11,156
July 24, 2008
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
Upper Caps : BOP / AICL / NBP / UBL / MCB / DGKC / NML / ATRL
Market Low : 10,979.07 High : 11,173.77
Market Close : 11,156.68 – 138.18 points up
After another dip down to 10,057, the KSE-100 index finally closed up with a reasonable gain of 140 points at 10,374. The Government has finally woken up to realize that the market has gone down nearly 35% in the last 3 months. This has resulted in a visit from the SBP governor at the KSE today and the Finance Minister will be visiting 2moro. A little too late one could say, but better late than never. A close above 10,500 would be supportive for the market.
Friday saw the week ending with the KSE-100 index closing down yet again, at 11,695. After Friday’s meeting of the SECP & the stock exchanges, it has been decided that the locks will revert to their normal 5% up or down as of July 14th. Short selling will be allowed in the August futures contract (see the article below) Given the pattern of trading in the last 2 weeks, expect a lot of lower caps 2moro. Stock up on Vaseline and Pampers !
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. 
On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis " issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !
The Karachi Stock market was sluggish today with very low volumes of 131 million shares traded. There was also a technical fault which led to the market being suspended for 50 minutes. (see the flat line in graph ). The market made a new intra-day high of 15,739 and closed down at 15,654. It seemed as though the market was sitting on the fence, or could it be the begining of a correction ? Oil crossed $117.75 today.
Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.
The Karachi Stock market opened up and made a new intra-day high of 15,598. Towards the end of the session it headed downwards and closed down at 15,404. POL was the flavour of the day with 26.4 million shares traded. After many days of smooth sailing , violence has erupted in Karachi again with the fucking lawyers having armed battles in the streets with 8 dead and 40 vehicles torched. This could lead to a further correction in the market 2moro. Keep an eye on that Vaseline jar.
The KSE-100 index opened down making a low of 15,371 and then recovered to close at 15,474, the highest close so far. DGKC was the flavour of the day with 51.1 million shares traded . Engro set another record close at 357.90. The bells have started tolling for the exemption of CGT (Capital Gains Tax ) to be removed in the new fiscal year and the sooner the new Govt.’s stance is clarified, the better for the market and foreign investment.
Slowly but surely the Karachi Stock market is setting new highs.Today’s close at 15,275 and intra-day high of 15,333 have broken all records (so far ). The market is nearly 4000 points up from 27/3/2007. Arif Habib Securities was the top scorer in terms of volume with 22.6 million shares traded. 2moro’s "Friday show" could well see some selling / correction. Upward resistance is at 15,333 and downside support is at 15,120-050. 
On Friday, the Karachi Stock market opened up making a new intra-day high of 15,192, dipped down to 15,021, and closed down at 15,085. FFBL was the flavour of the day with 42.8 million shares traded. Fauji Fertilzer closed at its upper limit, making its highest close in 2 years at 142.80. Oil is hovering above $105. The next upward resistance is 15,200.
The KSE-100 index continued its upward march making an new intra-day high of 15,179 and closing up at a record high of 15,145. OGDC was the major flavour of the day closing at its upper limit with 66.3 million shares traded. PSO and Engro Chemical closed at new record highs at 511.10 and 339.15 respectively. Oil nearly touched $106 today. The market looks like it’s heading for 15,500 with corrections along the way.
The KSE-100 index made a high of 14,970 and then undertook a much needed correction down to 14,740. It recovered to close down at 14,816. Voulmes were considerably lower at 144 million shares traded. Bank Alfalah was the top volume stock traded today. 
On Friday the KSE-100 index opened up, dipped down to 14,888 and then rose to close at 14,980, another all time high. DGKC was the flavour of the day with 32.1 million shares traded. MCB has made another all time high closing at 472. The market is getting more overbought by the day and while it corrected down to 14,888 and closed higher, there could well be a proper correction down to 14,700 or lower.
The KSE-100 index shot up again and closed on its high of 14,282. Banks were the flavour of the day with National Bank closing at its upper limit. Oil rose above $95 today. With a long weekend coming up (the market is closed on Monday 18th for the farcical elections) there could be some selling 2moro. 
