12,498
May 23, 2007
The KSE-100 index made a high of 12,528 and closed up at 12,498. The market stayed fairly tight throughout the day while volumes were still below 200 million. It seems poised to make a new all-time high possibly 2moro. The next upward resistance is 12,533 followed by 12,600.
News : Federal Minister for petroleum and natural resources, Amanullah Jadoon has said that the new petroleum policy would be announced next week…Petroleum ministry sources told that the companies obtaining new licenses for the exploration of oil and gas would be given concession in fees under the new policy, while the wellhead price capped at $36 would also be abolished.Under the new policy, petroleum companies would also be given rebates in taxes for encouraging maximum number of foreign investors investing in the Pakistan energy sector…Geo News
The Oil and Gas Development Co. Ltd. (OGDCL) announced a new discovery on Wednesday, bringing the total number of discoveries to five in the past two months.OGDCL’s five discoveries will push the firm’s daily oil and gas output up by 1,746 barrels per day and 44.12 million metric cubic feet respectively…. Aaj News
Standard Chartered Bank of Pakistan (SCBP) has become the sole issuer of American Express centurion line cards in Pakistan. This was stated by the head of consumer banking SCBP Sameer Chishty at a joint press conference here on Wednesday. He said that SCBP has acquired 31 percent market share in credit cards in Pakistan. This joining hand will further improve this share, he added…A SCBP executive said that bank has plans to expand its branch network from existing 116 to 200 by the end of 2008. In a short period we have opened five new branches, expanding our network from 111 at the time of acquisition of Union Bank to 116 today.. Aaj News
Market Low : 12,416.06 High: 12,528.73
Market Close : 12,498.72 — 62.52 points up
