14,556 - Holding on
December 15, 2007
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
News : Pakistan granted an exploration licence to US company Hycarbex Energy Inc. on Saturday for an area of 1,229 sq km (475 sq miles) in the southern province of Sindh, the Ministry of Petroleum and Natural Resources said. Hycarbex will invest $6.3 million in the block to carry out surveys and drill three exploratory wells during an initial 3-year period, it said.The company has been exploring for oil in Pakistan since 1995 and has invested $25 million in another block in Sindh,… Aaj News
The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of “AAA” and “A1+” respectively to Pakistan State Oil (PSO). These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments,… The News
The Ministry of Finance has decided to issue fresh Letters of Comfort (LcC) valid up to December 31, 2008 to four banks having investment in National Investment Trust (NIT) units,… The Finance Division had earlier issued LoCs to four banks viz. the National Bank of Pakistan (NBP), Bank of Punjab, Bank of Khyber and Faysal Bank Limited, which were supposed to expire on December 31, 2007. To keep their over-Rs 10 billion investments in NIT units intact, the MoF has decided to issue fresh LoCs with extended validity… Daily Times
Upper Caps : Azgard Nine / Sitara Peroxide
Market Low : 14,509.05 High : 14,585.59
Market Close : 14,556.53 – 22.55 points up
