KARACHI STOCK MARKET NEWS

It seems to be a record breaking month with the KSE-100 index scaling greater peaks almost daily. Today’s intra-day high of 12,994 and the market close of 12,961 are both the highest intra-day high and close on record so far. Today’s volume of shares traded was 304.9 milion The Bank of Punjab was the flavour of the day in terms of volume with 40.8 million shares traded and a near upper limit close. MCB closed up in Spot by Rs. 13.35 at 340.95. and  PSO closed up by Rs.9.80 at 370.
The Karachi Stock market looks poised to crack 13,000 , maybe first thing 2moro morning, but the market is skating on thin ice at the moment and some correction is long overdue.

News : Pakistan has delayed a plan to sell shares overseas in three companies till the  next fiscal year because the government needs more time to prepare for the transactions…The government will offer global depositary receipts in
National Bank of Pakistan, the biggest lender by assets, Habib Bank Ltd., the second-biggest, and Kot Addu Power Co., the nation’s largest privately-owned producer, in that order in the year starting July 1st…These share sales were originally planned to be completed by June 30th. Source : Bloomberg

The budget session of the National Assembly will be held from June 6 and the budget for the 2007-08 will be presented on June 8th… Aaj News

The Securities and Exchange Commission of Pakistan (SECP) Chairman Raziur Rehman has said that the number of scrips eligible for funding under ‘Continuous Funding System’ (CFS) would be reduced…. Regarding CFS Mk-II, he said that a committee, headed by KSE Chairman Shaukat Tareen, was working on this project and the committee would submit its paper to SECP for approval for implementation of this mode of financing. In CFS Mk-II, there would be unlimited funding, without any upper cap. However, he pointed out that there would be limited number of scrips for CFS Mk-II…. Aaj News