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 new measures imposed by the SECP this morning saw the KSE-100 index soar to an all time daily gain of 960.50 points, the highest ever one day gain in the history of the Karachi Stock Exchange. The new rules will provide temporary relief from the " bleeding rectum syndrome " for most investors for the next month and help those who were stuck, to have a choice to exit the market comfortably or continue. There are already articles in print with people moaning that these are articficial measures etc. etc, but the decision was wisely taken at a time when the market could have snowballed downwards even further with margin calls and liquidity problems. While the political instabilty and indecisive governance continues, along with the threat of a further discount rate hike looming ahead, sleep peacefully with the thought that the downside is only 1% 2moro !
News : The government has scrapped the policy of fortnightly announcing oil prices and has barred the Oil and Gas Regulatory Authority (Ogra) from fixing the rates for consumers on first and 15th of each month. From July 1, 2008, any upward or downward revision in the oil prices would be made on as-and-when-needed basis… Aaj News
There is no plan to cut privatization proceeds in the year 2008-09, a Privatization Commission (PC) spokesman said Tuesday.Referring to a news item thatappeared in some section of the press about the privatization proceeds target cut by 98 percent, he said PC has been able to achieve privatization proceeds amounting to Rs 27 billion so far and not Rs 1.6 billion as reported in the said news item…. Daily Times
Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside support at 14,900.
Dividends : BOP : EPS : -5.85 / PAKRI : 3.08
News : The government on Wednesday gave the green signal to appoint the financial adviser for divestment of Kot Addu Power Company’s (KAPCO) shares through an offering of Global Depository Receipts in the international market…The board also decided to initiate the process for the appointment of financial adviser for the block sale of Habib Bank Limited (HBL) shares and approved the recommendations of the pre-qualification committee for the pre-qualification of bidders for Hazara Phosphate & Fertilisers with instructions to ensure maximum participation of potential bidders… The News
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
A choppy ride on the Karachi Stock market today, with the KSE-100 index moving in a narrow band, from a low of 15,372 to an intra-day high of 15,483 and closing marginally up at 15,437. BOP was the " flavour " of the day with 20.5 million shares traded, another stock that has been seriously bashed out of shape, of late. The market seemed to be going nowhere today and looks shaky again. Another bashing could well be on the cards. 15,500 still remains as upward resistance.
News : The standing committee of the Senate on Petroleum and Natural Resources (MP&NR) has opposed Pakistan State Oil (PSO) sell-off and directed the government to revisit its decision of divesting this strategic asset… Aaj News
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.
Dividends : Pakistan Refinery : EPS : 40.38
News : The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from reputed Pakistani and international parties/consortia interested in acquiring 93.88 per cent strategic shareholding in SME Bank Limited, along with the transfer of management control.The early submission of EoI will enable interested parties to avail the maximum time for the submission of Statements of Qualifications (SoQs). The last date to receive SoQs is May 17. … The News
The government has decided to impose Capital Gain Tax (CGT) on capital market transactions in order to increase its tax revenue to meet the growing expenses,…The government has focused on the earnings of the capital market, as it will be the main taxpayer of CGT. This may generate over Rs100 billion in revenue for the government.However, the rate of CGT on the capital market is under discussion sources said, adding that there were several proposals for the imposition of CGT on short-term and long-term investments in the capital market. “The imposition of 0.5 per cent to 1 per cent CGT is mostly discussed in both, the ministry of finance and Federal Board of Revenue (FBR)” …Sources in the FBR said that there were many reasons for the imposition of CGT other than revenue generation. “The government wants to end speculation from the capital market, so the imposition of CGT will be used as a tool to end the speculation,” they remarked. The sources further said that the government wants to increase long term investments, and for this, it had proposed that an extension in the exemption should be subject to a holding period of securities for three months. In the case of holding of investment in stocks for less than three months, the gain may be taxed… The News
Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.
Dividends : State-run Pakistan State Oil (PSO) said on Friday its 2007/08 (July-June) first half net profit rose 381.6 percent from a year earlier to 5.49 billion rupees ($87 million).Net profit for the first six months to end-December was up from 1.14 billion rupees a year earlier…. Aaj News
Pakistan’s largest bank, MCB, on Friday reported a 25.72 percent rise in its 2007 full-year profit, which analysts attributed to its aggressive entry into consumer finance and low administrative charges….MCB reported a net profit of 15.26 billion rupees ($241.8 million) for the full year to Dec. 31, up from 12.14 billion rupees the previous year… Aaj News
News : The Cabinet Committee on Privatisation (CCoP) will approve Global Depository Receipt (GDR) offering of Kot Addu Power Company (Kapco) shares on Friday… Source : Aaj News
Renowned world bank, Barclays would launch its formal operation in Pakistan in mid of the current year with a capital of 100 million dollars. Mohsin Nathani, Country Head and Managing Director of Barclays in Pakistan, said that State Bank of Pakistan (SBP) already had granted a banking license to Barclays Bank Plc, UK to conduct banking business in Pakistan. "We will initially set up 10 branches in various cities of the country with state of the art technology and an efficient banking system," Nathani added. He said that Barclays Bank, last week set up its head office in Karachi and hiring of staff has been started…"Barclays is already operating in over 50 countries and engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, which would also be available in the Pakistan," Nathani informed. He said that Barclays would bring huge investment and latest banking system in Pakistan to further push the already rising banking industry… Aaj News
The KSE-100 Index opened up, made an intra-day high of 14,052 and closed up at 14,018. NETSOL was the flavour of the day with 10.8 million shares traded. Yet another day of low volumes and the inability to close above 14,050.
