12,436 -heading to test 12,500 again ?
May 23, 2007
The Karachi Stock market broke out of its stagnation, opening up and making a high of 12,453. The banking sector was back in favour with BOP scoring the top volume of 16 million shares traded and MCB closing at upper cap. The market was buzzing with rumours on the CFS enhancement and closed at 12,436, the 2nd highest close in the history of the KSE-100 index. The next upward resistance is 12,500.
News : Singapore Telecom-munications (Singtel), a mobile company of Singapore, Tuesday denied any interest in buying minority stake in Warid Telecom, said Andrienne Tho, senior corporate communication manager.“We do not comment on market rumours,” the official said when approached by Daily Times. He further said that we are not in talks with Warid Telecom, and these are only rumours.However, company sources claimed that the third largest cellular company of Pakistan, Warid Telecom, is in talks with various foreign telecom companies to sell its minority stake….Warid is owned by the private Abu Dhabi Group, which is one of the largest foreign investor group in Pakistan and also owns Bank Alfalah Ltd and Wateen Telecom. It also owns a stake in United Bank Ltd…. Daily Times
Azgard Nine said on Tuesday to it plans to issue bonds worth up to $260 million in the international capital market. "Depending on the market conditions when the bonds are taken to the market, we expect the tenor of the bonds to be between seven and 10 years," the company said in a statement to the Karachi Stock Exchange.According to banking sources, Azgard Nine has already awarded the mandate to manage the dollar-denominated bond to Citigroup… Aaj News
Upper Caps : MCB + CCBL
Market Low : 12,283.23 High : 12,453.32
Market Close : 12,436.38 — 153.14 points up
