13,669 - 13,600 breaks and holds
June 27, 2007
Finally after much resistance the KSE-100 index has broken through 13,600 and closed above it at 13,669. Once again it was the highest close to date and an intra-day record high of 13,682. BOP has recovered from its recent alleged fraud rumour downfall to close at Rs.113.9, and looks like it could be back on track to where it fell from. If the limp E&P sector starts performing, it could easily take the Karachi stock market to 14k. The next upward resistance is 13,700 leading to 14,000.
SCRA inflow for June has reached $228 million taking the fiscal year total to $ 978 million.
News : The cement price went down to Rs210 after a reduction of Rs20 to Rs25... Geo News
Both Bestway and the Abu Dhabi group have increased their shareholding to 29.5 percent in UBL by acquiring GDR’s worth 200 million dollars,..Both groups have jointly acquired 51 percent stake at the time of privatisation - evenly split among them for 201 million dollars…a probe has been ordered to ascertain the responsibility for the UBL share dropping from Rs 214 to Rs 206 just before the end of day trading which resulted in the GDR offering at Rs 195 instead of Rs 203. This cost the government a net loss of just under two billion rupees…. Aaj News
Upper Caps : Bhosricor Refinery / JOVC / Arif Habib Ltd. / Azgard Nine
Market Low : 13,571.14 High : 13,682.78
Market Close : 13,669.03 – 97.89 points up
