14,321 - big pullback
October 31, 2007
After dipping further down to 13,915, the Karachi Stock Market experienced a strong recovery after yesterday’s unfounded panic selling and closed up on its high of 14,321. Arif Habib Securities was the flavour of the day trading 24.3 million shares. Oil is up above $94. The next upward resistance is 14,440-500.
Dividends : Hub Power Co. : Eps : 0.52
Sui Southern Gas Ltd : Eps : 0.43
Netsol Technologies : Eps : 3.59 (dil)
Worldcall Telecom: 0.16 (dil)
Pak Suzuki : Eps : 31.48
News : Oil prices hit a record 94.00 dollars on Wednesday after news that US oil inventories fell sharply last week, analysts said….The new highs came after the US Department of Energy said US crude inventories tumbled by 3.9 million barrels in the week ending October 26, compared with market forecasts for a gain of 400,000 barrels…Aaj News
Hub Power Co., Pakistan’s second- biggest privately owned power producer, reported a 16 percent decrease in first-quarter profit because of lower tariffs. Net income fell to 607.1 million rupees ($10 million), in the three months ended Sept. 30 from 722.2 million rupees… Source : Bloomberg
Upper Caps : JOVC + Netsol Tech + Adamjee Insurance + MCB Bank
Market Low : 13,915.64 High:14,321.39
Market Close : 14,321.39 — 293.59 points up.
