Karachi Stock Exchange for September, 09

Hi Folks:

The past whole week was amazing for bulls and surprising for bears, or those who were expecting some correction. Market achieved 10% gain in just two weeks. Remember I pointed out last week that the bulls look more aggressive then ever. Friday market reached the highest level, and now market again in position to have some correction, but the continues foreign buying is making bulls crazy.
I will still call the foreign buying a major source for bullish sentiment, the continuation in foreign buying will build the confidence in local investors, well remember CFS is still in a pipeline and it may add some more points to the market.
To see the recommended sectors for buying please call our office.
I still recommend my investors/traders to do not get excited with the trend, avoid holding positions; keep watching the foreign interests and political development within and outside the country.
KEY Levels
9211
9101
8968
8941
8879
8777
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Caution:
I recommend my readers to realize the current development in the country and the country’s economy, it is been observed some foreign interest in the country is developed, so the excitement of increasing dollar is over.
And remember good trader always follows the market, Market never follow your trade.
I do not see any big events happening in the market, the corporate announcements are not hitting any records. So stay tune with the current affairs development and honor the key levels of the market while trading
No Excitement off load your positions without panic

Last week Market:
The index was much volatile and tested the lower limit of the channel, most of the trading activities witnessed on upper limit of the channel.
Foreign buying still going on and much of it is absorbed in market, and stabilize the local investor’s confidence. The aggressiveness of the bulls declining, market indicated the correction possibilities to the investors.


Disclaimer: This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. We accept no liability whatsoever for any loss arising from any use of these levels. However the author DOES NOT GUARANTEES the accuracy of information provided on this report and is NOT RESPONSIBLE FOR ANY ERRORS AND/OR OMISSIONS.

Amazing foreign buying reaches 198,208,483 US dollars from July 1st to 11th Sept.