KARACHI STOCK MARKET NEWS

Finally after some struggling and plodding, the KSE-100 index broke its previous all time high of 12,337 to close at 12,369 and made a new intra-day high of 12,376. A relative higher volume of shares was traded (349.7 million ) and the market breath has increased with plenty of selective buying. The market has made an all time high with not much help from the oil sector, which, despite recent high oil prices, has done fuck all.
Whether the market has the juice to continue its upward ride to 12,500 remains to be seen this week. It’s possible a correction could occur before that. If the CFS cap of Rs.55 billion was lifted, the market would certainly get a further upward boost. 

Dividends : The following are the EPS for these companies. The result season is over for the main stocks.

PTC : 2.33
NBP: 6.11
ABL : 2.51
SNGP: 3.30
AICL : 5.49
POL : 25.54
SCBPL : 0.37 

Pakistan Telecommunication Co., the nation’s biggest telephone service provider, said third-quarter profit fell 21 percent after the company lost business to rivals including Callmate Telips Telecom Ltd., and Pakistan Mobile Communications Ltd., or Mobilink. Net income fell to 3.5 billion rupees ($58 million), or 0.69 rupees a share, in the three months ended March 31, from 4.45 billion rupees, or 0.87 rupees, a year earlier,..Revenue fell to 15.72 billion rupees from 16.22 billion rupees… Source : Bloomberg

National Bank of Pakistan, the nation’s biggest lender by assets, reported a 20 percent increase in first-quarter profit because of higher interest rates. Net income rose to 4.33 billion rupees ($71 million), or 5.31 rupees a share, in the three months ended March 31, from 3.61 billion rupees, or 4.43 rupees, a year ago, the Karachi- based bank said in a statement to the stock exchange today. Revenue rose to 10.05 billion rupees, compared with 8.54 billion rupees a year ago…Source : Bloomberg

Exploration firm Pakistan Oilfields Ltd. (POL) on Monday reported an 8.4 percent fall in nine-month net profit, which analysts said was due to lower production from the company’s biggest oil field…Aaj News

News : British energy giant BP was tipped to win a majority stake in Pakistan State Oil (PSO) in a deal worth 600 million dollars (441 million euros), The Times reported on Monday without citing sources.BP was bidding for the stake with MerchantBridge, a new London-based investment bank…PSO owns two refineries and 3,700 petrol stations in Pakistan, and posted sales of 353 billion Pakistani rupees (4.3 billion euros, 5.8 billion dollars) in the group’s financial year ending in June 2006… Aaj News

Upper Caps : Arif Habib Securities + Bank Alfalah

Market Low : 12,224.77 High : 12,376.42

Market Close : 12,369.7 – 134.51 points up

The Karachi Stock market made a high of 12,288 and then whittled down to close up at 12,235. While the market looks raring to go up the CFS limit issues are there to keep the upside at bay.The market closed on its resistance level and its peak of 12,337 is the next upward resistance.

Dividends : MCB : 25% Cash. EPS: Rs.5.93
Bank of Punjab : EPS: Rs.2.03
Fauji Fertilizer : 25% Cash. EPS: Rs.2.62
Arif Habib Securities : 200% Bonus. EPS: Rs.25.07
Indus Motor EPS: Rs.24.53 

Fauji Fertilizer Ltd., Pakistan’s largest urea-maker, reported a 4.7 percent increase in first-quarter profit because of higher income from an associated company. Net income increased to 1.29 billion rupees ($21 million), or 2.62 rupees a share, in the three months ended March 31 from 1.23 billion rupees, or 2.5 rupees a share … Sorce : Bloomberg

Bank of Punjab Ltd., Pakistan’s biggest regional financial-services company, said first-quarter profit rose 33 percent because of higher interest rates. Net income rose to 780.7 million rupees ($13 million), or 2.03 rupees a share, in the three months ended March 31, from 584.9 million rupees, or 1.54 rupees, a year earlier,..Revenue rose to 1.6 billion rupees, from 1.2 billion rupees a year ago..Income from fees and dividends increased to 640 million rupees from 381 million rupees a year ago…The bank’s deposits rose to 165.5 billion rupees as on March
31, from 137.7 billion rupees on Dec. 31, the company said in its statement. Loans rose to 106.6 billion rupees, from 101.3 billion  rupees in the same period… Source : Bloomberg

MCB Bank Ltd., Pakistan’s second- biggest lender by market value, said first-quarter profit increased 24 percent because of higher interest rates. Net income rose to 3.7 billion rupees ($61 million), or 5.93 rupees a share, in the three months ended March 31, from 3 billion rupees, or 4.78 rupees, a year earlier,.. Revenue rose to 8.92 billion rupees, from 7.15 billion rupees a year ago. Source : Bloomberg

Crescent Commercial Bank Ltd. (CCBL),National Bank of Pakistan (NBP) and Pakistan Oilfields Ltd (POL) will have theirborad meetings 2moro and the results will be out on Monday.

Upper Caps : Arif Habib Securities + FFBL 

Market Low : 12,197.86 High : 12,288.70

Market Close : 12,235.19 — 23.32 points up 

The KSE-100 index is creeping closer to its all time high of 12,337. It closed on its high at 12,208. Cements were the flavour of the day with DGKC trading 34.7 million shares and Lucky Cement 34.2 million. The next upward resistance is 12,280 followed by 12,337.
SCRA Inflow for April is $39.8 million and the total for the fiscal year is $708 million. 

