10,300 breaks
July 24, 2006
As expected/hoped the market finally closed above 10,300 . Opening with an upward gap,it maintained a steady upward movement peaking at 10,393.94 and finally closing at 10,350. While OGDC broke through 139 making an intra-day high of 140.20, it still closed below 139 at 138.35, a higher daily close than Friday. While the market can test now 10,500 and thereafter 10,950 with resitance at 10,665, there might be another intra-day correction this week to give it the impetus to keep rising. It appears to be struggling at times.
The Karachi Stock Exchange (KSE) will adopt a new index, the KSE-30 from September 1st 2006, with a free float mechanism, which would run parallel to the existing one. The new index would give equal weightings to both liquidity (average daily traded value of shares) and free float market capitalisation in determining weights of individual securities in the index. Read about it in full detail at the Business Recorder.
The Fauji Fertilizer Bin Qasim (FFBL) board meeting is 2moro.
UPPER CAPS : TELECARD / CALLMATE TELIPS (5TH consecutive upward cap ) !!
Market Close : 10,350.63 — 93 points up
