KARACHI STOCK MARKET NEWS

The Karachi Stock Exchange has announced that the Stock Index Futures Contract shall commence through the Karachi Automated Trading System from March 3, 2008…The top-25 securities eligible for deposit against SIFC exposure are Oil & Gas Development Company Limited (OGDCL), Arif Habib Securities Limited (AHSL), National Bank of Pakistan (NBP), Engro Chemical (Engro), Pakistan Oilfields Limited (POL), Lucky Cement (LUCK), Pakistan Petroleum Limited (PPL), MCB Bank Limited (MCB), TRG Pakistan (TRG), Pakistan State Oil (PSO), DG Khan Cement (DGKC), Bank of Punjab (BoP), Attock Refinery (ATRL), Fauji Fertiliser Bin Qasim (FFBL), Bank Alfalah (BAFL), NIB Bank (NIB), Adamjee Insurance (AICL), Bosicor Pakistan (BOSI), PTCL (PTC), Askari Bank (AKBL), Fauji Fertiliser (FFC), Netsol Technologies (Netsol), WorldCall Telecom (WTL), Nishat Mills (NML) and Azgard Nine (ANL)… Source : Aaj News

The Karachi Stock market made a new intra-day high of 15,155 but failed to maintain its gains and closed down at 15,020. Bank of Punjab was the top volume stock with 47.4 million shares traded. Total volume rose considerably to 308 million after yesterday’s 200 million. It looks like the market is correcting intra-day with higher highs and lower lows. That still doesn’t mean it won’t correct viciously downwards in the near future.

Dividends : Pakistan Telecommunication Co. Ltd. (PTCL) reported on Wednesday a net loss of 9.54 billion rupees ($152.59 million) in the first half of the 2007/08 fiscal year (July-June)…PTCL’s operating costs rose to 45.53 billion rupees in the half year that ended on Dec. 31, compared with 22.6 billion in the same period last year.PTCL’s revenue also fell to 29 billion rupees in the first half of the 07/08 fiscal year, compared with 32.74 billion rupees in the corresponding period last year… Aaj News

Pakistan’s biggest listed firm, Oil and Gas Development Co Ltd (OGDCL) on Wednesday reported a 4.7 percent rise in earnings for the first half of 2007/08, thanks to strong volumes and better prices. But the result was below market expectations, which analysts said was due to higher exploration costs. Net profit for the six months to Dec. 31 totalled 24.20 billion rupees ($387 million), compared with 23.11 billion rupees a year ago. In the six months, OGDCL’s net revenues stood at 56.57 billion rupees, up 14.2 percent from the corresponding period last year.Earnings per share came at 5.58 rupees, up from 5.37 rupees in the corresponding period last year… Aaj News

News : Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before Opec’s crude production meeting next week, analysts said.New York’s main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals.Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars… Aaj News

Upper Cap : JOVC

Market Low : 14,962.39 High : 15,155.68 

Market Close : 15,020.47 – 35.65 points down.  

The KSE-100 index has finally closed above 15k at 15,056, another new record close. The Karachi Stock market is up by 10% since January 1st. and has risen 1,170 points in the last 10 sessions. D.G.Khan Cement was the top volume stock traded today with 42.1 million shares traded. MCB closed at 480.50, yet another new high and Engro closed at 307.35 at its upper limit,  its highest close so far. Oil crossed $101 today. The market continues to look overbought though there seems to be no sign of a proper correction as yet. Upward resistance is 15,139 , the current intra-day high.

Dividends : Bank Alfalah Limited has earned Rs 3.130 billion as profit after-tax in the year ended December 31, 2007 as compared to Rs 1.762 billion earned in the same period in 2006. The earnings per share of the bank increased to Rs 4.82 in the period under review against Rs 2.91 in the same period a year back… The board also resolved that the authorised capital of the bank be increased from Rs 8 billion to Rs 15 billion divided into 1.5 billion shares of Rs 10 each. According to the results, the bank’s mark-up/return/interest income surged to Rs 25.783 billion in this period against Rs 21.191 billion in the same period a year back. While the mark-up/return/interest expenses stood at Rs 16.620 billion against Rs 15.232 billion… Business Recorder