Dividends : OGDC : 20% Cash. EPS. Rs.8.05
PSO : 40% Cash. EPS. Rs.12.53
Engro : 15% Rights at a premium of Rs.115. EPS. Rs.1.92
D.G. Khan Cement EPS. Rs.4.57
Unilever : EPS. Rs.33.75
Faysal Bank : EPS. Rs.1.54
Bosicor Refinery : EPS. Rs.(3.53)
Pakistan Premier Fund : EPS. Rs.1.35 

Bank of Punjab, MCB and Standard Chartered Bank Pakistan are some of the stocks that will announce their results 2moro.

Bank Alfalah Ltd., Pakistan’s fifth biggest lender by deposits, said profit rose 70 percent in the first-quarter, helped by higher interest rates. Net income rose to 661 million rupees ($11 million), or 1.02 rupees a share, in the three months ended March 31, from 387 million rupees, or 0.60 rupees a share, a year earlier..The bank’s deposits rose 8 percent to 240 billion rupees in the year ended Dec. 31, 2006 and loans climbed 26 percent to 150 billion rupees… Source : Bloomberg

News : Pakistan has delayed the overseas sale of shares in National Bank of Pakistan (NBP), the country’s largest bank, until after June..The government had previously said that it will offload a stake in NBP by issuing global depositary receipts (GDR) before the 2006/07 fiscal year ends on June 30..The government has yet to announce the size of the stake it plans to sell.NBP is the country’s second largest listed firm, with a market capitalisation of $3.32 billion. It reported a net profit of 17.22 billion rupees ($283.9 million) in 2006… Aaj News

Upper Cap : Standard Chartered Bank Pakistan Ltd. (SCBPL)

Market Low : 12,153.82 High: 12,208.87

Market Close : 12,208.87 – 42.84 points up

Having made a high of 12,243, the KSE-100 index appeared to be struggling towards the end and closed up at 12,175. The result season is coming to an end by Monday 30th , by when all of the major stocks will have posted their results. Then it will be seen whether the market had the juice to go to 12,500 or not. The next upward resistance is 12,243 followed by 12,337. Downside support is at 12,050.

Dividends :  Pakistan Petroleum Ltd. EPS : Rs.19.11
ICI Pakistan. EPS : Rs.2.31
Hub Power (HUBCO). EPS : Rs.1.75 

Bank Alfalah’s meeting took place this morning, though no result came out before the market close.
OGDC, PSO, FFC, and DGKC are amongst some of the companies that will annouce their results 2moro.

Natural gas producer Pakistan Petroleum Ltd. (PPL) reported a 36.6 percent jump in its nine-month net profit on Wednesday, boosted by high oil and gas production and firm prices.PPL, the country’s fourth-largest listed company, earned a net profit of 13.1 billion rupees ($216.03 million) in the nine months to March 31..PPL reported earnings per share of 19.11 rupees, compared with 13.98 rupees a year earlier… Aaj News

News :  Moodys upgrades rating of NBP,MCB,UBL and HBL - Aaj News.  Moody’s Investors Service today upgraded the Bank Financial Strength Ratings (BFSRs) of the four rated Pakistani banks by one notch reflecting their increasingly stronger financial fundamentals and their evolving local franchises.

Habib Bank Ltd: The BFSR is changed to D- from E+. The Global Local Currency Deposit Ratings assigned are Ba1/NP.
MCB Bank Ltd: The BFSR is changed to D from D-. The Global Local Currency Deposit Ratings assigned are Baa3/Prime-3.
National Bank of Pakistan: The BFSR is changed to D from D-. The Global Local Currency Deposit Ratings assigned are Baa2/Prime-3.
United Bank Ltd: The BFSR is changed to D- from E+. The Global Local Currency Deposit Ratings assigned are Ba1/NP.

Upper Caps : Callmate Telips + FCCL

Market Low : 12,151.43 High: 12,243.03

Market Close : 12,175.45 — 23.92 points up 

The KSE-100 index opened up with a gap and stayed in the green all day. Making a high of 12,183 , the market closed up at 12,151. Askari Bank was the top volume stock with 25.9 million shares traded today. OGDC opened a ruppe higher with the new of new discoveries (see below ). The next upward resistance is 12,234 followed by 12,337.

Dividends : Soneri Bank : EPS. Rs.0.77
United Bank Ltd : EPS : Rs.4.76

Pakistan’s third largest bank, United Bank Ltd. (UBL), on Tuesday reported a 36.3 percent rise in its first quarter net profit as increased lending pushed up the bank’s income… UBL reported a net profit of 3.08 billion rupees ($50.8 million) for January to March quarter of 2007, up from 2.26 billion rupees from year-ago period…. Aaj News

Bank Alfalah, Pakistan Petroleum Ltd & Paksian Premier Fund will be announcing their results 2moro. 

