12,698
August 17, 2007
The first half saw the KSE-100 index down to 12,600. In the second session, the index made a quick recovery and raced up to about 12,760 and closed down at 12,698. (The last time the market closed at these levels was May 26th 2007.) World markets have recovered since yesterdays bashing, due to the Federal Reserve cutting its primary credit rate, known as the discount rate, from 6.25 per cent to 5.75 per cent. (That is the rate at which banks can borrow from the Fed if they are unable to borrow from each other. ) The DJIA closed up by 1.82% and the FTSE made nearly a full recovery closing up by 3.5%. Whether this move is a temporary band-aid for the current liquidity crunch, remains to be seen next week. The Karachi Stock market could well open up on Monday and test its next resistance levels of 12,860 and 12,950. For the moment it is finding support at 12,600.
Dividends : National Refinery : 20% Bonus + 200% Cash. EPS : 63.07
News : Market movers have raised the prices of dai ammonium phosphate (DAP) by Rs 400 to new peak of Rs 1,800 per 50-kilogram bag in the wake of rising demand and short supply in the market… Aaj News
Lower Caps : PTCL / JOVC
Market Low : 12,600.15 High : 12,762.90
Market Close : 12,698.04 — 10.47 points down
