11,041
July 23, 2008
Another positive day at the Karachi Stock Exchange with the market making a high of 11,141 and closing up at 11,018. The market seems to have met resistance at 11,100 and needs to close above it for its next move to 11,400-700. Oil has dropped further down to $125 and hopefully will continue to fall more ,to get back to a realistic price.
News : Barclays Bank Plc., a prominent bank of the United Kingdom, has become a scheduled bank in Pakistan from July 23 by opening its four branches, said Shazi Ashraf, head of corporate affairs of the Bank.“The Bank has commenced its two-branches in Karachi, one in Lahore and one in Islamabad from Wednesday (July 23) …,” she said. Ms Shazi said, “the bank is neither interested to acquire any Pakistani bank till now nor it is negotiating for any merger.” Barclays Bank Plc entered into Pakistan with an initial investment of $100 million aiming to open ten branches throughout the country. It has commenced four branches in Pakistan while other six branches would be started by the end of this year… the State Bank of Pakistan (SBP) has declared “Barclays Bank Plc.” as a scheduled Bank with effect from July 23, 2008….Daily Times
Market : 10,784.81 High : 11,141.84
Market : 11,018.50 – 233.69 points up
