The demutualization draft as well as sell of 10% stack of Karachi Stock Exchange to foreign stock exchange and to make them become an active partner and play an active role in management is under review. The KSE board, in its meeting held on Friday 24th Aug 07 under Chairman Shaukat Tarin, recommended the name of Adnan Afridi to the Securities and Exchange Commission of Pakistan (SECP) for its approval.
The market seems to be very volatile in the coming week and I would recommend to start investing in valuation stock and build positions little by little and wait for market rebound (mainly after elections).
Recommendations
Sell on Strength: PSO, PICIC,
Buy on Weakness: PTC, OGDC, IGIIL, UBL, PPL, HUBCO, PGF, PIF
International
The collapse in securities backed by subprime mortgages has caused losses at lenders around the world, helping send Asian banking stocks lower in the past month. Industrial & Commercial Bank of China Ltd., the world's largest bank by market value, said yesterday it had $1.2 billion of subprime-related securities.
Defaults on home loans to people with poor credit have prompted a sell-off of debt-backed securities that spread to wider credit markets and wiped more than $5.5 trillion off the value of equities worldwide.
Losses related to subprime loans damped enthusiasm for Bank of China even after it reported a 51 percent increase in first- half profit. The shares have fallen 10 percent in Hong Kong this year, the fourth-worst performance among companies on the benchmark Hang Seng index.
Index | Closing | Chg% | ||
DJIA | 13,378.87 | 1.08 | ||
Nasdaq | 2,576.69 | 1.38 | ||
S&P | 1,479.37 | 1.38 | ||
FTSE | 6,220.10 | 0.37 | ||
DAX | 7,507.27 | 0.06 | ||
CAC-40 | 5,569.38 | 0.83 | ||
Nikkei | 16,248.97 | 0.40 | ||
H.Seng | 22,921.89 | 0.20 | ||
Sensex | 14,424.87 | 1.84 |
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