14,020 - KSE-100 index breaks 14,000 and holds
July 9, 2007
The KSE-100 index broke through 14k and made a new intra-day high of 14,079 and closed up at a record 14,020. Volumes were relatively low at 225 million shares traded today and Fauji Fertilzer Bin Qasim was the flavour of the day trading 32.4 million shares. The banking sector is underperforming the index barring FABL which has just woken up having been dormant throughout the year. While certain stocks are hitting their upper limits daily, enthusiasm in the blue chips appears to be waning. The Karachi Stock market is still ripe for a correction and there is likely to be one closer to the result season in order for the big boys to grab shares at lower prices.
News :Habib Bank Limited (HBL) initial public offering (IPO) is likely to face a two weeks delay as Privatisation minister, Zahid Hamid, is not available for its go ahead till July 15. Zahid Hamid is presently in London for witnessing UBL GDR trading and listing of few upcoming global depository receipts (GDRs) and then he is scheduled to visit US for some other engagements.He is likely to return to Pakistan on July 15. Sources said HBL IPO would be offered once the minister comes back from his official visit to US and UK and, of course, it would be possible by the end of current month or in next month… Aaj News
The price of cement has further dropped by Rs15 per 50kg bag in Lahore markets due to a dent in cement manufacturers cartel and brisk construction activity caused by countrywide torrential rains this year. In local markets, the prices of different brands of cement ranged between Rs.180 and Rs.185 compared to Rs.195 to Rs.200 a few days ago … The News
Upper Caps : JOVC / Arif Habib Securities / Arif Habib Ltd. / FFBL / Sui North / JS Bank
Market Low : 13,963.34 High :14,079.26
Market Close : 14,020.90 — 35.01 points up
