12,228 - minor pullback
August 29, 2007
There was some improvement in the KSE-100 index with a high of 12,264 and a close at 12,228. There seemed to be some buying across the board, esp. MCB which is up Rs.25 since yesterday. Lucky cement was the volume leader with 13 million shares traded. OGDC and BAFL are lagging in performance in comparison with other stocks that rose today. Hopefully the upside will continue 2moro with 12,300 being tested. A close over 12,300 would be a positive step towards 12,500.
News : The combined profit of listed commercial banks has increased by 42 percent to Rs 49.7 billion in the first half of 2007 as compared to Rs 34.95 billion earned in the corresponding period last year.The impressive earnings growth was mainly driven by non-interest income of the banks… Aaj News
The introduction of ‘Stock index future contract’ (SIFC), based on KSE-30 index, is ready, and the management of Karachi Stock Exchange has arranged presentation of the ‘concept paper’ on Thursday, August 30.For testing purpose, the SIFC market would be deployed in one Karachi automotive trading system - trading working system (KATS-TWS) per member, and the Information Technology (IT) Division will start deployment from August 31… Aaj News
The Sui Southern Gas Company (SSGC) is fast heading towards total a collapse, as all its basic indicators are showing alarmingly poor performance. SSGC’s performance data for 1999-2005, made available to Business Recorder, indicated that its trade debt increased from Rs 5.239 billion in 1990-2000 to Rs 8.754 billion in 2004-05, showing a jump of Rs 3.5 billion in 7 years… Aaj News
The Commissioner of Securities Exchange Corporation of Pakistan (SECP) Salman Ali Shaikh said on Wednesday that Pakistan will be the first emerging market to initiate REITs.(Real Estate Investment Trusts) "The objective of REITs is anchored around the concept to introduce an alternative asset class with the purpose to add depth to the capital market and provide transparency to real estate sector in the form of comprehensive disclosures and accountability through a trust mechanism ingrained in the REITs Regulations," he added… Aaj News
Upper Caps : JOVC / Arif Habib Ltd
Market Low : 12,017.88 High : 12,264.99
Market Close : 12,228.05 – 187.16 points up
