12,003 - Market takes a correction
April 17, 2007
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