PSO was due to announce its results today, but the board meeting has been postponed to the 14th.
News : World oil prices declined on Wednesday after the US government reported another rise in crude oil inventories amid mounting concern about America’s economic growth…Prices slumped after the US Department of Energy said American crude oil inventories had jumped by 7.0 million barrels in the week ending February 1, marking a fourth straight rise in crude stocks.The increase was much higher than analysts’ consensus forecast which had predicted a gain of just 2.2 million barrels... Aaj News
Pakistan, which issued rules for real estate investment trusts today, aims to attract as much as 20 billion rupees ($320 million) in 12 months by drawing investors to a property market where prices have tripled in three years…The government said in the budget last June that owners will get a tax holiday till 2010 on the sale of property to a real estate investment trust. The REITS will be regulated by the Securities & Exchange Commission of Pakistan….Real estate trusts pool funds to buy properties and distribute rental income among investors. Pakistan’s REITs will be required to distribute 90 percent of profits… Source : Bloomberg
Federal Finance Minister Dr Salman Shah has said that global depository receipts (GDRs) of National Bank, Habib Bank and Kapco and ‘plus’ Euro Bonds will be issued in March-April this year to reduce the fiscal deficit… Aaj News
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
Dividends : Arif Habib Ltd : EPS : 10.68 After much speculation about a 100% bonus, which led to 4 consecutive upper caps and an intra-day high of 394.50 , AHL’s steam finally fizzled out and it opened at lower cap with today’s announcement of a low EPS and no payout . It turned out to be a big wet fart after all !
News : The board of the Privatisation Commission, which met with Incharge Minister for Privatisation, Shahzada Alam Monnoo on Tuesday, decided to start listing process of Kot Addu Power Company shares in the international market through Global Depository Receipts (GDRs)… Aaj News
Fitch Ratings on Tuesday affirmed the ratings of the following banks: - Habib Bank Limited (HBL): Individual affirmed at ‘D/E’ and Support at ‘5′. - MCB Bank Limited (MCB): Individual affirmed at ‘D’ and Support at ‘5′. - National Bank of Pakistan (NBP): Individual affirmed at ‘D’ and Support at ‘4′.The individual ratings of the banks generally reflect their moderate balance sheet strength and earning profile, with HBL still relatively weak in terms of its asset quality and operating expense efficiency in contrast with the credit profile of MCB and NBP… Aaj News
Upper Caps : Packages / JOVC Lower Cap : Arif Habib Ltd
The KSE-100 index opened up with a 140 point gap on the news of a tentative election date in Jan. It made an intra-day high of 13,701 and closed up at 13,656. The market is still trading below its 30 DMA. Volumes were on the lower side with only 153 million shares traded. The euphoria maybe short-lived as the "Queen of Corruption" is shaking her rattle and behaving like a spoilt child, demanding a long march 2moro despite all rallies/protests currently being banned. There is now talk of her boycotting the elections which seems unlikely as she is only here to get her hand in till which is considerably bigger than before. It seems unlikely that it will be smooth sailing for the market at the moment.
News : National Bank of Pakistan, the nation’s biggest lender by assets, reported its first decline in profit this year after it set aside more funds to cover potential bad loans. Net income fell to 5.83 billion rupees ($96 million), or 7.15 rupees a share, in the three months ended Sept. 30 from 6.05 billion rupees, or 7.42 rupees, a year earlier, the Karachi-based lender said in a statement today. Revenue in the third quarter rose to 12 billion rupees from 11.3 billion rupees…The bank’s profit rose to 14.6 billion rupees, or 18.37 rupees a share, in the nine months ended Sept. 30 from 14.18 billion rupees, or 17.38 rupees a share, a year ago, the statement said. Revenue rose to 33.15 billion rupees… Source : Bloomberg
The Privatisation Commission (PC) here on Monday invited Expression of Interest (EOI) from prospective investors for the acquisition of minimum of 90 percent shares of Hazara Phosphate Fertilisers (Private) Limited (HPFL) by December 08…The authorised share capital of the company is Rs 200 million divided into 20 million ordinary shares of Rs 10 each whereas the issued, subscribed and paid up capital of the company is Rs 191.143 million comprising 19.143 million ordinary shares of Rs 10 each said a press release issued by PC here on Monday… Aaj News
Upper Caps : Arif Habib Securities / Arif Habib Ltd. / JOVC / Bhosricor Refinery
The KSE-100 index headed down making a low of 13,188 and then recovered on the news of an election date for February, closing down at 13,423. The market looks range bound at the moment and any more bad news could trigger a break of 13k.
