10,856 - a big hoist
January 24, 2007
Despite the fact that the CVT meeting has been postponed for a 2nd time, the market breadth increased and the KSE-100 index shot up to close on its high of 10,856. Banks were the flavour of the day with MCB up Rs.13.35 and NBP Rs.7.90. OGDC is still struggling as it has been higher than its close when the index was lower. While the risk for a sizeable correction increases as the market has now gone up nearly 500 points since Jan.11th, the market looks good to test 10,900.
SCRA inflow for January is $73m taking the total for the fiscal year to $351 million.
Dividends : Fauji Fertilizer Bin Qasim Ltd. (FFBL) : 12.5% Cash for the year ended 31/12/06 . EPS : Rs.2.62
PPL will announce its results 2moro.
News : The Karachi Stock Exchange (KSE), in consultation with the Securities & Exchange Commission of Pakistan (SECP) has awarded Deutsche Bank A G the exclusive financial advisor mandate which will include valuation of the KSE.
This is a further move towards KSE’s demutualisation and in contemplation of its incorporation as a company limited by shares…. Business Recorder
ABN Amro Bank is likely to finalize a purchase deal with Prime Commercial Bank in the next few days…The sources in the banking circles claimed that the ABN Amro Bank has almost completed its due diligence of the Prime Commercial Bank “The ABN Amro Bank has set the offer price of Rs 54 per share,” it is learnt…. Daily Times
Upper Cap : Lakson Tobacco
Market Low : 10,705.32 High : 10,856.74
Market Close : 10,856.74 — 151.42 points up
