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
10,667 - OGDC GDR begins trading at the London Stock Exchange 2006-12-06 12:45:09 Upward movement continued today at the Karachi StockExchange
as the KSE-100 index made a high of 10,720 but couldn’t hold above 10,700 and closed at 10,667. OGDC made a high of Rs.125 and its GDR has begun trading on the London Stock Exchange as of this morning. Its symbol is OIL&GAS REGS . Another day in the green, the market looks tight with interest in the oil and banking sectors. Faysal Bank traded 20.1 million shares, the highest volume of the day and MCB closed up Rs.10 at 256. Upside continues with 10,750-800 as the next resistance to 10,900.
News : The NIB Bank Ltd., a subsidiary of Singapore’s state investment agency Temasek, said on Wednesday it would buy a majority stake in Pakistan Industrial Credit Investment Corp. (PICIC)….The purchase price is around Rs 84/85 per share. PICIC and its subsidiaries have around 180 branches throughout Pakistan. Needless to mention that Picic is the fifth largest bank in Pakistan after National Bank
10,642 2006-12-07 23:47:02 The KSE-100 index crossed 10,700 again, making a high of 10,743 but failed to hold above 10,700. 2moro’s ‘’ Friday Show ‘’ could see some bloodshed in the market . Cements got fucked again. The Karachi Stock market looks rangebound and a close above 10,700 has to hold for further upside.
News : The candidates supported by the AKD Group won the KSE elections for 2007 in a large number.An extra ordinary general meeting of the Karachi Stock Exchange (KSE) held at its premises here on Thursday elected 5 directors of the Exchange out of 7 candidates in its annual elections… Geo News
Upper Cap : Soneri BankLower Cap : Callmate Telips
Market Low : 10,629.34 High :10,743.98
Market Close : 10,642.68 — 34.70 points down
Down to 10,561 2006-12-08 13:07:36 As expected, another downside day at the Karachi Stock market. The KSE-100 index made a high of 10,663 and then nose-dived down to 10,514 closing at 10,561. Range bound behaviour will continue between 10,500 - 10,700 with no real news on the horizon. Callmate Telips has been suspended from trading in the 2nd half today. Perhaps there will be a probe into its 55% price increase in 11 trading sessions ! Banks took a bit of a hammering today with NBP closing below 260. Only PTC and PSO managed to hold up.
News : The Lahore High Court, Rawalpindi Bench, has restrained the Securities and Exchange Commission of Pakistan (SECP) from appointing an auditor for Callmate Telips Telecom Limited on a writ petition filed by Barrister Aitzaz Ahsan…. Business Recorder
The final bidding of 100mmcfd gas from Qadirpur gas field is finally scheduled for Monday, 11th December 2006 where the final bidders include Fauji Fertilizer, Engro, IPIC and Orascom.
AKD Securities (Pvt) Limited has been give
Callmate Telips trading suspended 2006-12-09 02:24:53 The Securities and Exchange Commission of Pakistan (SECP) has directed the managements of all the stock exchanges in Pakistan to suspend trading in shares of Callmate Telips Telecom Limited with immediate effect…..According to the sources the decision has been taken following the information that the company has sold around 36.4 million shares in the market out of a total of 65.6 million shares, which is around 51 percent…. Daily Times
There seems to be never a dull fucking moment with Callmate nowadays !!
Read more:suspended
Callmate Telips to challenge its SECP trading ban 2006-12-09 20:45:09 Callmate Telips , a pre-paid phone cards company, has announced that it will challenge in court the Security and Exchange Commission of Pakistan (SECP) decision to expel it from the stock market for two months for a row over its audit authenticity…. The Security and Exchange Commission of Pakistan notification said: "CTTL had declared a bonus issue without compliance with the provisions of Rule 6 of the Companies (issue of capital) Rules, 1996 (Rules)"….. Business Recorder
10,584 2006-12-11 20:33:33 The Karachi Stock market slid down further to a low of 10,486 and then made a high of 10,598. It didn’t have the juice to break 10,600 and closed up 10,584. The total volume of shares traded today was 71.55 million, which is relatively low. OGDC remains lacklustre with a very small range of movement and it seems the market will be range bound for the moment. OGDC’s GDR price has been falling daily since it was listed for trading on the 6th of December.
