KARACHI STOCK MARKET NEWS

As of today, posting will be sporadic, verging on non-existent for the next month or so. Suttabhai will be in the islands on holiday !

Friday saw the KSE-100 index fall further and finally close below 15k at 14,956. The market has weakened over the last few days registering a drop of 522 points in the last 3 sessions. Uncertainty is a killer of markets and the uncertainty over the restoration of the judges hasn’t helped this market along with a weak ruppee. The economy is getting fucked daily with higher oil prices, and the lack of electricity and food  needs to be focused on, more than a few judges whose restoration will not feed the man on the street ! The last time the market closed below 15k was on March 20th. A close below 14,800 will lead to more disaster and the road will be rocky for sometime in the near future. After 34 years of not paying Capital Gains Tax, the market will have to face upto new tax rules before July 1st. That will certainly not take the market soaring upwards ! Keep lots of Vaseline at close reach or step out of the market till the dust settles.

News : Malaysia’s Maybank has signed an agreement to acquire 15 per cent shares of the MCB Bank which may yield a sum of about $700 million for the bank, banking sources said…Maybank has arranged a press conference in Kuala Lumpur on Monday to announce the deal, signed in Lahore….Although officially the price per share could not be confirmed, sources said it was around Rs470, while a senior banker quoted it at Rs500.“Even if the rate of Rs470 is considered, the deal will bring about $660 to $700 million in the country,” the banker said… Dawn

Lower Caps : PAKRI / Attock Refinery/ Pak Refinery 

Market Low : 14,909.27 Market High : 15,201.27

Market Close : 14,956.82 — 165.64 points down. 

Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside  support at 14,900.

Dividends : BOP : EPS : -5.85 / PAKRI : 3.08

News :  The government on Wednesday gave the green signal to appoint the financial adviser for divestment of Kot Addu Power Company’s (KAPCO) shares through an offering of Global Depository Receipts in the international market…The board also decided to initiate the process for the appointment of financial adviser for the block sale of Habib Bank Limited (HBL) shares and approved the recommendations of the pre-qualification committee for the pre-qualification of bidders for Hazara Phosphate & Fertilisers with instructions to ensure maximum participation of potential bidders… The News

Upper Cap : PAKRI
Lower Cap : Sitara Peroxide  

Market Low : 15,078.76 High : 15,317.30

Market Close : 15,122.47 — 194.83 points down  

The KSE-100 index ended the result season with a bang today, closing down at 15,317, based on the failure to resolve the judicial issue. The stupidest politician in the history of Pakistan has rushed to Dubai to continue with talks to try and resolve the issue before the "deadline " 2moro. While his party threatens that they could resign from the cabinet, it seems unlikely that will happen, though its possible that the scum of the legal profession (lawyers) could hit the streets again.
The last 2 days of upside for the index have been wiped out. There don’t seem to be many triggers left for this market and oil going down to $115 won’t help. Closing below 15,300 will lead to 15,100 and then 14,900. Breaking 15,700 seems unlikely at the moment. Keep the Vaseline at close reach !

Dividends : PTC: EPS : -1.29 / NBP : EPS : 5.08 / ICI : 3 / SNGP : 3.21 / Azgard Nine : 2.32

Upper Cap : PAKRI
Lower Cap : JOVC 

Market Low : 15,280.91 High : 15,548.95

Market Close : 15,317.30 – 161.92 points down.

The KSE-100 index opened up and made a high of 15,594 > The market was unable to sustain its gains and closed up at 15,479. BOP was the flavour of the day with 17.9 million shares traded. The tick size (the minimum price change) has been changed to day from 0.05 to 0.01 . The next upward resistance is 15,600.

