14,099 - an overbought market holds
October 5, 2007
The KSE-100 index headed to test its all time high of 14,290 and fell short with a high of 14,272. It then dipped down to 14,027 and closed at the same level as yesterday at 14,099. Askari Bank was the volume leader of the day with 32.9 million shares traded. Whether that was the current correction for an overbought market remains to be seen next week. With the current sentiment the Karachi stock market should test its high and go further.
News : The Securities and Exchange Commission of Pakistan (SECP) has filed a case in the District and Sessions Court, Karachi, against a member of Karachi Stock Exchange and three of its clients, accusing them of illegal trading in the shares of Kot Addu Power Company Limited (Kapco).The case was filed on the basis of a SECP inquiry report, in which it said that unusual trading activity was observed in the scrip of the Kapco during January 24 to May 25, 2007… Business Recorder
The Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of rupees five million on Zafar Moti Capital Securities Limited (ZMCS) and Zafar Siddiq Moti, Chief Executive of ZMCS for operating an illegal outlet…Brief facts of the case are that the Commission received various complaints from investors (hereinafter referred to as "Complainants"), alleging that Tariq Saeed of T.M. Finance Services was dealing in securities for the clients/investors in an illegal and unlawful manner, through ZMCS… Business Recorder
The International Power (IP) of UK has given 90 days to Government of Pakistan (GoP) for settlement of Kapco shares dematerialization or face legal proceedings, sources close to Privatisation Minister Wasi Zafar told Business Recorder here on Thursday."Should we not hear back from you by the end of 90 days, then under the terms of shareholders’ agreement, approval to transfer is deemed to have been given by the GoP," the sources quoted ASJ Ramsay, director and company secretary, National Power (Kot Addu) Limited (NPKAL) as saying in a letter to Privatisation Minister Wasi Zafar… Business Recorder
Upper Cap : Bank AlfalahSPOT : Hubco + JOVC
Market Low : 14,027.92 High : 14,272.91
Market Close 14,099.30 – 0.64 points down
