11,145 - a pullback
March 7, 2007
Late buying towards the end took the Karachi Stock market shooting up to close on its high at 11,146. The buying seemed genuine after several days of downside and not just shorters cutting their trades. DG Khan Cement was the volume leader of the day with 19.25 million shares traded. DGKC, Lucky, Pioneer, Fauji and Maple Leaf cement all closed at their upper limits on the news that India might ban cement exports (see below)
The next upward resistance is 11,300.
SCRA outflow for March is $28.4 million reducing the total for the fiscal year down to $528.7 million
Dividends : Crescent Commercial Bank Ltd (CCBL) : EPS : Rs. (2.29)
News : India may consider banning cement exports to reduce prices, trade minister Kamal Nath said."We will look at that if that helps bring down cement prices,'’ Nath told reporters in New Delhi today. The government will have to study this step because cement is regionallypriced.'’ Indian cement makers increased the prices on March 5th after finance minister Palaniappan Chidambaram announced an increase in the excise rate on cement. The duty was increased to 600 rupees ($13.5) from 400 rupees a ton for cement sold at 190 rupees or more for a 50-kilogram bag. For cement priced below 190 rupees a bag the tax was cut to 350 rupees a ton. Source : Bloomberg
The Sale of Pakistan State Oil has been postponed to the end of September.
The price of daiammoniumphosphate (DAP), an essential crop nutrient, has jumped up by Rs 25 per 50 kg bag due to its acute shortage in the wake of hoarding by market movers… Aaj News
Upper Caps : DGKC / Lucky Cement / Pioneer Cement / MLCF / Fauji Cement / Soneri Bank
Market Low : 10,923.90 High : 11,146.35
Market Close : 11,146.35 – 222.44 points up