Dividends : OGDC : 22.5% Cash EPS : 8.43 / Fauji Fertilizer : 35% Cash EPS : 3.53 / United Bank : EPS : 3.87 Bank Alfalah : EPS : 1.25

The profit after tax of Oil and Gas Development Company Limited (OGDCL) has increased to Rs 12.243 billion in the quarter ended March 31, 2008 as compared to Rs 11.514 billion earned in the corresponding period in 2007…the company’s net sales increased to Rs 31.944 billion in this quarter against Rs 25.491 billion in the same quarter last year. Royalty increased to Rs 3.395 billion against Rs 2.743 billion. Operating expenses however declined to Rs 3.941 billion against Rs 4.262 billion… Aaj News

News :  The ministry of finance has constituted a new board of directors of the Bank of Punjab. According to a notification issued by the ministry of finance, Suhail Ahmed, Shafqat Elahi, Shafqat Mehmood, A. Aslam, Aneeq Khawar and Javed Mehmood will be the members of the new board of BoP…The new board will meet tomorrow to elect the new president… The News

Upper Caps : PAKRI / Attock Refinery / JOVC / 
Lower Cap : Askari Bank 

Market Low : 15,434.74 High : 15,594.85 

Market Close : 15,479.22 – 44.47 points up

On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis "  issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !

Advice to any small investors reading this post : please stay out of this market, if you can’t afford to lose as well as gain. Use the banks or gold as a safer investment, because this market will eat you raw if you don’t have the holding power in rough times and you will lose all your hard-earned money ! (and Mr.Dar won’t give it back to you ! )

The market has closed above its 30 DMA  and upward resistance is at 15,500.

Dividends : DGKC : EPS : 1.92 / Nishat Mills : EPS : 4.72 / Pak Premier Fund : 1.54 / MCB : 30% Cash : EPS : 6.55

MCB Bank Limited continued to perform well as the bank’s profit after tax increased by 10.33 percent to Rs 4.112 billion translating into an earning per share of Rs 6.55 in the quarter ended March 31, 2008 as compared to Rs 3.727 billion earned in the corresponding period in 2007… The board declared an interim cash dividend at Rs 3.00 per share ie 30 percent for the period.The bank showed a healthy growth of 10.13 percent in profit before tax, which came to Rs 5.758 billion in this quarter as compared to Rs 5.228 billion for the same period last year… the bank’s total income reached Rs 10.104 billion in the three months period in 2008 as compared to Rs 8.921 billion in the same period in 2007 as the mark-up/return/interest earnings increased to Rs 8.188 billion in this quarter against Rs 7.615 billion in the same quarter a year ago,… Aaj News

News : The Punjab government on Saturday removed President, Bank of Punjab (BOP) Hamesh Khan from his office, besides dissolving the Board of Directors of the bank. According to a spokesman of the provincial government, the government reviewed the financial affairs of the bank in consultation with the State Bank of Pakistan (SBP). "The decision has been taken after deliberating the situation in detail," he added. He further said that the government, which hold majority shares of the bank, was committed to strengthen the bank’s administration…. Aaj News

A National Assembly panel will launch a fresh probe into a stock market crash three years ago in which big and influential investors allegedly deprived smaller ones close to $12 billion overnight…The move came after Finance Minister Ishaq Dar told the house that he believed the previous government headed by former premier Shaukat Aziz hushed the matter up… Aaj News

Upper Caps : PAKRI / Azgard Nine / Nishat Mills / MCB / Attock Refinery / JS Bank

Market Low : 15,225.20 High : 15,445.03 

Market Close : 15,434.74 – 129.84 points up   

The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.

Dividends : Adamjee Insurance EPS : 0.86 / Packages Ltd : EPS : 0.26 / Pak Petroleum Ltd : EPS : 7.52 / FFBL : EPS : 0.17

Pakistan Petroleum Limited (PPL): PPL has posted Rs 5.676 billion after tax profit in the quarter ended on March 31 compared to Rs 4.655 billion in the previous year, depicting almost 22 percent growth….Profit before tax also jumped to Rs 8.472 billion in the said quarter against Rs 6.886 billion in the previous year whereas net sales of the company rose to Rs 11.959 billion from Rs 10.250 billion…
Adamjee Insurance Company Ltd registered over 500 percent decline in its net profit for the quarter ended on March 31. According to KSE, net profit of the company stood at Rs 88.425 million during the quarter against Rs 561.577 million in the corresponding quarter of the previous year, which translated into Rs 0.86 earnings per share against Rs 5.49 of the previous year… Daily Times

