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 is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
Dividends : Arif Habib Securites : EPS : 20.20 Arif Habib Bank Ltd : EPS : 0.32 Shell Pakistan : EPS : 48.39
Shell Pakistan Limited has posted net profit of Rs 2.652 billion during first nine months of current financial year compared to Rs 232 million in the same period of last year… the earnings per share (eps) of the company also rose to Rs 48.39 during the period under review from Rs -4.01 in the corresponding period of previous year whereas the profit before tax stood at Rs 3.630 billion against Rs 757 million in the last year. Arif Habib Bank’s net profit rose to Rs 146 million during 1st quarter (Jan-March) of 2008 from Rs 15 million in the previous year. The bank’s EPS also moved up to Rs 0.326 in the said period from Rs 0.053 in the previous year whereas profit before tax rose to jumped to Rs 179 million from Rs 16 million in the previous year… Source : Daily Times
News : With a successful discovery of a new exploratory well in District Hyderabad, Sindh, the average daily production of Oil and Gas Development Company (OGDC) including the share from the joint ventures has touched 45,235 barrels of crude oil per day.The Company has succeeded to discover an exploratory well near Lashari lease, Molan area in District Hyderabad. Initially the production of the well will be 1,150 barrel per day, the specification of this oil is 45 degree API,.. OGDC is also producing 963 million cubic feet of natural gas and 382 metric tons of LPG per day… Aaj News
Pakistan Petroleum Limited (PPL) is now going for horizontal wells, instead of vertical ones. The reason is that a horizontal well has two to three times more production capacity than a vertical one. A beginning was made recently when a horizontal ‘Well 26′ was dug in the Kandhkot gas field…PPL boasts of 24 exploration blocks in its portfolio and is continuously working to identify additional sites. It is also striving for new foreign ventures and has already won a bid for Block 29 in Yemen in a joint venture with OMV (Pakistan) Exploration…. Aaj News
State-owned Oil and Gas Development Co Ltd (OGDCL), the country’s biggest listed firm, announced on Friday a small oil discovery in southern Sindh province, raising its oil output by 1,150 barrels per day (bpd)… Last week, Pakistan finalised plans to issue an exchangeable bond with an option for OGDCL shares, to be jointly managed by ABN AMRO, Barclays and JP Morgan… Aaj News
Upper Caps : PAKRI / Azgard Nine / Sitara Peroxide / Arif Habib Ltd.
The KSE-100 index is scaling new peaks, though not very convincingly, by only a few points at a time. Today’s close at 15,199 is the highest so far, with no doubt there will be more to come. Oil has risen by $5 dollars today on the news of a US shortfall in supplies. JS Bank Ltd was the flavour of the day with 17.6 million shares traded. Upward resistance is at 15,297, the previous intra-day high.
News : The Federal Board of Revenue has agreed to give income tax exemption on the expansion of power projects by the Independent Power Producers (IPPs) operating in the country… Source : Aaj News
MOL Pakistan, the operator of Tal Block, has signed a contract for the Manzalai Field Development Surface Facilities, worth $119 million with a consortium, PDIL, here. Manzalai field is located in the Karak and Hangu districts of NWFP.The target of the project is to produce 200 mmscfd natural gas and 4,000 BPD condensate as the second stage of the Manzalai Field development. Together with the first stage the planned production from the Manzalai Gasfield will be 250 mmscd and 4,500 BPD condensate…. Aaj News
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
The KSE-100 index opened up making a high of 15,155 and then got bashed down to close at 14,913. The correction could continue 2moro as well before any signs of recovery. Total traded volumes shrunk down to 135 million shares. Oil hit a new peak above $108 today. Downside sees 14,750 as support.
Dividends : Azgard Nine : 12.5 % Cash EPS : 4.46
Azgard Nine has recorded a massive growth of around 835 per cent in its net profit, which rose to Rs1,453.5 million for the full-year ended December 31, 2007, against Rs155.5 million in 2006. Accordingly, the board of directors of the company has recommended a final cash dividend of Rs1.25 per share for the year ended December 31, 2007. This phenomenal growth in the company’s profit was registered owing to doubling of its net sales to Rs12.309 billion against Rs6.505 billion in the same corresponding period last year… Source : The News
News : To boost Pakistan’s economy by substituting imported oil and gas with indigenous supplies, a Canadian Company, Niko Resources Limited will invest $32 million for oil and gas exploration over four blocks located in the Arabian Sea. The Company also plans to invest more than $200 million subject to availability of viable structures after conducting seismic survey… Daily Times
After Karachi, now, a countrywide power crisis is in the offing as the Pakistan State Oil (PSO) has issued notice to the Pakistan Electric Power Company (Pepco) of stopping supply of furnace oil to the thermal power generation units from March 11 onward for default on outstanding payments.Sources said that PSO issued the notice, to Pepco, in a meeting in Karachi on Thursday last for halting of furnace oil supply to the thermal power generation units, saying that its growing financial crunch was making difficult for it to maintain the supply from March 11 onwards… 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 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
Dividends : FFBL : 10% Cash EPS : 2.92
PPL : 50% Cash : EPS : 5.95 for the quarter
State-run Pakistan Petroleum Ltd (PPL) posted a 10 per cent rise in net profits for the first half of 2007/08 (July-June) on Thursday, narrowly missing forecasts, on higher oil and gas prices and increased production.PPL, which operates Pakistan’s largest gas field at Sui in south western Balochistan province, in a statement to the Karachi Stock Exchange (KSE), said it earned a net profit of 9.29 billion rupees ($149 million) in the six months upto 31st December 2007; compared with a net profit of 8.45 billion rupees for the first half of the last fiscal year… The News
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.