News : Pakistan’s Oil and Gas Development Co. Ltd. has announced three new discoveries over the past week that will push the firm’s daily oil and gas output up by 1,476 barrels and 23.2 million metric cubic feet respectively… "The new discoveries should result in an annualised increase of 0.37 rupees on OGDCL’s earnings per share,"… one of the discoveries was made in the Sinjhoro block of the southern Sindh province, where OGDCL has a 76 percent operating stake.This discovery resulted in a production rise of 1,216 barrels per day of oil and 3.15 million metric cubic feet per day.
The second discovery was made at Tando Alam, also in Sindh, which increased the company’s gas production by 9.25 million metric cubic feet per day.The third discovery, at Dakhni in Punjab, resulted in an increase in OGDCL’s oil production by 260 barrels per day, and gas production by 10.8 million metric cubic feet per day… Aaj News

Upper Cap : Standard Chartered Bank Pakistan Ltd (SCBPL) 

Market Low : 12,016.18 High : 12,183.43

Market Close : 12,151.53 – 135.35 points up. 

The Karachi stock market is still holding above 12k with thinner volumes and has been going down with corrections in certain stocks due to hitting the CFS limit of Rs.55 billion on Thursday. With SECP’s refusal to increase the limit, there could possibly be a further correction this week . While there is still talk of 12,500, it seems unlikely at the moment. 11,900 is the next downward support.

Dividends : Pakistan Refinery : EPS. Rs. (13.56)
Golden Arrow : EPS. Rs.140 

Lucky Cement Ltd., Pakistan’s biggest maker of home building material, posted an 11.8 percent increase in third-quarter profit because of higher overseas shipments. Net income rose to 553.7 million rupees ($9 million), or 2.10 rupees a share, in the three months ended March 31, from 495.1 million rupees, or 1.88 rupees, a year ago, the Karachi-
based cement maker said in a statement to the stock exchange today. Sales rose to 4.53 billion rupees from 2.74 billion rupees a year ago. Source - Bloomberg

News : The Karachi Stock Exchange (KSE) on Monday implemented ‘Client Level Netting’ (CLN) regime in May Deliverable Futures Contracts, after refusal of further extension by the Securities and Exchange Commission of Pakistan (SECP)…Aaj News

Lower Cap : Pakistan Refinery + Maple Leaf Cement

Market Low : 11,984.18 High : 12,123.72

Market Close : 12,018.68 – 72.85 points down 

The Karachi Stock market made a high of 12,234 and closed down at 12,122. Askari Bank was the flavour of the day with 40.6 million shares traded followed by the Bank of Punjab with 31.7 million shares. The market closed below its support of 12,143 and further support on the downside is 12,050 followed by 11,900. Whether today’s downside is a pre-cursor to a good bashing in 2moro’s Friday show, remains to be seen. The market is overbought with RSI(14) levels at nearly 80 and maybe there will be another correction before testing 12,337.

Dividends :  Fauji Fertlizer Bin Qasim (FFBL) : EPS : Rs0.4
Packages Ltd. (PKGS) : EPS : Rs.4.49 

Board Meetings for April 2007 - updated 

News : The government on Thursday granted an exploration licence to state-run Government Holdings Private Ltd. (GHPL) for an offshore block in the Arabian Sea, the Ministry of Petroleum and Natural Resources said.The government also signed petroleum production-sharing agreement with GHPL and the state-run Oil and Gas Development Co. Ltd. (OGDCL) for the Indus-R offshore block, covering an area of 1,402 sq km (541 sq miles)…OGDCL - Pakistan’s biggest listed firm  will spend up to $1.13 million during the first two years on exploration in the licence area...Aaj News

The Privatisation Commission has set a pre-bid meeting with 15 pre-qualified parties for the sell-off of the National Investment Trust (NIT), Pakistan’s largest mutual fund worth Rs 80 billion..The government has decided to separate the units (possession of units) of National Bank of Pakistan (NBP), Faysal Bank, Bank of Punjab and Bank of Khyber, which already possess around Rs 40 billion of its assets through the government’s letters of comfort (LoC)…inside sources said the bidders are Arif Habib Securities, JS ABAMCO Limited, AKD Fund Management, KASB Securities, Atlas Bank, MCB Bank, United Bank Limited (UBL), Habib Bank Limited (HBL), Bank Al Habib, PICIC Commercial Bank and four LoC holders.
The participants would discuss the bid procedures and raise other questions regarding the privatisation of NIT with the Privatisation Commission Board on April 24th... Daily Times

The Karachi Stock Exchange (KSE) has recommended the Securities & Exchange Commission of Pakistan (SECP) to enhance the  CFS limit from the  existing Rs.55 billion to Rs.80 billion.

