12,732 - KSE-100 index hits a new peak
May 26, 2007
Yesterday’s ‘’ Friday Show ‘’ took the KSE-100 index to a new high with intra-day 12,784 and a close of 12,732. The perception seems to have changed from a week ago now that all the judicial crap has died down and foreign buying has resumed. The market is witnessing a pre-budget rally and todays meeting with the KSE and SECP could boost the market further if the CFS enhancement issues get resolved. If so, the Karachi Stock market could well touch 13k levels soon. The next upward resistance is 12,800-12,850 and downward support is at 12,630 to 12,530.
News :A meeting between the management of the Karachi Stock Exchange (KSE) and the Securities and Exchange Commission of Pakistan (SECP) officials is scheduled to be held here on Saturday (today). The most important issues of the enhancement of CFS cap to another higher level from its existing level of Rs 55 billion and the implementation of CFS Mk-II are likely to be discussed at the meeting…. Aaj News
The federal government has refused to lift the ban on urea export until the fertiliser industry submits a written guarantee that prices would remain unchanged,…The representatives of fertiliser industry informed that a huge stock of urea was lying with them as monthly average production of urea is around 4,30,000 tons and with subsidy on DAP, the demand of urea has suffered… Business Recorder
The country’s largest financial conglomerate, Pakistan Industrial Credit and Investment Corporation (Picic) has been sold. Considered to be the biggest deal amounting to US $350 million being the sale proceeds of Picic was approved by NIB bank and Tamasic Group of Singapore…It is learnt that the deal was finalised between Tamasic Group and Picic shareholders at Rs 78.50 per share…With this acquisition Tamasic Group will hold about 65 to 66 percent shares. The second largest shareholder is State Life Insurance Corporation with about 20 percent shares… Aaj News
The National Assembly standing committee on privatisation has strongly opposed National Investment Trust (NIT) sell-off and asked the Privatisation Commission to have a second look on its policy towards this key institution…NIT is a roughly Rs 80 billion fund and its annual income after tax ranges between five to six billion… Aaj News
Market Low : 12,633.41 High : 12,784.09
Market Close : 12,732.41 – 69 points up.