News : The government is considering increasing petroleum prices from February 1, ARY TV reported on Saturday.The channel quoted Petroleum Ministry sources as saying that petrol prices would be increased by Rs 2.5 a litre while diesel prices would be increased by Rs 2 a litre…Daily Times
Pakistan Petroleum Limited (PPL) earnings are expected to increase by 14 percent to Rs 9.6 billion in the first half of FY08 as compared to Rs 8.4 billion in the corresponding period last year.PPL is scheduled to announce its results on January 24, 2008 and the earning per share (EPS) of the company is expected to surge to Rs 12.75 as compared to an EPS of Rs 11.2 recorded during the corresponding period of last year… Aaj News
The ministry of finance has cleared a proposal of the ministry of petroleum for arranging Rs 40 billion syndicated loan from a banks consortium led by National Bank of Pakistan for payments to OMCs against outstanding differential on POL prices. Sources said the MoF is negotiating the loan with NBP, MCB, Allied Bank and Bank Alfalah…In all, 12 OMCs are operating in Pakistan. State-owned company PSO’s market shares is roughly 60 percent. Shell comes next with 23 percent. The rest 17 percent goes to the remaining 10 OMCs. These include two world giants - Total and Chevron. Their share is around 13 percent in the market… Aaj News
Following high level consultations with the Securities and Exchange Commission of Pakistan (SECP), FTSE Group (“FTSE”), the global index provider has deferred its decision to remove Pakistan from the FTSE Global Equity Index Series (“GEIS”) from June 2008. The announcement to the above effect was made by FTSE from its London office on January 17, 2008… Daily Times
Upper Caps : Arif Habib Ltd / Js Bank Ltd / Nib Bank / Sitara Peroxide
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
News : Oil prices slumped on Tuesday after US President George W. Bush urged producers to take action over ‘very high’ prices and as US recession fears gathered pace, traders said… Aaj News
Premier Oil Plc, the U.K. explorer in the North Sea, Asia and Africa, plans to boost operations in Pakistan at the same time Tullow Oil Plc is getting ready to quit the strife-torn nation…Pakistan’s largest natural gas fields, such as the Sui, are located in Baluchistan. The government plans to increase exploration to meet demand for gas that’s forecast to grow 8 percent a year and is expected to exceed production by 2010. London-based Premier has up until now been operating mainly in the south of the country, Lockett said."For all the time we’ve been there, we have never really had a problem'’ with Pakistan, he said."We are on the inside,we know how it works.'’ … " Baluchistan is very under explored and there is a huge potential for oil and gas discoveries "…. Source : Bloomberg
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
News : Pakistan granted an exploration licence to US company Hycarbex Energy Inc. on Saturday for an area of 1,229 sq km (475 sq miles) in the southern province of Sindh, the Ministry of Petroleum and Natural Resources said. Hycarbex will invest $6.3 million in the block to carry out surveys and drill three exploratory wells during an initial 3-year period, it said.The company has been exploring for oil in Pakistan since 1995 and has invested $25 million in another block in Sindh,… Aaj News
The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of “AAA” and “A1+” respectively to Pakistan State Oil (PSO). These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments,… The News
The Ministry of Finance has decided to issue fresh Letters of Comfort (LcC) valid up to December 31, 2008 to four banks having investment in National Investment Trust (NIT) units,… The Finance Division had earlier issued LoCs to four banks viz. the National Bank of Pakistan (NBP), Bank of Punjab, Bank of Khyber and Faysal Bank Limited, which were supposed to expire on December 31, 2007. To keep their over-Rs 10 billion investments in NIT units intact, the MoF has decided to issue fresh LoCs with extended validity… Daily Times
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
News : Oil and Gas Regulatory Authority (Ogra) has proposed about 7 percent increase in gas prices which the government has yet to approve, said Rashid Farooq, Vice Chairman, Ogra here on Thursday. "Increase in crude oil prices in international market are prompting the increase in gas and petroleum prices to maintain the balance", he said while talking to reporters at Attock Refinery Limited (ARL)… Aaj News
Pakistan’s efforts to find some major discovery in deep sea waters have received a big blow as Shell and its partners’ offshore drilling project has ended in a failure and as a follow-up the structure was declared as plugged and abandoned (P&A)…The Shell also sent the final report of the failure of the project to joint venture partners - OGDC, PPL, Government Holding (Pvt) Limited (GHPL), and Premier Kufpc. Since the abandoned project cost over $50 million, half of it will be borne by public sector companies, OGDCL and PPL, being 50 percent share holder 30 and 20 percent respectively and other 50 percent rests with Shell Pakistan and Premier Kufpc… Aaj News
A group of shareholders of Pakistan Industrial Credit & Development Corporation Limited (PICIC) have is seeking postponement of the Extra-Ordinary General Body Meeting (EOGM) scheduled to be held on November 26, 2007, for considering and approving the scheme of amalgamation of PICIC with NIB Bank Limited…Aaj News
The KSE-100 opened up and then sank down to a low of 12,881.The market then made a strong recovery to close up on its high of 13,239. The recovery was based on the news that the SC dismissed 5 of the 6 main petitions filed to challenge G.Mush’s re-election. Also a change in the E&P formula (see below) led to a big upward move of 3.8% in OGDC which took the whole market up as well. Pakistan Oilfields hit its upper limit and PPL was up by Rs.9.85. Volumes were double Friday’s at 129 million and the majority of the blue chips closed up. Upside resistance is 13,400-500.
