-day high of 13,995, it dipped down to 13,773 and closed down at 13,809. TRG Pakistan was the flavour of the day with 53 million shares traded. Its seems that recently quite a few of the shitty 3rd tier stocks having been rising considerably. The KSE-100 index closed around a support level of 13,805, 13,600 is the next downward fall and upside follows to 13,855 heading back to 14k.
News : Lucky Cement, Pakistan’s biggest cement maker, said on Tuesday it plans to issue global depository receipts (GDRs) to raise funds for its expansion plans.Lucky Cement plans to raise its cement manufacturing capacity by 2.5 million tonnes per annum by building two additional lines in Karachi,…It did not give details about the size and timing of the planned GDR issue…Aaj News
Egyptian billionaire Naguib Sawiris is among four parties competing for a majority stake in Saudi Pak Bank, in a sale expected to raise over $100 million, banking sources said on Tuesday.The small lender with a market capitalisation of just over $150 million is majority owned by the Saudi Pak Industrial and Agricultural Investment Co., a joint venture between the governments of Pakistan and Saudi Arabia… Aaj News
The government has allowed Rally Energy Corporation to start natural gas production at its Salsabil Field project in the country.A report issued on Tuesday said that approval has been given for the period up to November 30, 2007. The corporation will feed natural gas production into the Sui northern gas pipeline system…Daily Times
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000. SCRA inflow for June has reached $228 million taking the fiscal year total to $ 978 million.
News : The cement price went down to Rs210 after a reduction of Rs20 to Rs25... Geo News
Both Bestway and the Abu Dhabi group have increased their shareholding to 29.5 percent in UBL by acquiring GDR’s worth 200 million dollars,..Both groups have jointly acquired 51 percent stake at the time of privatisation - evenly split among them for 201 million dollars…a probe has been ordered to ascertain the responsibility for the UBL share dropping from Rs 214 to Rs 206 just before the end of day trading which resulted in the GDR offering at Rs 195 instead of Rs 203. This cost the government a net loss of just under two billion rupees…. Aaj News
Upper Caps : Bhosricor Refinery / JOVC / Arif Habib Ltd. / Azgard Nine
The KSE-100 index made a high of 11,173 , then dipped down to 10,979 and close up at 11,156. Total volume traded today was 111.9 million shares, still on the low side. Arif Habib Securities was the flavour of the day with 12.6 million shares traded. The market has closed above its first resistance of 11,100 and the next target is 11,400. The market is up by nearly 1000 points since Friday and after 4 days of green, there could be some weekend selling 2moro.
The Karachi Stock market displayed more of the same today with most stocks hitting their lower caps. There was some activity in OGDC which closed up marginally and PSO which closed at 428.79, up Rs.11.55. Volumes increased compared to yesterday with 40.8 million shares traded. Whether the rest of the market opens up from its lower limits 2moro remains to be seen, but there should be some recovery soon.
The Karachi Stock market continued its rise making a high of 12,499 and closed up at 12,430. The market has jumped up 1268 points in the last two sessions and there could be some lower caps creeping in, in a day or two. Volumes have increased with 192.7 million shares traded today. 
Friday saw the KSE-100 index close down at 12,941, mainly due to a wait & see approach to the results of the " Long March " over the weekend. The " Long March " was a total waste of time and a criminal waste of money at a time when we are being taxed to the hilt to cover the govt’s shortfall in its fiscal and current account deficts.
The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.
The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.
The KSE-100 index opened up with a huge erection of over 190 points. Making an intra-day high of 15,231, the market closed up at an all time high of 15,182, embracing the dawn of democracy, celebrating a new chapter of corruption with one of the most corrupt political parties in Pakistan’s history at the helm. Cements were the flavour of the day with Lucky Cement scoring a total volume of 30.5 million shares traded. Upward resistance is 15,231-300.
