11,156
July 24, 2008
The KSE-100 index made a high of 11,173 , then dipped down to 10,979 and close up at 11,156. Total volume traded today was 111.9 million shares, still on the low side. Arif Habib Securities was the flavour of the day with 12.6 million shares traded. The market has closed above its first resistance of 11,100 and the next target is 11,400. The market is up by nearly 1000 points since Friday and after 4 days of green, there could be some weekend selling 2moro.
News : The authorities have decided at a meeting held on Thursday that Equity Market Opportunity Fund (EMOF) would be an Open-End Fund. The EMOF launched from Friday (today) would be injected in stock markets under NIT management when market is under pressure…The initial size of fund was declared at Rs20 billion, but owing to its attractiveness of being an open-end fund, the size might inflate to any level. The general public would also be able to invest in this fund and the National Investment Trust (NIT) would be announcing its daily NAV value and dividends,…NIT would form a separate board to manage the fund. The board would be meeting at least after every six months or in case of emergency too. Initially, EOBI has confirmed to pool Rs3 billion; State Life Rs2 billion and Rs2 billion by National Bank, besides other financial institutions and banks would share rest of funds, sources said. This fund would be invested in KSE 100-share Index instead of KSE 30-share Index as was informed earlier. The fund would not be invested in more than 50 companies… The News
Malaysia’s Maybank is set to buy another 5 percent of Pakistan’s MCB Bank as early as next month, in a deal estimated at $218 million,…Malayan Banking Bhd, Malaysia’s leading lender, bought a 15 percent stake in MCB Bank, Pakistan’s top lender, for $680 million in May. That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction. The price for this stake was then agreed at Rs 490 per share, plus holding cost, with the total price not exceeding Rs 510 per share. “The deal is very much on, the talks have started, and if all goes well, it should materialise sometime in August,” said a source close to the transaction.
A spokesman at Maybank declined comment. A spokesman at MCB Bank said any stake purchase by Maybank would be in line with the previous agreement, but he did not give a time frame for the new purchase…. Daily Times
Adamjee Insurance is likely to announce profit after tax of Rs 2.7 billion (EPS Rs 26) for the first half of the current year compared to Rs 1.18 billion (EPS Rs 11.6) in the corresponding period of last year, a growth of 125 percent, says a research report…“Exceptional growth in 2Q2008 profitability would mainly be attributable to a one-time capital gain of Rs 2.7 billion on account of MCB sell-off deal,”…. Daily Times
The United Arab Emirates (UAE) has recently raised the cement price by 15 percent due to its rising demand, mainly benefiting Pakistani cement industry, sources said on Thursday. Pakistan is the major cement exporter to the UAE, as it fulfils around 70 percent of the total demand of the product in the Emirates.After the rising cement prices in the face of huge demand in UAE, analysts see Pakistan as a primary beneficiary to flood the Arab markets with its product. It is likely to receive huge cement export orders shortly, they said…Source : Aaj News
Upper Caps : BOP / AICL / NBP / UBL / MCB / DGKC / NML / ATRL
Market Low : 10,979.07 High : 11,173.77
Market Close : 11,156.68 – 138.18 points up
