14,934 - some correction
March 2, 2008
Friday’s close saw some correction with the Karachi Stock Market making an intra-day high of 15,146 and closing down at 14,934. Whether the correction will continue remains to be seen 2moro as quite a few stocks are still overbought. The recent 9% increase in petrol prices could well take the OMC’s up and some of the market with them. As such the bulk of the result season is over.
Dividends : Bank of Punjab (BoP) earned Rs 4.44 billion as profit after tax in 2007, which was higher by 16.84 percent from Rs 3.8 billion earned in 2006… The bank’s earnings per share rose from Rs 9.01 to Rs 10.51. Net mark-up/interest income declined by 11.79 percent from Rs 4.07 billion to Rs 3.59 billion. The decline was caused by increased mark-up/ interest expenses, which surged to Rs 13.93 billion from Rs 7.50 billion. Similarly, provisioning against non-performing loans and advances jumped from Rs 340 million to Rs 1.61 billion. However, the bank’s non mark-up/interest income rose by 83.72 percent from Rs 2.95 billion to Rs 5.42 billion.
National Bank of Pakistan: NBP, the country’s largest bank, posted profit after tax of Rs 19.40 billion in 2007, rising by 12.46 percent from Rs 17.25 billion in 2006. The bank’s earnings per share increased from Rs 21.15 to Rs 23.78. Its net mark-up/interest income rose from Rs 30.29 billion in 2006 to Rs 33.81 billion in 2007. Provisions against non-performing loans and advances increased from Rs 3.07 billion to Rs 4.72 billion. The bank’s non mark-up/interest income was up by 11.69 percent from Rs 12.48 billion to Rs 13.94 billion… Daily Times
News : Country’s cement exports have witnessed a healthy growth of 140 percent to all-time high level of 4.2611 million tonnes during the first eight months of the current fiscal year in the wake of rising international demand,…The statistics made available from the All Pakistan Cement Manufacturers Association (APCMA), which show that cement export registered a robust increase of 2.48 million tonnes during July-February of the current fiscal year and it has touched a new mark of 4.261 million tonne mark as compared to 1.774 million tonne over the same period last year… Aaj News
The government on Friday approved an increase in power prices by nine percent, prices by nine percent, petrol prices by Rs 5 a litre and diesel prices by Rs 3.5 a litre.Kerosene prices have also been increased by Rs 3.3 a litre, prices of JP4 fuel by Rs 3.4 a litre and of prices of HOBC fuel by Rs 5 a litre. Oil prices in the international market surpassed 103 US dollars a barrel on Friday for the first time… Daily Times
Upper Cap : Azgard Nine
Lower Cap : Bank of Punjab
Market Low : 14,908.82 High :15,146.02
Market Close : 14,934.30 — 143.89 points down
