10,253 - Ramzan begins
September 25, 2006
The Karachi Stock market re-tested its resistance level of 10,350 and then undertook a correction down to 10,180 closing up at 10,253. It has closed above its 50 DMA and needs to successfully break 10,350 to go up further. OGDC has closed way below its 30 & 50 DMA with low volumes and could drag the market down in the next few sessions. It’s predominantly the banking sector that is experiencing major activity with 31.5 and 29.1 million shares traded for NBP and MCB respectively. Total market turnover today was 128.5 million shares traded.
NEWS: Today is the first day of Ramzan. Market timings have changed to 9.30 - 1pm Monday-Thursday and 9 - 12pm on Friday.
Pakistan Petroleum Ltd (PPL) and Oil and Gas Development Co (OGDC) - two public sector gas companies - have ganged up for Sixth increase in liquefied petroleum gas (LPG) rates from Rs 28,235 to Rs 34,705 per ton from October 16. More details at the Business Recorder.
The price of oil today fell below $60 a barrel for the first time in six months. Oil prices have dropped more than 23% since hitting a record high of $78.40 a barrel in mid-July.
Maple Leaf Cement has yet to announce its results.
Dividends : Guardian Modaraba : 12.5% Cash EPS: Rs.2.77
UPPER CAP : CTTL
Market Low: 10,181.39 High : 10,361.97
Market Close : 10,253.24 — 53.51 points down
