The market failed to keep upward momentum from previous session of 291.62 points due to political unrest, suicide bombings (2nd in a week) at Sargodha killing eight people & rumors of State of Emergence in the country. Investors were also concerned about a ruling expected from the Supreme Court on whether President Musharraf was eligible to have stood for re-election last month. The Karachi Stock Exchange closed at 13,932.41 down 387.01 (-2.70%) on 1st Nov 2007.
The KSE-100 index that made its life high at 14,908.91 points on Oct 22nd has come down 6.549 percent since then as bears finally came out of hibernation and took charge from bulls. Investors should wait but not waste the upcoming buying opportunity mostly in oil & petroleum sector.
Recommendation: Precautious buying.
International
International markets are up surging on record highs & Nymex crude oil touched $96/barrel during intraday trading & closed at $95.49 up $0.96 cents on 31 Oct 07. The up surge was mainly due to failing U.S crude oil inventories with indication of crude oil crossing $100/ barrel pretty soon. The Federal Reserve's move to cut interest rates by a quarter points to 4.5 % also supported prices.
Bombay Sensex also couldn’t sustain intraday high of almost 20,200 points and index failed to register 20000 and closed at 19,724.35 below 113.64 points.
The KSE-100 index that made its life high at 14,908.91 points on Oct 22nd has come down 6.549 percent since then as bears finally came out of hibernation and took charge from bulls. Investors should wait but not waste the upcoming buying opportunity mostly in oil & petroleum sector.
Recommendation: Precautious buying.
International
International markets are up surging on record highs & Nymex crude oil touched $96/barrel during intraday trading & closed at $95.49 up $0.96 cents on 31 Oct 07. The up surge was mainly due to failing U.S crude oil inventories with indication of crude oil crossing $100/ barrel pretty soon. The Federal Reserve's move to cut interest rates by a quarter points to 4.5 % also supported prices.
Bombay Sensex also couldn’t sustain intraday high of almost 20,200 points and index failed to register 20000 and closed at 19,724.35 below 113.64 points.
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