13,656
November 12, 2007
The KSE-100 index opened up with a 140 point gap on the news of a tentative election date in Jan. It made an intra-day high of 13,701 and closed up at 13,656. The market is still trading below its 30 DMA. Volumes were on the lower side with only 153 million shares traded. The euphoria maybe short-lived as the "Queen of Corruption" is shaking her rattle and behaving like a spoilt child, demanding a long march 2moro despite all rallies/protests currently being banned. There is now talk of her boycotting the elections which seems unlikely as she is only here to get her hand in till which is considerably bigger than before. It seems unlikely that it will be smooth sailing for the market at the moment.
News : National Bank of Pakistan, the nation’s biggest lender by assets, reported its first decline in profit this year after it set aside more funds to cover potential bad loans. Net income fell to 5.83 billion rupees ($96 million), or 7.15 rupees a share, in the three months ended Sept. 30 from 6.05 billion rupees, or 7.42 rupees, a year earlier, the Karachi-based lender said in a statement today. Revenue in the third quarter rose to 12 billion rupees from 11.3 billion rupees…The bank’s profit rose to 14.6 billion rupees, or 18.37 rupees a share, in the nine months ended Sept. 30 from 14.18 billion rupees, or 17.38 rupees a share, a year ago, the statement said. Revenue rose to 33.15 billion rupees… Source : Bloomberg
The Privatisation Commission (PC) here on Monday invited Expression of Interest (EOI) from prospective investors for the acquisition of minimum of 90 percent shares of Hazara Phosphate Fertilisers (Private) Limited (HPFL) by December 08…The authorised share capital of the company is Rs 200 million divided into 20 million ordinary shares of Rs 10 each whereas the issued, subscribed and paid up capital of the company is Rs 191.143 million comprising 19.143 million ordinary shares of Rs 10 each said a press release issued by PC here on Monday… Aaj News
Upper Caps : Arif Habib Securities / Arif Habib Ltd. / JOVC / Bhosricor Refinery
Market Low : 13,423.87 High : 13,701.32
Market Close : 13,656.25 — 232.38 points up
