14,913 - correction
March 10, 2008
The KSE-100 index opened up making a high of 15,155 and then got bashed down to close at 14,913. The correction could continue 2moro as well before any signs of recovery. Total traded volumes shrunk down to 135 million shares. Oil hit a new peak above $108 today. Downside sees 14,750 as support.
Dividends : Azgard Nine : 12.5 % Cash EPS : 4.46
Azgard Nine has recorded a massive growth of around 835 per cent in its net profit, which rose to Rs1,453.5 million for the full-year ended December 31, 2007, against Rs155.5 million in 2006. Accordingly, the board of directors of the company has recommended a final cash dividend of Rs1.25 per share for the year ended December 31, 2007. This phenomenal growth in the company’s profit was registered owing to doubling of its net sales to Rs12.309 billion against Rs6.505 billion in the same corresponding period last year… Source : The News
News : To boost Pakistan’s economy by substituting imported oil and gas with indigenous supplies, a Canadian Company, Niko Resources Limited will invest $32 million for oil and gas exploration over four blocks located in the Arabian Sea. The Company also plans to invest more than $200 million subject to availability of viable structures after conducting seismic survey… Daily Times
After Karachi, now, a countrywide power crisis is in the offing as the Pakistan State Oil (PSO) has issued notice to the Pakistan Electric Power Company (Pepco) of stopping supply of furnace oil to the thermal power generation units from March 11 onward for default on outstanding payments.Sources said that PSO issued the notice, to Pepco, in a meeting in Karachi on Thursday last for halting of furnace oil supply to the thermal power generation units, saying that its growing financial crunch was making difficult for it to maintain the supply from March 11 onwards… Aaj News
Upper Caps : Azgard Nine / Packages Ltd
Market Low : 14,875.22 High : 15,155.45
Market Close : 14,913.29 – 171.89 points down.
