12,784
September 12, 2007
After yesterday’s jittery performance , the KSE-100 index allayed all fears of an immediate reprisal/backlash to Sharif’s expulsion and made a high of 12,784. OGDC was the star performer of the day in terms of the highest volume, trading 29.6 million shares and has risen over Rs.4 in the last 2 days. If there are no more jitters , the Karachi Stock market should continue rising towards the next resistance level of 12,950. Today’s close over the 30 DMA is a positive step towards that.
News : Seventeen companies of Pakistan would export 10 million tons of cement to India in 2008.According to Indian state trading company MMTC, it is expected that the production by the cement companies in Pakistan will grow by 50 percent… Aaj News
After a span of nearly three years, Pakistan Petroleum Limited (PPL) has announced a small discovery of oil and gas at Hala in Sindh…Drilling of one well at Hala has met success and initial estimates indicate 1,310 barrels per day condensate and 27.4 mmcfd of natural gas.urther drilling of extended well and piping connection to the main line will take at least six months. PPL will have to drill more wells before a proper assessment of the reservoir size can be ascertained. But initial indications show that to begin with 1,310 bbl/day condensate and about 15 to 11 mmcfd of gas could be obtained from this single well…. Aaj News
New York crude oil prices reached 80 dollars a barrel on Wednesday for the first time as the market fretted over declining US reserves and a new tropical storm in the Gulf of Mexico.Prices shot higher after news that US crude reserves fell by a sharper-than-expected 7.1 million barrels over the past week. Source : Aaj News
Upper Caps : JOVC / Arif Habib Ltd / Arif Habib Securities Ltd.
Markey Low : 12,562.34 High : 12,784
Market Close : 12,784 – 221.66 points up