News : The Economic Coordination Committee (ECC) of the Cabinet has removed $50 a barrel limit for buying crude oil from exploration and production (E&P) companies and fixed it on 50/50 sharing formula. The new formula provides that the prices of crude oil over and above $50 a barrel would be equally shared by the Government of Pakistan (GoP) and the exploration and production companies. This formula is basically compensation for E&P having old leases in different areas. Now when crude oil prices are ranging between $95 and $98 a barrel in the international market, the crude oil price for the leases covered under the new formula would be roughly $75 a barrel… Aaj News
Friday saw the KSE-100 index spike up to make a high of 13,200, followed by a dive into the red down to 13,048 and closing down at 13,082. One of the lowest volumes of the year with only 65 million shares traded in total. With no further news on the political fron the market is likely to be rangebound with 13,300 as its upward resistance and 12,700 on the downside.
News : Oil and Gas Development Company Limited (OGDCL) has discovered 10.46 million cubic feet per day of gas and condensate in its Moolan Exploratory Well located in Hyderabad district of Sindh province…The company holds the largest share of oil 31 percent and gas 31 percent of the total reserves in the country. In addition, OGDCL is an operator in 15 exploration licenses and partner in 6 exploration licenses. The company has 40 mining and development and production leases which are operated by it and partner in 32 non-operated mining and development and production leases… Aaj News
A court has ordered the issuance of bailable warrants against the directors of Callmate Telips Telecom Limited (CTTL) for indulging in wash trades/circular trade and insider trading and other manipulative practices in CTTL shares…the accused persons created false and misleading appearance of active trading in CTTL shares with a view to raising the price of CTTL shares for inducing purchase by public at large and also sold CTTL shares to make unlawful gains.In addition, the order said, the accused persons used price sensitive insider information to indulge in trading in CTTL shares… Aaj News
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550.
News : The daily production of oil has reached around 70,000 barrels and gas over 4 billion cubic feet in the country this year. The per-day oil and gas production remained 696,000 barrels and 967 million cubic feet respectively during the last year…Presently, 42 companies are working in Pakistan with 118 exploration licenses and 127 leases. Seventeen new blocks have been opened which would give further impetus to the ongoing exploration activities in the country and would open tremendous opportunities for the prospective investors in diversified fields… Aaj News
Oman’s Bank Muscat said it expects to agree this year on taking over Pakistan’s Saudi Pak Bank with partners including Nomura Holdings and is not put off by the country’s political turmoil. Bank Muscat, Oman’s largest lender, is in talks to buy 35 percent of the Karachi-based bank as part of a strategy to expand in the Gulf and South Asia as competition in its home market intensifies, Chief Executive Officer AbdulRazak Ali Issa told Reuters on Thursday…Asked if the turmoil was a concern for Bank Muscat, Issa said: "No, Pakistan makes good business sense … we have not seen any impact so far."… Aaj News
The government has bowed to the pressure of International Power of UK, allowing it to dematerialise and transfer its shares in Kot Addu Power Company (Kapco) without any restriction,.. Aaj News
The KSE-100 index appears to have stabilized somewhat, with no downside today a high of 14,491, and closed up at 14,449. OGDC was the volume leader of the day with 44.1 million shares traded out of a total 217.1 million. ICI Pakistan closed on another all time high at its upper limit of Rs.234.30. PPL moved up by 11.20 to close at 265. Oil crossed the $92 mark. While the "Tech Guy " is still negative about the index , next week remains to be seen based on reactions to recent results and court decisions. The result season is virtually over. The next upward resistance is 14,500-600 and downside support is at 14,300.
