KARACHI STOCK MARKET NEWS

My fucking internet connection is still down and losing money as a result. (this post back dated )

Market Close :  10,063.54 — 22.61 points down

Thanks to my useless ISP, my connection was down before I could write this post and therefore its post dated.

The Karachi Stock Market got  a  boost from the no-confidence vote against the PM not succeeding.

Market High: 10,176.40 Low : 9,942.87

Market Close : 10,086.34 — 143.47 points up 

The market was relatively stable today with a dip down to 9,795 and a high of 9,949. Testing 10,100 will be the next resistance which may well  happen 2moro as the chances of the no-confidence vote against the PM succeeding ,are slim.

Dividends :

Pakistan Oilfields (POL) : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6. 75% CASH . EPS = Rs.31.08

Attock Cement : DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 50% CASH

Pak Suzuki : FINANCIAL RESULT FOR THE HALF YEAR ENDED 3O/O6/2OO6. EPS = Rs.38.13

Metropolitan Bank : FINANCIAL RESULT FOR THE HALF YEAR ENDED 3O/O6/2OO6 EPS = Rs.4.03

SPOT : Faysal Bank + Pak Premier Fund (PPFL)

Market Low : 9,795.81 High : 9,949.68

Market Close : 9,943.27 — 66.76 points up 

Having lost nearly 10% in the last week , the Karachi Stock Market was due for some rebound. It opened down and made a low of 9,364 (where I’m sure fresh Vaseline jars were dippped into ) and then went back up, and finally closed at 9,876. There was a huge spread between the lows and highs in POL, NBP, MCB, PRL, & SHELL. POL is due to announce its results 2moro morning. Breaking 10k with be the next test for the market.

DIVIDENDS :

Nestle Pakistan : EPS = 14.57

Metropolitan Bank :EPS = 4.03

Attock Refinery : (ATRL) : 25% Bonus . EPS = Rs.6.68

UPPER CAPS : PPL / ATRL

Market Low : 9,364.69  High : 9,880.87 ( a range of 516 points !!)

Market Close : 9,876.59 — 291.8 points up 

The market continued its downward slide and finally closed at 9,584, 3.72 % down. Thats 658 points down in 2 days. The Vaseline jars are being dipped into and 9400 is the next level. OGDC was trashed down to 120 and POL hit its 2nd lower cap in 2 days. So if short -selling had been allowed on Monday , where would the index have gone? below 9k ?? Get out on the bounce if there is any !!

BOP’s announcement was a major fuckup being announced in Lahore first and then in Karachi. Also it said 125% rights to start with , then 12.5% rights and finally a pathetic 1.25 % rights. Read more at the Business Recorder. 

LOWER CAPS : POL / PSO / PPL / MCB / BOSI / PTC / CTTL / DGKC / NML / MCLF / PIOC / SNGP

Market Low : 9,553.37 High : 9,971

Market Close : 9,584.79 — 370.44 

Having made a high of 10,330 the stock market crashed towards the end making a low of 9,931 and finally closing at 9,956. The break of the 10k index and a close below the market’s 30,50 and 200 DMA’s is a negative sign and while it could bounce back up briefly 2moro, the future is not looking good. 9800 is the next support level followed by 9400 and then 8900 !

NEWS: 

Pakistan Refinery Ltd announced its plans to invest $182 million in the next 3 years to upgrade its refining facilty. More details at The News.  

A no-confidence motion has been filed by the oppostion against Prime Minister Shaukat Aziz. More news at the Business Recorder. 

DIVIDENDS: 

Bank of Punjab (BOP) :FINANCIAL RESULT FOR THE HALF YEAR ENDED 3O/O6/2OO6. 1.25% Rights EPS Rs.8.48

MCB Bank : INT.DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6. 20% CASH EPS Rs.11.22

ICI Pakistan : INT.DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6. 25% CASH EPS Rs.4.21

LOWER CAPS : POL / NBP / MCB / CTTL / DGKC

Market Low : 9,931.53 High : 10,330.97 (another 400 point swing )

Market Close : 9,956.01 — 288.68  points down. 

The Karachi Stock Market tested the 10,100 levels again and closed up at 10,243. OGDC went down to 126.6 and then recovered closing at 129.75, still below its 200 DMA which is not a positive sign. The ‘’Tech Guy" hails gloom and doom saying the market will head down to 9400.

BOP and MCB to announce their results 2moro. 