News :The Privatisation Commission of the Islamic Republic of Pakistan today announced that Citigroup, Goldman Sachs International and BMA Capital had exercised the over-allotment option over 53,294,000 ordinary OGDCL shares in the form of GDSs. This completes the final element of the institutional offering.Including the over-allotment option and the retail offering, gross proceeds of the Offer are expected to amount to PKR 49,353 million (US$811mn)…. London Stock Exchange
Engro Chemicals has won the final bidd
10,643 2006-12-12 12:42:22 The KSE-100 index made a high of 10,689 and closed up at 10,643. A relatively stable day in the green and trading volumes rose by 30% compared to yesterday’s 71.5 million shares traded. The next resistance level on the upside is 10,700.
News : The Oil and Gas Development Company’s (OGDC) global depository share (GDS) has been oversubscribed by 100 percent as it fetched $1.5 billion commitments from institutional buyers against the target of $713 million... Business Recorder
Market Low : 10,584.48 High : 10,689.92
Market Close :10,645.58 — 61.10 points up
10,588 2006-12-13 20:42:36 There is no juice in the Karachi Stock market at the moment ! It failed to break 10,700 today , yet held up above its support level of 10,550. The KSE -index made a high of 10,674 and closed down at 10,588. Extremely low volumes of 64.44 million shares were traded today resulting in a lacklustre market. OGDC has gone to fucking sleep with less than a million shares traded.
News : BMA Funds, (the marketing name of BMA Asset Management Co. Ltd.), has announced the launching of the first capital guaranteed mutual fund in Pakistan’s history, the BMA Principal Guaranteed Fund (BPGF).BPGF is structured to return at least 100 percent of investors’ initial investment, if the investment is held till maturity, a duration of two years…. Daily Times
On the IMF chart, Pakistan’s banking profitability is at third position after Colombia and Venezuela. On the IMF chart India is on 36th position and China is on 40th position. Foreign banks’ interest in Pakistani
10,604 - Low Volumes 2006-12-14 15:45:27 Another ‘’exciting'’ day at the Karachi Stock Exchange with fuckall happening !! Fortunately the market was suspended at 10.p.m. this morning due to some KSE fault, alleviating 15 mins less boredom. Even lower volumes today, with only 54.5 million shares traded. Since December 5th the market has been trading in a narrow band of a 100 points between 10,550 - 10,650. Continous low volumes generally lead to some breakout in the trading range.
News : The Board of Directors of the Karachi Stock Exchange (KSE) held a meeting to discuss the issue relating to the suspended company Callmate Telips and asked the Securities and Exchange Commission of Pakistan (SECP) and the management of the suspended company to resolve the issue in line with the investors’ interest…. Daily Times
The process of privatisation of Sui Northern Gas Pipeline Limited (SNGPL) is underway and is expected to be completed by 2007. "We have provided necessary data to the Privatisation C Read more:Volumes
10,551 2006-12-15 19:04:32 Another dull day at the Karachi Stock Market with similar low volumes as yesterday. 54.1 million shares traded and a high of 10,634 closing at 10,551. The market is still holding its support level of 10,550 , but there is no real buying as such. Perhaps the continuing nonsense of the ‘’March 2005 Crisis ‘’ report is in the back of investors minds, nevertheless a relatively calm ‘’Friday show'’ with not too much downside. Oil rose to $63 today.
