11,905
April 12, 2007
The Karachi Stock market continued its upward run making a high of 11,964 and closed up at 11,905. There seemed to be some stagnation towards the end at 11,930 and the market went down to 11,876 and then recovered to close plus. Bank of Punjab was the volume leader today with 34.5 million shares traded. 2moro’s ‘’Friday show" could see some correction as the market is headed to being overbought.
News : Petroleum Policy 2007 - Source : Reuters. Pakistan is set to remove a government cap on natural gas prices that has deterred potential investment, allowing them to rise slowly into line with global oil prices, government and industry officials said on Thursday. The current pricing policy, set in 2002, caps the price of gas from more than 90 percent of the country’s fields at $36 a barrel crude oil equivalent, nearly half world prices. "For all gas pricing, a reference crude price equal to the C&F price of a basket of Arabian/Persian Gulf Crude Oils imported in Pakistan during the first six months period… will be used," the Ministry of Petroleum said in a draft of the policy published on its Web site http://www.mpnr.gov.pk Pricing will be linked to international oil rates, and a 0.5 percent to 2.8 percent increase in prices will apply if the average exceeds $45 per barrel, it added. The government is expected to approve the new policy draft by June, and would only apply to new government-backed gas purchase deals but not to existing long-term agreements. Pakistan is rich in gas, holding an estimated 34 trillion cubic feet…
SSGC plans to reduce gas prices - Aaj News. The Sui Southern Gas Company (SSGC), for the first time in its history, plans to reduce gas price by Rs 1.39 per mmbtu, effective from next fiscal year (2007-08) against the increase of Rs 1.65 per mmbtu in current financial year.
DAP price slashed by Rs.310 - Aaj News. Fertiliser importers have reduced the prices of Di Ammonium Phosphate (DAP) and Mono Ammonium Phosphate (MAP) prices by Rs 310 and Rs 311 per bag respectively after the issuance of Rs 400 per bag subsidy notification on phosphatic and potassic fertilisers by government, dealers said.They said that now DAP prices have come down to Rs 1,080 per bag against Rs 1,390 in Lahore, and in Karachi DAP is now available at Rs 1,012 per 50 kg bag from previous Rs 1322.
Upper Cap : Soneri Bank
Market Low : 11,876.39 High : 11,964.13
Market Close : 11,905.92 — 10.96 points up