DG Khan Cement Company Ltd has announced its 1H (Jul-Dec) FY08 results, posting a 61 per cent decline in its profitability. The company’s earning per share (EPS) stood at Rs1.3 (net profits of Rs330 million) as compared to EPS of Rs3.4 (net profits of Rs855 million) in the corresponding period last year…the decline in earnings was primarily because of decreasing cement prices in the country which is on account of excessive supply of the product in the market…The company’s gross profits stood at Rs761 million, declining by 36 per cent, whereas gross profit margins dropped significantly as they stood at 16 per cent as compared to 37 per cent in 1H FY07…. The News

The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said…. Aaj News

Upper Caps : Nishat Mills / Engro Chemical / Sitara Peroxide

Market Low : 14,932.55 High : 15,056.27

Market Close : 15,056.27 – 108.72 points up.  

Results posted earlier in the month can be seen at Dividends, Bonuses & Results for February 2008 

Engro Chemical (ENGRO) : 30% Cash + 10% Rights at Rs.165/-  EPS : 17.17

National Refinery (NRL) : EPS : 24.73

Askari Bank Ltd (AKBL) : 35% Bonus + 15% Cash EPS : 8.92

Pakistan Oilfields Ld (POL) : EPS : 18.97

Attock Refinery Ltd (ATRL) : EPS : 22.97

Bank Al-Habib (BAHL) : 30% Bonus + 15% Cash  EPS : 6.01

Faysal Bank Ltd (FABL) : 25% Cash  EPS : 4.29

Attock Petroleum Ltd (APL) : EPS : 22.58

Indus Motors (INDU) : 40% Cash  EPS : 17.32

Soneri Bank Ltd (SNBL) : EPS : 2.43

Maple Leaf Cement (MLCF) : EPS : -1.08

Lucky Cement (LUCK) : EPS : 5.12

Bank Alfalah (BAFL) : 23% Bonus + 15% Cash  EPS : 4.82

Crescent Commercial Bank Ltd (CCBL) : EPS : -1.82

Javed Omar Vohra & Co. (JOVC) : EPS : 0.45

D.G.Khan Cement (DGKC) : EPS  : 1.30

Oil and Gas Development Co. (OGDC ) : 20% Cash EPS : 5.58

JS Bank Ltd (JSBL) :

Pakistan Telecommunication Company Ltd (PTC) : EPS : -1.87

Bank of Punjab (BOP) : 25% Bonus  EPS : 10.51

Sui Southern Gas (SSGC) : EPS : 0.51

Bosicor Refinery (BOSI) : EPS : 0.37

Pace Pakistan (PACE) : EPS : 0.65

Worldcall Telecom (WCTL) : EPS : 0.41

Sui Northern Gas (SNGP) : EPS : 2.60

Allied Bank Ltd (ABL) :20% Bonus + 15% Cash  EPS : 7.57

National Bank of Pakistan (NBP) : 10% Bonus + 75% Cash EPS : 23.34

The Karachi Stock market opened up and made an intra-day high at 15,139. Unable to sustain its gains, the market closed down at 14,971. National Bank was the top volume stock traded today with 30.3 million shares traded. MCB made yet another record close at  477 along with a new intra-day high of 494.80. Volumes have decreased since the 19th when 309 million shares were traded and today’s total was 204 million. Upward resistance is 15050-100 and downside support is 14,900-700.

Dividends : Lucky Cement has posted Rs 1349 million profits in the half year ended December 31, 2007. This shows a 70 percent increase compared to Rs 791 million in the corresponding period of previous year. It translated into earnings per share (eps) of Rs 5.12 in the period under review compared to Rs 3.01 in the same period of last year,… Daily Times

Market Low : 14,937.48 High : 15,139.97

Market Close : 14,947.68 – 32.98 points down

On Friday the KSE-100 index opened up, dipped down to 14,888 and then rose to close at 14,980, another all time high. DGKC was the flavour of the day with 32.1 million shares traded. MCB has made another all time high closing at 472. The market is getting more overbought by the day and while it corrected down to 14,888 and closed higher, there could well be a proper correction down to 14,700 or lower.

