10,702
January 23, 2007
The Karachi Stock market continued its erection with the KSE-100 index making a high of 10,787. Unable to sustain any upside it drooped down to close at 10,702. It seems evident that the market is hanging on for the decision to reduce Capital Value Tax (CVT) which is being discussed 2moro. If CVT is reduced as per expectations, the market could test 10,900, if not then where it gets bashed down to remains to be seen.
SCRA for the month of January is $61.4 million, taking the total for the fiscal year upto $339.3 million.
Dividends : Lakson Tobacco : 58% Cash : EPS Rs.11.27
Fauji Fertilizer Bin Qasim (FFBL ) will announce its results 2moro.
The full-year earnings of Engro Chemical Pakistan Limited have increased by 10 percent during the financial year 2006 as compared to profit earned during the corresponding year. The company announced its full-year results for the year 2006 on Monday and the reported profit after tax was Rs 2.55 billion which is higher by 10 percent over the 2005 profit of Rs 2.32 billion…. Daily Times
News : Pakistan Petroleum Ltd (PPL) is expected to post a rise in first-half net profit of more than 30 percent due to high gas prices…PPL accounts for 26 percent of Pakistan’s gas production, and the firm is high on the government’s privatisation agenda….The company is due to release results for the six months to Dec. 31 on Jan. 25th. Source : Business Recorder
The secondary domestic offering of OGDC shares is oversubscribed by 38% as the applications received have amounted to Rs 3.268 billion while the amount required to be realized through this retail offering was Rs 2.365 billion…The minister on Monday announced the successful over-subscription for the domestic retail offering of ordinary shares of the Oil and Gas Development Company Limited (OGDCL). Giving details of the final domestic retail offer, he said that the offer was priced at PKR 110/ per share, which was at a discount to the market price and to the price at which shares/Global Depository Shares were allocated to the institutional investors on November 30, 2006… Daily Times
The government on Monday granted two petroleum exploration licences to the joint venture of Orient Petroleum International Inc (OPII) and Zaver Petroleum Corporation Limited (ZPCL)… Business Recorder
Upper Caps : Callmate Telips / Lakson Tobacco
Market Low : 10,698.41 High: 10,787.54
Market Close : 10,702.54 – 3.33 points down
