11,844 - Intra-day correction
February 9, 2007
The Karachi Stock Market crossed the 12k index making a high of 12,047 and then dipped down to 11,804 finally closing at 11,844. This is first negative close in 10 trading sessions , long overdue. Whether the intra-day correction of 200 points was sufficient or whether the market will continue downwards on Monday remains to be seen. While MCB, NBP, PPL and POL closed between Rs.9.50 - 4 down, PTC, PSO and FFC held their gains.
Dividends : Bosicor Refinery : 60% Rights
News : Petrobras joins OGDCL in offshore venture : Brazilian Petrobras Oil and Gas B.V has joined Oil and Gas Development Co. Ltd. (OGDCL) to explore for oil and gas off the country’s coast…Petrobras had acquired 50 percent of OGDCL’s working interest in Block 2265-1 Offshore Indus G, a deep water exploration licence in the Indus basin of the Arabian Sea. Source : Business Recorder
The State Bank of Pakistan on Thursday advised all banks and development finance institutions (DFIs) to meet the minimum capital requirement of four billion rupees by December 2007 or be prepared to face penal action…. Business Recorder
The Privatisation Commission board which met here Thursday allowed short-listed parties to submit additional documents for pre-qualification of Pakistan State Oil (PSO)…. Business Recorder
Bosicor Pakistan Limited plans to establish its independent oil-marketing unit, while the management is also planning to increase the overall capacity and Naphtha conversion plant….The company plans to generate funds to revamp the existing facilities, which is expected to complete in the first half of the current year… Daily Times
Lower Caps : Bosicor Refinery
Market Low : 11,804.22 High: 12,047.40
Market Close 11,844.65 – 22.44 points down
