13,809
July 3, 2007
As expected the Karachi Stock market had to left off steam as it was overbought. After making an intra-day high of 13,995, it dipped down to 13,773 and closed down at 13,809. TRG Pakistan was the flavour of the day with 53 million shares traded. Its seems that recently quite a few of the shitty 3rd tier stocks having been rising considerably. The KSE-100 index closed around a support level of 13,805, 13,600 is the next downward fall and upside follows to 13,855 heading back to 14k.
News : Lucky Cement, Pakistan’s biggest cement maker, said on Tuesday it plans to issue global depository receipts (GDRs) to raise funds for its expansion plans.Lucky Cement plans to raise its cement manufacturing capacity by 2.5 million tonnes per annum by building two additional lines in Karachi,…It did not give details about the size and timing of the planned GDR issue…Aaj News
Egyptian billionaire Naguib Sawiris is among four parties competing for a majority stake in Saudi Pak Bank, in a sale expected to raise over $100 million, banking sources said on Tuesday.The small lender with a market capitalisation of just over $150 million is majority owned by the Saudi Pak Industrial and Agricultural Investment Co., a joint venture between the governments of Pakistan and Saudi Arabia… Aaj News
The government has allowed Rally Energy Corporation to start natural gas production at its Salsabil Field project in the country.A report issued on Tuesday said that approval has been given for the period up to November 30, 2007. The corporation will feed natural gas production into the Sui northern gas pipeline system…Daily Times
Upper Caps : Pioneer Cement
Market Low: 13,773.57 High : 13,995.60
Market Close : 13,809.11 – 120.59 points down
