13,666 - More slaughter

The KSE-100 index continued its downward slide, making a low of 13,481 before a marginal recovery to close at 13,666. Total volume increased considerably compared to yesterday, with 193.6 million shares traded. The market has fallen 1,105 points (7.4%) in the last 2 sessions and there could be some pullback towards 14,100. A lot depends on the date of elections which will be announced 2moro. Keep the Vaseline handy.

News : The government has increased gas prices by 5.25 percent to 10 percent for different categories of the consumers, and has issued the notification on January 1. The revised gas rates will be effective from January 1st 2008.Maximum increase has been made for two categories-CNG and cement sectors. For them the increase will be 10 percent in their existing rates. The increase in gas rates for consumers falling in the categories of commercial, power and industrial has been made by 5.25 percent… Aaj News

The State Bank of Pakistan (SBP) has directed de-scheduling of PICIC Commercial Bank Ltd with effect from the close of business on December 31, 2007 on account of its merger with NIB Bank Ltd under section 48 of the Banking Companies Ordinance, 1962 on Tuesday.It may be noted that the SBP had approved the schemes of amalgamation and consequently the merger of PICIC and PICIC Commercial Bank with and into NIB Bank following the acquisition of PICIC by NIB on June 28, 2007.
The three institutions were merged on December 31, 2007. In the wake of this merger, NIB Bank is said to become the seventh largest bank in the country in terms of distribution network with 240 branches and total assets exceeding Rsl85 billion. NIB is now the second most highly-capitalised bank in the country with paid-up capital exceeding Rs27.5 billion… The News

Lower Caps : AHSL /AHL / ICI / BAFL / NML / DGKC / JOVC / PTC / APL / ENGRO /AICL / JSBL

Market Low : 13,481.23 Market High : 14,075.83

Market Close : 13,666.85 — 408.98 points down

source: karachistockmarket.blogsome.com

Filed under Banks, Daily Market News



Leave a Comment

rss feed