Owner: Karachi Stock Market Blog URL:http://karachistockmarket.blogsome.com/ Join Date: Fri, 27 Oct 2006 18:13:22 -0500 Rating:0 Site Description: Daily updates on the Karachi Stock Market, with news, company dividend information and KSE-100 index movements. The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. Site statistics:Click here
10,954 - further bashing 2006-11-02 20:05:08 A volatile day at the Karachi Stock market with the index swinging from 11,128 at its high down to a low of 10,865. It has gone from an overbought market to almost an oversold market in 4 trading sessions. OGDC was bashed down to 136 at its low, Rs. 20 off in three days and closed at 138, below its 200 DMA. It seems that the worst might be over with the new margin rules and an increase in the stocks allowed for CFS (Continuous Funding System, better known as badla) coming into play from Monday.
I have also heard that there will be an increase to the amount of stocks in CFS to 88 (it was 30 and will be 50 from Monday), that margin in illiquid stocks to be reduced to 60%, in house badla can be taken into the market without gross purchase, the badla cap of Rs.55 billion can be increased when required, and brokers are not required to pay the margins on institutional trading .The CFS limit will be enhanced to Rs 30 billion on November 6, 2006, Rs 37 billion on November 13, Rs 45 billion o Read more:bashing
List of securities eligible for CFS 2006-11-03 00:11:53 The following is a list of stocks eligible
for CFS / badla. The first 30 are already in play and as of Monday 6th Nov. nos. 31-50 will be available.
1 National Bank of Pakistan Ltd.- NBP2 MCB Bank Ltd. - MCB3 Pakistan Petroleum - PPL4 Pakistan Oilfields Ltd. - POL.5 Oil & Gas Dev.Co. - OGDC6 D.G.Khan Cement Co. - DGKC7 Pakistan State Oil Co. - PSO8 Bank of Punjab Ltd. - BOP9 Lucky Cement - LUCK10 Pakistan Telecommunication Co. - PTC11 Engro Chemical Ltd. - ENGRO12 Paldstan Ind. Credit and Investment Co. - PICIC13 Nishat Mills Ltd. - NML14 Adamjee lnsurance Co. Ltd. - AICL15 Bank Al-Falah Ltd. - BAFL16 Askari Commercial Bank Ltd - ACBL17 Fauji Fertilizer Limited. - FFCL18 Fauji Fertilizer Bin Qasim FFBL19 Faysal Bank Ltd - FABL20 Kot Addu Power Company - KAPCO21 Fauji Cement Company Ltd - FCCL22 Callmate Telips - CTTL23 Maple Leaf Cement - MLCF24 Sui Northern Gas - SNGP25 Hub Power Company Ltd HUBC26 Attock Refinery Ltd. - ATRL27 Sui Southern Gas Co. Ltd.- S
11,246 - pullback 2006-11-03 13:13:02 As expected the Karachi Stock market went shooting back up due to the postponement of the new risk management system, as directed by the SECP, to be implemented with effect from December 4 instead of Nov.6th . The SECP delayed the implementation of value at risk (VAR) management system till December 4 and the abolition of in-house badla is to be delayed till Nov. 30th.
The KSE-100 index crossed its resistance levels of 11,100 and 11,200 closing on its high at 11,246. The next level is 11,400. OGDC closed at Rs. 141.75 , above its 200 DMA which was broken yesterday. NBP, POL,PPL all went up between Rs.10- 13. Banks have become fucking hot again and all the Vaseline jars have been put away.
News : After a detailed meeting with the stock exchange’s management, the Securities and Exchange Commission of Pakistan (SECP) on Thursday enhanced the CFS limit to Rs 55 billion for Karachi Stock Exchange (KSE)…. Business Recorder
The Securities and Exchange Commission of Pakistan ( Read more:pullback
Update - 21 stocks added to CFS list 2006-11-05 16:55:08 The list of all the stocks eligible for CFS / badla has increased by another 21 stocks taking the total to 71, effective from 2moro morning ( 6th November ). The revised criteria set by the SECP to include them to the current list of 30 is as follows :
1. Companies that have an average daily impact cost of less than 1%, based on a previous three months daily impact cost and on an order size of Rs. 500,000.
2.Companies that have have traded on more than 90% of the trading days during last three months.
