11,379
February 16, 2007
Shrinking volumes at the Karachi Stock Exchange with 119 million shares traded and a high of 11,481 down to 11,332 closing down at 11,379. Despite the low volumes which perhaps indicate that the market is bottoming out, POL and MCB got fucked by Rs.8 and 7.50 respectively. There should be a pullback soon, but continuing upward momentum needs a break of 11,635. Downside support is 11,300 followed by 11,100. Keep the Vaseline handy !!
SCRA inflow of $28.4 million taking February’s total to $153.7 million and the fiscal year to $ 535 million
Dividends : Kot Addu Power Company (KAPCO) : 30% Cash. EPS : Rs.2.64
Picic Growth Fund (PGF) : 20% Cash . EPS : Rs. (0.42)
Rafhan Best Foods (RBFL) : 200% Cash EPS : Rs.30.53
Lucky Cement will announce its results on Monday.
Kot Addu Power Co. Pakistan’s biggest non-state electricity producer, posted a 38 percent decline in second-quarter profit after a 10-year tax holiday ended. Net income fell to 1.2 billion rupees ($19.8 million), or 1.37 rupees a share, in the three months ended Dec. 31, from 1.95 billion rupees, or 2.22 rupees, a year earlier, the Lahore-based company said today in a statement to the Karachi Stock Exchange. Revenue rose to 8.62 billion rupees from 7.85 billion rupees a
year earlier…The government holds 44 percent of the company after selling 20% to the public for 9.48 billion rupees in 2005. London-based International Power Plc owns a 36 percent stake. Source : Bloomberg
News : The Bank of Punjab Ltd. Pakistan’s biggest regional financial-services company, plans to raise as much as $100 million in an overseas sale of shares to be traded in London or Dubai, Chief Executive Hamesh Khan said. The bank, the South Asian’ nation’s fourth-biggest by market value, may sell the global depositary receipts within the next 12 months and use the proceeds to expand its network nationwide… Bank of Punjab’s shares have risen 46 percent since 2005,
more than twice as fast as the benchmark stock index….The bank, 52% owned by the provincial government,
will add as many as 10 branches a year to expand its network to 300 outlets nationwide. Source : Bloomberg
The Board of Directors of Karachi Stock Exchange (KSE) has asked the MD, KSE, M A Lodhi to resign from the post or otherwise his removal would be recommended to the SECP… Business Recorder
Upper Cap : FCCL
Lower Caps : KAPCO / Pioneer Cement
Market Low : 11,332.23 High : 11,481.98
Market Close : 11,379.40 – 88.56 points down