News: World oil prices surged to historic highs on Friday, breaching 92 dollars for the first time in New York on rising tension in crude-rich Iran and tight US energy supplies, analysts said."Now that oil is in the 90s, it is much easier to reach 100 dollars. Anything can happen in this market,"… Aaj News
Muslim Commercial Bank (MCB) on Friday reported a 30 percent rise in net profit during the first nine months of the year…MCB’s banking spreads, the spread between lending and deposit rates, are the highest in the banking sector and average 7.5 percent compared to the industry average of 7.3 percent.MCB, in a statement to the Karachi Stock Exchange (KSE), reported a net profit of 11.25 billion rupees ($185.31 million) for the January-September period, up from 8.64 billion rupees from the year-ago period… Aaj News
Pakistan Oil Fields Ltd. (POL) on Friday reported a 2.7 percent increase in earnings for the first quarter of 2007/08 as lower production from one of its major fields offset the impact of rising oil prices and dividend income received from investment in its group companies.POL, which also produces liquefied petroleum gas (LPG), solvent oil and sulphur, posted net profit of 1.89 billion rupees ($31.1 million) for the quarter ending Sept. 30th … Aaj News
The KSE-100 index corrected down to 14,253 and then recovered to close at a new all time high of 14,591 (intra-day high of 14,616). Due to the high price of oil at $88 , OGDC was the flavour of the day with 66.4 million shares traded from a total volume of 325.9 million. PSO also moved up by Rs.10.45 , POL by Rs.10.20 and PPL hit the 300 mark, up by Rs.12.55. The market looks like its headed towards 14,700 with 14,360 as the downside support.
Board Meetings : Fauji Fertilizer Bin Qasim + Shell Pakistan will announce their results 2moro.
News : Oil thundered more than $2 to a new peak above $88 a barrel on Tuesday, extending a nine-dollar rally since last week on tight supplies, strong demand and growing tensions in northern Iraq.The record surge raised alarm bells for producer group OPEC, which voiced concern over the high price and blamed rampant speculation by big money investors rather than any shortage of supply… The News
The KSE-100 index opened up again and made an intra-day all time high of 14,563, closing up at another record close of 14,484. OGDC was the flavour of the day closing up Rs.5 at 130.40, its highest close for this year. It traded 88.1 million shares, nearly 35% of all shares traded today.MCB closed at its highest ever at 386.85. The KSE-100 index doesn’t do things by halves. On August 27th it was totally oversold with a low of 11,852 and now it is heading for being quite overbought at nearly 14,500. With only one more trading session this week before the Eid closure, the Karachi Stock market could well close on a higher note, but a possibly vicious correction is due anytime now.
News : Shell has started much awaited offshore drilling in Indus Block this week. "With pre-drill resource potential of 300mmbbl oil, Shell drilling in Anne-1 well in Pakistan’s ultra-deep offshore region commenced this week", an analyst at KASB Securities said in its recent report.Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) carry 30 percent and 20 percent stake respectively. The exploration potential in Pakistan’s offshore is believed to be high… Aaj News
The legal merger of PICIC, PICIC Commercial Bank and NIB Bank will be completed by the end of current year, banking sources said here Tuesday.They said the name of the merged entity would be decided later after market research. It may be noted that NIB Bank, a subsidiary of Singapore-based Temasek Holdings, had acquired PICIC Group on July 1, 2007, for Rs 20.5 billion equivalent to $342 million… Daily Times
The KSE-100 index has recovered over 2,200 points from its recent fall and looks poised to test its previous high of 14,290. OGDC has been carrying the market upwards with its high imbalanced index weightage and after finally waking up from a sluggish 6 months, closed at 125.50. Engro closed at its all time high of 282.95. The KSE-100 index closed on its high for the 2nd consecutive day.The market is getting quite overbought and should correct soon.
News : The Finance Ministry has withheld Rs 22.5 billion, which payable to the oil marketing companies (OMCs) as differential on diesel and other petroleum products prices. As on September 30, the government owed Rs 12.1 billion to PSO, Rs 4.5 billion to Shell Pakistan, Rs 1.7 billion to Shavron and around Rs 4 billion to other companies…Source : Aaj News
The Karachi Stock market undertook an expected correction making a low of 13,237 and towards the end recovered to close at 13,353. Worldcall Telecom was the flavour of the day with a turnover of 17.4 million shares traded. Oil trading at $83 surprisingly made no impact on the OMC’s or oil related stocks. The Supreme Court decison in favour of G.Mush will be taken well by the business and market community and could spark off a small rally next week. 13,700-800 is quite possible provided the whining opposition rabble don’t get to stick a spoke in the electoral wheel.
Dividend : Sui South Gas : 5% Cash. EPS : 0.43
News : Leading stock brokers, investors and analysts while welcoming the Supreme Court verdict on President Musharraf’s dual offices expected that the share market will witness a bullish rally to reach new record levels and more foreign investment will come in the country’s equity market."We are looking consistent economic policies which will boost the country’s economy, consistently growing at the rate of over 7 percent since 2001", leading analysts said… Aaj News
The earnings of Sui Southern Gas Company (SSGC) have declined by 68 percent to Rs 290.380 million in the year ended on June 30 as compared to Rs 891.717 million in the corresponding period last year. The company earning per share stood at Rs 0.43 in the period under review against Rs 1.33 last year… Aaj News
Importers have raised the prices of dai ammonium phosphate (DAP), essential crop nutrients, by Rs 50 per 50-kilogram bag ahead of rising international prices, dealers said.A leading DAP importer on Thursday issued new price list of the commodity, announcing four percent per bag raise in the price of the commodity across the country, effective from Friday, they added. As a result, the retail price of the DAP had also gone up by Rs 50, reaching Rs 1,400 per bag of 50 kilograms from Rs 1,350… Aaj News
The Oil and Gas Development Company Limited (OGDCL) is poised well for overseas joint ventures in many countries as its teams are currently negotiating modalities to enter into new horizons. China, Kuwait, central states, South African countries are on OGDC priority list for overseas joint ventures…OGDC is a part of Shell Pakistan led joint venture, hopefully starting drilling in Pakistan’s deep waters in next couple of weeks… Aaj News
Market Low : 13,237.53 High : 13,353.68 Market Close : 13,353.68 – 25.55 points up
A fairly lacklustre day at the Karachi Stock Exchange with the KSE-100 index making a high of 13,265 and closing down at 13,198. Its possible that the market is sitting on the fence waiting for more news from the courts. Upside resistance is 13,275 -13,350 and 12,950 on the downside.