The KSE-100 index recovered from yesterday’s big slide to close up at 14,964. OGDC was the flavour of the day with 25.1 million shares traded. PSO made a record close of 539.70. Upward resistance is at 15,050.
Another choppy day at the Karachi Stock Exchange with volumes shrinking down to 120 million shares traded. PSO closed at a new high of 538.55. Despite regional and world markets getting fucked out of shape after Bear Stearns was sold for $2 per share today, the market showed resilience and closed marginally down at 15,043. It’s possible that there will be some foreign selling this week, which could take the market below 14,900. With no good news on the near horizon, start brushing the cobwebs off the Vaseline jar !
The Karachi stock market opened up and made a new intra-day high of 15,231, then corrected down to 14,989 and closed down at 15,074. DGKC was the top volume stock traded today with 34.2 million shares. PSO made its highest close todate at 522.15. BOP got bashed down to lower cap by baseless rumours of it cancelling its 25% bonus share dividend. Upward resistance is at 15,120-230.
The KSE-100 index opened up and closed on a new high of 15,171, the highest close to date so far. Lucky Cement was the top volume stock traded with 33.6 million shares traded. Engro Chemical closed at its highest close of 343.90. Oil made a high over $110 today. The market is headed for 15,500 with possible corrections along the way.
The KSE-100 index finally rebounded after 3 sessions of corrections, to close up at 14,957. OGDC was the top volume stock traded with 22.6 million shares. PSO closed short of its upper limit at 505.50, a record close. Oil has jumped upto over $104.70. The market should head upwards to test its previous high of 15,079.
Friday’s close saw some correction with the Karachi Stock Market making an intra-day high of 15,146 and closing down at 14,934. Whether the correction will continue remains to be seen 2moro as quite a few stocks are still overbought. The recent 9% increase in petrol prices could well take the OMC’s up and some of the market with them. As such the bulk of the result season is over.
Friday saw further lethargy in terms of trading activity, with 69 million shares traded. The KSE-100 index made a high of 14,018 and closed down at 13,938. The next week could be quite volatile with the build up to the farcical elections alluding to the myth of democracy. The result will make no fucking difference to the state of the nation as the poor will continue to get fucked on a daily basis and the rich just get richer. A lot depends on who gets blown up and who doesn’t (hopefully nobody will ). However, there should be some stock specific activity as a lot of results are to be announced this week. Stock up on the Vaseline !
On Friday, the KSE-100 index made a high of 14,059 and closed down at 13,974. Volumes were extremely low with only 73.5 million shares traded. Upside resistance is 14,070 and downside support is 13,800. 
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
The KSE-100 continued its downward spiral as world markets and the oil price tumbled further today on US recession fears. The market has dropped by 425 since monday and 2moro’s Friday show could bugger it further downwards. Total volume was lower today with 113 million shares traded.The next downside support is 13,600, followed by 13,300. Keep lots of Vaseline at close reach !
The Karachi stock market opened up and made a high of 13,778. It then slowly went down and in the last half hour got bashed down to 13,353, due to some baseless rumours. The market is now down by 1,418 points (9.6% ) in the last 3 sessions and should be ripe for a pullback soon. The uncertainty of the election date has been removed today with the announcement of Feb.18th as the new date. Provided the 2 political parties behave and control their dogs from rioting and burning, there should be some consolidation in the market. Oil has hit $100 today for the 1st time. The next upward resistance is 13,500-700.
The Karachi Stock market broke 14,500 on an intra-day basis making a low of 14,474 and then recovered to close at 14,508. Volumes shrank to 88.3 million as there is not much interest in the market with a long weekend and X’mas coming up. Hopefully it will pick up next week.