Upper Caps : Callmate Telips + Attock Refinery

Market Low : 12,105.54  High: 12,234.99

Market Close : 12,122.54 – 66.75 points down   

The Board of Directors of the Karachi Stock Exchange (KSE), on the recommendation of its Development Technology & Trading Affairs Committee, has approved the procedure relating to corporate actions handling under CFS trading…the Karachi Stock Exchange (KSE) said that the approval was given in pursuance to the decisions taken by the Securities and Exchange Commission of Pakistan (SECP)…

a. The CFS trades shall not be forced released for its rollover on ex-benefit basis. However, the same shall remain locked from the date of start of spot trading till the date of commencement of the Ex-date. (Book Closure).
b. During the period company is traded on Spot basis, no CFS release or open market CFS Sessions will be allowed.
c. All exposure margins and mark-to-market differences shall remain applicable as per the new RMS regime.
d. Members shall be responsible for settlement of dividend/Bonus shares/Right issue with the Clearing House of the Exchange on behalf of their Clients including institutions, Corporate and foreign clients.
e. KSE shall prepare a per scrip list of all CFS Financiers and Finances at the end of trading day position one day prior to ex-date.
f. The broker Financier will be responsible for all his IDS transactions and delivery of bonus shares from Financier to NCCPL for its onward submission to KSE.
g. The broker Financier shall be responsible to transfer the bonus shares from blocked account to KSE main Account No 00984.
h. KSE shall collect cash dividends from Financier and shall distribute dividend amount so received to the Financees accordingly.
i. ‘Right Allotment Letters’ received by Financier will be collected by KSE, and will be distributed to Financees accordingly.
j. In case of fraction of Bonus Shares as well as Right shares in odd lots required to be spent the Exchange shall sell such odd lots/fraction lots into the market and disburse the amount proportionately to concerned members, in order to settle the entitlement particularly of odd lot of Rights.

DIVIDENDS : a. The rate of dividend as presently worked out by the Trading Affair Department for adjustment of opening rate of the company on the Ex-date shall be based for determining the dividend impact. However, no deduction of Zakat will be made. The dividend shall be recovered from Financier after deducting applicable Tax for its onward payment to Financees.
b. Dividend amount to be recovered from/paid to members would be determined as per their net outstanding position in CFS as on the close of trading on the day prior to the commencement of Book Closure notified by companies.
c. Dividend amount shall be collected from/paid to the concerned members along with the Laga, CVT and other taxes through the payment order issued by the Clearing House of the Exchange for physical settlement.
d. The dividend amount shall be adjusted upon receipt of confirmation from the respective companies regarding dispatch of dividend warrants, irrespective of the fact whether the financier has received dividend Warrant or not.
e. No claim of whatsoever nature in respect of claiming exemption of Zakat & tax will be entertained.
f. Members dealing on account of institutions through IDS shall be responsible for all the payments in respect of dividends and other benefits to the exchange. 

RIGHT SHARES : a. Upon receipt of confirmation from the companies regarding issuance of unpaid letters of Rights and commencement of its trading on the Exchange, all Financier members will be required to surrender the unpaid letters of Right as per the entitlement on their outstanding CFS position (determined by the respective companies and also reconciled by the Exchange) as on the day prior to commencement of Book Closure date. The Financier members shall surrender the letter of Right in marketable lots and duly verified signature of the holder/registered shareholder.
b. In case of failure to surrender the letter of Rights to the Exchange within 15 days from the date of dispatch of the letters of Right, the Exchange shall square up the quantity of failed delivery of letters of Right through square-up-market on account and at the risk and cost of defaulting members. The methodology of this execution shall be as per the approved procedures of the Exchange relating to Squaring up of Failed Deliveries.

BONUS : a. CDC shall allow transfer of Bonus shares by Financier from their CFS Blocked Account to NCCPL in case of non-broker Clearing member and to KSE in case of Member Financier, which shall be distributed by KSE to the relevant CFS Finances.
b. The Exchange upon receipt of complete credit of Bonus Shares from CDC in case of Member Financier and from NCCPL in case of Non-broker Clearing Member shall distribute the Bonus Shares to all the Finance Members.

Source : Business Recorder 

Without casting an eye over its shoulder at yesterday’s correction, the KSE-100 index opened up with a gap and made a high of 12,189. Market volumes were the highest for some time with 399.4 million shares traded. After being dormant for the last few weeks ,OGDC was the flavour of the day based of news of new deposits (see below)with 58.7 million shares traded. Making a high of 125.3, it closed up Rs.4.35 at 124.55. PPL closed up by Rs.7.85 at 265.8 , NBP up Rs.6.40 at 250.8 and MCB up Rs. 7.3 to close at 293.85.
The Karachi stock market seems to be on track to test its all time high of 12,337.

Dividends : Askari Commercial Bank Ltd . EPS : Rs.2.41   Askari Commercial Bank Ltd.,Pakistan’s seventh-largest bank reported a 75 percent rise in first-quarter profit, because of higher loans. Net income increased to 726 million rupees ($12 million) or 2.41 rupees a share in the three months ended March 31, from 413.8 million rupees, or 1.38 rupees, a year ago.. Source - Bloomberg
Kapco : 9 month net profit down 41.7 % - Aaj News . Pakistan’s largest private power producer Kot Addu Power Co Ltd (Kapco) on Wednesday reported a 41.7 percent fall in nine-month net profit, as its 10-year-long tax relief on profit ended.
Board Meetings : FCCL + Packages + Nishat Mills are due to announce their results 2moro 

News : Oil & Gas Development Co.,Pakistan’s biggest explorer, found deposits at Sanghar in the country’s eastern region, the company said. The Singhoro area well will produce 1,600 barrels of oil and 4.14 million cubic feet of gas a day. The Singhoro area well will produce 1,600 barrels of oil and 4.14 million cubic feet of gas a day, the Islamabad-based  companysaid today in a notice to the Karachi Stock Exchange…Pakistan’s government, Oil and Gas Development Co., and Orient Petroleum Plc., hold 76%, 19 % and 5 % stake respectively in the Singhoro area…Oil & Gas Development produces 32,323 barrels of oil a day, or about half of the country’s total production, and 857 million cubic feet of natural gas a day, less than a quarter of the total… Source - Bloomberg