News : The Govt. awarded three petroleum exploration licences on Tuesday to a Pakistani company, Petroleum Exploration (Pvt) Limited (PEL), the Ministry of Petroleum and Natural Resources (MPNR) said.All three onshore blocks are in the southern province of Sindh…"PEL intends to make an investment of $20.71 million in these blocks to carry out geological and geophysical studies, acquisition, processing and interpretation," it said….It gave no estimate for the size of the reserves in the three blocks but said PEL would drill a total of 9 exploratory wells.Pakistan produces about 69,000 barrels of oil and nearly four billion cubic feet of gas a day and spends more than $6.5 billion annually on petroleum imports to meet growing energy demand… Aaj News
Upper Caps : AICL / Netsol Tech Lower Cap : Habib Bank Limited (HBL)
The Karachi Stock market opened down making a low of 12,693 and then stayed choppy till it closed up at 12,791. The market will depend on the political landscape for its current direction and looks to be heading towards 12,950, provided there is no bad news. The result season has virtually come to an end barring DGKC and Sui North.
Board Meetings : D.G.Khan Cement 19th Sept. at 11.pm
News : Pakistan Petroleum Limited (PPL), the operator of the Block 2568-13 (Hala), and its joint venture partner, Mari Gas Company Limited (MGCL), have announced the discovery and successful testing of condensate and gas in the Adam X-1 exploration well located in District Sanghar… Aaj News
Emirates Telecommunications Corp (Etisalat) said on Monday it plans to cut staff at its Pakistan Telecommunication Co Ltd affiliate after the South Asian firm reported a 25 percent drop in annual profit…Pakistan Telecom employs 65,000 people and has 5.7 million customers, according to its Web site….Etisalat Chairman Mohammed al-Omran told Reuters this month that Etisalat is interested in raising its stake in Pakistan Telecom to 51 percent… 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 upside continued with the KSE-100 index making a high of 12,387 and clsoing up at 12,370. NBP was the volume leader of the day with 16.4 million shares traded and MCB is up by Rs.37 for the week. The close above 12,300 should lead to a test of 12,500 , unless the market starts wetting itself again on the current political news.
News : Pakistan Petroleum Dealers Association (PPDA) had announced that it will disconnect gasoline sales from Friday for an indefinite period in protest against the reduction in profit margin of 39 paisa on petroleum products by government…Aaj News
The Privatisation Commission (PC) may be dragged into arbitration in London in case of refusal to International Power (IP) for dematerialization of its shares in Kot Addu Power Company (Kapco)…Aaj News
Pakistan Petroleum Limited (PPL) is examining to invest in oil and gas exploration business outside Pakistan…in this regard, the PPL has identified 10 perspective countries where the investment opportunities are suitable for the company. According to the company, Yemen, Morocco, Tunisia, Mauritania, Libya, Uzbekistan, Turkmenistan, Kenya, Tanzania and Mozambique have been identified as countries suitable for investment…The company is the largest producer of natural gas with a share of 26 percent in oil and gas industry of the country…Daily Times
Upper Caps : MCB / JOVC / Soneri Bank / Arif Habib Ltd
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
Due to the fucked up electricity situation in Karachi, a buggered laptop and a hopeless internet connection, posting will be sporadic for the next 2 weeks.
The Karachi stock market finally crossed 13,800 today , but could not sustain itself and closed up at 13,684. OGDC was the flavour of the day with 33 million shares traded. Further upside comes on breaking and holding 13,800. Keep the Vaseline handy as these are explosive times.
News : Pakistan’s Oil and Gas Development Co. Ltd. (OGDCL) is in talks for its first overseas joint ventures in China and is exploring forays into the Middle East, North Africa and Eastern Europe…OGDC will be the first Pakistani oil firm to venture abroad, coming late into an arena led by Chinese, Indian, Japanese and South Korean companies competing to secure scarce energy resources, sparked by trebled oil prices and geopolitical uncertainty in the Middle East….With a market capitalisation of about $9 billion on the Karachi Stock Exchange, OGDCL holds the largest share of the country’s recoverable hydrocarbon reserves: 32 percent of gas and 37 percent of oil. Pakistan produces about 69,000 barrels of oil and nearly four billion cubic feet of gas a day and spends more than $6.5 billion annually on petroleum imports to meet its growing energy demand.The country’s domestic gas production is forecast to decline after 2010 and it would have to import costly fuel beyond that… Aaj News
The KSE-100 index broke 14k on an intra-day basis making a new high of 14,003. Unable to sustain itself at 14k it closed up at 13,942, needless to say, the highest close so far. Fauji Cement was the flavour of the day with 33.7 million shares traded. The Karachi Stock market looks ready to take on 14k and the next upward resistance is 14,000 - 14,100.
