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THE KASB REVIEW
STOCK MARKET AT A GLANCE
  1. Stock market at a glance
  2. Finex week
  3. Stock Watch

Updated on  May 29, 2000

The KSE 100 Overview: Major Support Breakout

A massive downslide of 171.09 points was witnessed as the KSE 100 index level, starting out at 1681.09, finished off at 1510, recording a 10.18 percent substantial fall. The last trading day saw a breach of major support at 1500 and the market dived down 115.24 points to a low of 1493.9 at one time, but then recovered to close at 1510.

Intensive panic selling was seen to be the norm and blue chips like Hubco and PSO took major hammering, along with second tier stocks, among which the most prominent ones that took the hit were the cement stocks. PSF scrips, however, registered slight downside movement, largely remaining unaffected by the market's negative trend. Sui South and Sui North prices also weakened considerably during this trading session.

After the breach of 1600, technically we saw the index level, as per expectation sliding down to linger in the band of 1400-1450. We see initial support materializing at 1450 and if that is breached, then major support is expected to emerge around 1400. Resistance is anticipated at the 1600 level. If a breakout from that level occurs, then we may see major resistance at 1640.

Institutions have started probing potential weaknesses and we believe that the market has reached attractive levels and soon might stage a recovery to trade within a band of 1600-1640. We strongly feel that value oriented investors should take the current market weakness as an opportune moment to accumulate aggressively.

If the past three years' KSE 100 Index level trend is observed carefully, one will discover that a very strong breakout level emerges at 1400, which if breached upward leads to a spiky bull run touching up to 2000-2050, and if breached downwards, an intense bearish phase materializes for a while.

MARKET ROUNDUP

 

Last week

This Week

% Change

Mkt. Cap (US $ bn)

8.43 7.66 -9.13

KSE 100 Index

1681.08 1510.44 -10.15

Total Turnover (mn shares)

1504.05 1063.86 -29.27

Value Traded (US$ mn.)

1007.60 715.05 -29.03

No. of Trading Sessions

5 5  

Avg. Dly T/O (mn. shares)

300.81 212.77 -29.27

Avg. Dly T/O (US$ mn)

201.52 143.01 -29.03

MSCI Pakistan Index:

     

Pak Rs.

122.46 115.70 -5.52
US $ 60.79 57.43 -5.53

                                                       Source: KSE, MSCI, KASB


ACTIVE ISSUE

Company

CL. Price

% Chg.

Turnover

Pakistan Telecommunication 24.95 -6.03% 377,576,500
Hub Power Co. 16.50 -23.08% 168,602,500
ICI Pak. Ltd. 13.95 -16.96% 137,999,000
Pakistan Sate Oil 157.90 -8.20% 97,756,500
Dhan Fibres 11.45 -18.51% 55,235,500

 


LEADERS

Company

Up

CL. Price

Turnover

%Chg.

Bhanero Textile Mills 18.00 82.00 400 28.13
Shell Gas LPG 10.00 145.00 400 7.41
Crescent Board 8.50 12.00 94,500 242.86
Philips Electric 7.00 62.00 82,100 12.73
United Carpets 6.00 12.00 500 100.00

 


LAGGARDS

Company Down Cl Price Turnover %Chg
Lever Brothers Pakistan 55.00 950.00 4,700 -5.47
Pakistan Insurance Corp. 45.00 320.00 410 -12.33
Adamjee Insurance 36.00 101.00 4,957,500 -26.28
Shell Pakistan Limited. 26.00 265.00 36,300 -8.93
BOC Pakistan Limited 18.50 95.00 7,700 -16.30