11,393 - Market gets bashed
February 26, 2007
The Karachi Stock market was unable to breach its upward resistance level at 11,635 and got a good bashing down to 11,387 and closed down at 11,393. Banks were royally fucked with NBP down Rs.14 on results lower than expectations, MCB down Rs.9, BAFL and Faysal Bank closing at lower cap and Soneri Bank lower cap for the 2nd day. The next downward resistance is 11,300 followed by 11,100. Almost all of the KSE-100 index’s gains last week were wiped off today. Keep the Vaseline at close reach !
Dividends : National Bank of Pakistan (NBP) : 40% Cash + 15% Bonus. EPS : Rs.24.01
Pakistan Oilfields Ltd (POL) : EPS: Rs.19
Faysal Bank (FABL) : 25% Cash EPS : Rs.6.65
DG Khan Cement (DGKC) : EPS : Rs.3.40
The National Bank of Pakistan (NBP), reported a 35.5 percent rise in net profit for the full year 2006 on Monday as higher interest rates brought greater returns on lending.The NBP reported a net profit of 17.22 billion rupees ($283.2 million) for the year to Dec. 31, 2006, up from 12.71 billion rupees last year.The result was below a range of 17.90 billion rupees to 19.50 billion rupees ($295 million-$321 million), forecast by five analysts surveyed by Reuters…. Aaj News
News : MCB Bank has entered into agreement with Petronas to participate in joint bid to acquire 51 per cent stake in Pakistan State Oil (PSO), being privatised by the Privatisation Commission… Aaj News
The cement manufacturers have unanimously decided to set Rs 240 as the new price of cement per 50-kg bag in the domestic market after government’s intervention… Business Recorder
Lower Caps : Bank Alfalah / Faysal Bank / Soneri Bank / Sui North Gas
Market Low : 11,387.32 High : 11,619.75
Market Close : 11,393.69 – 214.14 points down
