10,850 - will OGDC wake up ?
November 16, 2006
The Karachi Stock Market made a high of 10,870 and a low of 10,710 before closing up at 10,850. It seems that the market is struggling here and if it doesn’t close above 10,900 it will go down further. OGDC seems to be the problem with an inabilty to break 138.4 and today it broke its support of 135.5 making a low of 133.7. Given its imbalanced weightage in the KSE-100 index, it goes without saying that its up/downside will determine where the market is headed in the next few days. Whether its GDR listing on the London Stock Exchange on Dec.6th gives it the much needed boost it currently needs, will remain to be seen. It is currently sitting at 136 ,Rs.20 ( 12%) down from its recent pre- Eid high of 156.
News : The pioneer of consumer banking in Pakistan, Shaukat Tarin, has offered to acquire 50 percent shareholding in Crescent Commercial Bank Limited (CCBL) for Rs 2.8 billion…. Business Recorder
The management of Karachi Stock Exchange (KSE) has decided to brief its members and employees on daily basis to clarify and respond to various queries on the new risk management regime…. Business Recorder
Upper Cap : Bosicor
Market Low : 10,710.83 High:10,870.42
Market Close : 10,850.52 — 38.65 points up