3.Companies with a free float of more than 20% of issued capital or 45 million free float shares.
4.Companies having a turnover of more than nine million shares during last three months.
This should add a few more symbols to one’s trade screen from 2moro, perhaps creating new avenues to make money, and breaking the monotony of the same old 30 stocks that have been available for rollover. Read more:Update
11,012 - short lived upside 2006-11-06 20:01:39 Today was one of those days that left one scratching their heads slightly as having recovered 300 points on Friday, the Karachi Stock market got buggered again and closed 234 points down at 11,012. An interesting reaction to the fact that the CFS cap has increased to Rs.55 billion. It seems to have been an over correction on the downside and mainly due to a weak OGDC which closed below its 200-DMA again.
The KSE-100 index might yo-yo at these levels for a bit and touch its recent low of 10,865, but the market should re-test its recent high in the short term before the new risk managment system comes into play at the end of the month. The ridiculous ‘’March 2005 Crisis'’ issue seems to be rearing its ugly head again which could be the reason for today’s downside.
News : Sui Southern Gas Company Limited (SSGCL) will be signing an agreement for a loan of Rs4 billion on November 8 for financing its infrastructure development programme…. Geo News
Upper Cap Read more:lived
, upside
11,017 2006-11-07 19:11:13 The KSE-100 index made a high of 11,079 and then continued its sharp downside to a low of 10,733 where I’m sure the Vaseline jars & the sick bags were whipped out. It appears that yesterday’s downside was due to a technical fault that developed in the KATS (Karachi Automated Trading System) at the KSE, which restricted investors to take positions in Continuous Funding System (CFS) beyond Rs.26 billion despite the newly approved regulations of Rs.55 billion by the Securities and Exchange Commission of Pakistan (SECP). That led to a punter panic resulting in offloading stock.
OGDC and NBP were bashed down to Rs.133.8 and 262 today and at 10,733 the market has corrected 830 points since its pre-Eid high of 11,565. Cements are totally raped with DGKC, LUCKY & Maple Leaf closing at lower cap at prices that are quite out of parity with an 11k index. OGDC closed above its 200- DMA today and the market re-bounded from its low to close at 11,017. United Bank Limited i
10,973 - 11k breaks again 2006-11-08 11:45:18 The Karachi Stock market dipped down to 10,854 this morning due to the bomb blast in the Punjab. It then recovered to cross the 11k index and closed below at 10,973. It seems that the IT issue with the KATS is still going on, contrary to the article in the News. 2moro is a holiday.
Dividends : United Bank Ltd - (UBL) : RESULT FOR THE THIRD QUARTER ENDED 3O/O9/2OO6 = PROFIT BEFORE TAXATION RS. IN MILLION 10,487.102 / PROFIT AFTER TAXATION RS. IN MILLION 6,906.629EPS = Rs.10.67
News : The Securities and Exchange Commission of Pakistan (SECP) has decided that members of stock exchanges, executing ‘ready market trades’ on behalf of approved financial institutional (FI) clients, shall not be required to place margins with the exchanges…. Business Recorder
The Government will issue GDRs of Oil & Gas Development Company (OGDC) within the next two weeks.... Geo News
Upper Cap : PTCL
Market Low : 10,854.91 High : 11,032.30
Market Close : 10,973.25 Read more:breaks
10,739 - further downside 2006-11-10 19:36:35 The KSE-100 index took a further bashing down to 10,739 today and opened lower than its previous close. Banks were badly hammered especially NBP, MCB & UBL. It’s full on Vaseline time now !This morning, an article in the Business Recorder had stated that there was a problem regarding the OGDC GDR issue. After the market closed the news came out that all the legal problems had been resolved and that the OGDC directors had approved the GDR issue.
Further downside to 10,500 is possible depending on the $1 million ‘’March 2005 crisis'’ report, which is ready to be presented to the National Assembly Standing Committee on Finance and Revenue on 13th November. Perhaps that money should have been spent sorting out the KATS IT problems and a better KSE website!!
News : The Karachi Stock Exchange (KSE) demanded the Securities and Exchange Commission (SECP) to reduce the margin rate in the ready market…. Geo News.
