Karachi Stock Exhange August 10 Upcoming Week

In the last week (Ended 7th Aug, 2009), Karachi Stock Exchange seemed to be bullish and touched nearly 8000 points psychological level and closed on 7872.23 points after increase of 151.30 points. That is good news, there were some positive factors which causes Karachi bourse set on upward track. Although local financial institutions were more cautious and took to profit-selling on lucrative margins. But there was a huge investment from offshore investors in Oil & Gas, Banking, Cement, Telecom, Securities sector and others. According to the latest numbers released by NCCPL, net foreign buying stood at $19.14 million during the week, and this is the highest weekly net inflow witnessed by the market in last 15 months.

There were also expectations about SBP intention to cut its lending rate (discount rate) in monetary policy. And according to experts the release of the third tranche of IMF standby loan of $840 million and approval of an additional $3.1 billion loan may help the market to cross the 8000 points level smoothly in short term.

Some companies have declared above expected annual results e.g. Lucky Cement (EPS Rs. 14.2 and DPS Rs. 4.0). However APL results (EPS Rs. 53.5 and DPS Rs. 25) surprised the market negatively. Lucky Cement, DG Khan Cement, and Arif Habib securities were on top last week.

In the next week there is an expectation of some blue chip result such as MCB, PSO, HUBCO and OGDC. And experts are expecting nice results from these blue chips and market can cross 8000 points in upcoming week.

Written by: Rana Khurram

NOTE: The information posted in this blog (forum) is based on current afairs & invstors point of view. There may be discrepency in the ground realities

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