KARACHI STOCK MARKET NEWS

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.