Away till 8th Sept.
August 28, 2008There will be no more posts until Monday 8th Sept. as Suttabhai is going to the mountains and will have no net access.
About the Karachi Stock Market Blog
Daily updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. More than 850 posts and counting ...
9,144
August 27, 2008
Foreign selling and margin calls led to the KSE-100 index getting yet another bashing today with a low of 8,999 and closing down at 9,144. The market has been fucked shapeless in the last few sessions with prices on the board that one hasn’t seen for years. Apparently the KSE held an emergency meeting to try and freeze the index at todays close (details below).This measure should stem the rot for the moment.
Dividends : Adamjee Insurance : 15% Cash EPS : 29.33
Nishat Mills : 25% Cash EPS : 38.38
Bank of Punjab : -4.97 EPS
News : The Pakistani Stock Exchange authorities on Wednesday set a floor of 9,144 points for the Karachi Stock Exchange (KSE) index for Thursday, following heavy losses in recent days, the exchange said. The stock market has fallen for six consecutive sessions since August 20 and has lost 43 percent since hitting a record high of 15,739.28 points on April 21.“The continuous sharp decline in share prices can have implications for the wider financial system,” the board of directors of the KSE said in a statement. “With this in mind, the board decided to place a floor, based on the closing prices of securities on Wednesday,” it said. “The individual security prices will remain free to trade within the normal circuit breaker limits, but not below the floor price level as mentioned,” it said. … Daily Times
Saudi authorities have assured the Pakistan delegation that the Saudi oil facility against deferred payment will be started very soon…"We fully understand it’s not a time of procrastination, it’s time of action," the Saudi minister was quoted as saying during his talks with the Pakistani team members who met him on Wednesday. According to sources, the Saudi minister has assured the Pakistan team that oil facility will be started "as early as possible". The sources believed that the facility is likely to come into effect in the next few days…Aaj News
Trading in Arif Habib Investment Management Ltd. will start from 2moro. The market lot of the company will be 100 shares of Rs.10/- each and the symbol will be AHIML .
Market Low : 8,999.36 High : 9,430.29
Market Close : 9,144.93 — 285.36 points down
9,430
August 26, 2008
The KSE-100 index sunk even lower today with the market making a low of 9,384 and closing down at 9,430. It is the lowest close of the year (so far ) and the market is down nearly 1500 points (13.6%) since last Tuesday ! Investor confidence has been further shattered by the news of the coalition split and despite the market looking oversold, one could see 8700 soon. Talks currently are being held with the Saudis re: the $5-6 billion oil facilty against deferred payments. Its approval could give the market a much needed boost. Meanwhile Pakistan is now the 2nd worst performing market in Asia.
News : The Privatization Commission Board, which met here on Tuesday with Finance and Privatization Minister Naveed Qamar in the chair, decided that financial advisor for Oil & Gas Development Company (OGDC) would be directed to work out all options for privatisation of OGDC, including sale of shares, strategic sale with management control or assets sale including Qadirpur gas field on fast track basis, taking into account the observance of all steps strictly in accordance with the legal provisions….The Privatisation Commission has already finalised the schedule for privatisation of public sector entities during September-October 2008, which include Global Depository Receipts (GDR) of Kot Adu Power Company (Kapco) for its listing in the international capital market in October 2008, concluding the privatisation process of SME Bank in September 2008 and to hold bidding for the privatisation of 90 percent shares of Hazara Phosphate Fertilisers Limited (HPFL) with management control, Heavy Electrical Complex (HEC) and National Power Construction Company (NPCC) during September 2008….Aaj News
Market Low : 9,384.27 High : 9,892.37
Market Close : 9,430.29 – 383.37 points down
9,813 - Coalition Govt. splits
August 25, 2008
The Karachi Stock market fell further today , making a low of 9,741 and closed down at 9,813. Arsehole Nawaz has announced today that he would part ways with the coalition and that his party will sit in the opposition. All he has done in the last 5 months has been confrontational and is holding the system hostage for the sake of one CJ. If Nawaz was an honourable man , one could understand his efforts, but we all know that his plea is pharisaic as seen from his behaviour with the judicial system in the past. What effect the split will have on the market 2moro remains to be seen, probably negative initially, as there is no other good news at the moment.
Rumours are rife that the Govt. will sell Qadirpur, one the countries largest gas fields. The Privatization Commission is due to release some information on the matter soon.
Board Meetings for August 2008 : updated.