News : The government on Thursday informed the National Assembly standing committee on privatisation that the secondary offering for Oil and Gas Development Company Limited (OGDCL) shares in local stock markets would start within days…. Business Recorder
The Securities and Exchange Commission of Pakistan (SECP) will complete the investigation based on the forensic report against five top brokerage houses/financial institutions in the next fortnight, whereas complete details in all 88 cases would
Bashed down to 10,341 2006-12-18 19:47:18 After a stagnant week of low volumes and a narrow range of 100 points, the Karachi Stock market got bashed down to 10,341. Banks and cements got fucked , with several closing at lower cap, while the oil related stocks held up somewhat better. Volumes were relatively higher at 76.98 million shares traded today. Hopefully there will be an upward bounce 2moro as a close below 10,300 will lead to testing the 10k index. Its Vaseline time again !
News : The Lahore High Court (LHC) giving a verdict in the Nisar Danka case, ordered the Lahore Stock Exchange (LSE) to return the shares worth Rs500 million.… Geo News
SPOT : Callmate Telips + Fauji Fertlizer
Lower Caps : Bank Al-Falah / CCBL / Faysal Bank / Soneri Bank /DGKC / Lucky Cement / Pak Refinery / SNGP /
Market Low : 10,307.78 High : 10,573.36
Market Close : 10,341.40 — 210.47 points down.
Callmate Telips allowed to hold AGM on Dec. 29th 2006-12-19 01:28:40 Callmate Telips Telecom Limited has announced the date of the Annual General Meeting (AGM) and would hold an Extraordinary General Meeting (EGM) in first week of next year, according to a notice issued by the company….The letter issued by the regulating authority Securities and Exchange Commission of Pakistan (SECP) said that considering the fact that this is a special case in which the trading in the share of the company is suspended, the book closure in Callmate Telips will continue as announced…. Daily Times
More Vaseline needed as 10k breaks intra-day 2006-12-19 13:20:31 The Karachi Stock market got a further bashing down to 9,982 and closed at 10,055. The is the first break of the 10k index level in some time. While there is no real bad news this week to incur a drop of nearly 500 points in the last 2 trading sessions, there has been no good news in the last six weeks either. Is the re-opening of the stupid fucking forensic report , based on a crash nearly 2 years ago, doing this market any good ?? While the National Asssembly standing committee on Finance might get their pound of flesh, the ‘’small investor'’ gets raped once again !
Banks and cements have been fucked out of shape. The SBP is pushing banks towards increasing deposit rates. While some pullback should occur 2moro as RSI levels are quite low in certain stocks, the KSE-100 index might go further downwards to 9,800 before seeing further upside. Keep the Vaseline
jar at close reach !!
News : Standard & Poor’s Ratings Services on Tuesday affirmed its ‘B Read more:breaks
10,182 - Some recovery 2006-12-20 20:28:36 After further downside to 9,963 the Karachi Stock market finally started recovering and closed up at its high of 10,182, a 25% recovery from the 500 point bashing in the last two days. The next level of resistance is 10,300. There was apparently some foreign selling in certain stocks which led to their downside in the last 2 days.
News : The Board of Directors of Pakistan Industrial Credit and Investment Corporation (Picic) has unanimously approved that its due diligence and that of its subsidiaries may be conducted by the NIB Bank Ltd backed by Temasek Group of Singapore…. Business Recorder
Upper Cap : Faysal Bank
Market Low : 9,963.21 High : 10,182.46
Market Close : 10,182.46 — 126.81 points up.
9,923- KSE-100 Index breaks below 10k 2006-12-21 13:32:36 After some minor relief from yesterday’s 25% recovery, the Karachi Stock market got buggered again. Making a high of 10,202 it went down to 9,908 and closed at 9,923. The last time the market closed at this level was September 7th. OGDC closed below its support of Rs.115.50. NBP and MCB were bashed down a further 5%, and cements got reamed again.
Whether there will be another recovery 2moro is hard to say. While RSI levels are now at their lowest for sometime, people might not hold their positions over the long weekend. The next downward support is 9,800 and then 9,600. Keep a good supply of Vaseline handy !!
