Erection and Correction
March 29, 2006
The market opened with a full blooded erection of 80+ points making a high of 120 points at 11,568.95 . ORGYDC went up to 160.1. It then receded slowly downwards struggling at about 50+ and then nosedived down to 11,313. there was a fairly quick recovery to -45 then plus 8 and then the market got fucked by OGDC at the end, closing at 11,414.34 down 35 points . Banks looking up with MCB capping at 229.85. 2moro depends on whether ORGYDC can hold or if it goes down to Rs.150.
Objections have been raised about the merger with PICIC and PICIC Commercial bank with Crescent Commercial Bank , which explains CCBL’s recent price bashing down to 13.5 from 15.3.
UPPER CAP : MCB