Dividends : NBP : EPS : 8.79 (6 months)
Arif Habib Bank Ltd : 11.11% Bonus EPS : 0.473
Mybank Ltd : 25% Rights EPS : 1.02
Agriautos Ind. : 20% cash + 20% Bonus : EPS : 11.55
News : The Privatization Commission Board is scheduled to meet on Tuesday to approve the PPP-led government’s aggressive privatization programme for the current fiscal year 2008-09…The significance of the meeting is that the government would announce privatisation status of important public sector enterprises (big-ticket items) such as the Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL), and the National Investment Trust Limited (NITL)….Qadirpur gas field’s privatisation is also on the cards that would help generate much needed foreign exchange of $3.5 billion for the government…. Daily Times
Market Low : 9,741.04 High : 10,068.37
Market Close : 9,813.66 – 180.49 points down
9,993
August 24, 2008
Friday saw the KSE-100 index fall lower down to 9,907 and then recover to close at 9,993. The week was a rollercoaster ride which saw the index make an intra high of 11,061 and then close down below 10k again. The market will continue to be unstable as political uncertainty will continue, the coalition might/will split and the judges won’t be restored in the near future. Don’t expect much at the moment.
Dividends : MCB : 30% Cash : EPS : 12.22
Packages Ltd : EPS : -2.90
Market Low : 9,907.26 High : 10,236.66
Market Close : 9,993.81 — 242.81 points down
10,236
August 21, 2008
The Karachi Stock market opened down and at one stage recovered to a high of 10,542. Then it got bashed down to a low of 10,207 and closed at 10,236. The market might consolidate around 10k 2moro.
Dividends : Lucky Cement : EPS : 9.84
ICI Pakistan : 25% Cash : 7.09
Pakistan Refinery Ltd : 14.28% Cash : EPS : 60.31
Unilever Pakistan : 132% Cash : EPS : 96.34
Market Low : 10,207.92 High : 10,542.65
Market Close : 10,236.66 – 289.33 points down
10,525
August 20, 2008
The KSE-100 index experienced more than a correction as the recent 1000 point bubble was popped on the news that the Gov. is indecisive on the judiciary restoration once again. The market fell down to a low of 10,483 and close at 10,525. Friday is now the "new" deadline for more news on the matter.
Dividends : OGDC : 35% Cash EPS : 11.54
Allied Bank : 15% Cash : EPS : 3.88
Upper Caps : AICL / JSCL / PAKRI
Market Low : 10,483.37 High : 10,919.06
Market Close : 10,525.98 –393.07 points down
10,919
The market opened up and made a high of 11,061 and closed lower at 10,919 after some profit taking set in. Volumes were relatively higher with 147.1 million shares traded. The KSE-100 index has now risen over a 1000 points in the last 3 days and could well correct 2moro.
It appears that Nawaz, like a spoilt child, has thrown a hissy fit & walked out of the coalition meeting threatening to quit the coalition unless his demand that the old CJ be restored. As he (NS) is such an arsehole, we would certainly be better off without him. That fact that opinion polls show that he is the most popular person in the country does not say a lot for us as a nation ! Foreign papers were quick to pick up on the fact that the coalition’s talks amounted to nothing as Nawaz is adamant that the judges issue is resolved on his terms. Perhaps they should remind their readers that this is a man who had the Supreme Court stormed by his thugs while PM several years ago, therefore all his sanctimonious bullshit about the judiciary seems absurdly hypocritical.
News : After the Real Estate Investment Trusts (REITs), the Securities and Exchange Commission of Pakistan (SECP) is offering another development in this regard with the introduction of Private Equity and Venture Capital Funds (PE&VCF)…To foster the growth of these investment vehicles in Pakistan, significant incentives have already been provided by the government on the fiscal side in the Finance Act 2008. These include tax-free status for the fund up to 2014 and reduced capital gains tax rate of 10 percent as against 35 percent on sale of assets and shares of a private company to a PE&VC Fund….The PE&VCF will be an unlisted closed-end unit-trust fund open only to high net worth individuals and institutions. The fund will provide equity for seed/start-up capital, expansion, buyout as well as turn around although primarily to private companies, however, it can venture into privatisation deals as well. The management company or the FMC will be an NBFC licensed by the Commission to undertake the PE&VC Fund Management Services with a paid-up capital requirement of Rs 30 million. The promoters, directors and key executives of the FMC will have to comply with the fit and proper criteria made part of these regulations by the Commission. The minimum fund size has been fixed at Rs 250 million. The minimum number of investors has been fixed at five with a minimum subscription amount of Rs 10 million per investor that can only be raised through private placement. The fund is not allowed to list and has a maximum fixed life of fifteen years…. Daily Times
Market Low : 10,719.62 High : 11,061.45
Market Close : 10,919.06 — 199.43 points up.
10,719 - President Musharraf resigns
August 18, 2008
The KSE-100 index shot up to 10,719 on the news that President Pervez Musharraf finally resigned in the closing minutes of the market. The erection in the graph in the last 20 mins shows an increase of some 200 points. P.Mush’s resignation has removed the uncertainty factor for the market, which could well continue going up as many results are due this week and the next. Whatever P.Mush’s mistakes may have been, he is to be given credit for boosting the country’s economy, foreign reserves and the KSE-100 index. Perhaps his greatest service was to rid us of the stupidest fucking politician in the history of Pakistan, in 1999. Unfortunately not forever ! There is now no excuse for the current feeble govt. to not focus on improving the country’s economy and they should resolve the new president and judges restoration as soon as possible for more stability.
