13,542
November 22, 2007
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
News : Oil and Gas Regulatory Authority (Ogra) has proposed about 7 percent increase in gas prices which the government has yet to approve, said Rashid Farooq, Vice Chairman, Ogra here on Thursday. "Increase in crude oil prices in international market are prompting the increase in gas and petroleum prices to maintain the balance", he said while talking to reporters at Attock Refinery Limited (ARL)… Aaj News
Pakistan’s efforts to find some major discovery in deep sea waters have received a big blow as Shell and its partners’ offshore drilling project has ended in a failure and as a follow-up the structure was declared as plugged and abandoned (P&A)…The Shell also sent the final report of the failure of the project to joint venture partners - OGDC, PPL, Government Holding (Pvt) Limited (GHPL), and Premier Kufpc. Since the abandoned project cost over $50 million, half of it will be borne by public sector companies, OGDCL and PPL, being 50 percent share holder 30 and 20 percent respectively and other 50 percent rests with Shell Pakistan and Premier Kufpc… Aaj News
A group of shareholders of Pakistan Industrial Credit & Development Corporation Limited (PICIC) have is seeking postponement of the Extra-Ordinary General Body Meeting (EOGM) scheduled to be held on November 26, 2007, for considering and approving the scheme of amalgamation of PICIC with NIB Bank Limited…Aaj News
Upper Caps : Adamjee Insurance (3rd consec ) + Packages
Market Low : 13,508.98 High:13,624.07
Market Close : 13,508.98 – 33.89 points up
