13,620

13,620The KSE-100 index dipped down to 13,541 and then recovered to make a high of 13,739. Volumes were low again with 151 million shares traded. The market seems to be consolidating re : political news and didn’t appear to give a toss about the Big Thief’s seven day detention. The Karachi Stock market is still closing below its 30 DMA and a break of 13,470 would see more downside. Upside resistance is 13,720 - 13,850.

News : Abu Dhabi signed an implementation agreement on Tuesday to build a $5 billion refinery that will double Pakistan’s refining capacity.Under the deal between Abu Dhabi’s International Petroleum Investment Company (IPIC) and Pak-Arab Refinery, the project will be built at Khalifa Point in the Hub district of Balochistan province., about 15 km (9 miles) west of of Karachi.The Khalifa Coastal Refinery Project will have a refining capacity of between 200,000 to 300,000 barrels per day of middle distillate products. .. Aaj News

Upper Caps : Bhosricor Refinery + Arif Habib Ltd 

Market Low : 13,541.23 High: 13,739.02 

Market Close : 13,620.20 – 35.47 points down

source: karachistockmarket.blogsome.com

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