Moving upto 10,505
January 15, 2007
The Karachi Stock market opened up with a gap and stayed in the green all day. It broke 10,550 intra-day and closed just above 10,500.
The main index boost came from OGDC making a high of Rs.119, followed by POL and PPL as the price of oil is going up. Some correction is lurking around the corner as the mkt is up 465 points from the start of the year,(about 4.63%), though it might stay tight till the 17th when the meeting to decide on CVT reduction will take place.
Callmate Telips finally unlocked itself from its recent trend of lower caps and closed up at Rs.56.70.
Board Meetings for January (updated)
News : As the crude oil prices in the international market recedes, the government is likely to give relief to consumers and cut down petroleum products’ rates on January 15…The Oil and Gas Regulatory Authority will submit its recommendations to the ministry of Petroleum on January 15, for cut in petroleum products. The recommendations will be presented to Prime Minister Shaukat Aziz the same afternoon for approval of the new prices….. Business Recorder
UPDATE : The Government announced a reduction in the price of petroleum by Rs4 and diesel by Re 1 with immediate effect.
Upper Cap : Bosicor Refinery
Market Low : 10,425.46 High : 10,556.65
Market Close : 10,505.85 – 80.39 points up.