News : The chairman of the Securities and Exchange Commission of Pakistan (SECP) has clarified the position of the Commission about the data related to the March 2005 stock market crash and he also pointed out correspondence with the Karachi Stock Exchange (KSE) management, indicating inability of data holding by the IT system of the KSE.The Commission termed Read more:Index
, breaks
9,893 - KSE-100 index down 658 points this week 2006-12-22 23:45:30 Another day of carnage at the Karachi Stock Exchange . Continued foreign selling lead to a rectum ripping low of 9,696 in the first half , followed by some recovery in the 2nd half.The market held its support of 9,800, closing at 9,893. The market has lost 658 points (6.2%) this week. According to Dr. Salman Shah,"the current declining trend in the stock market was a temporary phase, and expressed hope that things will improve with the start of new year." ‘’Hope'’ will not feed those who got royally fucked in the market this week !! Whether the worst is over remains to be seen next week. The next support level below 9,800 is 9,630. Vaseline would be a good stocking filler this X’mas !!
News :The Advisor to the Prime Minister on Finance and Revenue, Dr Salman Shah has said that there will be no victimisation for the stock market crash but action would be taken under the rules and regulations against those involved in the stock market scam…
10,025 - Marginal recovery with a close above 10k 2006-12-26 16:59:55 The KSE -100 index made a slight recovery after its intra-day move down to 9,700 on Friday. The market made a high of 10,054 and closed up at 10,025. Finally there was a positive close in NBP and MCB closed upper cap with other banks showing positive closes. The market is still well below its 30,50 and 200 DMA’s . The next upward resistance is 10,150 to 10,300.
News : Being a holiday yesterday there is no real news as such as the papers have the day off. There is an amusing piece of reportage from Geo News … "Karachi Stock Exchange (KSE), while shedding last week’s uncertain outlook though wavered and vacillated initially, but then flashed back to a welcome optimism, putting in motion a lively kicking business that enabled the KSE-100 index to breach the 10,000 points psychological barriers today."
Upper Cap : MCB + Soneri Bank
Market Low : 9,844.35 High : 10,054
Market Close : 10,025.34 — 131.35 points up
This is the 200th post Read more:Marginal
, above
10,032 - market holds above 10k 2006-12-27 12:03:03 The Karachi Stock market continued its upward movement making a high of 10,155 and then fizzled out, unable to sustain its gains, closing at 10,030. Last week it recovered to 10,182, only to get bashed again.The market needs to consolidate above
10k to make further headway to 10,200-300 and don’t expect much as there are only 2 trading sessions left for the week with a 4 day break thereafter till Jan 3rd.
OGDC looks weak, unable to sustain any upside above 115 and could well take the market down in the next 2 days. Sadly the market’s lemming mentality to rise and fall based on the performance of this stock, still persists !! Keep the Vaseline jar at close reach.
News : In its third round, Sui Northern Gas Pipelines Limited (SNGPL) has disconnected gas supply to dozens of export-oriented industrial units, giving a clear message that load shedding was for all industrial sectors, as it believes in indiscrimination…. Business Recorder
The Karachi Stock Exchange Read more:holds
10,058 2006-12-28 22:14:08 A relatively lacklustre day at the Karachi Stock Exchange with low volumes of 73.9 million shares traded. The market made a high of 10,087 and closed up at 10,058. Marginal improvements in cements with DGKC as the volume leader of the day and DGKC, Lucky Cement and Maple Leaf closing up.
News : State Bank of Pakistan on Wednesday suggested to policy makers that badla financing in share markets be completely “removed with better risk management tools”… The News
The income tax exemption, which the banks and insurance companies have been enjoying on capital gains, will expire on December 31, 2006, a leading tax expert said….Some leading tax experts have approached the Central Board of Revenue (CBR), seeking extension in capital gains exemption to banks and insurance companies… The News
Dubai Islamic Bank (DIB) has announced that it has arranged sale of ‘Sukuks’, or Islamic bonds, worth $85.3 million for two companies in Pakistan, namely, Karach
Public offering of OGDC shares from January 11th 2006-12-30 02:15:58 The Privatisation Commission has made the OGDC shares
’ secondary offering
to the domestic investors. The subscription for 21,505,000 shares of the offer at Rs 110 per share will commence on January
11th, and close on January 13th, 2007.The retail offer price represents an effective discount of almost 3 percent to the price paid by institutional investors in the international and domestic institutional offering that priced on November 30, 2006. The balloting for subscription will take place on January 23, with final allocations announced thereafter…. Business Recorder
OGDC
Read more:Public
10,040 - 10k holds as trading for 2006 ends 2006-12-30 00:06:15 The last trading session at the Karachi Stock Exchange for 2006 was another uneventful low volume day, with 71.6 million shares traded. The market made a high of 10,105 and then closed down at 10,040. Downside faces a test of 9,935 followed by 9,800 and a close above 10,155 will head for 10,300-500. Its only a matter of time before interest will pick up and the market starts to go up again, probably after the middle of January 2007.
