13,985 - another day, another high
July 8, 2007
Friday’s session saw the KSE-100 index register another new intra-day high at 14,027 and a new high close at 13,985. Despite the high close the index appeared to be struggling at 14k and had a choppy ride. It might correct again before going further upwards. The next upward resistance is 14,050 -14,100 heading for 14,500. Downside support is at 13,800.
News :The Privatisation Commission (PC) has started again work on the Initial Public Offering (IPO) for Pakistan Steel Mills (PSM), which will be a complete reversal of the decision taken by an inter-ministerial committee… Aaj News
Privatisation Minister Zahid Hamid on Friday launched United Bank Limited Gross Depository Receipts (GDRs) on the London Stock Exchange on the occasion of Pakistan Capital Markets day at the world famous bourse and said the structural economic reforms introduced by the present Government are yielding hugely positive results. The Minister in presence of Pakistan High Commissioner to the United Kingdom Dr.Maleeha Lodhi, senior management of United Bank and the leading UK-based businessmen pressed a button that sent 729 balls floating into air and signaled the launch of UBL shares on the LSE. Each of the 729 balls symbolized the various scrips on the LSE.The UBL share opened at US $ 12.85 and within half an hour of its opening it had climbed to US $ 13.96 per share…Aaj News
Upper Caps : JOVC / Arif Habib Securities / Arif Habib Ltd.
Market Low : 13,928.06 High :14,027.98
Market Close : 13,985.89 — 43.89 points up