News : Lucky Cement, Pakistan’s biggest cement maker, said on Thursday it planned listing on the London Stock Exchange through an issue of global depositary receipts (GDRs) would take place next month. It did not give details about the size and pricing of the issue, which will be managed by Merrill Lynch and Pakistan’s KASB Capital."The order book in connection with the offering will be opened during the period from April 27, 2008, to May 7, 2008,… Aaj News

Upper Cap : PAKRI

Lower Cap : Adamjee Insurance / Packages Ltd

Market Low : 15,281.75 High : 15,526.07 

Market Close : 15,304.90 — 165.23 points down

The KSE-100 index experienced a further correction today wth a low of 15,324 and closed down at 15,470. The Bank of Punjab was the volume leader today with 18.5 million shares traded. It could well be the end of the correction with the market rising back up 2moro.

Dividends : Soneri Bank Ltd:  EPS : 077

Engro Chemical : EPS : 4.23

Habib Bank Ltd : EPS : 6.17

KAPCO : 4.34

Upper Caps : PAKRI / Attock Refinery 

Market Low : 15,324.65  High : 15,649.61

Market Close : 15,470.14 — 73.38 points down   

The KSE-100 index finally corrected today with a low of 15,481 and closed down at 15,543. Oil nearly touched $120 today.

Dividends : Pak Oilfields : EPS : 27.51  Attock Refinery : 25.22

Pakistan State Oil (PSO) reported  a 293 percent rise in its net profit for the first nine months of the 2007/08 financial year, as high international prices boosted the value of its inventory.PSO’s net profit for the nine months to March 31 was at 8.45 billion rupees ($132 million), compared with 2.15 billion rupees in the year-ago period, … PSO said its net sales in the nine months jumped 35 percent to 335 billion rupees from 248 billion rupees in the corresponding period last year. The company’s earning per share for the period came at 49.30 rupees, compared with 12.53 rupees in the year-ago period… Source : Aaj News

Upper Cap : JS Bank Ltd.

Market Low : 15,481.72 High : 15,674.57

Market Close : 15,543.52 — 111.27 points down.

The Karachi Stock market was sluggish today with very low volumes of 131 million shares traded. There was also a technical fault which led to the market being suspended for 50 minutes. (see the flat line in graph ).  The market made a new intra-day high of 15,739 and closed down at 15,654. It seemed as though the market was sitting on the fence, or could it be the begining of a correction ? Oil crossed $117.75 today.

Dividends : Lucky Cement : EPS : 7.65

News : The Securities and Exchange Commission of Pakistan (SECP) has agreed with a budget proposal of Karachi Stock Exchange (KSE) to abolish 10 percent income tax on dividends received by companies on their investments in other companies… Aaj News

Upper Cap : JS Bank Ltd

Market Low : 15,639.83 High : 15,739.25

Market Close : 15,654.79 – 21.55 points down 

The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards,  there could well be some correction before we see 16,000.

Dividends : Arif Habib Securites : EPS : 20.20  Arif Habib Bank Ltd : EPS : 0.32  Shell Pakistan : EPS : 48.39

Shell Pakistan Limited has posted net profit of Rs 2.652 billion during first nine months of current financial year compared to Rs 232 million in the same period of last year… the earnings per share (eps) of the company also rose to Rs 48.39 during the period under review from Rs -4.01 in the corresponding period of previous year whereas the profit before tax stood at Rs 3.630 billion against Rs 757 million in the last year.
Arif Habib Bank’s net profit rose to Rs 146 million during 1st quarter (Jan-March) of 2008 from Rs 15 million in the previous year. The bank’s EPS also moved up to Rs 0.326 in the said period from Rs 0.053 in the previous year whereas profit before tax rose to jumped to Rs 179 million from Rs 16 million in the previous year… Source : Daily Times

