13,279 - State of Emergency hammers the KSE-100 index

13,279 - A Royal Fisting !Due to the inevitable announcement of a state of emergency on Saturday, the KSE-100 index got buggered senseless today. Opening down below 13,580 , it then recovered back to 13,780 and then got a royal fisting down to 13,257, closing down at 13,279. The Karachi Stock market’s fall of 635 points is possibly the largest in its history in terms of points. It has lost 1636 points since its intra-day high of 14,908 on October 22nd. The market has closed below its 30 and 50 DMA’s and there could be a pullback soon, perhaps after some more downside or 2moro. While the index has had its gaps filled in the 13,300-14k range, no doubt several punters have had their gaps filled as well !! Apply copious amounts of Vaseline and enjoy the ride !

News : Under the new Petroleum Policy, the price of gas has been linked to the price of a basket of crude oil being imported by the country and more incentives have been provided to investors (compared to Policy 2001) for all zones…A Gas Price Gradient concept has been introduced to keep the prices low through a competitive bidding process and at the same time, provide incentives for investment… Aaj News

Security and Exchange Commission of Pakistan (SECP) will market Pakistani stock exchanges in the international market to attract more foreign investment and improve ranking of local capital market in the world.This was stated by the chairman SECP Razi-ur-Rehman while speaking at the launching of financial institutions’ margining system of National Clearing Company of Pakistan Ltd (NCCPL) here on Monday. "We have chalked out a programme to market our stock exchanges and related institutions in the international market in December this year or early January next year", he added. He pointed out that SECP will take representatives of all three stock exchanges, NCCPL and CDC to large international financial institutions, fund managers in leading markets, NCI, London Stock Exchange, etc…Rehman said that marketing of local stock market would raise the comfort level of foreign fund managers and international financial institutions and stock exchanges about Pakistan… Aaj News  (Razi couldn’t have chosen a better day to announce this, i’m sure the comfort level of foreign fund managers is high right now after a fall of 635 points and a state of emergency !!! )

Upper Caps : Not today !
Lower Caps : OGDC / MCB / BOP/ LUCKY / DGKC/ AHSL / AHL /NML /JOVC /HUBCO / PTC / POL /PSO / and several more.

Market Low : 13,257.86 High : 13,915.04

Market Close : 13,279.60 – 635.55 points down !!   

source: karachistockmarket.blogsome.com

Filed under Daily Market News, KSE & SECP News



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