12,004 — KSE-100 index breaks 12,000 points
April 16, 2007
Finally the KSE-100 index broke its previous high of 12,047, making a high of 12,053. It closed up at 12,005. D.G. Khan Cement was the volume leader of the day with 37.8 million shares traded followed by Bank Alfalah (BAFL). BAFL hit its upper limit today fueled by a recent rumour that Singtel and Vodafone will bid for its stake in Warid Telecom at the end of this month. Banks and cements have been leading the recent pre-result rally at the Karachi Stock market and its about time the E&P sector kicked in. Relatively speaking OGDC and POL have not really performed as yet.
The market should head to test its all time high of 12,337, though it could quite well undergo a 200 odd point correction along the way as RSI(14) levels are high at around 75.
Board Meetings for April 2007 – updated.
Dividends : Arif Habib Ltd (AHL) : EPS . Rs.10.84
News : SECP wants tax procedure for firms simplified — Aaj News. The Securities and Exchange Commission of Pakistan (SECP) will submit the income tax-related budget proposals to the Central Board of Revenue (CBR) during the current week to simplify taxation procedure for the corporate sector particularly companies.Chairman Securities and Exchange Commission of Pakistan (SECP) Razi-ur-Rehman Khan told Business Recorder that budget proposals are being finalised by the commission, which would be submitted to the tax authorities for consideration in the coming federal budget (2007-2008).
Karachi Stock Exchange (KSE) market capitalization this week rose by 10 percent climbing to approximately Rs3500 billion as against Rs.3176 billion, according to the data made available by the KSE. Standard Chartered Bank’s enlistment in KSE was attributed to be the major cause of this 10 percent swell in the market capitalization during the week. Source : Geo News
Upper Caps : SNGP + Bank Alfalah
Lower Cap : Standard Chartered Bank Pakistan Ltd (SCBPL)
Market Low : 11,960.94 High : 12,053.46
Market Close : 12,004.59 – 26.85 points up.
