13,392 - a good bashing
June 22, 2007
As expected yesterday, the KSE-100 index finally got a good bashing down to 13,249 and managed to recover to close down at 13,392. Cements were the flavour of the day, especially Lucky Cement trading 31.9 million shares and closing at its upper limit. Rumours of loan defaults of Rs. 6-8 billion continue to plague the Bank of Punjab which closed down at its lower limit and has dropped nearly 8% in the last 2 days. Whether the worst is over for the Karachi Stock market remains to be seen. While it made a somewhat healthy recovery, there could be another bash to test 13,300 again. Upside resistance is at 13,440 and 13,500.
The SCRA inflow for June is $156.6 million taking the total for the current fiscal year to $906.7 million
News : Saudi Pak Bank is in talks with several prospective buyers, including some from the Gulf, for the sale of a majority stake that could fetch more than $100 million, banking sources said on Friday.The bank is majority owned by the Saudi Pak Industrial and Agricultural Investment Co., a joint venture between the governments of Pakistan and Saudi Arabia…Among the local parties interested are unlisted Arif Habib Rupali Bank, owned by Arif Habib Securities Ltd., and ex-banker Shaukat Tarin, the chairman of the Karachi Stock Exchange…At the current share price, a 68 percent stake would be worth about $100 million, though sources said the sale is likely to fetch more. The bank has a market value of around US$145 million… Aaj News
Upper Cap : Lucky Cement
Lower Cap : Bank of Punjab
Market Low : 13,249.27 High : 13,574.82
Market Close : 13,392.47 – 153.33 points down
