14,797 - Heading for 15k ?
February 19, 2008With the elections passing peacefully and no violence today, the KSE-100 index shot up to an intra-day high of 14,822 to close 3% up at 14,797. This is the highest close for the year and the market could well test its previous intra-day high of 14,908. A massive volume of 309 million shares were traded today and once again OGDC was the top volume stock with 44.4 million shares traded. Banks were the flavour of the day with several closing on their upper limits. Upside resistance is 14,900 and there could well be some correction after today’s big rise.
News : Crude oil rose to a record $100.10 a barrel in New York on speculation OPEC will cut production when it meets next month… Bloomberg
Stock market investors should be overweight in Pakistan, where election-related uncertainty has overshadowed the country’s attractive prospects, a strategist with State Street Global Advisors said on Monday…State Street Global Advisorsis the $2 trillion money management unit of State Street Corp. "We like Pakistan. It rates very highly on our models, overall. It’s reasonable value. Our sentiment factor is quite strong and the macro outlook is strong,"… Aaj News
Oman Telecommunications Company (Omantel) signed on Monday a Share Purchase Agreement with the existing majority owners of Wordcall Telecom Limited (Worldcall), a Pakistani operator.Omantel will acquire 60 percent of Wordcall shares from majority owners, and a further 5 percent from other shareholders through the securities market, for a total transaction value of 193 million dollars… Aaj News
Upper Caps : BAFL / BOP / MCB / NBP / UBL / HBL / PSO
Market Low : 14,353.84 High : 14,822.57
Market Close : 14,797.47 — 443.63 points up !
