14,571 - Heading to retest 14,908 ?
December 10, 2007
The Karachi Stock market continued its upward run today, opening up with a gap and making an intra-day high of 14,615. Arif Habib Securities was the volume leader today with 20.8 million shares traded out of a relatively low volume total of 170.2 million shares. MCB has closed on a new all time high of 412.40. The next upward resistance is 14,650 - 14,800.
News : The government has issued sovereign guarantee for picking up Rs 22 billion (inclusive of mark-up) provided by HBL-led consortium to Pakistan State Oil (PSO) Rs 12 billion and Shell Pakistan Rs 6 billion against their outstanding differential on oil prices.Sources said the banks’ consortium has already released Rs 12 billion to PSO and Shell is likely to get Rs 6 billion in a couple of days. Shell Pakistan board had showed willingness to accept the financing through banks against differential last week. As per sovereign guarantee, the government will payback entire amount of Rs 22 billion in one go in 2010… Aaj News
Upper Caps : CCBL / Azgard Nine
Market Low : 14,473.90 High : 14,615.83
Market Close : 14,571.64 – 97.73 points up
