13,353 - heading for 13,800 ?
September 28, 2007
The Karachi Stock market undertook an expected correction making a low of 13,237 and towards the end recovered to close at 13,353. Worldcall Telecom was the flavour of the day with a turnover of 17.4 million shares traded. Oil trading at $83 surprisingly made no impact on the OMC’s or oil related stocks.
The Supreme Court decison in favour of G.Mush will be taken well by the business and market community and could spark off a small rally next week. 13,700-800 is quite possible provided the whining opposition rabble don’t get to stick a spoke in the electoral wheel.
Dividend : Sui South Gas : 5% Cash. EPS : 0.43
News : Leading stock brokers, investors and analysts while welcoming the Supreme Court verdict on President Musharraf’s dual offices expected that the share market will witness a bullish rally to reach new record levels and more foreign investment will come in the country’s equity market."We are looking consistent economic policies which will boost the country’s economy, consistently growing at the rate of over 7 percent since 2001", leading analysts said… Aaj News
The earnings of Sui Southern Gas Company (SSGC) have declined by 68 percent to Rs 290.380 million in the year ended on June 30 as compared to Rs 891.717 million in the corresponding period last year. The company earning per share stood at Rs 0.43 in the period under review against Rs 1.33 last year… Aaj News
Importers have raised the prices of dai ammonium phosphate (DAP), essential crop nutrients, by Rs 50 per 50-kilogram bag ahead of rising international prices, dealers said.A leading DAP importer on Thursday issued new price list of the commodity, announcing four percent per bag raise in the price of the commodity across the country, effective from Friday, they added. As a result, the retail price of the DAP had also gone up by Rs 50, reaching Rs 1,400 per bag of 50 kilograms from Rs 1,350… Aaj News
The Oil and Gas Development Company Limited (OGDCL) is poised well for overseas joint ventures in many countries as its teams are currently negotiating modalities to enter into new horizons. China, Kuwait, central states, South African countries are on OGDC priority list for overseas joint ventures…OGDC is a part of Shell Pakistan led joint venture, hopefully starting drilling in Pakistan’s deep waters in next couple of weeks… Aaj News
Market Low : 13,237.53 High : 13,353.68
Market Close : 13,353.68 – 25.55 points up
