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 ...
News : D.G. Khan Cement Ltd., Pakistan’s second-biggest producer, plans to invest 30 billion rupees ($360 million) to build a factory at home and in Sri Lanka, aiming to double capacity and tap demand in South Asia and East Africa. The company plans to invest as much as 10 billion rupees to build a 2 million ton plant in Sri Lanka in partnership with the government, Chief Executive Officer Mian Raza Mansha said in an interview in Lahore today. Another 20 billion rupees will be spent to build a 3 million ton factory at Hub near Karachi to increase sales to East African nations, he said…The company plans to raise 1 billion rupees through a rights share issue in the next quarter, Mansha said… Bloomberg
No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.
Dividends : Pakistan Telecommunication Company Ltd has announced that it achieved a profit after tax of Rs9.151 billion in financial year 2008-09 against a loss of Rs2.82 billion in the previous year. Earning per share (EPS) came to Rs1.79 compared to loss per share (LPS) of Rs0.55 for FY08. The loss incurred last year was attributed mainly to a one-time spending on account of the Voluntary Separation Scheme (VSS). The company’s operating profit stood at Rs10.75 billion as compared to Rs16.36 billion last year, a decline of 34.2 per cent year-on-year. Other operating income increased by 7.82 per cent to Rs4.26 billion against Rs3.95 billion last year… The News
Indus Motor Company has announced the company’s earnings fell to Rs1.38 billion in financial year 2008-09 compared to Rs2.29 billion earned last year. Earning per share (EPS) stood at Rs17.62 versus Rs29.15.The company declared a cash dividend of Rs10 per share (100 per cent) for the year ended June 30, 2009. Though the assemblers increased car prices, it proved insufficient to fully offset declining sales. Net sales dropped by 8.59pc year-on-year… The News
Mari Gas Company Ltd has posted a profit after tax of Rs2.15 billion for the year ended June 30, 2009 and announced 100 per cent bonus shares.According to financial results of the company sent to the KSE on Tuesday, the pre-tax profit was down at Rs2.39 billion while earning per share improved to Rs7.42 during the period under review… Source : The News
News :After witnessing substantial growth in all three quarters of FY09, cement sector concluded FY09 with a handsome growth of 1492 per cent YoY. Higher retention prices (up 59 per cent YoY) and high rupee based export sales amid rupee depreciation (20 per cent YoY) drove profits up north, JS Research said in its report on Tuesday.“However, this growth is magnified, as FY08 was an abnormally low profit period for the sector,”… The News
News : Lucky Cement Ltd., Pakistan’s biggest producer, plans to start its first overseas factory in Africa by 2011 to take advantage of a construction boom. “The African market is where the future growth for Pakistan lies,” Chief Executive Officer Muhammad Ali Tabba said yesterday in an interview in Karachi. “Demand is growing and there are not many plants in the region.”…“Lucky has the first-mover advantage in capacity building, exploring export markets and providing better quality with competitive prices,”…Lucky, which accounts for a third of Pakistan’s overseas cement sales, exported 57 percent of its production to the Middle East, Africa, Sri Lanka, India and Afghanistan in the nine months ended March 31.
Sales to India, Sri Lanka and Egypt will continue to grow, as demand from the Middle East slows, Tabba said. The cement maker’s full-year profit may rise 60 percent, First Capital’s Khan estimated. The company is expected to announce full-year earnings tomorrow…. Bloomberg
Friday saw the KSE-100 index dip down to a low of 7,524, and then in the second session the index bounced back on the news of $5.28 billion pledged in the FODP meeting in Tokyo. Making a high of 7,910, the market closed at 7,794. The Monetary Policy will be announced on Monday 20th April. A zero to nominal interest rate cut is expected.
The result season will be in full swing from next week with POL, PSO, OGDC & FFC to announce their results amongst several other companies.
Dividends : Attock Cement Pakistan Limited (ACPL) registered phenomenal growth of 194 percent in its net profit in the 1st quarter of 2009 on the back of heavy growth in its sales and gross level margins. Net profit came to Rs317 million in January-March 2009 against Rs108 million in the corresponding period of previous year. Earnings per share (eps) also jumped to Rs 4.41 in the period under review from Rs 1.50 in the same period of previous year… Daily Times
Another stonking great performance for the KSE-100 Index, closing up at 7,191 , an increase of 3.73%. It’s possible that there could be some weekend 2moro after today’s big upward move.