After a strong recovery to 14,321 the day before, the KSE-100 index plunged down to an intra-day low of 13,823 based on rumours of a state of emergency, leading to panic selling. The courts need to pull their finger out and finish the decision of G.Mush’s validity to stand for another 5 years. The uncertainty is whats killing the mkt, although a correction was needed to fill the gaps in the rapid rise from 13,000 - 14,900. Keep the Vaseline at close reach ! Downside sees 13,700 ish
The KSE-100 index made a high of 14,532 and closed down at 14,396. OGDC was the flavour of the day with 17.6 million shares traded out of a relatively low volume of 175.3 million shares traded today. The market closed just below its support level of 14,400 and downside could see 14,200. Upward resistance is 14,500 and a close above 14,600 would augur well.
The market opened up yet again and closed on its high of 13,921 . July 16th was the last time that the KSE-100 index closed at these levels. OGDC was the volume leader of the day with 27.3 million of a total of 285.8 million shares traded. The Karachi Stock market has risen 593 points since September 27th and while its likely to test 14k 2moro, some correction is due soon as its overbought. However, if things go well this week and G.Mush is elected , expect to see a new all time high in the near future.
After yesterday’s jittery performance , the KSE-100 index allayed all fears of an immediate reprisal/backlash to Sharif’s expulsion and made a high of 12,784. OGDC was the star performer of the day in terms of the highest volume, trading 29.6 million shares and has risen over Rs.4 in the last 2 days. If there are no more jitters , the Karachi Stock market should continue rising towards the next resistance level of 12,950. Today’s close over the 30 DMA is a positive step towards that.
The Karachi Stock market opened up with a gap and finally the KSE-100 index broke 12,500, made a high of 12,710 and closed up at 12,666. Volumes increased with 265 million shares traded. OGDC was the volume leader trading 31.3 million shares and moved up to close at 110. It seems that the positive news of the current political deal in progress boosted the market today. Hopefully the upward momentum will continue and the next upside is around 12,750 leading to 12,950.
The KSE-100 index stayed positive all day and made a high of 12,433 and closed at 12,393. This is the highest close since the market nose-dived in the last few weeks. BAFL was the volume leader of the day with 26.2 million shares traded and has finally moved up slightly since its recent dormancy. Its possible that 12,500 could be tested 2moro provided the ‘political uncertainty ‘ jitters subside and there are no negative developments.
The ‘’downslide'’ continued at the Karachi Stock Exchange today with the KSE-100 index dipping below 12k to a low of 11,957. The market then stabilized and finally closed up at 12,326, the first positive close in some days. The next upward resistance is 12,500. While volumes of Vaseline have been expended in the last 2 days, keep the jar at close reach for the moment.
Today was the highest close for the KSE-100 index since it got bashed out of shape 2 weeks ago. The index has been holding 13,600, trading in a narrow band and needs to breakout above 13,800 for further gains . Fauji Cement was the top score in terms of volume with 29.6 million shares traded followed by Bhosricor at 23.6 million. Next week brings the result season into full swing with Shell, PSO and PPL due to announce their results. While the market could well cross 13,800 2moro, being a Friday there could be some weekend selling.
The KSE-100 index broke through 14k and made a new intra-day high of 14,079 and closed up at a record 14,020. Volumes were relatively low at 225 million shares traded today and Fauji Fertilzer Bin Qasim was the flavour of the day trading 32.4 million shares. The banking sector is underperforming the index barring FABL which has just woken up having been dormant throughout the year. While certain stocks are hitting their upper limits daily, enthusiasm in the blue chips appears to be waning. The Karachi Stock market is still ripe for a correction and there is likely to be one closer to the result season in order for the big boys to grab shares at lower prices.
As expected the Karachi Stock market had to left off steam as it was overbought. After making an intra-day high of 13,995, it dipped down to 13,773 and closed down at 13,809. TRG Pakistan was the flavour of the day with 53 million shares traded. Its seems that recently quite a few of the shitty 3rd tier stocks having been rising considerably. The KSE-100 index closed around a support level of 13,805, 13,600 is the next downward fall and upside follows to 13,855 heading back to 14k.
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000.