15,171 - another new high

15,171 - another all time highThe KSE-100 index opened up and closed on a new high of 15,171, the highest close to date so far. Lucky Cement was the top volume stock traded with 33.6 million shares traded. Engro Chemical closed at its highest close of 343.90. Oil made a high over $110 today. The market is headed for 15,500 with possible corrections along the way.

News : Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.Traders said the ailing dollar also has also fuelled a spike in world oil prices because crude is priced in dollars and has become cheaper to buy for purchasers holding stronger currencies…New York’s main oil futures contract, light sweet crude for delivery in April, ended up 1.17 dollars at a record closing high of 109.92 dollars per barrel after trading as high as 110.20 dollars… Source : Aaj News

Cement sales are expected to rise in the remaining months of fiscal year 2008 (FY08) with rising exports and stable local dispatches, a research report said. Industry sources said that the cement industry is set to increase its sales due to high production and high export orders.With the advent of the peak local cement demand season in the country and soaring regional prices, demand for Pakistani cement is set to rise further. “Hence, it is likely that in remaining months of FY08, we might see record cement sales on both local as well as export front. Already, in the first eight months (Jul-Feb) of FY08, sales have demonstrated a healthy increase in demand of 23 per cent with dispatches of 18.7 million tons,” said JS Research…Cement exports are expected to soar by a massive 107 per cent.. The News

Market Low : 14,943.78 High : 15,173.70

Market Close : 15,171.42 — 227.64 points up

source: karachistockmarket.blogsome.com

Filed under Cement, Daily Market News



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