News : Pakistan has put off a plan to sell part of its stake in the National Bank of Pakistan (NBP) through a global depository receipt (GDR) because of political uncertainty but aims to go to the market late in the January-March quarter…The sale of up to 20 percent of the government’s stake in NBP through a GDR had been planned for December but the government and lead managers Deutsche Bank and Morgan Stanley decided to delay after President Pervez Musharraf imposed emergency rule on Saturday… 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
The Karachi Stock market appeared to ignore the political situation, the opposition’s farce and the disgraceful behaviour of the lawyers, opening up and remained positive all day. The KSE-100 index closed up at its high of 13,220. Lucky Cement was the flavour of the day with 29.33 million shares traded, boosted by JP Morgan’s psoitive report and hitting its upper limit at one stage. Having closed well above its 50-DMA , the market looks to be headed for 13,350 -13,460.
News : The government has decided to list leading Pakistani companies in international markets through Global Depository Receipts (GDR) and has included them in the priority entities of its privatisation programme.The proposed entities for listing in international markets are National Bank of Pakistan (NBP), Habib Bank Limited (HBL), Kot Addu Power Company (KAPCO) and Pakistan Petroleum Limited (PPL)…The financial adviser for NBP GDRs, the consortium of Deutsche Bank, Morgan Stanley and AKD Securities made a presentation before the PC Board regarding the offering structure of the transaction… The News
A major fall of over Rs 15 in the share price of Habib Bank Limited (HBL) was seen on the first day of its trading at the Karachi Stock market and analysts anticipate further decline in the coming days…The local bourse states that it had approved the application for formal listing and quotation of HBL’s shares and trading in its shares would begin from September 24 (Monday) and all transactions taking place in respect of the HBL would be settled on T+2 settlement basis. The settlement date will be September 26th…Daily Times
Upper Caps : Arif Habib Securities / Arif Habib Ltd / JOVC / Attock Refinery / Packages / Callmate Telips
Market Low : 13,061.97 High : 13,220.29 Market Close : 13,220.29 — 155.12 points up
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
The Karachi Stock market got a good bashing down to 13,869 and recovered to close down at 13,945. Stocks across all sectors got hammered with the banking sector getting the worst of it. BOP got further buggered down to 100.85 and MCB down by Rs13.45 to 334.55. The fertilizer sector held on with most stocks closing positive. If 13,800 breaks there could be more downside, upward resistance is 14,000-14,100. Keep the Vaseline jar handy !
News : The State Bank of Pakistan (SBP) Monday issued detailed guidelines for the banks and development finance institutions for compliance when issuing depository receipts (GDRs) in the international markets. The bank issued the guidelines keeping in view the increased interest of banks to raise equity from foreign markets through Depository Receipts and to manage the regulatory risk resulting there from… Source : Daily Times
The KSE-100 index ripped through 14k making an all time intra-day high of 14,169 and closed up at a record high of 14,132. It seems that the correction down to 13,781 was what the market needed to rise further to head towards 14,500. Memories are short in this market and the S&P downward revision to stable from positive seems not to have hindered today’s upside. Despite the upcoming result season there could be another bang downwards as most stocks are not seen as undervalued anymore. It is interesting to note that most of the blue chips had higher prices at a lower index compared to their prices currently.
News : BP Plc. said on Thursday it has withdrawn interest in joining a consortium bidding for a 51 percent stake in state-run Pakistan State Oil (PSO), …Pakistan’s Supreme Court placed a stay order on PSO’s planned privatisation until a hearing scheduled for the end of August… Aaj News
Price of Dai’ Ammonium Phosphate (DAP), an essential crops nutrient, has shot up by Rs 200 per 50-kilogram bag across the country due to its soaring prices in the world market, traders said on Thursday… Source :Aaj News
Following the success of "Pakistan Capital Markets Day" in London on July 6, which was held in collaboration with the London Stock Exchange, the Central Depository Company of Pakistan (CDC) held a similar event in New York on Wednesday (July 10).The CDC organised this road show with the support of Citibank and Pakistani brokerage firms, Invest-Cap Securities and AKD Securities… Aaj News
The first-ever national textile policy, schedule to be announced in the next two weeks, will not offer any cash subsidy, rebate and relief to the textile sector, although the industry is desperately expecting a "relief-cum- incentive" package… Aaj News
Upper Caps : Arif Habib Securities / Arif Habib Ltd / SCBPL / Bhosricor / Pioneer Cement
Friday’s session saw the KSE-100 index register another new intra-day high at 14,027 and a new high close at 13,985. Despite the high close the index appeared to be struggling at 14k and had a choppy ride. It might correct again before going further upwards. The next upward resistance is 14,050 -14,100 heading for 14,500. Downside support is at 13,800.