Lower Caps : MCB / UBL / F
10,743 2006-11-13 13:27:38 The index made a high of 10,861, a low of 10,683 and closed at 10,743, below its 30 DMA. The current news on OGDC’s GDR is that marketing will begin on Nov.15th for 645.13 million shares, book-building to complete by the 30th and it will be listed in London on Dec.6th. OGDC closed below its 30 DMA today, and cements are getting more reamed day by day, keep the Vaseline jar at close reach.
The next downside support is 10,500 and the mkt. has to close above 10,900 for further upside. The $1 million report on the March 2005 bullshit has been postponed till further notice, perhaps realizing that it could bugger the market further down from here, or maybe some big political dick has been implicated.
News : The government has indemnified the global depository receipts (GDRs) issue for Oil and Gas Development Company (OGDC)… Business Recorder
The finance ministry has informed the Securities and Exchange Commission of Pakistan (SECP) that meeting of the standing committee on fi
10,869 2006-11-14 12:34:53 The Karachi Stock Market made a high of 10,892 and closed at 10,869. A relatively steadier day in regard to downward movement and also fairly low volumes of 119.5 million shares traded. While banks predominantly set the upward trend today, OGDC did not perform to add to the index . Further upside continues with a close above 10,900, which could be possible 2moro.
News : The Privatisation Commission on Monday announced that it would offer Oil and Gas Development Company (OGDC) global depository shares (GDS) through London Stock Exchange from November 15…. Business Recorder
Balances under the Special Convertible Rupee Accounts (SCRAs) plummeted to $298.8 million on November 10th after having reached a record high level of $340 million on November 6th …. Business Recorder
SPOT : ENGRO
Upper Cap : United Bank Ltd.
Market Low : 10,726.68 High : 10,892.90
Market Close : 10,869.63 — 125.79 points up
10,813 2006-11-15 19:12:35 The index crossed 10,900 making a high of 10,966 and then dived down to a low of 10,799, closing at 10,813. It seems that the steam of yesterday’s late buying has cooled off especially in NBP. OGDC, while holding its support at 135.5, can’t seem to break 138.4 and closed below its 30 and 200 DMA at 136.15. 10,680 is the current support on the downside and if that breaks, its 10,500 downwards.
News : To promote Islamic banking in the country, the National Bank of Pakistan (NBP) has approached the Central Board of Revenue (CBR) … Business Recorder
The issue of gas supply to the new fertilizer plant from the Qadirpur Gas Field has again been put off until December 11…. Geo News
Upper Cap : Bosicor
Market Low : 10,799.05 High : 10,966.79
Market Close : 10,813.93 — 55.39 points down.
10,850 - will OGDC wake up ? 2006-11-16 20:00:16 The Karachi Stock Market made a high of 10,870 and a low of 10,710 before closing up at 10,850. It seems that the market is struggling here and if it doesn’t close above 10,900 it will go down further. OGDC seems to be the problem with an inabilty to break 138.4 and today it broke its support of 135.5 making a low of 133.7. Given its imbalanced weightage in the KSE-100 index, it goes without saying that its up/downside will determine where the market is headed in the next few days. Whether its GDR listing on the London Stock Exchange on Dec.6th gives it the much needed boost it currently needs, will remain to be seen. It is currently sitting at 136 ,Rs.20 ( 12%) down from its recent pre- Eid high of 156.
News : The pioneer of consumer banking in Pakistan, Shaukat Tarin, has offered to acquire 50 percent shareholding in Crescent Commercial Bank Limited (CCBL) for Rs 2.8 billion…. Business Recorder
The management of Karachi Stock Exchange (KSE) has decided to brief it
Crescent Commercial Bank to Get 6 Billion Rupees of Saudi Investment 2006-11-17 13:21:01 Nov. 17 (Bloomberg) — CrescentCommercial
Bank Ltd., aPakistani lender, said a "premier'’ Saudi
Arabian institutionplans to invest 6 billion rupees ($98.7 million) in the company. The bank’s board of directors approved the investment, itsaid in a statement to the Karachi Stock Exchange today, withoutnaming the institution. “The investment is subject to the appropriate regulatoryapprovals and execution of a definitive agreement,'’ the firmsaid in the statement.
