10,855 - the banking sector sizzles
October 5, 2006
The upward movement continued at the Karachi Stock Exchange with the market closing up at 10,855, having made a high of 10,877. The next resistance is 10,900 and then through the 11k index to 11,150. A correction is due soon as the market is looking a bit overbought. OGDC has to close above its 200 DMA at Rs.137 for further upside.
Banks are going through the roof amid rumours since last week of foreign buyers looking to purchase certain banks like PICIC, BAFL, SNBL & Faysal Bank. ABN Amro plans to start a due diligence review of Prime Bank, while Barclays Plc, Singapore’s Temasek Holdings, and HSBC are also sniffing around. NBP closed up Rs.10.4 at Rs.276 and MCB up Rs.11 at 273. BOP has finally broken out of its range of 81-87 to close at Rs.91.70.
NEWS : Dutch bank ABN Amro is eyeing a stake in Prime Bank, and plans to start a due diligence review…. Business Recorder.
The Karachi Stock Exchange (KSE) has revised the futures contract schedule for trading and settlement of Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited…. Business Recorder
UPPER CAP : Faysal Bank + Soneri Bank
Market Low : 10,743.55 High : 10,877.83
Market Close : 10,855.88 — 112.33 points up.
What about Union Bank Ltd…..!!! Why it is coming down so fast even other banks perform good ?
Comment by zahid rasheed — October 6, 2006 @ 3:11 am