12,326 - marginal improvement
August 22, 2007
The ‘’downslide'’ continued at the Karachi Stock Exchange today with the KSE-100 index dipping below 12k to a low of 11,957. The market then stabilized and finally closed up at 12,326, the first positive close in some days. The next upward resistance is 12,500. While volumes of Vaseline have been expended in the last 2 days, keep the jar at close reach for the moment.
Dividends : OGDC : 35% Cash : EPS : 10.61
Fauji Cement : EPS : 1.74
News : The Bureau of Indian Standards (BIS) has finally issued quality certificate to a Pakistani cement manufacturer, clearing the company for export of its products to India, industry sources said on Wednesday…BIS has given clearance to only Lucky Cement so far, enabling the company to resume exports to India… Aaj News
Bank of Punjab (BOP) has entered into an arrangement with Red Mountain Suria Pvt Ltd for the launch of ‘Suria Resorts House Financing Scheme’…Red Mountain Suria, a joint venture with a Malaysian company is developing state of the art luxury resorts situated in the pristine and idyllic setting at the foothills of Soan Sakesar in the Salt Range Mountains, over a 4000 canal area…Under this scheme, the BOP will provide house finance facilities to overseas and resident Pakistanis to purchase Suria Resorts condominiums and villas on attractive terms for a maximum tenure of 20 years… Aaj News
Oil & Gas Development Co.,Pakistan’s biggest fuel explorer, posted a 0.7 percent decline in full-year profit. Net income fell to 45.62 billion rupees ($753 million), or
10.61 rupees a share, in the year ended June 30 from 45.96 billion rupees, or 10.69 rupees, a year earlier, the Islamabad-based company said today in a statement to the Karachi Stock Exchange. Revenue rose 3.6 percent to 100.26 billion rupees…The company’s spending on exploration last fiscal year more than doubled to 7.4 billion rupees from 3.6 billion rupees a year earlier, according to the statement. Source : Bloomberg
The Supreme Court has extended the stay against privatisation of Pakistan State Oils Ltd (PSO) for an indefinite period…The Court was hearing an appeal of the Attock Group of Companies against its disqualification to participate in the purchase of 51 percent controlling shares of PSO here on Tuesday. The Privatisation Commission had disqualified the Attock Group alleging that it had concealed some adverse information which was required as per ‘Request for Statement Qualification’.In its appeal, the Attock Group stated that it was engaged in exploration production, refining, manufacturing of petroleum products and chemicals. The group had successfully participated in the privatisation process relating to National Refinery in 2003 and paid Rs 7.5 billion more than the next bidder… Aaj News
UPPER CAPS : Arif Habib Ltd / Bank of Punjab / TRG Pakistan
Lower Cap : JOVC
Market Low : 11,957.65 High : 12,326.38
Market Close : 12,326.38 — 81.76 points up