News :The Privatisation Commission (PC) has started again work on the Initial Public Offering (IPO) for Pakistan Steel Mills (PSM), which will be a complete reversal of the decision taken by an inter-ministerial committee… Aaj News
Privatisation Minister Zahid Hamid on Friday launched United Bank Limited Gross Depository Receipts (GDRs) on the London Stock Exchange on the occasion of Pakistan Capital Markets day at the world famous bourse and said the structural economic reforms introduced by the present Government are yielding hugely positive results. The Minister in presence of Pakistan High Commissioner to the United Kingdom Dr.Maleeha Lodhi, senior management of United Bank and the leading UK-based businessmen pressed a button that sent 729 balls floating into air and signaled the launch of UBL shares on the LSE. Each of the 729 balls symbolized the various scrips on the LSE.The UBL share opened at US $ 12.85 and within half an hour of its opening it had climbed to US $ 13.96 per share…Aaj News
Upper Caps : JOVC / Arif Habib Securities / Arif Habib Ltd.
The KSE-100 index tore through 13,700 making an all time intra-day high of 13,767 and closed up on a record high of 13,727. The Karachi Stock market has increased by 36.6% since the first of January 2007. Nishat Mills was the flavour of the day with 34.3 million shares traded. The oil sector got fucked with POL closing down by Rs.8.5 at 325, PSO down by Rs.9.50 on negative privization news and OGDC going nowhere as usual. Bank Alfalah closed up at its highest this year at Rs.62.15 based on the Singtel-Warid news. The next upward resistance is 13,800 heading for 14k.
News : Singapore Telecommunications , Southeast Asia’s leading telecoms group, said on Thursday it had agreed to buy a 30 percent stake in Warid Telecom, Pakistan’s No.3 mobile operator, for $758 million… The deal gives Warid, which is owned by the private Abu Dhabi Group, an enterprise value of $2.9 billion, SingTel said in a statement late on Thursday…Reuters
The Supreme Court on Thursday issued notices to the seven short-listed bidders in PSO privatisation, during the hearing of a petition filed by Attock Group against its disqualification from bidding.A two-member bench comprising Justice Javed Iqbal and Justice Falak Sher fixed the next hearing for July 12th… Aaj News
Upper Caps : JOVC / Bank Alfalah / Adamjee Insurance / Azgard Nine
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000. SCRA inflow for June has reached $228 million taking the fiscal year total to $ 978 million.
News : The cement price went down to Rs210 after a reduction of Rs20 to Rs25... Geo News
Both Bestway and the Abu Dhabi group have increased their shareholding to 29.5 percent in UBL by acquiring GDR’s worth 200 million dollars,..Both groups have jointly acquired 51 percent stake at the time of privatisation - evenly split among them for 201 million dollars…a probe has been ordered to ascertain the responsibility for the UBL share dropping from Rs 214 to Rs 206 just before the end of day trading which resulted in the GDR offering at Rs 195 instead of Rs 203. This cost the government a net loss of just under two billion rupees…. Aaj News
Upper Caps : Bhosricor Refinery / JOVC / Arif Habib Ltd. / Azgard Nine
After Friday’s correction, the KSE-100 index resumed its upward path with a day in the green, a high of 13,545, and closed up at 13,540. The Bank of Punjab seems to have momentarily sorted out its alleged fraud rumours and closed up Rs.3 at 111.30. Once again Lucky Cement was on top of the leader board with 28.4 million shares traded. The Karachi Stock market has closed just short of where it slid downhill from. Upward resistance stands at 13,633. A close above 13,600 would augur well. SCRA inflow for June reachs $174.8 million taking the current fiscal year total to $924.9 million
News :The Supreme Court has summoned the record of seven parties that have been cleared to bid for 51 percent shares of Pakistan State Oil Ltd on June 28th… Aaj News
The Bank of Punjab (BoP) has entered into an agency arrangement with the UAE Exchange Centre, LLC, a leading exchange house of the Middle East. Now the Bank will be able to provide speedy remittance services to expatriate Pakistanis for smooth, fast and economical money transfers to their families in Pakistan. Under this new facility, the remitter himself will be able to select the BOP branch nearest to his home in Pakistan to avoid unnecessary hassles by his family when receiving the remittances... Daily Times