Dividends : Pakistan Oilfields Limited (POL) has posted 18 percent growth in its net profit to Rs 3.719 billion in six months (July-December) of 2007 compared to Rs 3.149 billion in the corresponding period of last year…earnings per share (eps) also rose to Rs 18.87 during the period under review over Rs15.98 in the last year….Earnings per share also dipped to Rs 4.29 in the said year compared to Rs 5.32 in the previous year whereas profit before tax declined to Rs 2.697 billion compared to Rs 3.870 billion in the last year… Daily Times

News : The Karachi Stock Exchange (KSE) is waiting for the final SECP approval of the new products ‘Stock Index Futures’ KSE, which are likely to be launched in March 2008,said Adnan Afridi, Managing Director, KSE….In addition to KSE-30 Stock Index Futures, the KSE also plans to introduce Sector Indices and Options in 2008. In Pakistan, the managing director said, “the KSE 30 Index will act as the Index Futures contracts, which will be traded on KSE. The KSE-30 Index is a liquidity-screened and free-float adjusted market capitalization index of 30 stocks listed on the KSE.”… Daily Times

The Securities and Exchange Commission of Pakistan (SECP) has announced the implementation of CFS MK-II Funding System to be launched by the National Clearing Company of Pakistan Limited (NCCPL) from April 7, 2008. The SECP has also approved the criteria for eligible scrips for CFS Mk-II Deliverable Futures Market (DFM).The criteria is as follows… Aaj News

Upper Caps : Arif Habib Ltd / Nishat Mills / Pace 

Market Low : 14,888.06  High : 15,024.68 

Market Close : 14,980 – 8.69 points up.  

The KSE-100 index finally broke through 15k and made an intra-day high of 15,034. The market  closed up at 14,971, the current all time high. Askari Bank was the flavour of the day with 37.1 million shares traded. MCB closed on a new record high of Rs.451.75 along with Allied Bank that set a record close at 152.75. The market is getting more overbought and expect some correction in the next few days.

Upper Caps : AHBL / AICL / ABL / Pace /

Market Low : 14,829.58 Market High : 15,034.31

Market Close : 14,971.94 — 142.36 points up. 

The Karachi Stock market opened up and made its all time intra-day high at 14,957 and also closed at its highest level of 14,829. MCB closed at 445 at its second upper limit in 2 days and at its all time high. Arif habib securities was the top scorer of the day with 39 million shares traded. The market is beginning to look overbought with quite a few stocks closing above their 70 RSI-14 figure. A correction is due as the market is up by some 950 points in the last 6 sessions,and it could well come this week.
While the market sentiment is positive at the moment there could be instabilty in the coming weeks with the political situation. The thieves are banding together for the next government and the biggest moron in our political history, Nawaz Sharif, has been prattling on about getting rid of Mr.Mush at all costs. Are we really any better off than we were ?

News : New York oil prices struck a record 101.27 dollars a barrel Wednesday amid renewed global supply jitters… Aaj News

Importers of Di-Ammonium Phosphate (DAP), an essential crops nutrient, have raised the price by Rs 500 per 50 kg bag across the country on the back of soaring international prices…DAP prices has gone up by 36 percent in the world market during the last five weeks… Aaj News

Upper Cap : MCB Bank

Market Low : 14,796.30 High : 14,957.75

Market Close : 14,829.70 — 32.52 points up

With the elections passing peacefully and no violence today, the KSE-100 index shot up to an intra-day high of 14,822 to close 3% up at 14,797. This is the highest close for the year and the market could well test its previous intra-day high of 14,908. A massive volume of 309 million shares were traded today and once again OGDC was the top volume stock with 44.4 million shares traded. Banks were the flavour of the day with several closing on their upper limits. Upside resistance is 14,900 and there could well be some correction after today’s big rise.