By Haris Zamir
Source : Bloomberg
10,705 - OGDC reams the market 2006-11-17 13:09:01 The Karachi Stock Market made a high of 10,945 and then dived down to 10,683, closing at 10,705. OGDC got fucked in the last 20 minutes and went down to its lower limit taking off most of the gains in the other stocks as well. Closing below its 30,50 and 200 DMA , OGDC could go down to 127 or further depending on the news, if any, that made it crash.
While the market has held on 10,700 it has closed below its 30 DMA. There could be a minor pullback on Monday if OGDC recovers, or the next stop downwards is 10,500. A classic ‘’ Friday Show ‘’ !!
News : The Securities and Exchange Commission of Pakistan (SECP) and the Karachi Stock Exchange (KSE) have agreed that risk management measures… Business Recorder
The management of Karachi Stock Exchange (KSE) has decided to arrange a Special Session for conversion of In-House Badla into Continuous Funding System (CFS)…. Business Recorder
UPPER CAP : Crescent Commercial Bank / Callmate Telips
Market
10,431 - the slaughter continues 2006-11-20 12:39:40 The Karachi Stock Market continued its downward slide from Friday and made a low of 10,419, closing at 10,431. Closing well below its 30,50 and 200 DMA, the market has lost 562 points in the last 2 sessions, and the last time the index was at this level, was September 27th. Rumours are rife about OGDC’s GDR price being discounted and therefore OGDC is down Rs.9 since Friday morning, (20% down from its pre-Eid high of 156). 2moro also brings the $1 million dollar KSE march 2005 crisis forensic report which could take the market down further to 10,300-10,100. The Vaseline jars are being emptied at a rapid rate !
News : Prime Minister’s Advisor Dr. Salman Shah has said that foreign experts’ investigation report on the KSE March-2005 crisis will be presented before National Assembly’s Standing Committee on Finance & Revenue tomorrow. Geo News
Crescent Commercial Bank : The Board of Directors of Crescent Commercial Bank Ltd (CCBL) has approved an investm Read more:slaughter
10,622 - pullback 2006-11-21 20:11:22 The KSE-100 Index made a reasonable recovery from yesterday’s close with a high at 10,673 and closed at 10,622. As seen in the graph, the Karachi Stock market was suspended for about 45 minutes in the morning , apparently due to a fire that broke out. The market has closed below its 30 and 200 DMA and 10,700 is the next upward resitance level followed by 10,900. OGDC closed way below its 30,50 and 200 DMA and has to cross 132 for further upward movement. Keep the Vaseline handy at the moment !
The names of 13 brokers accused for irregularities in future contracts, have been handed to the SECP in the 94 page report done by the forensic team. The report costing $10,638 per page , held the flawed trading system responsible for the March 2005 Crisis/crash. I still feel its a fucking criminal waste of time and money, crying over split milk nearly 18 months later !
News : Human error caused a technical fault in trading software (KATS) at KSE following Arif Habib Securities bonus ann Read more:pullback
10,646 - more whining about the March 2005 report 2006-11-22 20:14:55 A more stable day at the Karachi Stock Exchange with relatively low index movement, a low at 10,569, a high at 10,659 and a close at 10,646. The market has to break and hold above 10,700 to re-test 10,900.There seems to be more whining about the "March
2005 Crisis report
‘’ from the National Asssembly standing committee on finance Panel, who seem to want their pound of flesh. Perhaps one or more of its members got fucked in the market at the time ??
News :The report has focused on the investigation of 13 top stock market brokers which the SECP Chairman Razi-ur Rehman clearly pointed out were not the culprits and not proven guilty of, but only under consideration of misappropriation. The names are as follows :Arif Habib Limited, Aqeel Karim Dhedhy Securities (Pvt) Ltd, BMA Capital Management, KASB Investment Bank, Forex Investment Bank, Taurus Securities Limited, Abdul Jabbar Khanani, Escorts Investment Bank Ltd, Akberally Cassims & Sons, Jehangir Siddiqui Ca
10,867 - further upside 2006-11-23 22:54:44 The Karachi Stock Market made a high of 10,884 and closed at 10,867. A large percentage of the index was OGDC’s Rs.5.70 move upwards. It seems that the market has ignored the March 2005 report and continued back up towards 10,900. 11k 2moro ??