News :  With a successful discovery of a new exploratory well in District Hyderabad, Sindh, the average daily production of Oil and Gas Development Company (OGDC) including the share from the joint ventures has touched 45,235 barrels of crude oil per day.The Company has succeeded to discover an exploratory well near Lashari lease, Molan area in District Hyderabad. Initially the production of the well will be 1,150 barrel per day, the specification of this oil is 45 degree API,.. OGDC is also producing 963 million cubic feet of natural gas and 382 metric tons of LPG per day… Aaj News

Pakistan Petroleum Limited (PPL) is now going for horizontal wells, instead of vertical ones. The reason is that a horizontal well has two to three times more production capacity than a vertical one. A beginning was made recently when a horizontal ‘Well 26′ was dug in the Kandhkot gas field…PPL boasts of 24 exploration blocks in its portfolio and is continuously working to identify additional sites. It is also striving for new foreign ventures and has already won a bid for Block 29 in Yemen in a joint venture with OMV (Pakistan) Exploration…. Aaj News

State-owned Oil and Gas Development Co Ltd (OGDCL), the country’s biggest listed firm, announced on Friday a small oil discovery in southern Sindh province, raising its oil output by 1,150 barrels per day (bpd)… Last week, Pakistan finalised plans to issue an exchangeable bond with an option for OGDCL shares, to be jointly managed by ABN AMRO, Barclays and JP Morgan… Aaj News

Upper Caps : PAKRI / Azgard Nine / Sitara Peroxide / Arif Habib Ltd.

Market Low : 15,581.80  High : 15,700.48 

Market Close : 15,676.34 – 54.04 points up. 

Maple Leaf Cement (MLCF) : 18th

Lucky Cement (LUCK) : 19th 

Kot Addu Power Co. (KAPCO) : 22nd
Pakistan Oilfields Ltd (POL)
Attock Refinery Ltd (ATRL)
Pakistan State Oil (PSO) 

Fauji Fertilizer Bin Qasim (FFBL) : 23rd
Habib Bank Ltd (HBL)
Engro Chemical (ENGRO)
Soneri Bank Ltd (SNBL) 

Packages Ltd (PKGS) : 24th
Pakistan Petroleum Ltd (PPL)
Bosicor Pakistan (BOSI)
Nishat Mills (NML)
Unilever Pakistan (ULEVER)
Adamjee Insurance (AICL)
Pakistan Premier Fund (PPFL) 

Faysal Bank (FABL) : 25th
D.G.Khan Cement (DGKC)
MCB BANK (MCB) : 2.30 pm 

United Bank Ltd (UBL) : 26th
Allied Bank (ABL) 

Bank Alfalah Ltd (BAFL) : 27th

Oil and Gas Development Co. Ltd (OGDC) : 28th
Askari Bank (AKBL)
Fauji Fertilizer Co. (FFC)  

Pakistan Telecommunication Co. Ltd (PTCL) : 29th
National Bank of Pakistan (NBP)
ICI Pakistan (ICI)
Pakistan Reinsurance
Bank of Punjab (BOP)
Hub Power Co. (HUBCO)

Pace Pakistan (PACE) : 30th
 

After its flat close yesterday, the Karachi Stock market shot up to make an new intra-day high of 15,664 and ended up on its 3rd consecutive record close at 15,622. Nishat Mills was the top scorer of the day with 23 million shares traded. Engro Chemical has closed on another record high at 373.75 and is quite overbought now . Oil made a new high of $115.54 today. The next upward resistance is 15,700-750 and downside support is at 15,450-300 . The market looks like it could well correct in the next day or two.

Dividends : National Refinery : Eps : 41.29

News : The Oil and Gas Regulatory Authority (OGRA) Thursday increased the petrol and diesel prices further by Rs3 per litre. The new petroleum products’ prices will take effect after 12 midnight…The price of petrol and diesel were proposed to be increased by Rs3.50 per litre. However, finally the prices were raised by Rs3 per litre after consultation with the Federal Minister, Ishaq Dar… Source : The News

Upper Caps : PAKRI / Nishat Mills / Maple Leaf  Cement / Azgard Nine / Sitara Peroxide / Arif Habib Bank /

Market Low : 15,540.35 High : 15,664.91

Market Close : 15,622.30 – 81.95 points up

The KSE-100 index made a new intra-day high of 15,637 and closed marginally up at a new high of 15,540. Engro Chemical was the main man in terms of volume with 22 million shares traded. It made a record close at 368.20. Oil crossed $115 today.

