14,132 - Ripping through 14k
July 12, 2007The KSE-100 index ripped through 14k making an all time intra-day high of 14,169 and closed up at a record high of 14,132. It seems that the correction down to 13,781 was what the market needed to rise further to head towards 14,500. Memories are short in this market and the S&P downward revision to stable from positive seems not to have hindered today’s upside. Despite the upcoming result season there could be another bang downwards as most stocks are not seen as undervalued anymore. It is interesting to note that most of the blue chips had higher prices at a lower index compared to their prices currently.
News : BP Plc. said on Thursday it has withdrawn interest in joining a consortium bidding for a 51 percent stake in state-run Pakistan State Oil (PSO), …Pakistan’s Supreme Court placed a stay order on PSO’s planned privatisation until a hearing scheduled for the end of August… Aaj News
Price of Dai’ Ammonium Phosphate (DAP), an essential crops nutrient, has shot up by Rs 200 per 50-kilogram bag across the country due to its soaring prices in the world market, traders said on Thursday… Source :Aaj News
Following the success of "Pakistan Capital Markets Day" in London on July 6, which was held in collaboration with the London Stock Exchange, the Central Depository Company of Pakistan (CDC) held a similar event in New York on Wednesday (July 10).The CDC organised this road show with the support of Citibank and Pakistani brokerage firms, Invest-Cap Securities and AKD Securities… Aaj News
The first-ever national textile policy, schedule to be announced in the next two weeks, will not offer any cash subsidy, rebate and relief to the textile sector, although the industry is desperately expecting a "relief-cum- incentive" package… Aaj News
Upper Caps : Arif Habib Securities / Arif Habib Ltd / SCBPL / Bhosricor / Pioneer Cement
Market Low : 13,967.40 High : 14,169.18
Market Close : 14,132.18 — 164.77 points up
