On Mon, 23rd Dec, 2013. The market showed some most deserving correction, although slight, but much needed one. The previous three days of slight corrections, leads the market to generate some opportunities in some sectors like Personal goods, and Power.
Market, just after getting maximum level of correction of -238 points, had later on closed at 25,417 (-161) points, with volume of 195 million shares.
IMPORTANT NEWS and their IMPACTS :
- Current Account deficit rose 175% or $1.2 billion dollar in current 5 months. (Economy, Positive, as the IMF loan settlement taken place.)
- As per direction of Finance Minister Ishaq Dar, all the Regulatory and legal frame work has been underway for the issuance of govt securities at the end of Jan 2014. (Economy – Positive, another activity is coming to KSE.)
- After touching the all-time low, Foreign reserve held by State Bank i.e $2.9 billion, some $505million inflow and $554million IMF 2nd tranche make it around $4billion. (Economy – Positive, as Pakistan own money inflow strengthen the Rupees.)
- Prices moved up slightly on the cotton market on Saturday in the process of selective buying by mills and spinners, dealers said. The official spot rate was unchanged at Rs 6,600, (Textile – Neutral.)
- The textile exports from the country increased by 6.02 percent during the first five months of current fiscal year against the exports of same period of last year. (Textile – Positive.)
- The Oil prices in Pakistan (PMEX) gets some stability and trading at approx -0.04% on Mon, it has been trading at $99.11 ($-0.04) per barrel till last update. (Crude Oil – Neutral)
FORECAST FOR TODAY and COMING WEEK:::::
TODAY, on 24th Dec. Market now get some sustainable activities, and news, which shifts its pressure to the satisfactory side.
As per my analysis, market initially to get some slightly negative movement, but will get some support later on. All in all show some volatile movement. The market is expected to be on mixed trend and move between -93 points to +235points.
BYCO, PPL, DOL, FFBL, FFC, LOTCHEM, KESC etc. (long term hold, at least till Feb 2014).
NCL, Reliance Weaving, Idrees Textile, Masood Textile, SSGC, FCCL, and Textiles especially third tiers (for short term or day trade)
(Some rally expected in textiles, and power in upcoming weeks. These all are solely my predictions, so consider your dealers too.)