News : Crude oil rose to a record $100.10 a barrel in New York on speculation OPEC will cut production when it meets next month… Bloomberg

Stock market investors should be overweight in Pakistan, where election-related uncertainty has overshadowed the country’s attractive prospects, a strategist with State Street Global Advisors said on Monday…State Street Global Advisorsis the $2 trillion money management unit of State Street Corp. "We like Pakistan. It rates very highly on our models, overall. It’s reasonable value. Our sentiment factor is quite strong and the macro outlook is strong,"… Aaj News

Oman Telecommunications Company (Omantel) signed on Monday a Share Purchase Agreement with the existing majority owners of Wordcall Telecom Limited (Worldcall), a Pakistani operator.Omantel will acquire 60 percent of Wordcall shares from majority owners, and a further 5 percent from other shareholders through the securities market, for a total transaction value of 193 million dollars… Aaj News

Upper Caps : BAFL / BOP / MCB / NBP / UBL / HBL / PSO

Market Low : 14,353.84  High : 14,822.57

Market Close : 14,797.47 — 443.63 points up !

The Karachi Stock Exchange will be closed today as it is a public holiday for the Elections in Pakistan.

Punjab Governor, Lieutenant General Khalid Maqbool (Retd) has issued an ordinance, allowing the sale of 51 percent shares of Bank of Punjab to a strategic investor…With a network of 272 branches, Bank of Punjab has a balance-sheet size of Rs 240 billion. With deposits touching Rs 200 billion and advances Rs 130 billion, its share closed at Rs 96.70 per share on Friday last.
Local banks in 2007-08 have been sold at around five times their break-up value. Bank of Punjab break-up value stands at between Rs 40 and 45 per share. As such, Punjab government should be able to fetch over Rs 45 billion from the sale transaction to a strategic investor. Both the federal government and the State Bank of Pakistan have encouraged and backed the privatisation of the provincial bank in order to enable it compete with other private banks more effectively…. Aaj News

Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.

Board Meetings for February 2008 - II – updated 

Dividends : State-run Pakistan State Oil (PSO) said on Friday its 2007/08 (July-June) first half net profit rose 381.6 percent from a year earlier to 5.49 billion rupees ($87 million).Net profit for the first six months to end-December was up from 1.14 billion rupees a year earlier…. Aaj News

Pakistan’s largest bank, MCB, on Friday reported a 25.72 percent rise in its 2007 full-year profit, which analysts attributed to its aggressive entry into consumer finance and low administrative charges….MCB reported a net profit of 15.26 billion rupees ($241.8 million) for the full year to Dec. 31, up from 12.14 billion rupees the previous year… Aaj News

News :  The Cabinet Committee on Privatisation (CCoP) will approve Global Depository Receipt (GDR) offering of Kot Addu Power Company (Kapco) shares on Friday… Source : Aaj News

Renowned world bank, Barclays would launch its formal operation in Pakistan in mid of the current year with a capital of 100 million dollars. Mohsin Nathani, Country Head and Managing Director of Barclays in Pakistan,  said that State Bank of Pakistan (SBP) already had granted a banking license to Barclays Bank Plc, UK to conduct banking business in Pakistan. "We will initially set up 10 branches in various cities of the country with state of the art technology and an efficient banking system," Nathani added. He said that Barclays Bank, last week set up its head office in Karachi and hiring of staff has been started…"Barclays is already operating in over 50 countries and engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, which would also be available in the Pakistan," Nathani informed. He said that Barclays would bring huge investment and latest banking system in Pakistan to further push the already rising banking industry… Aaj News

Market Low : 14,283.06 High : 14,420.07

Market Close : 14,353.84 – 70.78 points up

The KSE-100 index shot up again and closed on its high of 14,282. Banks were the flavour of the day with National Bank closing at its upper limit. Oil rose above $95 today. With a long weekend coming up (the market is closed on Monday 18th for the farcical elections) there could be some selling 2moro.

Dividends : Habib Bank Ltd (HBL), the country’s third largest bank, reported a 14.2 percent fall to 10.84 billion rupees for the full year ended Dec. 31, down from 12.7 billion rupees the previous year.Pakistan’s fifth largest bank, United Bank Ltd (UBL), reported a 11.3 percent fall in its 2007 full-year profit to 8.4 billion rupees, down from 9.47 billion rupees in 2006.
"The decline in both banks was due to the additional provisioning done by the banks after the SBP tightened its provisioning regulations," said Atif Malik, an analyst at JS Global Capital Ltd…."Without the additional provisioning, the banks would have continued to post good growth in earnings."… Aaj News

