Excellent close to the week and what a weekend we all are having!
The Karachi Stock Market KSE 100 index on Friday started off on a very positive note immediately gaining 100 points, continued the upward momentum throughout the 2 sessions and closed 241 points above the previous close.
My gut feel was correct that market would open high. However, one would have thought the predators would pull down the gains to lock their profits towards the close of play on Friday. It was pleasant to see that the sharks continued their buying till the close.
OGDC and NBP closed 5% and 3% high respectively. OGDC at Rs. 81.05 and NBP at 94.32. My earlier target price for both the shares has been achieved within 3 days. Well done to all who followed my TIP.
In my previous blogs I had talked about KSE index 100 touching 7,500. Well, need I say more, we have seen the target within a week. Here onwards, the index will attempt the 8,000 mark but with a lot of caution. you will see pluses and minuses before the psychological level of 8,000 is reached.
On Friday, Bank of Punjab closed at Rs. 12.51 ( Re. 1 gain over previous close). Rumour has it that one will see this share go up to Rs 20. Remember, in this stock market some shares climb on their intrinsic value and fundamental strength while others are managed through rumourmongers. watch out for this stock and if you want invest a relatively small portion of your funds in this script. If you do invest look for an exit between Rs 16 and 18.
DGKC closed at Rs. 25.14 - Recommendation continues to be BUY.
Hope you all are having a great weekend.
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