Adamjee Insurance : (AICL) INT.DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6. 10% CASH + 12.5% BONUS. EPS Rs.11.71

GLAXO SMITH KLINE PAKISTAN LTD: (GLAXO)  DIVIDEND FOR THE HALF YEAR ENDED 3O/O6/2OO6. 25% BONUS. EPS Rs.8.06

UPPER CAP : PRL

Market Low : 10,111.27 / High : 10,254.70

Market Close : 10,243.91 — 23.2 points up 

24TH AUGUST : 

MCB BANK LTD
BANK OF PUNJAB
ICI PAKISTAN 

26TH AUGUST:

METROPOLITAN BANK

27TH AUGUST:

AZGARD NINE

29TH AUGUST:

PAKISTAN INTERNATIONAL CONTAINER TERMINAL
PAK SUZUKI MOTOR CO LTD
ATTOCK CEMENT PAKISTAN LTD
PAKISTAN OILFIELDS LTD 

KSE Board Meetings 

The SECP’s inefficient response of the rejection of the KSE board’s proposal to lift the short selling ban for September contracts has had a negative response on the Karachi Stock Market. The market closed down at 10,221 ( having made a low of 10,118), a 2.5% decrease since yesterday. Should it have taken five days for the SECP to react to the board’s decisions ? The Dawn has more details.

It also doesn’t help that the Standard & Poor’s Ratings Services has hinted at removing long-term positive outlook from Pakistan’s credit rating. So for the short term the market looks fucked and OGDC’s close at 129.25 (well below its 30,50 and 200 DMA ) does not augur well. While there might be an upward bounce 2moro , it looks like the KSE-100 index is heading to test the 10k index level as there are not many company results left to be announced that would boost the market.

Pakistan Refinery:(PRL) DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6. 2O% BONUS. EPS = Rs.53.8
(see the Bloomberg article below)

Attock Petroleum : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6. 80% CASH

Lower Cap : PRL 

Market Low : 10,118.18 , HIGH : 10,529.44 (a 411 point swing )

Close : 10,221.49 — 260.14 points down 

An informative article of Pakistan Refinery’s results today and the outlook for next year from Bloomberg.

By Haris Zamir

    Aug. 22 (Bloomberg) — Pakistan Refinery Ltd., the nation’s third-largest oil processor, posted a 22 percent decline in full-year profit because inventory gains fell. Net income decreased to 1.34 billion rupees ($22.5 million),or 53.80 rupees a share, in the 12 months ended June 30, from 1.72 billion rupees, or 69 rupees, a year earlier, the Karachi-based refiner said today in a statement to the stock exchange.Sales increased 37 percent to 60.96 billion rupees. The company is expected to report a further 5 percent fall in profit in 2007 before the declining trend is reversed, said
Mohammad Fawad Khan, a research analyst at KASB Securities who had forecast full-year profit at 1.36 billion rupees, or 54.60 rupees a share.
    Pakistan Refinery’s shares, which have fallen 17 percent this year, declined 5 percent to 308.70 rupees on the Karachi Stock Exchange at 1:19 p.m. local time after the earnings announcement. The company plans to issue one share for every five held for the year ended June 30, it said. In the year ended June 30, 2005, the company paid a full-year cash dividend of four rupees a share.
   In the year ending June 30, 2007, profit will decline because of a month-long plant shutdown in August for routine maintenance,Khan said. From 2008, the refiner will benefit from a supply deficit in the industry, which will keep capacity utilization above 90 percent, Khan said in a report released on Aug. 7.

"Pakistan Refinery enjoys strong operating efficiencies in the form of low processing cost and well-controlled production
losses,'’ Khan said. Crude oil for September was at $72.46 a barrel, up 1 cent, in after-hours electronic trading on the New York Mercantile Exchange at 10:16 a.m. in Singapore. Prices today are 11 percent higher than a year ago.
    Pakistan Refinery is ranked second by return on equity among 12 Asian refiners by Merrill Lynch & Co., after Thailand’s PTT Pcl, a state-controlled oil and gas company. Pakistan Refinery’s return on equity is 31.1 percent, higher than the Asian average of 20.58 percent, Merrill Lynch, which has a "buy'’ recommendation on the stock, said in a report released on Aug.4. Pakistan’s cost of importing oil increased 67 percent to $6.66 billion in the year ended June 30, the Federal Bureau of Statistics in Islamabad said in a statement last month. Pakistan imports about 85 percent of the oil it uses.