The government has raised $650.3 million from the sale of United Bank Limited (UBL) global depository receipts (GDRs)…Privatisation Minister Zahid Hamid said UBL GDRs would start conditional trading on London Stock Exchange (LSE) from June 25 and this would be followed by full trading from June 29…Zahid said that international investors from US, UK, continental Europe, Middle East and Asia bought GDRs equivalent to UBE shares priced at Rs 195 a share, amounting to divestment of a 25 percent of the total paid up capital of UBL.Each GDR represents four underlying shares of UBL. The GDRs price was $12.8543 each. The Minister said the HBL IPO will be made in 2-3 weeks. The minister added that the CCOP was also apprised of the suggestions and proposals came out of the deliberations of the pre-qualified bidders during the pre-bid conference of PSO transaction and said that all stakeholders have been asked to expedite the resolution of all the issues in this regard. He said Privatisation Commission is going to announce PSO bidding shortly… Aaj News
The KSE-100 index seems to be struggling at these levels despite making a lower low of 13,505 today. BOP was the volume leader of the day with 37.7 million shares traded and was bashed down to Rs.111.70 on some news of loan defauting. Cements were the flavour of the day with Lucky up by Rs.5.75 , closing at 126.75. PSO was bashed down by Rs.11 to Rs.405 on the news of a further delay in the bidding date. While there is some stock specific activity, the market in general looks shaky and must close above 13,600 for further upside to continue. If not the cobwebs might well be shaken of the Vaseline jars as downside could see 13,250 and lower. Possibly with 2moro’s Friday show there could be a long overdue shakeout.
Board Meeting : Callmate Telips on June 25th, 11.a.m
News :Oman Telecommunications Co. (Omantel) has agreed to buy a majority stake in Pakistan’s Worldcall and an agreement would be signed soon, a source in the Pakistani company said on Thursday.Omantel is the smallest telecom operator in the Gulf Arab region by market value. Worldcall runs long distance and international (LDI) as well as wireless local loop (WLL) services in Pakistan.
The Privatisation Commission and qualified parties/consortiums’ representatives on Wednesday failed to reach any understanding on some key legal and financial issues here, making it next to impossible for the government to hold bidding for Pakistan State Oil (PSO) before the end of July or start of August… Business Recorder
The Pakistan Mutual Funds Association (PMFA) has demanded withdrawal of 35% tax imposed on the mutual funds industry in recent budget... Geo News
A somewhat choppy day at the Karachi Stock Exchange with a high of 13,597 and a low of 13,456. Banks were the flavour of the day with Askari, NBP and BOP trading 20,19,and 18 million shares respectively. OGDC closed below its 30,50 and 200 DMA, compounding its thoroughly pathetic performance in the last few months along with POL. The market needs to close above 13,600 for further upside, downside support is at 13,440 followed by 13,300.
News : A pre-bid meeting to respond to queries of potential bidders relating to the privatisation of Pakistan State Oil (PSO) and to create better understanding regarding the bidding process was held here today under the Chairmanship of Zahid Hamid, Federal Minister for Privatisation and Investment today….It was agreed that PC would announce a final date shortly, keeping in view the request of the intending bidders…The Privatisation Commission ("PC"), on behalf of the GoP, intends to sell a 51 percent equity stake in PSO together with management control to a qualified strategic investor. JP Morgan is assisting the GoP as the Financial Advisor for the privatisation of PSO… Aaj News
Making a new intra-day high of 13,633, the market was unable to hold above 13,600 and after resisting the support level of 13,554 for some time, eventually drifting downwards to close down at 13,494. The KSE-100 index seems a bit exhausted here and perhaps needs further correction in order to climb upwards towards greater highs. It is still in an overbought state with yesterday’s RSI-14 being 83. Upside resistance is 13,554 followed by 13,633. There could well be a good bash down to 13,300 2moro, though today’s selling was on low volumes of 166.9 million shares traded.
News : The pre-bid conference for PSO privatization is going to be held in Islamabad tomorrow…Al Dabbagh, Jumaih Holding Company Consortium Textile Mills, Bakri Energy Company Consortium, Kohinoor Holding Company Limited Consortium, Mcb Bank Limited Consortium, TransAsia Gas Intl; and Vitol S.A. will participate in the pre-bid conference … Geo 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
After several recent attempts to hold above 13,300, the Karachi stock market finally closed at 13,326 making a record high close with an intra-day record high of 13,390. Cements were the flavour of the day with the sector trading an astonishing 138.2 million shares out of a total of 254.8 million.Banks were firmer than yesterday and the fucking E&P sector still lags behind the whole market. Upside looks to 13,400 for its next resistance.
News : Bank Al-Falah has decided to sell a 20% stake in Warid Telecom and is in the process of negotiation with interested parties. They include South Africa’s WTN, Singtel and Vodafone.The date of bidding has been quoted as June 28th.
