13,025 - The Budget 2008-09
June 12, 2008
The KSE-100 index opened up and made a high of 13,167 . Unable to sustain the gains it dipped and finally closed at 13,025. Aside from the fertilizer sector’s increased DAP subsidy, and no adjustment on refinery/OMC margins, the budget had really fuck all impact on the market.
News : The Budget 2008-09 can be read in depth at Aaj News
The fertiliser sector seems to be one of the biggest beneficiaries of the budget for the fiscal year 2008-09, as the government has raised the subsidy on the DAP by over 100 percent and the subsidies on gas supply would also continue to the fertiliser industry. In the budget, the federal government has enhanced total fertiliser subsidy up to Rs 32 billion and Dia Ammonia Phosphate (DAP) subsidy per bag would be increased by Rs 530 per bag. After the current upsurge, subsidy on DAP would reach Rs 1,000 per 50-kg bag, which presently stands at Rs 470 per bag… Aaj News
Upper Cap : Packages (3rd consec) / FFBL / BOP / Pakistan Refinery
Market Low : 12,933.36 High : 13,167.69
Market Close : 13,025.64 — 9.26 points up.
