8,541
August 30, 2009
The KSE-100 index closed up at 8,541 on Friday with a an increase of 226 points. The market is looking slightly overbought now and could well correct to 8,100 before reaching its next target of 8,700.
News : Pakistan State Oil Ltd., the nation’s biggest fuel retailer, raised 15 billion rupees ($180 million) to help avert defaulting on payment for importing fuels. The company got 10 billion rupees in loans from banks and 5 billion rupees in cash from the government,…Funds owed to the company increased to 90 billion rupees after power utilities failed to pay for fuel purchases, delaying Pakistan State Oil’s payments to the country’s oil refiners. The government will help to narrow the dues,…Pakistan’s government plans to sell bonds, known as term finance certificates, in the domestic market on behalf of Pakistan Electric Power Co., the state-owned utility, and disburse the amount to the company,..Pakistan State Oil shares rose 2.4 percent to 286.60 rupees, the highest level since Sept. 5, at 1:30 p.m. local time close on the Karachi Stock Exchange. The stock has advanced 98 percent this year, compared with a 46 percent increase in the benchmark stock index of 100 shares…. Bloomberg
Market Low : 8,306.64 High : 8,8,553.79
Market Close : 8,541.22 — 226.06 points up
