7,188
May 27, 2009News : Etisalat, the buyer of Pakistan Telecommunication Company (PTCL), has withheld $799.3 million until the Government of Pakistan (GoP) transfers properties in Sindh and Punjab in favour of PTCL,….PTCL was privatised through the sale of 26 percent shares for $2,598,960,000.00, to be paid in nine equal instalments, payable on a bi-annual basis. As per Share Purchase Agreement (SPA), GoP is required to provide clean titles of 100 percent of PTCL properties (3384 in number) by January 12, 2008. Payment of balance sum of $1.198 billion was contingent upon transferring titles to the properties in question….However, to date, a balance of 161 non-transferred properties (including 71 in Punjab and 45 in Sindh) remain outstanding and consequently the instalments ($133.218 million each), due on March 12, 2008 and September 12, 2008 have been withheld by the buyer. Etisalat has now paid a total of $1.799 billion and the balance of $799.3 million remains, which Etisalat intends to adjust against the value of non-transferred properties,… Aaj News
Market Low : 7,164.53 High : 7,268.87
Market Close : 7,188.84 — 11.95 points up
Once again, the KSE-100 index opened up, made an intra-day high of 14,066 and then slid down to a low of 13,920. The market recovered to close down at 13,993. Arif Habib Securities Ltd. was the volume leader and traded 12.2 million shares from today’s total of 74.3 million. 
The KSE-100 index dipped down to a low of 14,435 and then recovered to close up at 14,633. Pakistan Cement was the flavour of the day with 19.5 million shares traded due to 
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 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.
The KSE-100 index opened down at the start of the market, then recovered back to being positive and then soared upwards as the plane deporting Sharif took off . Hopefully, Pakistan has disposed of one of its biggest, stupid, arrogant arseholes for the next 3 years, and as one can see from the graph, the stock market holds the same view. Cements were the flavour of the day with Lucky and DG Khan cement taking the top volume of the day. MCB has somewhat recovered from its bashing on Friday to close up at 329.50. The upside should continue with 12,600- 750 as the next upward resistance.
After opening up, and making a high of 12,820, the KSE-100 index sagged to a low of 12,623 and finally closed up at 12,787. Lucky Cement was the volume leader of the day with 13 million shares traded. Volumes have been low recently and the market could be hitting its bottom with some pullback due soon. The index’s RSI-14 has hit 30, last seen in December 2006 before the whole market took off. The next upward resistance is 12,840 followed by 12,950.
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.
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.
