11,773
July 10, 2008
After yesterday’s volume of 50 million, the market resumed its previous low volume, trading only 10.5 million shares. The market remained down the whole day and in the last 2-3 minutes jumped up by 60 odd points on heavy buying in HBL. The outlook for 2moro looks the same till there is some clarification on the lock revision after the 15th. Oil rose by $5 today.
News : Credit Suisse launched its operations in Pakistan on Thursday through a wholly owned subsidiary, Credit Suisse Pakistan (Private) Limited based in Karachi. It will initially offer equity research and research sales to institutional clients, and aims to expand its operations to full broking-dealing services…Credit Suisse has already put in place a research team for Pakistan, with active coverage of the country’s equity market. It started research coverage of Pakistan in 2006 and covers 50 Pakistan stocks. A paper released to the media on the occasion says that Credit Suisse is investing in Pakistan because it believes it has an exciting economic story that offers attractive opportunities to investors… Daily Times
The government is likely to reduce the deemed duty from 10 percent to 5 percent for oil refineries in an attempt to stabilise the oil prices in the country and a summary has been prepared in this regard that would be presented before the Economic Coordination Committee (ECC) of the cabinet for the formal approval… Daily Times
Pakistan State Oil (PSO) has registered significant growth in the sales of diesel and petrol by 20 and 30 percent, respectively during the financial year 2007-08.According to official figures released Thursday, the state-run oil marketing company has carried out 5.3 million metric tonnes sales of diesel in the closing fiscal year 2007-08, against 4.4 million metric tonnes in 2006-07. Source : Daily Times
Market Low : 11,702.52 High : 11,796.47
Market Close : 11,773.12 – 23.35 points down