Dividends : The profit after tax of Attock Petroleum Limited has increased to Rs 581.489 million in the quarter ended March 31, 2008 as compared to Rs 405.695 million earned in the corresponding period in FY07.The Board of Directors of the company in its meeting held on Tuesday declared that the earning per share of the company surged to Rs 12.11 in the period under review against Rs 8.45 in the same period a year back. According to the financial results, the company’s sales increased to Rs 14.987 billion in this quarter against Rs 10.944 billion in the same period in previous year. Source : Business Recorder

News : The state run oil marketing firm, Pakistan State Oil (PSO) has stopped the fuel supply to Hub Power Company (Hubco) over non-payment issue as all the oil-marketing companies in Pakistan are facing liquidity problems. A source in the petroleum ministry told Daily Times on Wednesday, “Pakistan State Oil (PSO) has stopped the fuel supply to Hubco for non-payment of dues. HUBCO has to pay dues of over Rs 2 billion to PSO.” After this decision of the PSO, Hubco would have to face the issue of maintaining oil stock. “PSO would resume supply of oil to Hubco only after obtaining a letter of comfort from the ministry of Water and Power,” … Daily Times

Shell Pakistan has warned the new government to close its operations in Pakistan if differential claims were not paid to it,…. Sources in Petroleum Ministry said that MD Shell, Ismail Zavergi, has held a meeting with the Prime Minister Yousaf Raza Gillani and raised the issue of non-payment of differential claims. MD Shell has said the company has to receive Rs 9.3 billion differential claims from government and if this amount were not paid then it would close its operations in Pakistan. He also raised the issue of revision of oil pricing formula in which government was going to reduce the margin of the Oil Marketing Companies (OMCs). He said that government was not paying differential claims on one side and was working to change oil-pricing formula on the other side to reduce the margin of the companies… Daily Times

Upper Caps : PAKRI / PICT / Azgard Nine / Maple Leaf / Callmate Telips ( every dog has its day !)

Market Low : 15,462.35 High : 15,637.04

Market Close : 15,540.35 — 1.89 points up.  

After a shaky close yesterday, the KSE-100 index continued its upward climb with a high of 15,560 and closed at another record high of 15,538. POL was the top dog in terms of volume , trading 20.7 million shares out of a relatively low total of 141.8 million today. Closing at 402.5 , it’s POL’s highest close in nearly 2 years. Oil has jumped to a new high of nearly $114 today. Upward resistance is at 15,600.

Dividends : Arif Habib Ltd : EPS : 15.98

News :  The Competition Commission of Pakistan (CCP) has found seven banks along with the Pakistan Banking Association (PBA) guilty of cartel-like behaviour. The CCP, thus, imposed a penalty of Rs205 million on them on Tuesday. This action has been taken for the first time against the influential banking sector, which had earned billions of rupees by fleecing voiceless clients for having a huge spread (gap between lending and deposit rates), during the Musharraf and Aziz regime. The CCP imposed a penalty of Rs175 million on seven banks, while it also slapped a fine of Rs30 million against the PBA.
The seven banks which have been fined Rs25 million each include Habib Bank Limited, Allied Bank Limited, MCB Bank Limited, United Bank Limited, Saudi Pak Bank Limited, Atlas Bank Limited and National Bank Limited… The News

Italian oil company Eni SpA has started production from its Badhra natural gas field in Pakistan and completed boosting capacity at the Bhit treatment plant fed by Badhra, Eni said on Tuesday…"Total investment in the Badhra Development and Bhit Acceleration Project will be approximately $50 million," Eni said. Kirthar Joint Venture, the title holder of the Bhit and Badhra gas fields, comprises Eni, with a 40 percent share, Royal Dutch Shell Plc , with 28 percent, Pakistan’s Oil & Gas Development Co. Ltd. , with a 20 percent stake, and Premier Oil Overseas BV and Kuwait Foreign Petroleum Exploration Co., at 6 percent each… Aaj News

Upper Caps : Pak Reinsurance ( PAKRI has capped consecutively every day since April 4th ! )

Market Low : 15,437.84 High : 15,560.66

Market Close : 15,538.45 – 100.61 points up.