Pakistan plans to sell as much as 30 percent of United Bank Ltd., the nation’s third-largest lender by assets, as part of the government’s asset-sale plan this month…The government plans to begin promotional tours for the United Bank global depositary receipts sale tomorrow and set the price on June 23rd.. Source : Bloomberg
The State Bank of Pakistan has allowed Askari Commercial Bank to change its name.As per a SBP notification, Askari Commercial Bank has been renamed as Askari Bank Limited… Source : Geo News
Upper caps : Arif Habib Securities Ltd / Pace Pakistan / Maple Leaf Cement / Callmate Telips
A pre-bid meeting of pre-qualified potential bidders for Pakistan State Oil (PSO) is scheduled for June 20, to respond to the queries of the pre- qualified bidders who have already completed the due diligence of the transaction and to finalise the bidding date in consultation with them. The Privatisation Commission is ready to hold bidding for Hazara Phosphate & Fertilisers Limited (HPFL) on June 18 . United Bank Ltd (UBL) GDR book building to be complete by June 22nd. Source : Aaj News
The KSE-100 index was a choppy ride today with an intra-day high of 13,312 and a low of 13,181 closing up at 13,237. PSO roared up to close at its upper limit at Rs.403.05 based on news of a pre-bid meeting coming soon (see below). and United Bank Ltd made a new record close at its upper limit at 218.40. 2moro’s pre-budget "Friday Show'’ is anyone’s guess whether the market will get bashed, remain stable or close higher. The Karachi Stock market is quite overbought with a RSI-14 of nearly 80. The next upward resistance is 13,332 followed by 13,400, and the downside could see 13,130 to 13,000.
News : After the Sindh High Court’s judgement, the Privatisation Commission on Tuesday conveyed to short-listed parties on the telephone that they should get ready for pre-bid meeting on Pakistan State Oil (PSO) sell-off at a short notice. The pre-bid meeting would be the second last leg as it would be quickly followed by bidding to complete the transaction…. Selling PSO in the current fiscal year would ease pressure on the government forcing it for massive domestic borrowing. The State Bank of Pakistan (SBP) has already cautioned that the government policy of borrowing over and above the budgetary estimates can be problematic…. Aaj News
Yielding to a major demand of the textile sector, the government has withdrawn Presumptive Tax Regime (PTR) and reduced income tax on export proceeds from 1.25 percent to 0.5 percent under the normal income tax law…Under the new arrangement, the CBR would carry out normal income tax assessments of the textile companies under the Income Tax Ordinance, 2001. Second, the income tax at the rate of 0.5 percent would be applicable to the export proceeds of the textile companies. Third, a 100 percent depreciation allowance would be available on machinery and equipment from July 1, 2007… Aaj News
Upper Caps : Pakistan State Oil Ltd. / United Bank Ltd
The KSE-100 index tore through various resistance levels to make an new intra-day high of 13,171 and closed up at 13,166, another record close. DG Khan cement was the flavour of the day with 35.3 million shares traded. Engro closed on its all time high at 239.4 and MCB made another new high at 367, up by Rs.16.8, United Bank closed on anew high at its upper cap and Adamjee Insurance also made a new high at 337. While certain stocks are making new highs daily as is the index , the oil sector is far from its all-time highs with OGDC at 122.6 , POL at 355.5 and PPL at 268.75. If they were to have performed one would have seen a much higher index. The next upward resistance is 13,200 leading to 13,500. There should be some intra-day correction soon.
News : The Sindh High Court (SHC) has dismissed the petition of the Attock Group seeking participation in the privatization bids for Pakistan State Oil (PSO). The Privatization Commission (PC) had disqualified Attock Group from participating in the PSO sell off biddings, while the Attock Group had challenged this decision by filing a petition in SHC…SHC today dismissed the petition of Attock Group permitting the PC to go ahead with the PSO privatization process... Geo News
Total investment under Continuous Funding System (CFS) at the Karachi share market has crossed its upper limit of Rs 55 billion and settled at its highest-ever level of Rs 55.015 billion on Monday… Aaj News
The Privatisation Commission Board on Monday okayed HBL Initial Public Offering (IPO) plan and directed the management to complete the subscription in the current month. HBL IPO will be apart from the United Bank Limited (UBL) Global Depository Receipt (GDR) transaction for which book building is expected to be completed by June 22… Aaj News
Upper Caps : DG Khan Cement / Engro / Pace Pakistan / United Bank Ltd / Pakistan Cement
The KSE-100 index made a new high of 12,895 intra-day.