News : Oil & Gas Development Co., Pakistan’s biggest energy explorer, won a license from the government to search for new reserves in the country’s offshore region in the Arabian Sea. Oil & Gas Development will make an initial investment of $2.75 million in the first two years at the eastern offshore Indus-A block covering an area of 2,500 square kilometers (1,562.5 miles)… Source : Bloomberg
Arif Habib Investments (AHIM) with funds under management of Rs 22.6 billion as of 30 June 2007 announced bonus dividend up to Rs 30 against it’s open-end funds: Pakistan Stock Market Fund, Pakistan International Element Islamic Fund, Pakistan Capital Market Fund, Pakistan Income Fund and MetroBank Pakistan Sovereign Fund… Aaj News
Tariq Iqbal Khan, Chairman and Managing Director of the National Investment Trust (NIT), announced on Wednesday a record dividend of Rs6.20 per unit for financial year 2007 as compared with Rs5.80 per unit for financial year 2006… The News
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
The KSE-100 index made an intra-day record high of 13,949 and close up on its 4th consecutive record high at 13,929. OGDC and PPL rose from the dead to close up at Rs.122 and 267.6 respectively. Bank Alfalah got bashed down to its lower limit. While the market is poised to break 14k, it looks like a correction is due as it has risen 537 points since the last correction on June 22nd and RSI-14 levels are high. The SCRA total inflow for June was $228 million and the total for the last fiscal year was $ 978,225,257.
News : Pakistan State Oil (PSO) on Monday signed a Memorandum of Understanding (MoU) with Kot Addu Power Company (KAPCO) for fuel supply to its planned 400-500 megawatts (MW) expansion project…Aaj News
The production of oil and gas at Pindori, the main field of Pakistan Oilfields Limited (POL) may fall further in the coming months, sources told Daily Times.Pindori’s contribution in POL’s overall oil production has fallen to 31 percent in the last six months of the current year from 45 percent share in the corresponding months of the previous year, posting a decline of 16 percent. The field touched its peak production level of 9925 bpd of oil and 31 mmcfd gas in April 2006, but it could not produce more 5000 bpd oil and 15 mmcfd gas per day in April this year…Daily Times
Upper Caps : Pak Refinery / Shell / Pioneer Cement Lower Cap : Bank Alfalah
Yesterday was the last trading day of the fiscal year, and the KSE-100 index closed on an all-time high of 13,772 and broke 13,800 intra-day. Bank Alfalah was the flavour of the day with 42.3 million shares traded. POL got fucked again and closed down at Rs.317. The next upward resistance is 13,815 -13,870 . Within the result season starting towards the end of July , it’s likely that we will see a 14k plus index.
News : Pakistan will announce an increase in the wellhead price of its gas next month when it unveils a new Petroleum Policy…"We will realign wellhead prices with international oil prices. As a result of realignment the prices are going to go up. The prices will have to be reflected (for end users)," said Mukhtar Ahmed, energy advisor to Prime Minister…At present Pakistan caps gas sale prices for over 90 fields at $36 a barrel crude equivalent.. Aaj News
The Karachi Stock Exchange (KSE), one of the most emerging share markets in the region, witnessed bullish trend during the sixth consecutive year, as the benchmark KSE-100 index grew by 38 percent during FY07, on the back of great foreign investor’s interest, strong economic growth of the country and higher earnings expectations of corporate sector…Aaj News
The Central Depository Company (CDC) has planned to hold ‘road shows’ to London and New York in early July to globally showcase the investment opportunities in the Pakistani Capital Market. The first event would be held in London on July 6, for which the CDC in working in collaboration with the London Stock Exchange… Aaj News
Finally there was some semblance of a correction on Friday as the KSE-100 index dove down to touch 13,303, but the 13,300 support level held and the market made a strong recovery back to close down at 13,438 . It’s possible that it could test the 13,300 support again before going up. There was a relatively low volume of 193.6 million shares traded. The week ahead : HPFL bidding, PSO pre- bidding and UBL GDR listing.
