Correction down to 10,655
August 9, 2006
As predicted in the last 2 posts, the Karachi Stock Market finally underwent a correction. It opened and went upto 10,892 and then slowly drifted down to 10,828 and in the last half hour was bashed down to 10,589 (minus 239 points)at its low. All the major stocks corrected across the board and recovered to close at 10,665. While the market could flash down to 10,500 2moro , it seems the worst is over (a close below 10,500 would get the Vaseline jars back on the desk).
The British Standard Chartered Bank has finalized a deal to purchase 81% of Union Bank (UNBL ) for $414 million at Rs.91 a share….. details at The News
HUBCO and Askari Bank are due to announce their results tomorrow.
LOWER CAP : MCB
Market Close : 10,655.57 — 172.81 points down