A choppy ride on the Karachi Stock market today, with the KSE-100 index moving in a narrow band, from a low of 15,372 to an intra-day high of 15,483 and closing marginally up at 15,437. BOP was the " flavour " of the day with 20.5 million shares traded, another stock that has been seriously bashed out of shape, of late. The market seemed to be going nowhere today and looks shaky again. Another bashing could well be on the cards. 15,500 still remains as upward resistance.

News : The standing committee of the Senate on Petroleum and Natural Resources (MP&NR) has opposed Pakistan State Oil (PSO) sell-off and directed the government to revisit its decision of divesting this strategic asset… Aaj News

Upper Cap : Azgard Nine

Market Low : 15,372.39 High : 15,483.98 

Market Close : 15,437.84 – 6.95 points up. 

Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.

Dividends : Pakistan Refinery : EPS : 40.38

News : The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from reputed Pakistani and international parties/consortia interested in acquiring 93.88 per cent strategic shareholding in SME Bank Limited, along with the transfer of management control.The early submission of EoI will enable interested parties to avail the maximum time for the submission of Statements of Qualifications (SoQs). The last date to receive SoQs is May 17. … The News

The government has decided to impose Capital Gain Tax (CGT) on capital market transactions in order to increase its tax revenue to meet the growing expenses,…The government has focused on the earnings of the capital market, as it will be the main taxpayer of CGT. This may generate over Rs100 billion in revenue for the government.However, the rate of CGT on the capital market is under discussion sources said, adding that there were several proposals for the imposition of CGT on short-term and long-term investments in the capital market. “The imposition of 0.5 per cent to 1 per cent CGT is mostly discussed in both, the ministry of finance and Federal Board of Revenue (FBR)” …Sources in the FBR said that there were many reasons for the imposition of CGT other than revenue generation. “The government wants to end speculation from the capital market, so the imposition of CGT will be used as a tool to end the speculation,” they remarked.
The sources further said that the government wants to increase long term investments, and for this, it had proposed that an extension in the exemption should be subject to a holding period of securities for three months. In the case of holding of investment in stocks for less than three months, the gain may be taxed… The News

Market Low : 15,304.92 High : 15,502.40

Market Close : 15,430.89 – 125.97 points up.  

As expected the KSE-100 index undertook a correction today with a low of 15,177, from where it recovered to close down at 15,304. DGKC was the flavour of the day with 32.2 million shares traded. While its looks like the recovery at the close is strong enough for continued upside, there could be another test downwards to 15,170.

Lower Cap : FFBL

Market Low : 15,177.59 High : 15,444.18

Market Close : 15,304.92 – 99.25 points down 

The Karachi Stock market opened up and made a new intra-day high of 15,598. Towards the end of the session it headed downwards and closed down at 15,404. POL was the flavour of the day with 26.4 million shares traded. After many days of smooth sailing , violence has erupted in Karachi again with the fucking lawyers having armed battles in the streets with 8 dead and 40 vehicles torched. This could lead to a further correction in the market 2moro. Keep an eye on that Vaseline jar.

Dividends : JSCL : 16.35 % Rights at a premium of Rs.465/- 

News : The Securities and Exchange Commission of Pakistan (SECP) has opposed a proposal of Karachi Stock Exchange (KSE) to reduce capital value tax (CVT) and withholding tax levied on stock market transactions… Aaj News

Lower Caps :  Arif Habib Securities / FFBL / Pace

Market Low :  15,365.13 High : 15,598.61

Market Close : 15,404.17 – 69.90 points down  

The KSE-100 index opened down making a low of 15,371 and then recovered to close at 15,474, the highest close so far. DGKC was the flavour of the day with 51.1 million shares traded . Engro set another record close at 357.90. The bells have started tolling for the exemption of CGT (Capital Gains Tax ) to be removed in the new fiscal year and the sooner the new Govt.’s stance is clarified, the better for the market and foreign investment.
It looks like some correction is due soon. Upward resistance is at 15,500-591 and downside support at 15,300.