News : The Securities and Exchange Commission of Pakistan has directed the Central Depository Company (CDC) to allow release/movement of Securities financed through Continuous Funding System (CFS) from CFS blocked accounts of account holders on receipt of intimation from the Stock Exchange…. Business Recorder
Upper Cap : Callmate Telips (5th consecutive day !!)
Market Low : 10,646.26 High : 10,884.70
Market Close : 10,867.11 — 220.85 points up Read more:upside
10,870 2006-11-24 17:57:42 The Karachi Stock market held on to yesterday’s close with some intra day correction down to 10,813 and a high of 10,935. NBP was the flavour of the day closing up Rs.8.60 at 278.9 The next upward resistance is 10,900 followed by 11,000.
News : Following the report of forensic investigators, the Securities and Exchange Commission of Pakistan (SECP) has finally issued show-cause notices to 88 leading brokers on Thursday, who breached the provisions of SECP rules/regulations…. Business Recorder
Upper Cap : Callmate Telips (6th consecutive day, with a buy volume of 11million !) + Soneri Bank
Market Low : 10,813.32 High : 10,935.40
Market Close : 10,870.90 — 3.79 points up
Down to 10,750 2006-11-27 14:26:45 The market made a pathetic attempt to cross 10,900 with a high of 10,911 and closed near its low of 10,744. While the news on OGDC’s GDR sounds positive , OGDC got fucked again today and closed below its 30,50,200 DMA’s at 129.95, down by Rs.3.40. The rest of the market remained stable in comparison. 2moro’s index depends on whether OGDC gets further bashed or not.
News : The government will fetch $1.5 billion from Oil and Gas Development Company (OGDC) global depository receipts (GDRs) as its books’ building process has been well received in the international market…. Business Recorder
A consortium of major local and foreign banks in Pakistan on Sunday signed a loan agreement of Rs 23 billion to fund a new fertiliser complex for Fatima Fertiliser. This is the largest ever ‘greenfield’ industrial project by Pakistani entrepreneurs financed in local currency…. Business Recorder
Callmate Telips has closed at its upper limit for the 7th
10,762 2006-11-28 19:38:51 A stagnant day at the Karachi Stock Exchange with not much activity or movement in the KSE-100 index. The market made a high at 10,811, a low at 10,690 and closed at 10,762. The market is currently range bound from 10,700-900 with 10,800 and 10,860 as the next upward resistance.
News :The Securities Exchange Commission of Pakistan on Tuesday has changed the schedule of new Risk Management System, which is going to be implemented from 04 December, 2006, Aaj TV report said.The report said that the SECP and KSE management in its board meeting reviewed the exposure and decided to increase margin from 04 December 2006 to 50 percent, April 2007 to 75 percent and October 2007 to 100 percent…. Business Recorder
The Securities and Exchange Commission of Pakistan (SECP) has turned down the request of the Karachi Stock Exchange (KSE) requesting for the extension of the deadline set for the abolishment of netting.… Geo News
Sui Northern Gas Pipelines Limited (SNGPL) has signed Gas
Down to 10,594 2006-11-29 15:30:51 Another bashing at the Karachi Stock market with the KSE-100 index making a high at 10,788, a low at 10,566 and closing at 10,594. Perhaps it’s due to the change in the schedule of the new risk management system. Once the issue is settled there could be a pullback. Downside below 10,500 is 10,300.
News : The Securities and Commission of Pakistan (SECP) has changed the schedule of new risk management system, which was scheduled to be implemented from December 4, 2006…. Business Recorder
The Karachi Stock Exchange (KSE) has announced to arrange a special session for conversion of "In-house Badla to Continuous Funding System (CFS)" through an automated interface on Wednesday (November 29) from 4:00pm to 05:00pm…. Business Recorder
The Senate Standing Committee on Finance, Revenue & Statistics has termed the forensic report of the stock market crash of March-2005 as useless and inefective….. Geo News
Upper Cap : Callmate Telips (9th consec
10,619 2006-11-30 12:50:25 A rollercoaster of a ride on the Karachi Stock Market today.The market made at high of 10,703 and then got reamed down to 10,512 and close at 10,619. The market has closed below its 30,50 and 200 DMA’s . OGDC is still weak and a lot depends on its GDR price, due to be announced tonight. A close below 10,400 would lead to 10,100 and on the upside 10,900 is a big resistance level for the KSE-100 index to cross.