News : Pakistan is all set to complete the book building process for the sale of global depositary receipts (GDRs) of United Bank Limited (UBL) — the country’s third-largest bank — by June 22 as part of the government’s privatisation programme…Daily Times
Yesterday’s ‘’ Friday Show ‘’ took the KSE-100 index to a new high with intra-day 12,784 and a close of 12,732. The perception seems to have changed from a week ago now that all the judicial crap has died down and foreign buying has resumed. The market is witnessing a pre-budget rally and todays meeting with the KSE and SECP could boost the market further if the CFS enhancement issues get resolved. If so, the Karachi Stock market could well touch 13k levels soon. The next upward resistance is 12,800-12,850 and downward support is at 12,630 to 12,530.
News :A meeting between the management of the Karachi Stock Exchange (KSE) and the Securities and Exchange Commission of Pakistan (SECP) officials is scheduled to be held here on Saturday (today). The most important issues of the enhancement of CFS cap to another higher level from its existing level of Rs 55 billion and the implementation of CFS Mk-II are likely to be discussed at the meeting…. Aaj News
The federal government has refused to lift the ban on urea export until the fertiliser industry submits a written guarantee that prices would remain unchanged,…The representatives of fertiliser industry informed that a huge stock of urea was lying with them as monthly average production of urea is around 4,30,000 tons and with subsidy on DAP, the demand of urea has suffered… Business Recorder
The country’s largest financial conglomerate, Pakistan Industrial Credit and Investment Corporation (Picic) has been sold. Considered to be the biggest deal amounting to US $350 million being the sale proceeds of Picic was approved by NIB bank and Tamasic Group of Singapore…It is learnt that the deal was finalised between Tamasic Group and Picic shareholders at Rs 78.50 per share…With this acquisition Tamasic Group will hold about 65 to 66 percent shares. The second largest shareholder is State Life Insurance Corporation with about 20 percent shares… Aaj News
The National Assembly standing committee on privatisation has strongly opposed National Investment Trust (NIT) sell-off and asked the Privatisation Commission to have a second look on its policy towards this key institution…NIT is a roughly Rs 80 billion fund and its annual income after tax ranges between five to six billion… Aaj News
The new measures imposed by the SECP this morning saw the KSE-100 index soar to an all time daily gain of 960.50 points, the highest ever one day gain in the history of the Karachi Stock Exchange. The new rules will provide temporary relief from the " bleeding rectum syndrome " for most investors for the next month and help those who were stuck, to have a choice to exit the market comfortably or continue. There are already articles in print with people moaning that these are articficial measures etc. etc, but the decision was wisely taken at a time when the market could have snowballed downwards even further with margin calls and liquidity problems. While the political instabilty and indecisive governance continues, along with the threat of a further discount rate hike looming ahead, sleep peacefully with the thought that the downside is only 1% 2moro !
Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside support at 14,900.
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.
A choppy ride on the Karachi Stock market today, with the KSE-100 index moving in a narrow band, from a low of 15,372 to an intra-day high of 15,483 and closing marginally up at 15,437. BOP was the " flavour " of the day with 20.5 million shares traded, another stock that has been seriously bashed out of shape, of late. The market seemed to be going nowhere today and looks shaky again. Another bashing could well be on the cards. 15,500 still remains as upward resistance.
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.
Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.
The KSE-100 Index opened up, made an intra-day high of 14,052 and closed up at 14,018. NETSOL was the flavour of the day with 10.8 million shares traded. Yet another day of low volumes and the inability to close above 14,050. 
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
The KSE-100 index opened up with a 140 point gap on the news of a tentative election date in Jan. It made an intra-day high of 13,701 and closed up at 13,656. The market is still trading below its 30 DMA. Volumes were on the lower side with only 153 million shares traded. The euphoria maybe short-lived as the "Queen of Corruption" is shaking her rattle and behaving like a spoilt child, demanding a long march 2moro despite all rallies/protests currently being banned. There is now talk of her boycotting the elections which seems unlikely as she is only here to get her hand in till which is considerably bigger than before. It seems unlikely that it will be smooth sailing for the market at the moment.
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.
The Karachi Stock market appeared to ignore the political situation, the opposition’s farce and the disgraceful behaviour of the lawyers, opening up and remained positive all day. The KSE-100 index closed up at its high of 13,220. Lucky Cement was the flavour of the day with 29.33 million shares traded, boosted by JP Morgan’s psoitive report and hitting its upper limit at one stage. Having closed well above its 50-DMA , the market looks to be headed for 13,350 -13,460.
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 got a good bashing down to 13,869 and recovered to close down at 13,945. Stocks across all sectors got hammered with the banking sector getting the worst of it. BOP got further buggered down to 100.85 and MCB down by Rs13.45 to 334.55. The fertilizer sector held on with most stocks closing positive. If 13,800 breaks there could be more downside, upward resistance is 14,000-14,100. Keep the Vaseline jar handy !
Friday’s session saw the KSE-100 index register another new intra-day high at 14,027 and a new high close at 13,985. Despite the high close the index appeared to be struggling at 14k and had a choppy ride. It might correct again before going further upwards. The next upward resistance is 14,050 -14,100 heading for 14,500. Downside support is at 13,800.
