14,797 - Heading for 15k ?
February 19, 2008With the elections passing peacefully and no violence today, the KSE-100 index shot up to an intra-day high of 14,822 to close 3% up at 14,797. This is the highest close for the year and the market could well test its previous intra-day high of 14,908. A massive volume of 309 million shares were traded today and once again OGDC was the top volume stock with 44.4 million shares traded. Banks were the flavour of the day with several closing on their upper limits. Upside resistance is 14,900 and there could well be some correction after today’s big rise.
News : Crude oil rose to a record $100.10 a barrel in New York on speculation OPEC will cut production when it meets next month… Bloomberg
Stock market investors should be overweight in Pakistan, where election-related uncertainty has overshadowed the country’s attractive prospects, a strategist with State Street Global Advisors said on Monday…State Street Global Advisorsis the $2 trillion money management unit of State Street Corp. "We like Pakistan. It rates very highly on our models, overall. It’s reasonable value. Our sentiment factor is quite strong and the macro outlook is strong,"… Aaj News
Oman Telecommunications Company (Omantel) signed on Monday a Share Purchase Agreement with the existing majority owners of Wordcall Telecom Limited (Worldcall), a Pakistani operator.Omantel will acquire 60 percent of Wordcall shares from majority owners, and a further 5 percent from other shareholders through the securities market, for a total transaction value of 193 million dollars… Aaj News
Upper Caps : BAFL / BOP / MCB / NBP / UBL / HBL / PSO
Market Low : 14,353.84 High : 14,822.57
Market Close : 14,797.47 — 443.63 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.
