27 September, 2008

The borad of directors in a meeting held on 25th september, 2008 regarding lifting the freez put in place from 28th august, 2008 has decided to continue with current flooring system. Certain measures have been initiated like banning of short sale in october contract. A fund of 20 Billion ruppes under NIT managment would be fully active to support the market etc. It seems market participants are trying there best to collect liquidity from all channels and stream line them for a normalize activity in local brouse. 

On last day of september contract market registered another record of low volumes with only 2.4775 million shares manage to change hands.  Foreigners bought 21% while sold 0.4% despite grim activity. CFS Financing is up 5% at 15.411 billion rupees while average CFS rate is now 37.51%. 

Technically market has registred another new low on weekly charts. fostering market current strong bearish downward trend. 

In above Chart as you can see hardly there has been any accumulation or distribution since early september. Confirming market is not trending; trading in side ways market can possibily be fruitless. 

Recomendation : Sideline 

Internationally In US senate leader saying significant progress has been made on bailout package. while chinese regulators called this measure as "ridiculous" what would be the exact details of the package we will have to wait and see.

KSE calander: 

• PSO SPOT from friday {125% final dividend}

Board meetings: 

27th september, 2008

• SNGP 
• Thal limited
• Sardar chemical
• Unilever pakistan food ltd

Rumors:  

• one of the big brokers sold property in both Lahore and karachi to adjust with mar to market  losses. 
  
• Price of room in karachi stock exchange are now under Rs. 2 core.