15,676 - heading for 16k ?
April 20, 2008
The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
Dividends : Arif Habib Securites : EPS : 20.20 Arif Habib Bank Ltd : EPS : 0.32 Shell Pakistan : EPS : 48.39
Shell Pakistan Limited has posted net profit of Rs 2.652 billion during first nine months of current financial year compared to Rs 232 million in the same period of last year… the earnings per share (eps) of the company also rose to Rs 48.39 during the period under review from Rs -4.01 in the corresponding period of previous year whereas the profit before tax stood at Rs 3.630 billion against Rs 757 million in the last year.
Arif Habib Bank’s net profit rose to Rs 146 million during 1st quarter (Jan-March) of 2008 from Rs 15 million in the previous year. The bank’s EPS also moved up to Rs 0.326 in the said period from Rs 0.053 in the previous year whereas profit before tax rose to jumped to Rs 179 million from Rs 16 million in the previous year… Source : Daily Times
News : With a successful discovery of a new exploratory well in District Hyderabad, Sindh, the average daily production of Oil and Gas Development Company (OGDC) including the share from the joint ventures has touched 45,235 barrels of crude oil per day.The Company has succeeded to discover an exploratory well near Lashari lease, Molan area in District Hyderabad. Initially the production of the well will be 1,150 barrel per day, the specification of this oil is 45 degree API,.. OGDC is also producing 963 million cubic feet of natural gas and 382 metric tons of LPG per day… Aaj News
Pakistan Petroleum Limited (PPL) is now going for horizontal wells, instead of vertical ones. The reason is that a horizontal well has two to three times more production capacity than a vertical one. A beginning was made recently when a horizontal ‘Well 26′ was dug in the Kandhkot gas field…PPL boasts of 24 exploration blocks in its portfolio and is continuously working to identify additional sites. It is also striving for new foreign ventures and has already won a bid for Block 29 in Yemen in a joint venture with OMV (Pakistan) Exploration…. Aaj News
State-owned Oil and Gas Development Co Ltd (OGDCL), the country’s biggest listed firm, announced on Friday a small oil discovery in southern Sindh province, raising its oil output by 1,150 barrels per day (bpd)… Last week, Pakistan finalised plans to issue an exchangeable bond with an option for OGDCL shares, to be jointly managed by ABN AMRO, Barclays and JP Morgan… Aaj News
Upper Caps : PAKRI / Azgard Nine / Sitara Peroxide / Arif Habib Ltd.
Market Low : 15,581.80 High : 15,700.48
Market Close : 15,676.34 – 54.04 points up.