National Bank of Pakistan, the nation’s largest by assets, plans to expand into China as it seeks to build a network across Asia. The bank, 75 percent owned by the government, is seeking a partner from the Middle East to set up a bank or financial company in China next year.. …National Bank plans to sell as much as $250 million of shares overseas by December 2007… National Bank will open a branch in the Saudi Arabian capital Riyadh this year, convert its office in Tashkent, Uzbekistan into a full branch and open a wholly owned subsidiary in Toronto . The unit, which will be incorporated in Canada, will open as many as six branches in three years along the country’s east coast..The company also plans to acquire a small bank in Qatar, Sri Lanka or Bangladesh next year, said Raza, who spent 28 years at Bank of America Corp. in the U.S., Yemen, the U.K. and Pakistan before joining National Bank in 2000.The bank has 18 overseas branches, a subsidiary and four representative offices. National Bank’s profit rose 34 percent to 17.25 billion rupees last year and has soared from 461 million rupees since the government brought Raza in to run the bank seven years ago… Source - Bloomberg

Upper Caps : Pakistan Refinery + Attock Refinery

Market Low : 12,002.77  High : 12,204.35

Market Close : 12,189.29 – 186.52 points up.    

The Karachi Stock market opened and made a high of 12,073. Then finally a long overdue correction took place and the market dipped down to 11,873. A slow and steady recovery saw the market close back at 12,003. The next resistance is 12,100 followed by 12,337.

Dividends : Shell : EPS : Rs. (4.01)

News : Shell Pakistan Ltd., a unit of Royal Dutch Shell Plc, said third-quarter profit declined because falling prices eroded the value of refined products it held as stock. Shell posted a profit of 149.4 million rupees ($2.5 million), or 2.73 rupees a share in the three months ended March 31, from 444.7 million rupees, or 8.12 rupees a share, a year ago, the Karachi-based company said in a statement to the stock exchange today. Sales fell slightly to 30 billion rupees from
30.8 billion rupees a year ago.  Fuel distributors lose if they hold stocks and global prices fall. Shell Pakistan, which is the second-biggest fuel supplier to the nation’s 160 million people after Pakistan State Oil Ltd., sells furnace oil, diesel, jet fuel and engine lubricants. Source — Bloomberg

Bosicor Pakistan Limited, the fifth largest oil refinery in the country, is set to commission its first service station / petrol pump by June. It would be one of the 70 such outlets on which development work is currently in progress.The company stated in a public announcement on Sunday that it had embarked on developing a network of retail outlets across the country… Dawn

Upper Cap : Bank Alfalah 

Market Low : 11,873.57 High : 12,073.05

Market Close : 12,003.57 – 1.02 points down 

Finally the KSE-100 index broke its previous high of 12,047, making a high of 12,053. It closed up at 12,005. D.G. Khan Cement was the volume leader of the day with 37.8 million shares traded followed by Bank Alfalah (BAFL). BAFL hit its upper limit today fueled by a recent rumour that Singtel and Vodafone will bid for its stake in Warid Telecom at the end of this month. Banks and cements have been leading the recent pre-result rally at the Karachi Stock market and its about time the E&P sector kicked in. Relatively speaking OGDC and POL have not really performed as yet.
The market should head to test its all time high of 12,337, though it could quite well undergo a 200 odd point correction along the way as RSI(14) levels are high at around 75.

Board Meetings for April 2007 – updated.

Dividends : Arif Habib Ltd (AHL) : EPS . Rs.10.84 

News : SECP wants tax procedure for firms simplified — Aaj News. The Securities and Exchange Commission of Pakistan (SECP) will submit the income tax-related budget proposals to the Central Board of Revenue (CBR) during the current week to simplify taxation procedure for the corporate sector particularly companies.Chairman Securities and Exchange Commission of Pakistan (SECP) Razi-ur-Rehman Khan told Business Recorder that budget proposals are being finalised by the commission, which would be submitted to the tax authorities for consideration in the coming federal budget (2007-2008).

Karachi Stock Exchange (KSE) market capitalization this week rose by 10 percent climbing to approximately Rs3500 billion as against Rs.3176 billion, according to the data made available by the KSE. Standard Chartered Bank’s enlistment in KSE was  attributed to be the major cause of this 10 percent swell in the market capitalization during the week. Source : Geo News

Upper Caps : SNGP + Bank Alfalah
Lower Cap : Standard Chartered Bank Pakistan Ltd (SCBPL) 

Market Low : 11,960.94 High : 12,053.46

Market Close : 12,004.59 – 26.85 points up. 

The KSE-100 index made a high of 11,987 and closed up at 11,977. The market didn’t have the juice to cross 12k though it should go higher next week. OGDC will be trading ex-spot from Monday. The Bnak of Punjab was the volume leader again with 28.9 million shares traded. Standard Chartered Bank (SCBPL) opened its first day of trading with a healthy volume of 12.4 million shares traded. Making a high at 65.5, it closed at Rs.57.65 , up 47.65 rupees.
The Karachi Stock market has gone up by 567 points without a break, and a correction could be seen before it goes onwards to 12,300.

