Morning Call 24^th June, 2010

Develop the future vision for

KarachiStock Exchange

Market Outlook:

Shrinking volumes noticed in Karachi Stock Exchange, market moving in a very narrow band, wasn’t succeeded in testing 9,800 levels, only foreign buyers activities observed, local investors still not convinced of any participation, that’s true market has absorbed most of the CGT issue, and sooner or later the investor will manage to face the FBR also.

Continuation in foreign buying wasn’t able to attract the local investors. FIPI alone contributed USD$14,626,965 in just this week.

Market Overview:
WOW! Scary day for investors today, well but most of it was indicated earlier, no indicator was supporting the upward move. From the beginning of the session, index did not allow the investors to follow the ray of hope mentioned in earlier call.

Most investors were shy of Court’s proceeding and Monetary policy, well once again both played a delay game, nothing actually happened but the loss of investors. The monetary policy came out as per expectations.

Grow your investment while doing your current job
Exhausted Bulls empowering Bears

Dear Traders,

Market still not able to decide its direction, as we got most of the issues still in a pipeline, We still not losing hope for the bullish bounce, but we are getting close to the bearish trend gradually, i suggest traders to remain calm and avoid entering market in first session.

Technical Outlook:
Last week market closed at break-even point, technically the candle formation and the patterns indicating a breakout, which is an indication of reversal of the previous trend. Since previous trend was bearish, now I am looking at the bullish trend, well that’s true it is still early to say bullish as we got couple of issues which is not clearly resolved.