Dividends : Fauji Fertilizer Bin Qasim Ltd., Pakistan’s only maker of di-ammonium phosphate, a type of fertilizer, reported a 30 percent increase in full-year profit. Net income rose to 3.7 billion rupees ($44.4 million), or 4.04 rupees a share, in the year ended Dec. 31, from 2.9 billion rupees, a year ago….Sales climbed 36 percent to 36.7 billion rupees…. Source : Bloomberg
News : Tal Block Joint Venture…has started supplying additional 40 mmscfd natural gas to the national transmission system by connecting a new production well, Manzalai – 4 to the recently inaugurated Central Processing Facility (CPF)…. MOL Pakistan, as the Operator of the Block confirms that with the supplies from the newly added well, the total output from the Manzalai Central Processing Facility (CPF) has reached 220 MMscfd per day, besides the substantial condensate production, too…Tal Block Joint Venture partners are MOL Pakistan, Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL) and Government Holdings of Pakistan Limited (GHPL)… Daily Times
Faysal Bank Ltd., a Pakistani lender, plans to participate in the process to acquire a majority stake in the Pakistan unit of Royal Bank of Scotland Plc., “The board of directors has given its in-principle approval to evaluate information that will be provided by RBS in relation to the sale and participate in the sale process,” Faysal Bank said in a statement to the stock exchange. RBS is making a second attempt to sell a stake in its Pakistan unit after MCB Bank Ltd., Pakistan’s biggest bank by market value, canceled the transaction because of a dispute over depositing shares as security. MCB had agreed in August to acquire a 99.4 percent stake in RBS Pakistan for about $87 million…. Bloomberg
Pakistan’s benchmark stock index may rally more than 5 percent and erase half its decline from a record should the measure climb above 10,000, according to Auerbach Grayson & Co. The Karachi Stock Exchange 100 Index rallied to within 0.5 percent of the 10,000 level on Jan. 19 only to retreat to 3.1 percent below it yesterday. A rise above that level would probably propel the index to 10,260, the so-called Fibonacci retracement level for 50 percent of its drop from an all-time high almost two years ago, said Richard Ross, a global technical strategist at Auerbach Grayson….“This is a good support level to buy, and the 10,000 level will be tested,” Ross said in a telephone interview from New York on Jan. 22. “It’s a good indication for Pakistan when the market is acting so well in the face of such news around the world.”
The index may rise to about 11,550, the 61.8 percent retracement level and a 19 percent increase from yesterday’s close, in 12 to 18 months should it cross the 50 percent mark, Ross said….Fibonacci analysts use a system pioneered by 13th century mathematician Leonardo Pisano that discerns ratios from proportions found in nature. To adherents, the performance of an index when it approaches the 50 percent retracement level can be used to forecast whether it will keep climbing or retreat….Bloomberg
Market Low : 9,659.06 High : 9,753.54
Market Close : 9,666.48 — 22.72 points down