Pakistan Refinery 

I have just received news that the SECP has rejected the KSE’s proposal of lifting the short selling ban from the September futures contracts. What effect that will have on the market 2moro remains to be seen. In the long term it is a stupid move if it comes into effect.

The Karachi Stock Market made a high of 10,603 and then slide down to 10,413 . 10,400 was considered the mark, where if broken,  the market would continue sliding downwards to 10,100. It held and so far so good. NBP and Soneri Bank announced their results today and Pak Refinery is due to announce its results 2moro.

National Bank of Pakistan : NBP : FINANCIAL RESULT FOR THE HALF YEAR ENDED 3O/O6/2OO6. EPS : Rs.11.31

Soneri Bank : SNBL : DIVIDEND FOR THE HALF YEAR ENDED 3O/O6/2OO6. 20% BONUS + 25% RIGHTS. EPS : Rs.2.49

UPPER CAP : SNBL

Market Close 10,481.64 — 81.24 points down 

At last some sense has been seen and from  September,  short selling in future contracts will be allowed again, making the market more balanced. The market was very dull today and after the first half the volume was only 38 million. Torrential rain in Karachi caused a low attendance at the KSE and the market might as well have been closed. There is a meeting 2moro to decide whether the Rs.24 million badla cap will be lifted.

National Bank and Soneri bank are to announce their results 2moro.

UPPER CAP : HUBCO

LOWER CAP : SNBL

Market Close : 10,562.88 — 5.63 points up

The Karachi Stock Market made a high of 10,642 and a low of 10,524. OGDC is still hovering around 137 and needs to go into the 140’s for the market to move towards re-testing 10,900. POL and PPL are looking good.

PPL : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 : 55% CASH: EPS Rs.19.54  

NATIONAL REFINERY : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 :  125% CASH : EPS Rs.51.17

Market Close : 10,557.29 — 19.42 points down

I forgot to mention in the about this blog page that there are days when the Karachi Stock Market just leaves you scratching your head in bewilderment. Today is one of those fucking days ! Atfer yesterday’s slide to 10,300, a very low volume and OGDC’s shit close , it looked like the market would head down to 10,100 . However it made a high of 10,588 and closed 259 points up. Perhaps the upside trigger was the rumour of the Rs.24 million badla cap removal in the morning meeting of the KSE with the SECP. It does seem strange that the market went flat yesterday given its proper correction from 10,900 and that some of the blue chip results are yet to come.

While the ‘’Tech Guy'’ still maintains a slide down to 10,100, the market could well go up to 10,655 or more 2moro. PPL and National Refinery’s results are due 2moro.

UPPER CAP : PPL / SNBL (3rd consec. day )

Market Close : 10,576.78 — 259.37 points up. 

A sluggish, lacklustre day on the Karachi Stock Market. OGDC’s result did nothing to trigger its price and subsequently the market. With an intra-day high of 10,439  and briefly breaking 10,300 down to 10,290, the market closed down at 10,316.90. While it held on to the 10,300 level it quite possible it could go down further to test 10,150 and 10k. OGDC closed at 133.4 , below its 30,50 and 200 DMA . Not a good sign and it could well break 130 2moro. The market volume of 63.6 million is the lowest for some time. Re-testing its recent peak of 10,900 seems far away at the moment as after its correction, the steam seems to have gone out of the market despite other big stocks yet to announce their results this month.

OGDC :  FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6: 37.5% CASH. EPS = Rs. 10.69

UPPER CAP : SNBL

Market Close : 10,316.9 — 89.5 points down.

The Karachi Stock Exchange will be closed as its a holiday in Pakistan.

The market seems to have over corrected itself and having  made a high of 10,561 and a low of 10,321, it closed at 10,406. Perhaps the Monday holiday led people to shed their positions till next week. There are also rumblings about the political situation with the opposition demading the resignation of the Prime Minster , which is a load of bollocks !!

OGDC had a poor close at 134.9 given the fact that its result is due on the 15th. Hopefully the market has bottomed out and should resume its upward drive again next week as all the major stocks have undergone a proper correction.

UPPER CAP : SNBL

Market Close : 10,406.04 — 118.68 points down 

A wild swinging index at the Karachi Stock Market. The market opened and made a high of 10,719, then got bashed down to a low of 10,326 and then finally closing at 10,525. A movement of nearly 400 points ! While most of the stocks recovered fairly well from their lows,  there could be some retracement again 2moro.