News : The Securities and Exchange Commission of Pakistan (SECP) has agreed to a budget proposal of Karachi Stock Exchange (KSE) seeking extension in capital gains tax (CGT) exemption on securities trading business for five years.However, the Commission has proposed that extension in exemption should be subject to a holding period of securities for three months…Aaj News

Market Low : 15,371.63 High : 15,497.06

Market Close : 15,474.07 – 4.33 points up 
 

The Karachi Stock market opened up and made a new intra-day high of 15,591. Arif Habib Securities was the top volume traded stock of the day with 23.5 million shares. Engro made its highest ever close at 347.40. Upside resistance is 15,591 and downside support is 15,300.

Upper Cap : NML / Azgard Nine 

Market Low : 15,456.17 High : 15,591.12

Market Low : 15,469.74 – 2.71 points down 

The KSE-100 index shot up to a new intra-day high of 15,523 and closed at another record high of 15,472. 3 record highs in 3 consecutive days. OGDC was the flavour of the day and finally pulled its finger out to make a high of 139.95 having stagnated for days in a range of 133-136.80. It traded 39.4 million shares, 10 times its volume yesterday, and gave the market the impetus for a bigger upward thrust. It’s possible that there could be some correction soon  before making more headway to 16,000. Downside support is at 15,300.

Dividends : Pak Reinsurance : 455.55% Bonus. EPS : 69.02

News : Bank Alfalah Limited is acquiring a 15 percent stake in the National Clearing Company of Pakistan Limited (NCCPL)… the approval of Securities and Exchange Commission of Pakistan (SECP) has been received and shares are in progress of issuance. Bank Alfalah is acquiring 1.125 million shares in  NCCPL. …After this acquisition, the shareholding structure of NCCPL will be as Karachi Stock Exchange 40 percent, Lahore Stock Exchange 20 percent, Islamabad Stock Exchange 10 percent, Pakistan Kuwait Investment Company (Private) Limited 15 percent and Bank Alfalah 15 percent. The company’s paid-up capital was Rs 63.70 million before selling 15 percent stake to Bank Alfalah. The NCCPL has permission to raise its authorised capital up to Rs 300 million… Aaj News

Upper Caps : Nishat Mills / Azgard Nine

Market Low : 15,345.32 High : 15,523.88

Market Close : 15,472.45 – 127.13 points up. 

Jahangir Siddiqui & Co. (JSCL) : 8th

Pakistan Refinery Ltd. (PRL) : 11th at 2.30 pm

Arif Habib Ltd. (AHL) : 14th at 4 pm

Attock Petroleum Ltd. (APL) : 15th 

Shell Pakistan (SHEL) : 17th
National Refinery (NRL)
Arif Habib Securities Ltd. (AHSL) : 3pm
Arif Habib Bank Ltd (AHBL) : 5 pm 

The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.

News :  Pakistani cement sales surged 25 percent in the first nine months of the 2007/08 (July-June) fiscal year, compared with the previous year, driven by growing construction demand, an industry official said on Thursday.Cement sales during the period totalled 21.9 million tonnes, compared with 17.5 million tonnes sold in the same period last year, said Shahzad Ahmed, secretary-general of the private All Pakistan Cement Manufacturers Association… Aaj News

In a strange move, the Ministry of Petroleum (MOP) has set the cat among the pigeons by seeking personal information of all the Managing Directors, Chairmen, members of all the boards, corporations, companies and attached departments…They have been asked to provide all the personal details including passport numbers, NIC numbers, date of birth, previous experience and date of joining in the existing positions.This is the first time in the history of the country that the top management including board members have been asked to provide their passport numbers to the ministry…This strongly indicates that something highly unpleasant is brewing… Aaj News

Upper Caps : Lucky Cement / Arif Habib Ltd. / Pace Pakistan Ltd.

Market Low : 15,304.06 High : 15,401.28

Market Close : 15,345.32 – 12.41 points up  

The Karachi Stock market closed at an all time high of 15,333.

