13,915 - more downside
January 13, 2008
Friday saw the KSE-100 index slide further downwards, and at one stage dipping down to -340 points on some bullshit rumour of a bomb at the Stock Exchange. The market recovered to close down at 13,915. While there could be a pullback towards 14,100, the sentiment appears to negative at the moment. Further downside support is at 13,500-600.
News: The balloting for the allotment of ordinary shares of Arif Habib Bank Limited was held here on Saturday. Karachi Stock Exchange (KSE) Managing Director Adnan Afridi inaugurated the computerised balloting process.According to details, the public offer for the ordinary shares of Arif Habib Bank Limited was made from December 29, 2007 to January 2, 2008 at an offer price of Rs 21 per share (inclusive a premium of Rs 11 per share) by Arif Habib Securities Limited.
The amount offered was Rs 1.254 billion against which the offerers received subscription of Rs 7.057 billion, 5.6 times higher than the offered amount. The overwhelming public response triggered the full exercise of the Green Shoe Option of 60 million shares…Aaj News
Lower Cap : JOVC
Market Low : 13,743.24 High : 14,155.75
Market Close : 13,915.04 –167.90 points down
