10,641 - the market holds
January 19, 2007
Usually on Fridays the Karachi Stock market dips due weekend selling or less frequently it goes up. It is rare to see a close like today with 0.6 points up. Making a high of 10,688 the market closed at 10.641. Its holding here with 10,680 as its upward resistance before breaking 10,700, but with the large volumes of stock building up in badla , a correction should come soon. On the downside immediate support is 10,570, followed by 10,500 & 10,450.
Engro Chemical’s board meeting is 2moro and the results will be announced on Jan.22nd
News : Monetary policy statement for January-June 2007: first quarterly report for fiscal year 2007: The State Bank of Pakistan says that the growth target (7 percent) for the current year is achievable. However, inflation would be higher (7.5 percent) because of… Business Recorder
The secondary public offering of shares in the Oil and Gas Development Company (OGDC) at Rs110 per share in the local markets looks like having received lukewarm response from small investors, but analysts believe that the offer would nonetheless, be over-subscribed as institutional investors would have made a swoop to pick up what remains after the minimum lots have been satisfied… Dawn
Upper Cap : Sui South Gas / Lakson Tobacco
Market Low : 10,613.15 High: 10,688.82
Market Close : 10,641.31 – 0.60 points up
