KARACHI STOCK MARKET NEWS

The market opened up yet again and closed on its high of 13,921 . July 16th was the last time that the KSE-100 index closed at these levels. OGDC was the volume leader of the day with 27.3 million of a total of 285.8 million shares traded. The Karachi Stock market has risen 593 points since September 27th and while its likely to test 14k 2moro, some correction is due soon  as its overbought. However, if things go well this week and G.Mush is elected , expect to see a new all time high in the near future.

Pioneer cement will announce its results 2moro. 

News : The Privatisation Commission (PC) intends to complete global depository receipts (GDRs) of National Bank of Pakistan (NBP) and Pakistan Petroleum Limited (PPL) by end of the current calendar year…PC expects that some $800 million to $1 billion would be generated through GDRs of both NBP and PPL that would help meet the privatisation targets in the current fiscal year, he added. GDR of the NBP is expected to be completed during the month of November 2007 as the relevant preparations are being completed… Daily Times

Cement sales rose by 34 percent during to the first quarter (July-September) of current financial year over the corresponding period of last year on the back of expanding local demand as well as higher exports…Of the total dispatches, local cement sales depicted 21 percent growth at 5.7 million tonnes as against 4.8 million tonnes previously…On the export front, analysts see bright prospects for the cement sector as Russia is reportedly eyeing to import cement from Pakistan as well… Daily Times

Furnace oil price has shot up by Rs 1,200 to Rs 29,606.75 per ton from Rs 28,406 in the domestic market due to soaring international prices, dealers said. Two leading oil marketing companies–Pakistan State oil (PSO) and Shell Pakistan–on Monday raised furnace oil prices by some 5 percent… Source : Aaj News

Upper Caps :JOVC / NIB Bank / Maple Leaf Cement

Market Low : 13,737.47 High : 13,921.08