12,666 - heading for 12,950 ?
September 5, 2007
The Karachi Stock market opened up with a gap and finally the KSE-100 index broke 12,500, made a high of 12,710 and closed up at 12,666. Volumes increased with 265 million shares traded. OGDC was the volume leader trading 31.3 million shares and moved up to close at 110. It seems that the positive news of the current political deal in progress boosted the market today. Hopefully the upward momentum will continue and the next upside is around 12,750 leading to 12,950.
Hubco will announce its result 2moro.
News : KASB Capital Limited, the local partner of Merrill Lynch and the asset management, brokerage and investment banking arm of the KASB Group, has raised Rs 2 billion ($33 million) through a private placement of equity to GLG Emerging Markets Special Situations Fund, Tikehau Asia and Liberty Harbor.Under the terms of the placement the above mentioned investors will collectively take a 35 percent stake in KASB Capital Limited. .. Daily Times
Pakistan’s cement sales increased 41 percent in August, more than last fiscal year, boosted by demand from homebuilders and increased overseas shipments. Sales, including exports, climbed to 2.5 million metric tons from 1.7 million tons a year earlier, Shehzad Ahmed, secretary of the All-Pakistan Cement Manufacturers Association, said in a phone interview from Lahore today. Exports more than doubled to 575,987 tons from 236,098 tons. Pakistan’s demand for new houses is estimated at 500,000 units a year, the government has said. Cement sales are also expected to rise as the government increases spending on roads and bridges.. Source : Bloomberg
Upper Caps : NBP / Engro / Lucky / JOVC
Market Low : 12,393.10 High : 12,710.09
Market Close : 12,666.38 – 273.28 points up