News : Cement price raised by Rs.10 per 50 kg bag - Aaj News  Local cement manufacturers on Thursday have raised the prices of cement by Rs 10 per 50-kg bag in the wake of its rising export orders, dealers said. After this recent upsurge, average quality cement is being sold at Rs 240-245 per bag as previously sold at Rs 230-235 per 50-kg bag.

Upper Cap : Pakistan Refinery + Soneri Bank 

Market Low : 11,905.92 High : 11,987.5

Market Close : 11,977.74 – 71.82 points up 

The Karachi Stock market continued its upward run making a high of 11,964 and closed up at 11,905. There seemed to be some stagnation towards the end at 11,930 and the market went down to 11,876 and then recovered to close plus. Bank of Punjab was the  volume leader today with 34.5 million shares traded. 2moro’s ‘’Friday show" could see some correction as the market is headed to being overbought.

News : Petroleum Policy 2007 - Source : Reuters.  Pakistan is set to remove a government cap on natural gas prices that has deterred potential investment, allowing them to rise slowly into line with global oil prices, government and industry officials said on Thursday. The current pricing policy, set in 2002, caps the price of gas from more than 90 percent of the country’s fields at $36 a barrel crude oil equivalent, nearly half world prices. "For all gas pricing, a reference crude price equal to the C&F price of a basket of Arabian/Persian Gulf Crude Oils imported in Pakistan during the first six months period… will be used," the Ministry of Petroleum said in a draft of the policy published on its Web site http://www.mpnr.gov.pk  Pricing will be linked to international oil rates, and a 0.5 percent to 2.8 percent increase in prices will apply if the average exceeds $45 per barrel, it added. The government is expected to approve the new policy draft by June, and would only apply to new government-backed gas purchase deals but not to existing long-term agreements. Pakistan is rich in gas, holding an estimated 34 trillion cubic feet…

SSGC plans to reduce gas prices - Aaj News.  The Sui Southern Gas Company (SSGC), for the first time in its history, plans to reduce gas price by Rs 1.39 per mmbtu, effective from next fiscal year (2007-08) against the increase of Rs 1.65 per mmbtu in current financial year.

DAP price slashed by Rs.310 - Aaj News. Fertiliser importers have reduced the prices of Di Ammonium Phosphate (DAP) and Mono Ammonium Phosphate (MAP) prices by Rs 310 and Rs 311 per bag respectively after the issuance of Rs 400 per bag subsidy notification on phosphatic and potassic fertilisers by government, dealers said.They said that now DAP prices have come down to Rs 1,080 per bag against Rs 1,390 in Lahore, and in Karachi DAP is now available at Rs 1,012 per 50 kg bag from previous Rs 1322.

Upper Cap : Soneri Bank

Market Low : 11,876.39 High : 11,964.13

Market Close : 11,905.92 — 10.96 points up 

The Karachi Stock market closed up at 11,895, making the highest close of 2007 so far. Previously on Feb.8th 07 the KSE-100 index  closed at 11,868 and a day later broke 12k making a high of 12,047. The market looks like its heading to test 12,047 again and should go higher in the next few days with a possible correction in between.
OGDC finally closed above 120.5 at 121.25. Once again Lucky Cement was the volume leader with 29.7 million shares traded.

News : UBL to raise Tier II capital overseas - Aaj News
United Bank Ltd. (UBL) plans to issue an overseas bond worth up to $250 million to raise Tier II capital, a senior official at the country’s third largest bank said on Wednesday…According to banking sources, Deutsche Bank was most likely to get the mandate for the transaction.The bond plan comes days after the government appointed Merrill Lynch and the local KASB Group to manage a global share sale of UBL, to be completed before the 2006/07 fiscal year ends on June 30.

Azgard Nine plans a $200 million bond - Aaj News. Pakistani denim maker Azgard Nine plans to issue a $200 million dollar-denominated bond in coming months, and has awarded the mandate to manage the transaction to Citigroup, banking sources said.

Standard Chartered Bank shares to start trading on April 13th - Business Recorder. The Karachi Stock Exchange (KSE) has approved the application, for the formal listing and quotation of shares, of Standard Chartered Bank (Pakistan) Limited (SCBPL), with effect from April 13th, 2007…all transactions taking place in respect of the bank will be settled on T+3 settlement basis from the said date. The first settlement date will be April 18, 2007. The market lot of the bank will be 100 shares of Rs 10 each.

Upper Cap : Askari Commercial Bank

Market Low : 11,773.90 High : 11,889.25

Market Close : 11,895.07 — 121.17 points up
 

The KSE-100 index broke 11,800 intra-day making a high of 11,831, and closed up at 11,774. The market is up 364 points in the last 4 trading sessions and is on track towards its next resistance level of 11,900 with a possible correction in between.

