15,434 - some pullback and the Blame Game
April 27, 2008
On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis " issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !
Advice to any small investors reading this post : please stay out of this market, if you can’t afford to lose as well as gain. Use the banks or gold as a safer investment, because this market will eat you raw if you don’t have the holding power in rough times and you will lose all your hard-earned money ! (and Mr.Dar won’t give it back to you ! )
The market has closed above its 30 DMA and upward resistance is at 15,500.
Dividends : DGKC : EPS : 1.92 / Nishat Mills : EPS : 4.72 / Pak Premier Fund : 1.54 / MCB : 30% Cash : EPS : 6.55
MCB Bank Limited continued to perform well as the bank’s profit after tax increased by 10.33 percent to Rs 4.112 billion translating into an earning per share of Rs 6.55 in the quarter ended March 31, 2008 as compared to Rs 3.727 billion earned in the corresponding period in 2007… The board declared an interim cash dividend at Rs 3.00 per share ie 30 percent for the period.The bank showed a healthy growth of 10.13 percent in profit before tax, which came to Rs 5.758 billion in this quarter as compared to Rs 5.228 billion for the same period last year… the bank’s total income reached Rs 10.104 billion in the three months period in 2008 as compared to Rs 8.921 billion in the same period in 2007 as the mark-up/return/interest earnings increased to Rs 8.188 billion in this quarter against Rs 7.615 billion in the same quarter a year ago,… Aaj News
News : The Punjab government on Saturday removed President, Bank of Punjab (BOP) Hamesh Khan from his office, besides dissolving the Board of Directors of the bank. According to a spokesman of the provincial government, the government reviewed the financial affairs of the bank in consultation with the State Bank of Pakistan (SBP). "The decision has been taken after deliberating the situation in detail," he added. He further said that the government, which hold majority shares of the bank, was committed to strengthen the bank’s administration…. Aaj News
A National Assembly panel will launch a fresh probe into a stock market crash three years ago in which big and influential investors allegedly deprived smaller ones close to $12 billion overnight…The move came after Finance Minister Ishaq Dar told the house that he believed the previous government headed by former premier Shaukat Aziz hushed the matter up… Aaj News
Upper Caps : PAKRI / Azgard Nine / Nishat Mills / MCB / Attock Refinery / JS Bank
Market Low : 15,225.20 High : 15,445.03
Market Close : 15,434.74 – 129.84 points up
