13,965 - Heading for 14,300 ?
November 29, 2007
The KSE-100 index opened up with a gap, crossed the 14k mark and closed up at 13,965. Cements were the flavour of the day due to the recent increase of Rs.10 per bag. The transition of Gen. Mush to Mr. Mush, securing another 5 year term as President and anticipation of the emergency rule being lifted shortly have all been upward tiggers for the market. This evening’s announcemt for the emergency rule to be lifted on Dec.16th along with the removal of the PCO, should take the market further towards restesting 14,300. Upward resistance is at 14,050-130 and downside support remains at 13,700.
News : The government is expected to announce a rise in fuel prices on Friday, the first in 19 months…The caretaker government is expected to announce at least a 10 percent rise in fuel prices, with more increases to follow,… Aaj News
Habib Bank of Pakistan has sought the approval of the Economic Coordination Committee (ECC) of the Cabinet for acquiring up to 10 percent shares worth $11 million of Diamond Trust Bank of Kenya which has 20 branches in East Africa - Kenya, Uganda and Tanzania…. Aaj News
Upper Caps : NCL
Market Low : 13,884.93 High: 14,051
Market Close : 13,965.30 – 80.37 points up