News :TeleCard, a local telecom company, is in final talks to sell more than 15 per cent shares to another subsidiary of its parent company, Total Telecom, which plans to launch $300 million CDMA (code division multiple access) technology-based operations in 2007… The News
JCR-VIS Credit Rating Company Ltd (JCR-VJS) has assessed the fund performance ranking of Golden Arrow Selected Stocks Fund Limited (GASFL) for the period ended June 30, 2006 at ‘MFR 5-Star.’… Business Recorder
Upper Cap : Pioneer Cement
Market Low : 10,028.62 H Read more:holds
Arif Habib Ltd. public offering over-subscribed by 264 percent 2006-12-31 17:54:10 Draw for allocation of shares of Arif Habib Limited (AHL) to the general public was held at a local hotel on Saturday. This became necessary due to the overwhelming response and over-subscription to the Offer for Sale of 5 million shares–out of a total 20 million shares–by AHL’s holding company, Arif Habib Securities Limited (AHSL)The offer price was Rs 100 per share, including a premium of Rs 90 per share. Accordingly, the total amount offered for subscription was Rs 500 million. Against this offer, valid applications of over Rs 1.32 billion were received, representing 264 percent over-subscription. Given the subscription pattern, only the applications for minimum subscription (500 shares)… Business Recorder
Read more:offering
KSE Top 25 Companies Awards for 2004-5 2006-12-31 17:47:09 The Karachi Stock Exchange (KSE) will hold the ‘Top Companies
Award’ Distribution Ceremony on January 8, 2007 in Karachi for the years 2004 and 2005. The ceremony will be attended by a large number of people from government, semi-government organisations, banks and financial institutions, trade and industries and diplomats…. Business Recorder
Some of the Top 25 Companies for 2004-5 are :
Fauji Fertiliser Company LimitedPakistan State Oil Company LimitedOil & Gas Development Company LimitedArif Habib Securities LimitedUnilever Pakistan LimitedNestle Pakistan Limited Read more:Awards
Market Closed 2007-01-02 03:26:19 The Karachi Stock Exchange will remain closed today for Eid-ul-Azha.
Read more:Market
, Closed
Worst performance at the KSE in the last 5 years 2006-12-31 23:05:15 Though the bull-run at Pakistan market continued in calendar year 2006, the magnitude of stock market return has slowed down. And a return of only 5 per cent (3% in dollar terms) during the outgoing year 2006 compared to previous four-year average return of 68 per cent. In fact, this was lowest gain that KSE has posted in last 5 years of bull-run. Out of 52 weeks in 2006, market closed in the positive territory 30 times on weekly closing basis leaving the bulls to bears ratio of 3:2 in 2006. In 2006, KSE saw its all-time high 12,274 points on April 17th …. The News
Has the Karachi Stock Market run its course ? More to follow in 2007 !