Board Meetings for April 2007 - updated 

News : Pakistan will award contracts worth up to $3 billion to construct its portion of a pipeline to transport Iranian gas to India, a petroleum ministry official said on Tuesday.The total cost of Iran-Pakistan-India project has been estimated at $7 billion and the pipeline will link the world’s second largest gas reserves in Iran with India through Pakistani territory… Aaj News

On the back of upbeat local demand and bright export prospects, the cement sector is expected to have another windfall year in sales as well as in exports.Analysts and industrialists of the cement sector say the last quarter of fiscal year has always proved a boon for the industry because of an increase in construction and development activities across the country with the onset of the summer season…. Daily Times

Upper Caps : Bosicor Refinery / Callmate Telips / Adamjee Insurance / Sui North Gas

Market Low : 11,676.59 High : 11,831.42

Market Close : 11,744.82 – 98.23 points up. 

Another positive close for the Karachi Stock market today, a high of 11,711 and closing up at 11,681. Cements were the flavour of the day and Lucky was the top volume leader again with 39.9 million shares traded. Upside resistance is 11,750.

No News as such.

Upper Cap : Callmate Telips + Bosicor Refinery 

SPOT : OGDC

Market Low : 11,614.17  High : 11,711.77

Market Close : 11,681.18 – 25.54 points up 

The KSE-100 index rose further upwards making a high of 11,676 and closed up at 11,655. Today saw the highest volume of the week with 255 million shares traded. Cements were the volume leaders with Lucky Cement and FCCL trading 35.3 and 33.8 million shares respectively. OGDC finally closed above 119 and heads for Spot next week. Despite being a Friday there was no sell-off as such and the market sat tight for next week.
With a close above 11,635 the market should head towards testing the 12k index again, with 11,750 and 11,900 as the upward resistance.

News : The Sindh High Court on Friday suspended the decision of Privatisation Commission to disqualify the Attock group in the bidding for Pakistan State Oil. Furthermore, a contempt of court notice has also been issued against PC for ignoring the current directives to produce reasons for disqualification as well as provide reasonable to meet any objections from PC to the bidding consortium. The next date of hearing is fixed April 11, 2007… Business Recorder

Upper Caps : Lucky Cement and FCCL

Market Low : 11,587.51 High : 11,676.71

Market High : 11,655.64 – 59.56 points up 

The KSE-100 index has finally closed above 11,500, closing on its high of 11,596. This is the highest close since Feb.23th 2007. Bank Alfalah and BOP were the volume leaders, as banks and more so the oil sector were the flavours of the day, with PSO closing at 363.7 (Rs.8.70 up), PPL closing at 255 (up Rs.7.70) and NCB up by Rs.7.35 at 277.45.
The next upward resistance is 11,635.

News : Govt. changes PSO bid date to May 19th

The government on Thursday delayed the bidding for a majority stake in Pakistan State Oil until May 19 from May 5 and confirmed the disqualification of the Attock Group from the process. Privatisation Minister Zahid Hamid said the date change followed requests from bidders for more time to prepare for the sale of Pakistan State Oil, (PSO) Pakistan’s top oil marketing company.The government is selling all but three percent of its 54 percent holding and expects to raise more than $500 million… Aaj News

Market Low : 11,401.18 High : 11,596.08

Market Close : 11,596.08 – 181.22 points up 

The upside continued with the KSE-100 index breaking 11,500 intra-day, The market didn’t have the juice to hold above amid rumours that PSO’s Privatisation would be delayed. Profit taking saw the market close down by 17 points. A total of 204 million shares were traded toady and the top volume of the day was FFBL followed by Lucky Cement. Cements had a big erection based on a record figure for cement dispatches for a given month. A close above 11,500 leads to 11,635.

News : Pakistan is also ready to export cement, following a duty reduction announced yesterday by the Indian government, Singh’s office said in a release in New Delhi today following the meeting… India yesterday exempted cement importers from paying 4 percent additional customs duty and waived the 16 percent countervailing duty on the material in the latest set of inflation-taming measures. Source : Bloomberg

Foreign banks are likely to acquire 47 per cent of Pakistan’s banking assets by the end of this year…Earlier in her address to the bankers, Dr Shamshad Akhtar said the banking sector was the biggest success story of Pakistan’s economy. The World Bank in its latest report has termed Pakistan’s banking sector the ‘best in the region’… The News

The margin rate at for futures in Karachi Stock Exchange (KSE) would be increased to 75 per cent from April 9th.According to the declaration issued by KSE, under a strategy worked out between KSE and SECP, the margin rate has been increased from 50 per cent to 75 per cent. The same percent will be increased to 100 from August 6th... Geo News

The Securities and Exchange Commission of Pakistan (SECP) has announced that it would take a lenient view in the March 2005 stock market scam and would not take any punitive action against brokers involved in the crisis under Rule 8 of the Brokers Rules.In a letter sent to Karachi Stock Exchange (KSE) on Monday, the regulator said that it was observed that no evidence of ’short selling’ had been revealed from the examination of the records provided by the brokers… Aaj News  (what a fucking waste of time and money this drama has been !)

Market Low : 11,407.59 High : 11,505.57

Market Close : 11,414.88 — 17.86 points down 

After a soporific session yesterday, the KSE-100 index woke up and traded 134.5 million shares today. The market closed on its high of 11,435, the highest close since March 9th. Poised to test 11,450 and breakout above 11,500 ?

