14,755 - Return of the Tealeaf
October 18, 2007
The Karachi Stock market soared further upwards making another new intra-day high of 14,802 and closing up at a new high of 14,755. Cements were the flavour of the day with DGKC and Lucky trading 48 and 43 million out of a massive volume of 485.3 million shares traded today. The next upward resistance is 14,900 and there could be some sell off in 2moro’s Friday show.
The Big Tealeaf has returned after 8 years in typical 3rd world fanfare, eager to get her hands into a bigger than ever till for the third time. A criminal waste of taxpayers money to have 20k police guarding an uncessary procession which caused several businesses to close, flights to be cancelled, petrol pumps closed and chaos in terms of traffic.
Dividends : Fauji Fertilizer Bin Qasim : 10% Cash, EPS : 1.08
Board Meetings for October - updated
News : The oil marketing companies have raised furnace oil price by Rs 192 per ton to Rs 29,798.80 per ton due to soaring oil prices in the international market, dealers said. They said that two leading oil marketing companies–Pakistan State Oil (PSO) and Shell Pakistan–on Monday raised furnace oil prices by around one percent… Aaj News
The consolidated after tax profit of Habib Bank Limited (HBL) has increased by 24 percent or Rs 1.970 billion to Rs 10.166 billion in the nine-month period ended on September 30 as compared to Rs 8.195 billion earned in the corresponding period last year.The earning per share of the bank surged to Rs 14.64 in the period under review against Rs 11.80 in the same period last year… Aaj News
The Abu Dhabi Group and Bestway Group are considering jointly to acquire an aggregate of five percent (in equal proportion) of the capital of the United Bank Limited (UBL) through open market purchases or conversion of GDRs held by them.The two groups jointly have a controlling interest in the affairs of UBL as they each own 25.5 percent of the share capital of UBL … Aaj News
Upper Caps : JOVC + Arif Habib Ltd + NIB Bank
Market Low : 14,590.17 High : 14,802.61
Market Close : 14,755.22 — 165.05 points up
