5,750
March 13, 2009
The week ended on a positive note after the Karachi Stock market made a low of 5,557 and closed up at 5,750 today. The market has been firm in the last two days recovering the slide during the week despite all the political crap that has been taking place. Indications of an interest rate cut taking place soon, has been the driving force for the market.
News : The Securities and Exchange Commission of Pakistan (SECP) has granted permission to two REIT Management Companies (RMC) in Pakistan…. SECP had received four applications for formation of RMCs out of which two companies ie Arif Habib REIT Management Company Limited and AKD REIT Management Company Limited have been granted permission…REITs in Pakistan are introduced in the form of a trust where the property itself will be vested in the name of the trustee and REIT Management Company (RMC) will look after the Real Estate on behalf of the unit holders. RMC will have a minimum of 20 per cent stake in the scheme and will receive a management fee for provision of their services. People will be allowed to invest through units of the REIT Scheme which will be listed on stock exchange… Aaj News
Arif Habib Investment Management Limited (AHIML) has entered a licensing agreement with Dow Jones for the ‘Dow Jones SAFE Pakistan Index’ to underline AHIML’s proposed fund namely "AH Dow Jones - SAFE Pakistan Index Fund," an open-end Index Tracker Fund. The Dow Jones SAFE Pakistan Index measures the performance of Pakistan traded securities and is a sub index of the "Dow Jones SAFE 100 Index". Dow Jones Indexes and the South Asian Federation of Exchanges (SAFE) have entered a joint marketing agreement pursuant to which Dow Jones Indexes acts as the exclusive licensor of the Dow Jones SAFE Indexes. The launch of Dow Jones SAFE 100 Index was held in Abu Dhabi on March 11, 2009… the Dow Jones SAFE 100 Index includes 50 Indian, 39 Pakistani, 3 Bangladeshi, 5 Mauritanian and 3 Sri Lankan companies… Aaj News
Market Low : 5,696.41 High : 5,763.70
Market Close : 5,750.47 – 43.38 points up
Another day of piteous low volumes with the KSE-100 index trading only 11.9 million shares. The market has closed down for the fourth consecutive session and has lost 326 points since Thursday. The only solace here is that prior to the new measures with a 1% downside , the current four session loss would have been incurred in one. The erosion has been slowed down and bearing in mind that as the other world and regional markets are getting fucked badly at the moment, the oil price rearing its ugly head at $144 today and the dollar sliding daily, 1% down a day is not so bad ! If this carries on 12k will break by the end of the week. A Govt. that cannot calculate properly (CNG price issue), let alone decide on anything, doesn’t help matters either !
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. 
On Friday, the KSE-100 index made a high of 14,059 and closed down at 13,974. Volumes were extremely low with only 73.5 million shares traded. Upside resistance is 14,070 and downside support is 13,800. 
