06 october, 2008

Little improvement in volumes compared to last trading day before Eid market opened with same enthusiasm, every one just wanted to sell what ever he has in his or her pouch. 9% stocks closed green, 15% red while 75% stocks closed with out any change. Only 795 trades occur through out trading day as 1.56 million shares managed to change hands. Foreigners Sold 0.05% while rest of 99.95% activity was contributed by domestic traders. CFS investment took a nose dive of 6% while annual average CFS rate remain unbeaten at 53.61%.  This puts CFS investment to record low level of Rs. 14.197 Billion.

 

Technically market is maintaining its strong bearish downward trend. This was confirmed by another low on both weekly and monthly charts.

 

Recommendation: Sell as unfortunately you don’t have the permission to short!

 

Internationally the major markets of Europe and Asia were sharply lower on Monday as traders looked past America's bank bailout bill and focused on Europe's growing financial crisis. Dow Plunges 600 Points to Below 10,000. Oil was down more than 5% trading below 90$ per barrel while Gold was up as investors opted for secure bet.

 

KSE Watch: 

• Another Branch Yusuf Securities (Private) located at D.H.A – Karachi has been closed down today.