News : Eni successfully continues its drilling campaign and announces new gas discoveries in Pakistan. Eni’s latest success relates to the Tajjal 1 exploration well, which reached new gas within the Gambat Exploration Licence, in the Sindh Province. The Gambat Licence is managed by a Joint Venture composed of Eni (30%), OMV (35% Operator), PPL (30%) and GHPL (5%)….Eni has also recently drilled the Kadanwari 18 well, finding a gas-bearing formation at a depth of approximately 3,400 m…Eni (18.42%) is Operator of the Kadanwari Production lease (with Premier Kufpec Pakistan 31.58% and OGDCL 50% as partners)…. Eni S.p.A., through its subsidiaries in Pakistan, is the largest foreign gas producer in Pakistan, with a net share of approximately 55,000 barrels of oil equivalent per day. Eni has been present in Pakistan since 2000 and has since substantially expanded its presence. Eni now has an interest in 7 producing fields, all with growth potential, and in 12 onshore exploration blocks, 5 of which are operated. Recognising the high potential of this area, Eni has recently acquired 3 offshore exploration blocks in the Indus Delta. In order to strengthen and expand on its existing activities, Eni has planned to invest 170 million US dollars in Pakistan during the next 3 years, mainly on development activities and 110 million dollars for new exploration… Source : Eni Press Room
BMA Capital, has been appointed financial advisor to the Privatisation Commission (PC) for the strategic sale of shares of the SME Bank Limited. Following the successful $811 million GDR issue and second domestic offering of OGDCL, the privatisation of SME Bank is another landmark transaction that BMA Capital has been awarded..To date, BMA Capital has advised over 50 percent of all privatisation transactions, either on the buy or sell side, amounting in value to over $4 billion…Aaj News
Advisor to the Prime Minister on Finance, Dr Salman Shah has said capitalisation of the Karachi stock market has reached the level of $70 billion, about 50 percent of country’s GDP of $145 billion."We are working to get it equal to country’s GDP size,"…He said that big companies should list themselves on the stock exchanges to raise equity instead of depending on banks for loans… Daily Times
A relatively dull day at the Karachi Stock Exchange with the market opening up making a high of 13,012 and then drifting down slowly to finally get bashed down to 12,872. Towads the end it recovered to close at 12,956 , its 2nd highest close to date. A mixed market with some stocks staying tight , some going up (Engro up Rs.9.50 and some getting bashed (BOP intra-day bash down to Rs.112.30. Nevertheless, the Karachi Stock market still looks poised to break 13k and hold above it , maybe 2moro or dayafter. The next upward resistance is 13,050 heading for 13,200 and downside would lead to 12,860 followed by 12,750.
News : OMV Aktiengesellschaft , Central Europe’s leading oil and gas group, today announced a discovery and successful testing of gas in its Tajjal 1 exploration well in the Gambat Exploration Block in Northern Sindh province/Pakistan. This is an area where OMV has discovered two major gas fields, Miano and Sawan, which were brought on stream in 2001 and 2003. The new discovery by OMV (Pakistan) Exploration GmbH, a 100% subsidiary of OMV, is the second this year after the announced Latif discovery in March. Both discoveries confirm the potential for further reserves in this area. The exploration well reached a final depth of 3,845 m and encountered a total of 21 m net gas pay in three layers at depths of 3,600 to 3,800 m. OMV is the operator of a joint venture with the partners Eni AEP Limited (Eni), Pakistan Petroleum Ltd (PPL) and Government Holdings (Private) Ltd (GHPL)…OMV is the biggest international natural gas producer in terms of operated volumes in Pakistan. As the operator of the Sawan and Miano gas fields, as well as the Kadanwari processing facilities, OMV is now responsible for operating more than 100,000 boe/d (600 mn scf/d) covering approximately 16% of Pakistan’s demand for natural gas… Source : OMV Investor News
The Asian Development Bank (ADB) on Monday signed an agreement to provide Karachi Electric Supply Corporation (KESC) with a $150 million loan to help it increase power supply and coverage in Karachi…Karachi has long been struggling with an energy crisis and its 16 million residents have to contend with frequent power outages….The investment will increase electricity generation by more than 785 megawatts, from about 1,500 megawatts today… Aaj News
SPOT : Arif Habib Securities Ltd / Pakistan State Oil Upper Cap : Hubco / NIB Bank
The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
The KSE-100 index is scaling new peaks, though not very convincingly, by only a few points at a time. Today’s close at 15,199 is the highest so far, with no doubt there will be more to come. Oil has risen by $5 dollars today on the news of a US shortfall in supplies. JS Bank Ltd was the flavour of the day with 17.6 million shares traded. Upward resistance is at 15,297, the previous intra-day high.
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.
The KSE-100 index opened up making a high of 15,155 and then got bashed down to close at 14,913. The correction could continue 2moro as well before any signs of recovery. Total traded volumes shrunk down to 135 million shares. Oil hit a new peak above $108 today. Downside sees 14,750 as support.
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 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
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.
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
The KSE-100 opened up and then sank down to a low of 12,881.The market then made a strong recovery to close up on its high of 13,239. The recovery was based on the news that the SC dismissed 5 of the 6 main petitions filed to challenge G.Mush’s re-election. Also a change in the E&P formula (see below) led to a big upward move of 3.8% in OGDC which took the whole market up as well. Pakistan Oilfields hit its upper limit and PPL was up by Rs.9.85. Volumes were double Friday’s at 129 million and the majority of the blue chips closed up. Upside resistance is 13,400-500.
Friday saw the KSE-100 index spike up to make a high of 13,200, followed by a dive into the red down to 13,048 and closing down at 13,082. One of the lowest volumes of the year with only 65 million shares traded in total. With no further news on the political fron the market is likely to be rangebound with 13,300 as its upward resistance and 12,700 on the downside.
