11,454 - More Correction
February 14, 2007
The KSE-100 index made a high of 11,766 and then staggered down to 11,285 to close down at 11,454. A volatile day with intra-day swings of 481 points. The market has undergone an intra-day correction of 762 from its recent peak of 12,047 to today’s low of 11,285. OGDC was bashed down to 120.50 at one stage followed by NBP losing all its gains from yesterday making a low of 281.75. PPL got fucked as well and PTC was down at lower cap briefly. A big shakeout, after 10 consecutive days of a 1000 point upside. The market has broken its support of 11,635-500 which it needs to regain to test the 12k index again. I’m sure the cobwebs were dusted off the Vaseline jars today !
Dividends : Askari Commercial Bank : 10% Cash + 50% Bonus. EPS: Rs.11.23
United Bank Ltd (UBL) : 30% Cash + 25% Bonus. EPS : Rs.14.62
Hub Power Company (HUBCO) : 12.5% Cash . EPS : Rs.1.08
Askari Commercial Bank Ltd. Pakistan’s seventh-largest lender, posted a 11.3 percent increase in full-year profit, helped by higher demand for loans. Net income in the 12 months ended Dec. 31 rose to 2.25 billion rupees ($37 million), or 11.23 rupees a share, from 2.02billion rupees, or 10.09 rupees… Revenue gained 21.6 percent to 6.6 billion rupees.Source : Bloomberg
United Bank Ltd. Pakistan’s third-largest lender, posted a 59 percent increase in full-year profit because of rising demand for credit. Net income in the 12 months ended Dec. 31, rose to 9.47 billion rupees ($152 million), or 14.62 rupees a share, from 5.95billion rupees, or 9.2 rupees… Revenue rose 59 percent to 39.9 billion rupees. Source : Bloomberg
Hub Power Co., Pakistan’s second-biggest privately owned power producer, reported a 16 percent decrease in second-quarter profit because of higher operating costs. Net income in the three months ended Dec. 31 fell to 526 million rupees ($8.6 million), or 0.45 rupee a share, from 628.7million, or 0.54 rupee, a year earlier…Revenue rose 40
percent to 8 billion rupees. Source : Bloomberg
News : The cement retail prices have crossed Rs 260 and are being sold at Rs 270 per 50-kg bag, it was learnt on Tuesday. Retailers insist that their purchase rate was Rs 265, which was above the already-increased price of Rs 260 per 50-kg bag…. Business Recorder
Upper Cap : Pioneer Cement
Lower Cap : Hubco / Cresent Commercial Bank / Lucky Cement / Maple Leaf Cement
Market Low : 11,285.93 High : 11,766.97
Market Close : 11,454.77 — 188.76 points down