ICI Pakistan Limited has announced record-breaking financial results for the year ended on December 31, 2007. Operating profits surged by 20 percent closing at Rs 2.97 billion for 2007…net sales income soared from Rs 19.6 billion to Rs 23 billion, posting an increase of 18 percent. Profit before tax was at Rs 2.77 billion and profit after tax at Rs 1.78 billion, rising by 31 percent and 23 percent respectively over 2006. The company’s earnings per share surged to Rs 12.86 in 2007 compared to Rs 10.49 in 2006, showing an increase of 23 percent… Daily Times

News :  A meeting of CFS Mk-II Implementation Committee was held here on Thursday at Securities and Exchange Commission of Pakistan (SECP) Karachi Office to resolve pending issues in introduction of CFS Mk-II Market. The meeting, chaired by Chairman SECP, Razi-ur-Rahman Khan decided that the CFS Mk-II Market should be launched on April 7, 2008. It was also decided that, on the launching date, all financing in the existing CFS Market should be transferred to the new CFS Mk-II Market, which shall be managed at National Clearing Company of Pakistan Limited (NCCPL)… Daily Times

Upper Cap : National Bank of Pakistan 

Market Low : 14,115.89 High : 14,282.62

Market Close : 14,282.62 — 166.73 points up.

The market continued upwards making a an intra-day high of 14,150. It closed up at 14,116. BOP was the top volume traded stock today with a turnover of 22.7 million.

Dividends :  Shell Pakistan: Shell Pakistan has posted Rs 1.689 billion in the half year ended on December 31, 2007, reflecting phenomenal increase of almost 330 percent over Rs 393 million in the same period of last year…The earnings per share of the company also rose to Rs 30.83 in the last six months of 2007 from Rs 7.19 in the corresponding period of previous year whereas the profit before tax jumped to Rs 2.342 billion compared to Rs 786 million in previous year.
Hubco: The board of directors of the Hub Power Company (Hubco) has announced interim dividend at Rs1.15 per share.According to financial results of the company on Wednesday, net profit for the six months ended on December 31, 2007 rose to Rs 1.339 billion from Rs 1.248 billion in the same period of last year. Earnings per share of the company also jumped to Rs 1.16 from Rs 1.08 whereas turnover stood at Rs 26.786 billion compared to Rs 19.726 billion for the previous year… Daily Times

Market Low : 14,082.73 High : 14,150.50

Market Close : 14,116.05 — 19.14 points up

Pakistan State Oil (PSO) : 15th Feb
MCB Bank (MCB) 

Nishat Mills (NML) : 16th Feb
Arif Habib Bank Ltd (AHBL)

Fauji Cement (FCCL) : 20th Feb.
Engro Chemical (ENGRO)
National Refinery (NRL)  

Askari Bank Ltd (AKBL) : 21st Feb.
Pakistan Oilfields Ld (POL)
Attock Refinery Ltd (ATRL) :
Bank Al-Habib (BAHL)
Faysal Bank Ltd (FABL) 3pm
Attock Petroleum Ltd (APL)  6 pm

Indus Motors (INDU) : 22nd Feb.
Soneri Bank Ltd (SNBL) :
Maple Leaf Cement (MLCF)

Lucky Cement (LUCK) : 23rd Feb. 

Bank Alfalah (BAFL) : 24th Feb
Crescent Commercial Bank Ltd (CCBL) 

Javed Omar Vohra & Co. (JOVC) : 25th Feb 3.30pm 

NIB Bank (NIB) : 26th Feb.
D.G.Khan Cement (DGKC)
Pioneer Cement (PIOC)

Oil and Gas Development Co (OGDC ) : 27th Feb.
JS Bank Ltd (JSBL)
Pakistan Telecommunication Company Ltd (PTC) 

Bank of Punjab (BOP) : 28th Feb.
Sui Southern Gas (SSGC)
Bosicor Refinery (BOSI)
Pace Pakistan (PACE) 
Worldcall Telecom (WCTL) 

Sui Northern Gas (SNGP) : 29th Feb.
Allied Bank Ltd (ABL)
National Bank of Pakistan (NBP)

Just when one thought the market was headed south after closing below 13,900 yesterday, the KSE-100 index tore through 14k to close up at 14,099. Volumes increased considerably wth a total of 176.6 million shares traded. Arif Habib Securities Ltd. was the flavour of the day with 24.8 million shares traded. Cements got an erection with Lucky up by Rs.5.30 . Rumours are floating about re : Govt. cuts to custom duty on ex refinery prices, which would lower GRM’s and bugger the earnings of the refineries. The market has made its highest close since Jan.9th 2008 and looks to be headed towards 14,300.