Upper Caps : NML/ PACE / PICT / AZGARD NINE

Market Low : 15,052.91 High : 15,333.79

Market Close : 15,333.79 – 123.93 points up 

The KSE-100 index was back on track today and closed up at 15,210. Volumes were marginally higher with 158.4 million shares traded. Azgard Nine was the flavour of the day closing up at its upper limit. FFC made its highest close for the year at 145.60. Upside resistance is at 15,300.

The National Bank of Pakistan (NBP) will open its first branch in Saudi Arabia in May…NBP President Syed Ali Raza said that the bank was expanding its operations abroad and it would also open two branches in Dhaka and Sylhet in Bangladesh soon…he said that the issue introducing NBP’s global depository receipts (GDRs) would be decided by the new government and it was expected that the decision would be announced very soon… Aaj News

Upper Caps : Azgard Nine / NIB Bank / Sitara Peroxide

Market Close : 15,210.17 – 84.88 points up.

The Karachi Stock market corrected down to 14,971 today and recovered to close at 15,125. Rumours of the ‘’March 2005 crisis" being reinvestigated dampened the market sentiment. It seems once again that we are looking backwards instead of going forwards, crying over split milk for an issue 3 years old ! Perhaps some of the new politicians got fucked in the "crisis" and therefore want the issue reopened. Volumes were on the low side with 128.4 million shares traded.

Market Low : 14,971.08 High : 15,293.08

Market Close : 15,125.89 – 142.33 points down

On Friday the KSE-100 index showed some resilience as it closed down by only 6 points. There seemed to be no weekend selling as such and the market stayed in a tight range of 15,221 - 15,311. Upward resistance is from 15,333-400 and downside support is at 15,100

Dividends : Adamjee Insurance : 15% Cash  EPS : 41.09

Upper Cap : Azgard Nine
Lower Cap : Adamjee Insurance

Market Low : 15,221.84 High : 15,311.51

Market Close : 15,311.51 — 6.31 points down

Slowly but surely the Karachi Stock market is setting new highs.Today’s close at 15,275 and intra-day high of 15,333 have broken all records (so far ). The market is nearly 4000 points up from 27/3/2007. Arif Habib Securities was the top scorer in terms of volume with 22.6 million shares traded. 2moro’s "Friday show" could well see some selling / correction. Upward resistance is at 15,333 and downside support is at 15,120-050.

News : In its budget proposal for the fiscal year 2008-09, the Karachi Stock Exchange (KSE) has recommended to the Minister of Finance to extend the exemption in Capital Gain Tax (CGT) in shares market up to June 30, 2013… The News

The Pakistan Peoples Party is considering to nationalize Karachi Electric Supply Corporation (KESC) to control the power crisis in Karachi…Source : Aaj News

Upper Cap : Adamjee Insurance

Market Low : 15,198.86 High : 15,333.97

Market Close : 15,275.47 — 76.60 points up. 

The KSE-100 index is scaling new peaks, though not very convincingly, by only a few points at a time. Today’s close at 15,199 is the highest so far, with no doubt there will be more to come. Oil has risen by $5 dollars today on the news of a US shortfall in supplies. JS Bank Ltd was the flavour of the day with 17.6 million shares traded. Upward resistance is at 15,297, the previous intra-day high.

News : The Federal Board of Revenue has agreed to give income tax exemption on the expansion of power projects by the Independent Power Producers (IPPs) operating in the country… Source : Aaj News

MOL Pakistan, the operator of Tal Block, has signed a contract for the Manzalai Field Development Surface Facilities, worth $119 million with a consortium, PDIL, here. Manzalai field is located in the Karak and Hangu districts of NWFP.The target of the project is to produce 200 mmscfd natural gas and 4,000 BPD condensate as the second stage of the Manzalai Field development. Together with the first stage the planned production from the Manzalai Gasfield will be 250 mmscd and 4,500 BPD condensate…. Aaj News

Market Low : 15,122.76 High : 15,263.16

Market Close : 15,199.37 – 76.61 points up.