14,484 - another all time high
October 9, 2007
The KSE-100 index opened up again and made an intra-day all time high of 14,563, closing up at another record close of 14,484. OGDC was the flavour of the day closing up Rs.5 at 130.40, its highest close for this year. It traded 88.1 million shares, nearly 35% of all shares traded today.MCB closed at its highest ever at 386.85.
The KSE-100 index doesn’t do things by halves. On August 27th it was totally oversold with a low of 11,852 and now it is heading for being quite overbought at nearly 14,500. With only one more trading session this week before the Eid closure, the Karachi Stock market could well close on a higher note, but a possibly vicious correction is due anytime now.
News : Shell has started much awaited offshore drilling in Indus Block this week. "With pre-drill resource potential of 300mmbbl oil, Shell drilling in Anne-1 well in Pakistan’s ultra-deep offshore region commenced this week", an analyst at KASB Securities said in its recent report.Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) carry 30 percent and 20 percent stake respectively. The exploration potential in Pakistan’s offshore is believed to be high… Aaj News
The legal merger of PICIC, PICIC Commercial Bank and NIB Bank will be completed by the end of current year, banking sources said here Tuesday.They said the name of the merged entity would be decided later after market research. It may be noted that NIB Bank, a subsidiary of Singapore-based Temasek Holdings, had acquired PICIC Group on July 1, 2007, for Rs 20.5 billion equivalent to $342 million… Daily Times
Upper Cap : Pakistan Refinery
Market Low : 14,366.99 High : 14,536.75
Market Close : 14,484.56 — 117.56 points up
