Consolidation at 10k ?
June 21, 2006
The market tested its 200 dma and closed up above the 10k mark again. While it might stretch upwards to 10,300 ,some correction beyond today’s dip down to 9,937 is due soon.
The Cabinet Committee on Privatization will meet on 28th June 2006 to review the privatization process for PSO and PPL. The government is targeting to complete the sell-off of PSO and PPL by August 2006.
Standard Chartered Bank has completed its diligence for buying 66% shares of Union Bank and is expected to sign a share purchase agreement early next month following State Bank’s approval of the deal. Expectations are that Standard Chartered Bank would buy 338m shares of Union Bank at a price of PRs91 per share.
Market close : 10,102.96 — 2.21 points minus
