Big upward movement - 11k index breaks
October 17, 2006
Finally the Karachi Stock market has broken through its range of 10,800 -11,000 with a 258 plus move taking the index to close above 11,000. With OGDC breaking out above its 200 DMA and closing Rs.6.8 up at Upper Cap, PPL, POL and NBP closing from Rs.7.8 - 9.7 rupees up, the market got the boost it needed to close well above 11k. The next resistance is 11,400.
News : J.P. Morgan is planning to reopen its equity business in Pakistan, the first foreign brokerage to return since …. Business Recorder
Apparently yesterday, the SECP told Callmate Telips to remove the new auditors the comapany had appointed last week, so their accounting deadlock continues.
Dividends : Dawood Hercules : 20% Cash EPS = Rs.18.41
Bank Alfalah will announce its results 2moro.
UPPER CAP : OGDC / CCBL
Market Low : 10,909.31 High : 11,167.93
Market Close : 11,167.93 — 258.62 points up