Rough ride for the KSE in 2007 2007-01-02 16:31:41 The relatively modest performance of the Pakistani stock market in 2006 compared to the previous two years has forced a number of investors to consider alternative sources of investment as they prepare for 2007. The new year promises to be a politically tumultuous year…..For many investors, the year end figures from the stock market are indeed a sombre read…..as investors who are taking a realistic stock of the future, are reminded of the continuing weaknesses surrounding Pakistan. These include the many political issues waiting to be resolved, most notably the future of the country as it positions itself for elections later this year….A recovery in the stock market is therefore not likely to endure over a long period of time, and jitters in the Pakistani market are likely to remain more closely tied to the country’s political trends… Gulf News
Without starting the year on a gloomy note, the factors underlined in the article above will bear heavily on the Read more:Rough
10,060 - 2007 starts with extremely low volumes 2007-01-03 15:35:53 A calm yet soporific performance on the first day of trading in 2007 at the Karachi Stock Exchange. Extremely low volumes with only 21.4 million shares traded. The KSE-100 index made a high of 10,066 and a low of 10,020 to closed up at 10,060. At one stage it seemed that the market was closed with only 1.5 million shares traded in an hour. Given the recent bashings and jitters in the market, this is better than minus 200 points. Callmate telips began trading again today.
News : The Securities and Exchange Commission of Pakistan (SECP) has decided to appeal against the Lahore High Court (LHC) decision, in which it permitted trading of Callmate shares….It further said same day the LHC, on an another appeal of Callmate, suspended the decision of the SECP, which was to ban trading of Callmate shares.The SECP claimed that it was unaware of the hearing and none of its legal team was present in the court…. Source : Business Recorder
Foreign investments in the Pakista
A Bullish forecast on the KSE for 2007 2007-01-04 18:51:09 Having recently written about the Rough ride for the KSE in 2007 ,the following is a bullish report on the outlook for 2007 showing the other side of the coin. While there is a lot of logical sense in it, it is rather utopian as it fails to acknowledge any possible pitfalls during the year and fails to acknowledge the stupidity of the panic in this market in matters that are unfavourable to it. While I would be ebullient to see a 13k index, I’m still inclined to be skeptical about it. The report is well worth reading, but don’t get any erections about the market just yet !!
The market participants and research analysts expect that the new year will bring better returns to the shareholders as compared to 2006, as the Pakistan market is currently at attractive levels…Amongst the emerging markets of Asia, Pakistan is at 45 percent discount on PE multiple and offers the highest dividend yield of 6.5 percent. Based on an analysis, this year a local market can Read more:Bullish
10,186 - KSE-100 index moves up 2007-01-04 16:04:36 After a dozey day of the lowest volumes in 4 years, the Karachi Stock market picked up and made a high of 10,188. Banks were the leading sector today, buoyed up by positive ratings from Moody’s Investors Service and Fitch ratings. While the index closed up by 120 points, other stocks remained lacklustre in their performance with the exception of PTCL and PSO. Upside continues on a close above 10,200 with 10,300 to follow. Whether the market will sustain this upside will be seen in the ‘’Friday Show'’ 2moro. When it rose from 10,055 to 10,182 on December 20th 2006, the next day it plunged below 10k to close at 9,923.
News : The outlook for Pakistan’s banking system is stable, reflecting robust credit growth that is benefiting the banks. These are gradually showing signs of revival with stronger financial fundamentals, says Moody’s Investors Service in its latest Banking System Outlook for Pakistan…. Business Recorder
The Oil and Gas Reg Read more:moves
10,147 2007-01-05 19:12:04 The Karachi Stock market made a high of 10,210 and then sunk down to 10,091 , closing down at 10,147. OGDC was the main obstacle in further upside in the market with its low of Rs.111.90 and finally crawling up to close at 113.2. Its GDR has also closed below its intial price of $1.89 at $1.848. Banks continued their upside esp. NBP and MCB and cements made a good recovery from their lows. The market closed on its support level of 10,147 managing to sustain some of its gains this week. Upside follows through 10,230 to 10,285-300 while downside will be tested at 10,050-10k.
News : Prime Minister Shaukat Aziz on Friday said Pakistan State Oil (PSO) has become a prime asset ready for privatisation as a result of its corporate transformation, innovative products and services and its leadership position in a highly competitive market.The prime minister said this while chairing a high level meeting to review the performance of PSO at PM’s House this evening…. Source : Business R
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