Upper Cap :  Bank Alfalah / Arif Habib Ltd. / JOVC / Sitara Peroxide

Market Low : 13,870.98 High : 14,099.65

Market Close : 14,099.65 –214.69 points up  

Nestle Pakistan Ltd (NESTLE) : 100% Cash EPS : 39.81

JS Value Fund Ltd (JSVFL) : 30% Cash EPS : 4.73

Unilever Pakistan (ULEVER) : 126% Cash EPS : 127 

Netsol Technologies (NETSOL) : 20% Bonus EPS : 5.61

Pakistan Refinery Ltd (PRL) : 16.66% Bonus EPS : 38.54

Shell Pakistan (SHEL) : 100% Cash EPS : 30.83

Hub Power Co. (HUBC) : 11.5% Cash EPS : 1.16

Habib Bank Ltd (HBL) : 40% CASH + 10% Bonus  EPS :14.49

United Bank Ltd (UBL) : 30% Cash + 25% Bonus EPS : 10.38

Packages Ltd (PKGS ) : 15% Bonus EPS : 58.96

Kot Addu Power Co. (KAPCO) : 32.5% Cash  EPS : 2.97

ICI Pakistan (ICI) : 35% Cash  EPS : 12.86

Arif Habib Securites Ltd (AHSL) : EPS : 13.70

Pakistan State Oil (PSO) : 60% Cash EPS : 32

Muslim Commercial Bank (MCB) : 50% Cash EPS : 24.30

Nishat Mills Ltd (NML) : EPS : 3.90

Arif Habib Bank Ltd (AHBL) : EPS : 0.65

Mari Gas Co. (MARI) : 22.38% Cash

After days of trying to break 14,070, the Karachi stock market finally closed below 13,900 at 13,885, its  lowest close since Jan.28th. NIB Bank was the top scorer today with 12.9 million shares traded. Downside support is at 13,800-700.

News : Foreign investors who have stuck with Pakistan are clearly made of stern stuff as it heads towards an election on Feb.18th …"Investors are still keen on Pakistan and there has been no sharp withdrawal of capital from Pakistan despite the recent events as well as the financial turmoil across the world," Mobius said. "In fact, markets in Pakistan have been fairly resilient."…It has only lost 5.64 percent since Benazir’s death on Dec. 27th 2007…. Aaj News

Upper Cap : PICT
Lower Cap : JOVC 

Market Low : 13,817.18 High : 13,978.39 

Market Close : 13,885.03 — 53.30 points down

Friday saw further lethargy in terms of trading activity, with 69 million shares traded. The KSE-100 index made a high of 14,018 and closed down at 13,938. The next week could be quite volatile with the build up to the farcical elections alluding to the myth of democracy. The result will make no fucking difference to the state of the nation as the poor will continue to get fucked on a daily basis and the rich just get richer. A lot depends on who gets blown up and who doesn’t (hopefully nobody will ). However, there should be some stock specific activity as a lot of results are to be announced this week. Stock up on the Vaseline !

News : Securities & Exchange Commission of Pakistan (SECP) has announced setting up a capital markets institute with the objective to offer different examinations leading to licensing certifications in various specialised areas and domains of financial markets. The present environment in Pakistan’s capital markets does not foster or mandate minimum levels of required knowledge for capital market participants or intermediaries. The various types of financial intermediaries operating in capital and money markets in Pakistan need to be adequately trained and certified in order to improve the overall profile and functioning of the capital markets in the country….Daily Times

Lucky Cement Limited, the largest cement manufacturer in the country, is expected to show a 22 percent year-on-year increase in its net earnings to Rs 968 million for the first half of the current financial year. Analysts at Arif Habib Securities said in a report released on Thursday that the company’s earning per share is likely to be Rs 3.67 for the above period mentioned. A 31 percent increment in sales volume to 2.63 million metric tonnes is expected to support the bottom line growth.. Daily Times

