11,895 - Heading for 12k
April 11, 2007
The Karachi Stock market closed up at 11,895, making the highest close of 2007 so far. Previously on Feb.8th 07 the KSE-100 index closed at 11,868 and a day later broke 12k making a high of 12,047. The market looks like its heading to test 12,047 again and should go higher in the next few days with a possible correction in between.
OGDC finally closed above 120.5 at 121.25. Once again Lucky Cement was the volume leader with 29.7 million shares traded.
News : UBL to raise Tier II capital overseas - Aaj News
United Bank Ltd. (UBL) plans to issue an overseas bond worth up to $250 million to raise Tier II capital, a senior official at the country’s third largest bank said on Wednesday…According to banking sources, Deutsche Bank was most likely to get the mandate for the transaction.The bond plan comes days after the government appointed Merrill Lynch and the local KASB Group to manage a global share sale of UBL, to be completed before the 2006/07 fiscal year ends on June 30.
Azgard Nine plans a $200 million bond - Aaj News. Pakistani denim maker Azgard Nine plans to issue a $200 million dollar-denominated bond in coming months, and has awarded the mandate to manage the transaction to Citigroup, banking sources said.
Standard Chartered Bank shares to start trading on April 13th - Business Recorder. The Karachi Stock Exchange (KSE) has approved the application, for the formal listing and quotation of shares, of Standard Chartered Bank (Pakistan) Limited (SCBPL), with effect from April 13th, 2007…all transactions taking place in respect of the bank will be settled on T+3 settlement basis from the said date. The first settlement date will be April 18, 2007. The market lot of the bank will be 100 shares of Rs 10 each.
Upper Cap : Askari Commercial Bank
Market Low : 11,773.90 High : 11,889.25
Market Close : 11,895.07 — 121.17 points up
