14,163
January 7, 2008
The KSE-100 index corrected down to 14,090 after a high of 14,280 and recovered to close down at 14,163. Upward resistance is 14,300-500.
News : Importers on Monday raised the price of di-ammonium phosphate (DAP), an essential crop nutrient, by Rs 400 per 50-kilogramme bag on the back of soaring international prices, market sources said. They said that after the current upsurge, the price of the commodity had reached the historical level of Rs 1,680 per bag… Aaj News
A consortium including Bank Muscat and Japan’s Nomura Holdings has agreed to buy 85 percent of Saudi Pak Bank for about $200 million, a banker involved in the deal said on Monday. The bid group, led by Pakistani financier Shaukat Tarin, also includes International Finance Corp, an arm of the World Bank…"We will be selling them 68.01 percent of the bank that we hold at 29.30 rupees a share," Rashid Zahir, the company’s chief executive, told Reuters. That price is nearly an 8 percent premium to Saudi Pak’s last closing share price. The small lender has a market capitalisation of about $177 million.A source in the bid group said the consortium had reached agreements to buy another 17 percent from local investors."We will be buying 85 percent of the bank now, and issuing a tender offer for the remaining shares pretty soon," the source said, adding that deal was expected to close by mid-February…Aaj News
Upper Caps : Arif Habib Ltd / Sui North / NIB Bank / Sitara Peroxide
Market Low : 14,090.47 High : 14,280.27
Market Close : 14,163.40 – 96.19 points down