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 !
The Karachi Stock market opened up with a gap making a high of 13,902 and then slowly fizzled out to end closing up at 13,787. Arif Habib Ltd hit another all time high closing at its upper limit of 378.55 . With 4 consecutive upper caps and its result on the 29th, it seems fairly obvious that a large bonus is on the cards. NIB Bank & Arif Habib Securities Ltd were the top scorers on the leader board trading 40 & 37 million shares respectively. With Asian markets recovering today and the Dow closing 2.5% up , it’s possible that the market will go up and stay up 2moro.
Friday’s market saw the KSE-100 index dip down to 13,577 and then bounce back up to recover in the 2nd session closing up at 13,874. PTCL was the flavour of the day with 31 million shares traded. The next upward resistance is 14,050.
After a dip down to 13,852 , the KSE-100 index revovered and rose to an intra-day high of 14,084, closing up at 14,049. Arif Habib Ltd closed at its all time high at 310.80 today, as well as Jahangir Siddiqui & Co. at Rs.1260. The market is still below its 30 DMA, having closed above its 50 DMA today. Upward resistance is from 14,200-300 and downside sees 13,800-700. This evening’s bomb in Karachi will possibly take the market down again.
The KSE-100 index dipped down to a low of 14,435 and then recovered to close up at 14,633. Pakistan Cement was the flavour of the day with 19.5 million shares traded due to 
Due to the inevitable announcement of a state of emergency on Saturday, the KSE-100 index got buggered senseless today. Opening down below 13,580 , it then recovered back to 13,780 and then got a royal fisting down to 13,257, closing down at 13,279. The Karachi Stock market’s fall of 635 points is possibly the largest in its history in terms of points. It has lost 1636 points since its intra-day high of 14,908 on October 22nd. The market has closed below its 30 and 50 DMA’s and there could be a pullback soon, perhaps after some more downside or 2moro. While the index has had its gaps filled in the 13,300-14k range, no doubt several punters have had their gaps filled as well !! Apply copious amounts of Vaseline and enjoy the ride !
The KSE-100 index headed to test its all time high of 14,290 and fell short with a high of 14,272. It then dipped down to 14,027 and closed at the same level as yesterday at 14,099. Askari Bank was the volume leader of the day with 32.9 million shares traded. Whether that was the current correction for an overbought market remains to be seen next week. With the current sentiment the Karachi stock market should test its high and go further.
There was some improvement in the KSE-100 index with a high of 12,264 and a close at 12,228. There seemed to be some buying across the board, esp. MCB which is up Rs.25 since yesterday. Lucky cement was the volume leader with 13 million shares traded. OGDC and BAFL are lagging in performance in comparison with other stocks that rose today. Hopefully the upside will continue 2moro with 12,300 being tested. A close over 12,300 would be a positive step towards 12,500.
Given the fact that world markets continue to tumble perhaps we should consider ourselves lucky that the KSE-100 index closed down by only 77 points. While the Dow Jones index staged a recovery towards its close today, the FTSE-100 got buggered senseless closing down by 4.10%, its biggest fall since March 2003 . While the downside could continue in world markets due to the current liquidity crunch, we could see some pullback in the Karachi Stock market or being a Friday 2moro, some major bloodshed. 12,600 is holding as a support level at the moment and the next upward resistance is 12,860. The worst is perhaps not over yet, keep applying the Vaseline and let the dust settle.
After getting a good bashing yesterday , the KSE-100 index recovered to close up at 14,053. Arif Habib Securities was the flavour of the day with 26.5 million shares traded and wnet from lower cap to nearly close at its upper cap. FFBl made its highest close to date at 47.40. Upside resistance is at 14,120- 14,170.
The KSE-100 index made a high of 13,981, a low of 13,781 and closed up at 13,967. The market seems to have corrected and somewhat consolidated. Arif Habib Securities was the flavour of the day with 30.5 million shares traded and closed at upper cap. The index should test 14k once again and attempt to close above it. 