The KSE-100 index tore through 13,700 making an all time intra-day high of 13,767 and closed up on a record high of 13,727. The Karachi Stock market has increased by 36.6% since the first of January 2007. Nishat Mills was the flavour of the day with 34.3 million shares traded. The oil sector got fucked with POL closing down by Rs.8.5 at 325, PSO down by Rs.9.50 on negative privization news and OGDC going nowhere as usual. Bank Alfalah closed up at its highest this year at Rs.62.15 based on the Singtel-Warid news. The next upward resistance is 13,800 heading for 14k.
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000.
After Friday’s correction, the KSE-100 index resumed its upward path with a day in the green, a high of 13,545, and closed up at 13,540. The Bank of Punjab seems to have momentarily sorted out its alleged fraud rumours and closed up Rs.3 at 111.30. Once again Lucky Cement was on top of the leader board with 28.4 million shares traded. The Karachi Stock market has closed just short of where it slid downhill from. Upward resistance stands at 13,633. A close above 13,600 would augur well.
The KSE-100 index seems to be struggling at these levels despite making a lower low of 13,505 today. BOP was the volume leader of the day with 37.7 million shares traded and was bashed down to Rs.111.70 on some news of loan defauting. Cements were the flavour of the day with Lucky up by Rs.5.75 , closing at 126.75. PSO was bashed down by Rs.11 to Rs.405 on the news of a further delay in the bidding date. While there is some stock specific activity, the market in general looks shaky and must close above 13,600 for further upside to continue. If not the cobwebs might well be shaken of the Vaseline jars as downside could see 13,250 and lower. Possibly with 2moro’s Friday show there could be a long overdue shakeout.
A somewhat choppy day at the Karachi Stock Exchange with a high of 13,597 and a low of 13,456. Banks were the flavour of the day with Askari, NBP and BOP trading 20,19,and 18 million shares respectively. OGDC closed below its 30,50 and 200 DMA, compounding its thoroughly pathetic performance in the last few months along with POL. The market needs to close above 13,600 for further upside, downside support is at 13,440 followed by 13,300.
Making a new intra-day high of 13,633, the market was unable to hold above 13,600 and after resisting the support level of 13,554 for some time, eventually drifting downwards to close down at 13,494. The KSE-100 index seems a bit exhausted here and perhaps needs further correction in order to climb upwards towards greater highs. It is still in an overbought state with yesterday’s RSI-14 being 83. Upside resistance is 13,554 followed by 13,633. There could well be a good bash down to 13,300 2moro, though today’s selling was on low volumes of 166.9 million shares traded.
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.
After several recent attempts to hold above 13,300, the Karachi stock market finally closed at 13,326 making a record high close with an intra-day record high of 13,390. Cements were the flavour of the day with the sector trading an astonishing 138.2 million shares out of a total of 254.8 million.Banks were firmer than yesterday and the fucking E&P sector still lags behind the whole market. Upside looks to 13,400 for its next resistance.
The KSE-100 index was a choppy ride today with an intra-day high of 13,312 and a low of 13,181 closing up at 13,237. PSO roared up to close at its upper limit at Rs.403.05 based on news of a pre-bid meeting coming soon (see below). and United Bank Ltd made a new record close at its upper limit at 218.40. 2moro’s pre-budget "Friday Show'’ is anyone’s guess whether the market will get bashed, remain stable or close higher. The Karachi Stock market is quite overbought with a RSI-14 of nearly 80. The next upward resistance is 13,332 followed by 13,400, and the downside could see 13,130 to 13,000.
The KSE-100 index tore through various resistance levels to make an new intra-day high of 13,171 and closed up at 13,166, another record close. DG Khan cement was the flavour of the day with 35.3 million shares traded. Engro closed on its all time high at 239.4 and MCB made another new high at 367, up by Rs.16.8, United Bank closed on anew high at its upper cap and Adamjee Insurance also made a new high at 337. While certain stocks are making new highs daily as is the index , the oil sector is far from its all-time highs with OGDC at 122.6 , POL at 355.5 and PPL at 268.75. If they were to have performed one would have seen a much higher index. The next upward resistance is 13,200 leading to 13,500. There should be some intra-day correction soon.
The KSE-100 index made a new high of 12,895 intra-day.
Yesterday’s ‘’ Friday Show ‘’ took the KSE-100 index to a new high with intra-day 12,784 and a close of 12,732. The perception seems to have changed from a week ago now that all the judicial crap has died down and foreign buying has resumed. The market is witnessing a pre-budget rally and todays meeting with the KSE and SECP could boost the market further if the CFS enhancement issues get resolved. If so, the Karachi Stock market could well touch 13k levels soon. The next upward resistance is 12,800-12,850 and downward support is at 12,630 to 12,530.