News : Bosicor Pakistan is set to start production from the country’s largest oil refinery by June 2010 as part of its endeavour to become a leader in petroleum refining and marketing business, its Chairman Amir Abbassciy said on Thursday.The refinery, which will process 120,000 barrels of crude oil a day, and is in addition to its existing 30,000bpd refining unit, is going to complement the company’s oil marketing arm,..Bosicor which joined hands with private equity giant Abraaj Capital last year, has pumped $600 million to form a fully integrated petroleum business… The News
It is enhancing production from its existing refinery to 40,000bpd in the next few months. Work is underway on the construction of a sub-sea pipeline and single buoy mooring facility. And by year-end it will have constructed the country’s largest oil storage tanks.
The government announced the new petroleum policy for the year 2009, on Thursday. …Advisor to Prime Minister for Petroleum & Natural Resources, Dr. Asim Husain said that over 100 licenses would be issued for oil and gas exploration in the country. He said the new liberal policy will attract local and foreign investors and the government will provide them with all facilities in this regard…He said the country is producing 67000 barrels of oil per day… The News
The country’s two major cement manufacturers have shown their interest to acquire the controlling shares of Dewan Cement Limited which is presently running in loss, …Sources said the consortium of Pakistan banks, which was financing the Dewan Cement, has now approached the Lucky Cement Company and the DG Khan Cement Company with a view to convince them to strike a deal either to acquire the controlling shares of Dewan Cement or at least make a partnership with the said company…. The Nation
As expected, the KSE-100 index shot up today closing 404 points up at 10,853. Despite the 400 point rise, volumes were relatively low with 87.6 million shares traded. The 1% interest rate hike was within market expectations and no further hikes in the CRR & SLR were seen as positive. Now that the uncertainty of the rate hike is over, the market should move upwards in lieu of the current result season. The next upward resistance is 11,100. Oil jumped up by $5 to127 today due to a decline in US gasoline inventories, any fucking excuse for its pathetic uncontrolled speculation.
Fauji Fertilizer Company (FFC) has posted a net profit of Rs3.3 billion for the first half of calendar year 2008. This is 38 per cent higher than Rs2.4 billion the Company earned in the corresponding period last year…The Earning per Share (EPS) for the said period enhanced to Rs. 6.7 as compared to Rs. 4.8 in same period in 2007. Earnings of the company increased on the back of higher urea prices under the review period as price increased to Rs.600 per bag by Jun 2008, as well as higher volumetric urea sales, standing at 1.2 million tons as against one million tons in first half of 2007… net sales of the company increased by 39 per cent to stand at Rs14 billion compared to Rs10 billion in the corresponding period last year… The News
News : The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved the new oil pricing mechanism, reducing deemed duty for oil refineries and import duty on crude oil import to 7.5 percent each and fixing margins of OMCs and dealers… Federal Finance Minster Naveed Qamar said the measures taken would not benefit consumers. These measures would help the government reduce the subsidy on diesel by Rs 8.15 per litre. The minister said the government could not pass on the benefits of the reduction in OMCs’ and dealers’ margins to consumers. He said the government was still giving Rs 35 per litre subsidy on diesel that amounted to Rs 1 billion a day. The minister also said the ECC had fixed the margins of Oil Marketing Companies (OMCs) and dealers’ commission according to crude oil price of $100 per barrel. The ECC has also decided to reduce the deemed duty (a subsidy) for oil refineries from 10% to 7.5%. Import duty on crude oil has also been reduced from 10% to 7.5%… Daily Times
The government is considering a crackdown on cement manufacturers against raising cement prices to over Rs 400 per 50 kg bag, without any justification,…The issue was discussed in the meeting of the Economic Co-ordination Committee (ECC) of the Cabinet on Wednesday wherein it was confirmed that cement manufacturers have raised the price of 50 kg cement bag to Rs 400 at a time when the construction season is at peak in the country.Sources said that Finance Ministry has been asked to investigate the reasons for the sudden increase in cement prices when there was no substantial change in input costs. Analysts have calculated that the cost one 50 kg cement bag is in the range of Rs 230-240, which means that the manufacturers are overcharging the consumers by approximately Rs 160 per bag….the government was considering withdrawing recent increase of 20 percent in federal excise duty (FED) on cement because of its negative impact on construction industry throughout the country. The government had raised FED by Rs 150 per ton to Rs 900 from Rs 750 in the federal budget besides enhancing one percent general sales tax (GST)… Aaj News
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
No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.
As expected, the KSE-100 index shot up today closing 404 points up at 10,853. Despite the 400 point rise, volumes were relatively low with 87.6 million shares traded. The 1% interest rate hike was within market expectations and no further hikes in the CRR & SLR were seen as positive. Now that the uncertainty of the rate hike is over, the market should move upwards in lieu of the current result season. The next upward resistance is 11,100. Oil jumped up by $5 to127 today due to a decline in US gasoline inventories, any fucking excuse for its pathetic uncontrolled speculation. 
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.
