13,110 - More reaming
November 15, 2007
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550.
News : The daily production of oil has reached around 70,000 barrels and gas over 4 billion cubic feet in the country this year. The per-day oil and gas production remained 696,000 barrels and 967 million cubic feet respectively during the last year…Presently, 42 companies are working in Pakistan with 118 exploration licenses and 127 leases. Seventeen new blocks have been opened which would give further impetus to the ongoing exploration activities in the country and would open tremendous opportunities for the prospective investors in diversified fields… Aaj News
Oman’s Bank Muscat said it expects to agree this year on taking over Pakistan’s Saudi Pak Bank with partners including Nomura Holdings and is not put off by the country’s political turmoil. Bank Muscat, Oman’s largest lender, is in talks to buy 35 percent of the Karachi-based bank as part of a strategy to expand in the Gulf and South Asia as competition in its home market intensifies, Chief Executive Officer AbdulRazak Ali Issa told Reuters on Thursday…Asked if the turmoil was a concern for Bank Muscat, Issa said: "No, Pakistan makes good business sense … we have not seen any impact so far."… Aaj News
The government has bowed to the pressure of International Power of UK, allowing it to dematerialise and transfer its shares in Kot Addu Power Company (Kapco) without any restriction,.. Aaj News
Lower Caps : Adamjee Insurance + JOVC
Market Low : 12,981.12 High: 13,336.36
Market Close : 13,110.95 — 204.31 points down
