7,617
April 12, 2009
Friday’s close saw the market back on track again, closing up with a big gain of 321 points ( 4.4% ). It looks like the market could continue upwards towards 8000. Volumes shrank down to 191.2 million compared to the previous 3 sessions.
News : The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow Pakistan Petroleum Limited (PPL) to get oil and gas exploration rights of Block 27 in Yemen…This step is a milestone by virtue of being the first effort by a local public sector company to extend its exploration activities beyond the border with a minimum financial commitment of $15 million… Aaj News
The Economic Co-ordination Committee (ECC) of the Cabinet is likely to approve, on Monday, a three-year oil refinery policy containing incentives for oil refineries and penalties if the refineries failed to complete the projects for upgradation of the petroleum products by 2012…. the new formula for ‘deemed duty’ for oil refineries would be implemented from May 1, 2009, if the ECC accorded its approval. Under the new policy, the Petroleum Ministry has proposed to increase in ‘deemed duty’ from 7.5 percent to 10 percent, with a cap at $80 per barrel…. Aaj News
Market Low : 7,295.98 High : 7,622.69
Market Close : 7,617.96 – 321.98 points up !
