Down to 11,463
February 20, 2007
The KSE-100 index opened up and made a high of 11,676. The Karachi Stock market then dipped down to 11,435 and closed down at 11,463. NBP got severely buggered out of shape on rumours of lesser earnings than expected, hitting its lower cap at one stage. Whether there is anything in the rumours or a last grab at low prices remains to be seen. The rest of the market followed suit with ORGYDC down to Rs.123.75 , POL down to 340 and MCB down by Rs.6.2. Over half of yesterday’s rise of 198 points has gone leaving in its wake a stream of punters scratching their heads and reaching for the Vaseline. It will be a rocky ride back to test 12k !
Dividends : Nishat Mills : EPS : Rs.5.48
PICIC Bank : EPS : Rs.3.54
Cherat Cement : EPS : Rs.1.18
OGDC will announce its results 2moro.
Nishat Mills Ltd., Pakistan’s biggest maker of textiles, had a 7.6% decline in fiscal second-quarter profit after financing costs increased. Net income fell to 450 million rupees ($7.4 million), or 2.81 rupees a share, in the three months to Dec. 31, from 487 million rupees, or 3.05 rupees…Sales at Lahore-based Nishat rose 7.6 percent to 4.39 billion rupees… Source : Bloomberg
News : The government is likely to impose a ban on cement export, if the manufacturers showed reluctance to bring down retail prices to Rs 230-240 per bag, as Prime Minister Shaukat Aziz has termed the current prices as ‘manipulated’… Business Recorder
Saudi Arabian Monetary Agency (SAMA) permitted National Bank to initiate its operations in Saudi Arabia without the sale of Bank Aljazeera shares. Aaj News
Bank Al Falah will provide long term financing to small and medium enterprises (SMEs) to purchase, build and improve business infrastructure…. Daily Times
Upper Cap : Callmate Telips
Lower Cap : Pioneer Cement
Market Low : 11,435.10 High : 11,676.01
Market Close : 11,463.18 – 114.58 points down
