24 September, 2008

Karachi stock exchange continued its march towards lack luster performance with only 2.7 million shares managed to change hands. Only 9 % stocks closed positive 19% negative while 71 % stocks remained unchanged; forcing kse-100 to close 9 points down. Foreigners remained net sellers with grim activity of 2 % buy and 3 % sell. CFS financing is now down to a new level of 14.691 billion rupees with annualized rate of 36.32 % adding another 13 BPS.

Technically charts are showing no change what so ever over market sentiment. Strong bearish downward trend persist. Any buying bet would be over 9414 with strong momentum and volume.

Board meetings on 25th September, 2008

• Maple Leaf Cement Factory Ltd (11:00 am)
• Crescent Textile Mills Ltd (11:30 am)
• Nagina Cotton Mills Ltd (12:00 noon)
  
• Noon Standard Chartered Leasing Ltd (10:00 am)
  
• Dreamworld Ltd (10:30 am)
  
• Dawood Capital Managements Ltd (11:00 am) 
  
• Dawood Money Market Fund (11:00 am)
  
• Dawood Islamic Fund (11:00 am) 
  
• First Dawood Mutual Fund (11:00 am)
  
• Sajjad Textile Mills Ltd (11:00 am)
  
• Reliance Income Fund (11:00 am)
  

Recomendation : Remin Side line.

International markets are started to consolidate as details are coming out. Warren Buffet’s decision to invest $5 billion in Goldman Sachs Group Inc; AIG takes $85B deal from Fed and Bush administration taking serious steps to curb economical choas.