9,990 - Short lived rally ?
September 13, 2006
It seems that yesterday’s huge boost of 264 points up has fizzled out with the index closing below 10k again. While it held on to its support of 9,980 it could not break yesterday’s high of 10,180 sufficiently. OGDC, POL, PPL, PSO and PTC all took a good bashing today and the market’s direction is uncertain. Maybe it was a ‘’suckers’ rally ‘’ !!
Callmate Telips was due to announce its results today and has made another balls-up of its accounting procedure. On a usage based policy the EPS would be Rs.9.41 per share and if the dispatch policy were to be used it would be Rs.11.1. However the indecision lead to CTTL closing down at lower cap. I have just been told that its meeting will now be on the 15th.
Engro and FFC are up as the Govt. have announced a tentative bidding date of 25th Sept for an allocation of 100 mmcfd gas.
LOWER CAP : CTTL
SPOT : SNBL
Market Low: 9,980.13 High :10,183.74
Market Close : 9,990.05 — 167.12 points down
