13,942 - Heading for 14,500 ?
July 5, 2007
The KSE-100 index broke 14k on an intra-day basis making a new high of 14,003. Unable to sustain itself at 14k it closed up at 13,942, needless to say, the highest close so far. Fauji Cement was the flavour of the day with 33.7 million shares traded. The Karachi Stock market looks ready to take on 14k and the next upward resistance is 14,000 - 14,100.
News : Oil & Gas Development Co., Pakistan’s biggest energy explorer, won a license from the government to search for new reserves in the country’s offshore region in the Arabian Sea. Oil & Gas Development will make an initial investment of $2.75 million in the first two years at the eastern offshore Indus-A block covering an area of 2,500 square kilometers
(1,562.5 miles)… Source : Bloomberg
Arif Habib Investments (AHIM) with funds under management of Rs 22.6 billion as of 30 June 2007 announced bonus dividend up to Rs 30 against it’s open-end funds: Pakistan Stock Market Fund, Pakistan International Element Islamic Fund, Pakistan Capital Market Fund, Pakistan Income Fund and MetroBank Pakistan Sovereign Fund… Aaj News
Tariq Iqbal Khan, Chairman and Managing Director of the National Investment Trust (NIT), announced on Wednesday a record dividend of Rs6.20 per unit for financial year 2007 as compared with Rs5.80 per unit for financial year 2006… The News
Upper Caps : Arif Habib Securities / Telecard / Fauji Cement / JOVC
Market Low : 13,869.03 High : 14,003.63
Market Close : 13,942.57 – 73.54 points up
