14,282
February 14, 2008
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.
