13,426 - marginal recovery

13,426The KSE-100 index continued to get hammered down to a low of 13,079 based on the news of being downgraded by Moody;s and S&P. The market recovered slowly and crawled back into the green closing up at 13,426. While most of the stocks recovered after yesterday’s enormous fall, OGDC fell down to 111.95 at one stage and closed marginally up. MCB got bashed down to its lower limit . The market closed above its 50-DMA and the next upward resistance is 13,550 - 13,700, with downside support at 13,100. The next few days could well be an erratic,volatile and choppy time to be in this market and I recommend stocking up on Vaseline before supplies run out !

News: Pakistan’s credit rating outlook was cut by Standard & Poor’s to “negative'’ from “stable'’ after President Pervez Musharraf suspended the constitution and imposed emergency rule. Source : Bloomberg

Moody’s Investors Service has changed the outlook to negative, from stable, on the B1 government foreign- and local-currency bond ratings following General Musharraf’s imposition of emergency rule during the weekend… Aaj News

Upper Caps : PSO / Faysal Bank / Callmate Telips
Lower Cap : MCB

Market Low : 13,079.93 High : 13,432.04

Market Close : 13,426.11 — 146.87 points up

source: karachistockmarket.blogsome.com

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