Askari Commercial Bank : EPS Rs.5.58

HUBCO : Rs. 18.5% CASH : EPS Rs.2.39

Market Close : 10,525.09 — 130.45 points down. 

As predicted in the last 2 posts, the Karachi Stock Market finally underwent a correction. It opened and went upto 10,892 and then slowly drifted down to 10,828 and in the last half hour was bashed down to 10,589 (minus 239 points)at its low. All the major stocks corrected across the board and recovered to close at 10,665. While the market could flash down to 10,500 2moro , it seems the worst is over (a close below 10,500 would get the Vaseline jars back on the desk).

The British Standard Chartered Bank has finalized a deal to purchase 81% of Union Bank (UNBL ) for $414 million at Rs.91 a share….. details at The News

HUBCO and Askari Bank are due to announce their results tomorrow.

LOWER CAP : MCB

Market Close : 10,655.57 — 172.81 points down  

The Karachi Stock market made a high of 10,908 and then dipped down to 10,798. While it looked like the long overdue correction was setting in, the market recovered and closed at 10,828. Its still holding tight, but for how long ?? Will OGDC break 150 this week ??

Pakistan Telecommunication Company (PTC)  cut local and international call tariffs by more than 15% .

Market Close : 10,828.9 — 17.84 points down. 

The Karachi Stock Exchange continues its upward march to 11 k . The oil stocks are holding, yet some correction is due soon as the market has moved up over 500 points in the last 5 sessions.

GASF Dividend: FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 10% CASH EPS Rs.2.84

SHELL Dividend : 220% CASH + 25% BONUS. EPS Rs.70.92  

UPPER CAP : PRL

LOWER CAP : GASF 

Market Close : 10,846.74 — 74.16 points up.

The KSE-100 index moved up futher towards its short-term target of 10,950. There was no sell off, as is usually the case on Fridays.

Shell and GASF are due to annonuce their results on Monday 7th .

UPPER CAP : CCTL

Market Close : 10,772.58 — 105.09 points up. 

Shell : 7th August

Golden Arrow Selected Fund : (GASF ) 7th August

HUBCO : 10th August

Askari Commercial Bank : 10th August

Oil and Gas Development Co. : (OGDC ) : 15th August 

Pakistan Petroleum Ltd (PPL) : 17th August

National Refinery Ltd (NRL) : 17th August

National Bank of Pakistan (NBP ) : 19th August

Soneri Bank (SNBL) : 19th August 

Pak Refinery Ltd (PRL ) : 22nd August 

MCB : 24th August 

Kot Addu Power Company (KAPCO ) : 31st August

The Karachi Stock Market opened with a gap of a 100 points upwards as the recent political upheaval between the MQM and the Govt. appears to be resolved. It made a high of 10,704 and closed at 10,671. While the oil stocks are taking a bit of a breather, fertlizers, banks and cements having started moving upwards as expected. PSO announced its result today with a whopping great Rs.43.87 EPS. OGDC still closing below 143.

P.S.O : FINAL DIVIDEND FOR THE YEAR ENDED 3O/O6/2OO6 180% CASH : EPS Rs.43.87

UPPER CAPS :  MLCF / PIOC / SHELL / UNBL

Market Close : 10,671.09 — 112.77 points upwards.

The KSE -100 index soared upto 10,660 and closed at 10,558. While the market has sufficiently broken the 10,500 resistance level, it feels like a correction is due in OGDC / POL / PPL and PSO. Ogdc’s close below 143 was not a healthy sign and with Friday looming around the corner there could well be some heavy selling. Perhaps banks and cements will begin to perform soon.

UPPER CAP : SHELL

LOWER CAP : CTTL

Market Close : 10,558.31 — 51.22 points up.

The market tore through the 10,500 resistance level and made a high of 10,590.50. The close was a bit poor with OGDC closing below 143. PSO rose up for the 2nd day on rumours of a huge EPS. The Fauji Fertilizer result was mediocre.

Fauji Fertilizer : 2ND INT. DIV. FOR THE HALF YEAR ENDED 3O/O6/2OO6 20% CASH : EPS Rs.4.44

UPPER CAP : PRL / UNBL .

LOWER CAP : CTTL

Market close : 10,507.09 — 9.46 points up