News : The Cabinet Committee on Privatisation (CCoP) is scheduled to meet on Thursday night to fix the OGDC GDR share price, official sources told…. Business Recorder
The schedule of new ‘risk management system’ (RMS) - excluding client level netting - will be implemented in phases, whereby 50 percent of the applicable margins under the new regime will be applicable from December 4, 2006. This applies to the ‘Ready’ and CFS market only…. Business Recorder
Upper Cap : Callmate Telips ( 10th consecutive day ) + HUBCO + Soneri
CCoP decides the OGDC GDR price 2006-12-01 00:47:51 The Cabinet Committee on Privatisation (CCoP) on Thursday approved the Oil and Gas Development Company (OGDC) global depository shares (GDS) trading through the London Stock Exchange from December 6th, and fixed its price
at Rs.115 per share ($18.90 = 10 shares = 1 GDS)…. Business Recorder
10,388 - OGDC's GDR price takes the market down 2006-12-01 17:35:08 As expected after hearing the OGDC GDR price
last night, OGDC opened at lower cap down Rs.6.35 at stayed at Rs.120.85 all day (see the vertical downward line in the graph). Its GDR price has been set at Rs.115 , 9% lower than yesterday’s market close of 127.2. Monday should see another fall in OGDC down to 115 and lets hope it doesn’t continue on Tuesday !! A predictable sheep/lemming mentality drove the rest of the stocks down and the market made a low of 10,318 and closed at 10,388. 10,200 is the next downward support followed by 9980. Yes, its Vaseline time again !!
OGDC GDR News :Out of a total 645mn shares on offer, the CCOP has allocated 377 million shares to local and international investors at Rs115 per share while another 21mn shares at Rs.110 per share have been reserved for a retail secondary offering planned in the third week of December. The CCoP has also allocated up to 53mn shares for over-allotment.
Dividends : Callmate Telips : 30% BONUS + 20% CASH
Government to sell 51% PSO shares 2006-12-03 16:24:47 The Privatisation Commission on Saturday extended the sell-off of Pakistan State Oil Company Limited (PSO) and asked the interested investors to send complete statements of qualification (SOQs) along with EOIs accompanied by January 15.The Privatisation Commission in its statement issued here said the government would sell 51 percent shares
in PSO with management. A consortium led by J.P. Morgan is the advisor for the transaction…. Business Recorder
Read more:Government
10,417 - OGDC holds 2006-12-04 20:13:41 Much to everyone’s surprise OGDC didn’t hit its lower cap or touch 115 today. The KSE-100 index made a low of 10,324 and a high of 10,455, closing up at 10,417. It’s hard to say which way OGDC will go in the next few days, hopefully upwards ! The GDR starts trading at the London Stock Exchange on the 6th and provisonal trading took place on Friday 1st. Here is a chart of OGDC’s GDR’s first trading day which closed at $19.18. Cements have got a slight erection after a big downward slide with Lucky hitting its upper cap and all others closing positive.
News : Foreign investors have made investments of over $290 million in the stock exchanges during the current fiscal year up to December…. Geo News
It is the faulty oil pricing mechanism that makes Pakistan an ideal place for oil marketing companies, which are fleecing customers and thriving their businesses without any fear and accountability. It’s the only country in the world where Read more:holds
10,550 2006-12-05 15:44:05 A healthier day in the green on the Karachi Stock market, with the KSE-100 index surging upwards in the last 30 mins closing on its high of the day at 10,550. OGDC closed up at Rs.122 and POL took off, to close at Rs.367.9, up nearly 14 rupees. 10,650-700 is the next upward resistance.
News : Zahid Hamid, the Federal Minister for Privatisation & Investment left this morning for the United Kingdom for the official opening of OGDCL on the London market, which will take place on Wednesday 6th in a formal ceremony at London Stock Exchange (LSE). Zahid Hamid will formally push the button on ‘The Source’ (’The Source’ is the symbolic representation of the market opening; akin to the NYSE’s opening bell) at London Stock Exchange.The listing and trading of OGDCL’s GDS at the London Stock Exchange represents a significant milestone in the Government’s privatisation program. This is the largest equity offering of a Pakistani company abroad in
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