13,546 - KSE-100 index struggling ?
June 21, 2007
The KSE-100 index seems to be struggling at these levels despite making a lower low of 13,505 today. BOP was the volume leader of the day with 37.7 million shares traded and was bashed down to Rs.111.70 on some news of loan defauting. Cements were the flavour of the day with Lucky up by Rs.5.75 , closing at 126.75. PSO was bashed down by Rs.11 to Rs.405 on the news of a further delay in the bidding date. While there is some stock specific activity, the market in general looks shaky and must close above 13,600 for further upside to continue. If not the cobwebs might well be shaken of the Vaseline jars as downside could see 13,250 and lower. Possibly with 2moro’s Friday show there could be a long overdue shakeout.
Board Meeting : Callmate Telips on June 25th, 11.a.m
News :Oman Telecommunications Co. (Omantel) has agreed to buy a majority stake in Pakistan’s Worldcall and an agreement would be signed soon, a source in the Pakistani company said on Thursday.Omantel is the smallest telecom operator in the Gulf Arab region by market value. Worldcall runs long distance and international (LDI) as well as wireless local loop (WLL) services in Pakistan.The Privatisation Commission and qualified parties/consortiums’ representatives on Wednesday failed to reach any understanding on some key legal and financial issues here, making it next to impossible for the government to hold bidding for Pakistan State Oil (PSO) before the end of July or start of August… Business Recorder
The Pakistan Mutual Funds Association (PMFA) has demanded withdrawal of 35% tax imposed on the mutual funds industry in recent budget... Geo News
Lower Caps : Callmate Telips
Market Low : 13,505.47 High : 13,611.84
Market Close : 13,546.03 – 10.70 points down