News : The Privatisation Commission (PC) qualified seven parties on Monday for participation in the privatisation process of Pakistan State Oil (PSO)… the seven qualified parties are :

(1) Al Jamaih Holding Company Consortium, including Noor Investment Company and Fauji Foundation
(2) Dabbagh Holding Company Limited Consortium, including Savola Group and Goldman Sachs
(3) Bakri Energy Company Consortium with Salsal Petroleum
(4) Kohinoor Textile Mills Consortium, including Oman Oil Marketing Company
(5) MCB Bank Limited Consortium with Petronas International Limited
(6) TransAsia Gas International
(7) Vitol SA.

Business Recorder 

The much-awaited country’s first electronic commodity exchange, National Commodity Exchange Limited (NCEL) is likely to go in operation next month as the securities’ watchdog has given final consent to the exchange for raising all three bourses’ representation by five percent …The securities’ regulator has given the biggest chunk to Karachi Stock Exchange with 17.5 percent shareholding while Lahore and Islamabad bourses would get 10 percent and 7.5 percent, respectively…Since the shareholding issue, which was the main impediment in launching formal trading of the country’s first electronic commodity exchange has been resolved, the NCEL is likely to start trading in the first week of May this year… Aaj News

Market Low : 11,276.51 High : 11,435.03

Market Close : 11,435.03 – 158.52 points up.

The Karachi Stock market was a total waste of time today, with 38.4 million shares traded and hardly any movement. Therefore not worth any further comment….

SPOT : PSO

Market Low : 11,245.12 High : 11,290.05

Market Close : 11,277.13 – 5.54 points plus 

Bank Al-Habib Ltd (BAHL) : April 11th 

Arif Habib Ltd (AHL) : April 14th

Shell Pakistan Ltd (SHEL) : April 16th 2 p.m.

National Refinery Ltd (NRL) : April 17th 

Askari Commercial Bank Ltd (ACBL) : April 18th 10.30
Kot Addu Power Company Ltd (KAPCO)

Packages Ltd (PKGS) : April 19th
Fauji Cement Ltd. (FCCL)

Golden Arrow Selected Stocks Fund (GASF) : April 21st
PICIC Growth Fund (PGF)

United Bank Ltd (UBL) : April 24th
Soneri Bank Ltd. (SNBL) : 12.30
Lakson Tobacco Company Ltd (LAKST)
PICIC Commercial Bank (PICB)  

Pakistan Petroleum Ltd. (PPL) : April 25th
Bank Alfalah (BAFL)
Shell Gas LPG Pakistan Ltd. (SGLL)
Faysal Bank Ltd.(FABL)
ICI Pakistan Ltd (ICI)
Nishat Mills Ltd. (NML)
Pioneer Cement (PIOC)
Pakistan Premier Fund Ltd (PPFL) : 4.p.m 

Unilever Pakistan Ltd. (ULEVER) : April 26th
Bosicor Refinery Ltd. (BOSI)
Pakistan State Oil (PSO)
Oil & Gas Development Corp.Ltd (OGDC)
D.G.Khan Cement Ltd (DGKC)
Fauji Fertilizer Ltd (FFC) : 11.30
Cherat Cement Co.Ltd (CHCC)
Arif Habib Securities Ltd. (AHSL): 4.p.m

Sui Northern Gas Pipelines Ltd (SNGP) : April 27th
Bank of Punjab (BOP)
Muslim Commercial Bank Ltd. (MCB)
Indus Motors (INDU)
Attock Cement Ltd (ACPL)
Pace Pakistan Ltd. (PACE)
Standdard Chartered Bank Pakistan Ltd. (SCBPL) : 3.pm 

Crescent Commercial Bank Ltd. (CCBL) : 28th April
National Bank of Pakistan (NBP)
Pakistan Oilfields Ltd (POL) 

Pakistan Telecommunications Co. Ltd (PTCL) : April 30th 

The KSE-100 Index has been recomposed following the review period from September 2006 - February 2007 and the following seven companies will be included as of today :

1. First Habib Modarba
2. Samin Textiles Ltd.
3. Agriauto Industries Ltd.
4. EFU Life Insurance Ltd.
5. World Call Telecom Ltd.
6. Pak Electron Ltd.
7. Javedan Cement Ltd.

The following seven companies will be excluded from the KSE-100 Index :

1. Fayzan Manufacturing Modaraba
2. Kohinoor Mills Ltd.
3. General Tyre & Rubber Co. of Pakistan Ltd.
4. Wazir Ali Industries Ltd.
5. Kohat Cement Company Ltd.
6. Telecard Ltd.
7. Dewan Salman Fibre Ltd. 

Two Pakistani companies have been included in 2000 high performing companies in the world for faring well in terms of turnover, profits, assets and market value. According to ‘Global 2000′ ranking released by American magazine, "Forbes," this week, the companies included in the list are Oil and Gas Development Company Limited (OGDCL) and National Bank of Pakistan (NBP)…. Business Recorder

The board of directors of Crescent Commercial Bank Limited (CCBL) has been reconstituted during its 33rd meeting following receipt of Rs 6 billion in equity from Samba Financial Group…By virtue of this transaction, CCBL is now ranked as one of the highest capitalized banks in Pakistan…The board of directors has authorized the allotment of 600 million new shares at par value of Rs 10 to Samba in a single transaction, resulting in Samba owning 68.4% of CCBL’S equity… Aaj News