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550. 
The KSE-100 index appears to have stabilized somewhat, with no downside today a high of 14,491, and closed up at 14,449. OGDC was the volume leader of the day with 44.1 million shares traded out of a total 217.1 million. ICI Pakistan closed on another all time high at its upper limit of Rs.234.30. PPL moved up by 11.20 to close at 265. Oil crossed the $92 mark. While the "Tech Guy " is still negative about the index , next week remains to be seen based on reactions to recent results and court decisions. The result season is virtually over. The next upward resistance is 14,500-600 and downside support is at 14,300.
The KSE-100 index corrected down to 14,253 and then recovered to close at a new all time high of 14,591 (intra-day high of 14,616). Due to the high price of oil at $88 , OGDC was the flavour of the day with 66.4 million shares traded from a total volume of 325.9 million. PSO also moved up by Rs.10.45 , POL by Rs.10.20 and PPL hit the 300 mark, up by Rs.12.55. The market looks like its headed towards 14,700 with 14,360 as the downside support.
The KSE-100 index opened up again and made an intra-day all time high of 14,563, closing up at another record close of 14,484. OGDC was the flavour of the day closing up Rs.5 at 130.40, its highest close for this year. It traded 88.1 million shares, nearly 35% of all shares traded today.MCB closed at its highest ever at 386.85.
The KSE-100 index has recovered over 2,200 points from its recent fall and looks poised to test its previous high of 14,290. OGDC has been carrying the market upwards with its high imbalanced index weightage and after finally waking up from a sluggish 6 months, closed at 125.50. Engro closed at its all time high of 282.95. The KSE-100 index closed on its high for the 2nd consecutive day.The market is getting quite overbought and should correct soon.
The Karachi Stock market undertook an expected correction making a low of 13,237 and towards the end recovered to close at 13,353. Worldcall Telecom was the flavour of the day with a turnover of 17.4 million shares traded. Oil trading at $83 surprisingly made no impact on the OMC’s or oil related stocks.
A fairly lacklustre day at the Karachi Stock Exchange with the KSE-100 index making a high of 13,265 and closing down at 13,198. Its possible that the market is sitting on the fence waiting for more news from the courts. Upside resistance is 13,275 -13,350 and 12,950 on the downside.
The Karachi Stock market opened down making a low of 12,693 and then stayed choppy till it closed up at 12,791. The market will depend on the political landscape for its current direction and looks to be heading towards 12,950, provided there is no bad news. The result season has virtually come to an end barring DGKC and Sui North.
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 upside continued with the KSE-100 index making a high of 12,387 and clsoing up at 12,370. NBP was the volume leader of the day with 16.4 million shares traded and MCB is up by Rs.37 for the week. The close above 12,300 should lead to a test of 12,500 , unless the market starts wetting itself again on the current political 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.
The Karachi stock market finally crossed 13,800 today , but could not sustain itself and closed up at 13,684. OGDC was the flavour of the day with 33 million shares traded. Further upside comes on breaking and holding 13,800. Keep the Vaseline handy as these are explosive times.
The KSE-100 index broke 14k on an intra-day basis making a new high of 14,003. Unable to sustain itself at 14k it closed up at 13,942, needless to say, the highest close so far. Fauji Cement was the flavour of the day with 33.7 million shares traded. The Karachi Stock market looks ready to take on 14k and the next upward resistance is 14,000 - 14,100.
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.
The KSE-100 index made an intra-day record high of 13,949 and close up on its 4th consecutive record high at 13,929. OGDC and PPL rose from the dead to close up at Rs.122 and 267.6 respectively. Bank Alfalah got bashed down to its lower limit. While the market is poised to break 14k, it looks like a correction is due as it has risen 537 points since the last correction on June 22nd and RSI-14 levels are high.
Yesterday was the last trading day of the fiscal year, and the KSE-100 index closed on an all-time high of 13,772 and broke 13,800 intra-day. Bank Alfalah was the flavour of the day with 42.3 million shares traded. POL got fucked again and closed down at Rs.317. The next upward resistance is 13,815 -13,870 . Within the result season starting towards the end of July , it’s likely that we will see a 14k plus index.
Finally there was some semblance of a correction on Friday as the KSE-100 index dove down to touch 13,303, but the 13,300 support level held and the market made a strong recovery back to close down at 13,438 . It’s possible that it could test the 13,300 support again before going up. There was a relatively low volume of 193.6 million shares traded. The week ahead : HPFL bidding, PSO pre- bidding and UBL GDR listing.
A relatively dull day at the Karachi Stock Exchange with the market opening up making a high of 13,012 and then drifting down slowly to finally get bashed down to 12,872. Towads the end it recovered to close at 12,956 , its 2nd highest close to date. A mixed market with some stocks staying tight , some going up (Engro up Rs.9.50 and some getting bashed (BOP intra-day bash down to Rs.112.30. Nevertheless, the Karachi Stock market still looks poised to break 13k and hold above it , maybe 2moro or dayafter. The next upward resistance is 13,050 heading for 13,200 and downside would lead to 12,860 followed by 12,750.