The United Bank Limited (UBL) is expected to post profit after tax of Rs 9.197 billion in CY07 compared to Rs 9.468 billion in CY06…UBL has a short dividend payment history, which was increased from 45% in CY05 to 55% in CY06. We expect the bank to maintain a dividend payout of 55% for CY07, said the analyst…UBL is expected to announce financial results for CY07 on February 14, 2008… Daily Times

Upper Cap : Eye Televison Net
Lower Cap : Netsol Tech

Market Low : 13,937.77 High : 14,018.51

Market Close : 13,938.33 – 54.42 points down  

Once again, the KSE-100 index opened up, made an intra-day high of 14,066 and then slid down to a low of 13,920. The market recovered to close down at 13,993. Arif Habib Securities Ltd. was the volume leader and traded 12.2 million shares from today’s total of 74.3 million.

Dividends : Nestle Pakistan : 100% Cash EPS : 39.81

News :  The Pakistan Telecommunications Company, has made an investment of $50 million in submarine cable being a part of a consortium that will put in place a high-capacity fiber-optic submarine cable, stretching from India to Italy and France via the Middle East…The cable design covers a distance of almost 14,000 kilometres and the system is likely to be available for service by the end of 2009. The system will have a capacity of 3.84 terabits per second…The nine companies that form the consortium include Bharti (India), Etisalat (UAE), France Telecom (France), Ogero (Lebanon), PTCL (Pakistan), STC (Saudi Arabia), Telecom Egypt (Egypt), Telecom Italia Sparkle (Italy) and VSNL (India)… Business Recorder

Market Low : 13,920.90 High : 14,066.85

Market Close : 13,993.92 – 24.26 points down 

The KSE-100 Index opened up, made an intra-day high of 14,052 and closed up at 14,018. NETSOL was the flavour of the day with 10.8 million shares traded. Yet another day of low volumes and the inability to close above 14,050.

Board Meetings for February 2008 - updated.

PSO was due to announce its results today, but the board meeting has been postponed to the 14th.

News : World oil prices declined on Wednesday after the US government reported another rise in crude oil inventories amid mounting concern about America’s economic growth…Prices slumped after the US Department of Energy said American crude oil inventories had jumped by 7.0 million barrels in the week ending February 1, marking a fourth straight rise in crude stocks.The increase was much higher than analysts’ consensus forecast which had predicted a gain of just 2.2 million barrels... Aaj News

Pakistan, which issued rules for real estate investment trusts today, aims to attract as much as 20 billion rupees ($320 million) in 12 months by drawing investors to a property market where prices have tripled in three years…The government said in the budget last June that owners will get a tax holiday till 2010 on the sale of property to a real estate investment trust. The REITS will be regulated by the Securities & Exchange Commission of Pakistan….Real estate trusts pool funds to buy properties and distribute rental income among investors. Pakistan’s REITs will be required to distribute 90 percent of profits… Source : Bloomberg

Federal Finance Minister Dr Salman Shah has said that global depository receipts (GDRs) of National Bank, Habib Bank and Kapco and ‘plus’ Euro Bonds will be issued in March-April this year to reduce the fiscal deficit… Aaj News

Upper Cap : WorldCall Telecom

Market Low : 13,991.88 High : 14,052.09

Market Close : 14,018.45 –26.57 points up

The Karachi Stock Exchange will remain closed today due to Kashmir Day, a public holiday in Pakistan.

For what it is worth, this is the 500th post on this blog !

The Karachi Stock market opened up and made a high of 14,052. The gains dwindled down to a low of 13,974 and the market closed up at 13,995. Another day of low volumes with only 83.4 million shares traded. Dewan Salman was the volume leader closing at its upper limit with 15.5 million shares traded. The market is attempting to break 14,070 , but seems to be struggling to close above it. Sooner or later there will be a breakout, hopefully up !

Board Meetings : PSO will announce its results on the 6th.

Upper Cap : Pakistan Refinery Ltd / Dewan Salman 

Market Low : 13,974.41 High : 14,052.85

Market Close : 13,995 – 20.59 points up