Dividends : Jahangir Siddiqui & Co. : 243.77% Bonus EPS : 86.37
JS Global Capital : 50% Cash : EPS : 17.48
Market Low : 10,258.71 High : 10,722.63
Market close : 10,719.62 — 460.91 points up
10,258
August 17, 2008
Friday’s close saw the KSE-100 index ignoring the sliding rupee and zooming up to close at its high of 10,258. The perception that there will soon be some clarity amidst all the current political uncertainty, led the market upwards. That immediate clarity will only come from the resignation of P.Mush which at the moment is unclear and we will see what happens in the next 2 days. One can hardly blame him to resist resigning when having a finger & a charge sheet pointed at him by two of the most corrupt politicians in the history of the country, that have robbed us blind. However a long and dragged out impeachment will currently dissolve the country’s economics even further. Speaking of the country’s poor economic state, has the Foreign Minister, Shah Mahmood Qureshi paid back the $120,000 the EAC has accused him of squandering on 2 PIA chartered flights recently ?
News : The Asian Development Bank and the Islamic Development Bank on Saturday agreed to offer $500 million each as emergency support within two weeks to help improve Pakistan’s foreign exchange reserves which have dropped to about $9 billion against $16 billion in October 2007. “Both the ADB and IDB have assured us to shore up our reserves by extending $1 billion emergency assistance before the end of this month,” a senior official of the ministry of finance told Dawn on Saturday.He said the IDB would be providing trade financing worth $500 million, adding that the World Bank would also be offering “upfront” funds out of its $1 billion annual assistance… Dawn
Market Low : 9,854.67 High : 10,258.71
Market Close : 10,258.71– 356.36 points up
Board Meetings for August 2008 - II
Soneri Bank Ltd (SNBL) : 18th
Indus Motors Co. Ltd (INDU) : 19th
Oil & Gas Development Company Ltd (OGDC ) : 20th
Allied Bank Ltd. (ABL)
Packages Ltd. (PKGS) : 21st
ICI Pakistan (ICI)
Pakistan Refinery Ltd. (PRL)
Lucky Cement (LUCK)
Muslim Commercial Bank Ltd (MCB) : 22nd
Arif Habib Bank Ltd (AHBL) : 23rd
National Bank of Pakistan (NBP) : 25th
Bank of Punjab (BOP) : 26th
Adamjee Insurance (AICL) : 3p.m.
NIB Bank Ltd : 27th
Nishat Mills Ltd. (NML)
Kot Addu Power Co. (KAPCO) : 28th
Askari Bank Ltd. (AKBL)
JS Bank Ltd. (JSBL)
Azgard Nine Ltd. (ANL)
National Refinery (NRL) : 31st
Bank Alfalah (BAFL)
KSE-30 Index recomposed from 15th August
August 14, 2008
The Karachi Stock Exchange (KSE) has carried out the exercise of re-composition of KSE-30 Index for the review period from January 1, 2008 to June 30, 2008. The recomposed KSE-30 index will be implemented from August 15, 2008.
Inclusions : Azgard Nine Limited + Arif Habib Ltd + Netsol Technologies Ltd + Pervez Ahmed Securities Ltd
Exclusions : Javed Omer Vohra & Company Ltd + Faysal Bank Limited + National Refinery Limited + ICI Pakistan Limited.
After the re-composition of the index the companies included in the re-composed KSE-30 index are :
- MCB Bank Ltd
- Oil and Gas Development Company Limited
- Jahangir Siddiqui & Co Limited
- Pakistan Petroleum Limited
- Fauji Fertiliser Company Limited
- Pakistan Oilfields Limited
- Pakistan State Oil Company Limited
- National Bank of Pakistan
- United Bank Limited
- Engro Chemical Pakistan Limited
- Pakistan Telecommunication Company Limited
- The Hub Power Company Limited
- Adamjee Insurance Company Limited
- Habib Bank Limited
- Arif Habib Securities Limited
- EFU General Insurance Limited
- Lucky Cement Limited
- Bank Alfalah Limited
- Fauji Fertiliser Bin Qasim Limited
- Azgard Nine Limited
- NIB Bank Limited
- DG Khan Cement Company Limited
- Askari Bank Limited
- The Bank of Punjab
- Nishat Mills Limited
- Packages Limited
- Attock Refinery Limited
- Netsol Technologies Limited
- Arif Habib Limited
- Pervez Ahmed Securities Limited
Source : Aaj News
Market Closed
The market will be closed today as its a public holiday for Independence Day . Not much to celebrate at the moment.
9,902
August 13, 2008
The Karachi Stock market dipped down to its support level of 9,700 and then recovered to close at 9,902. The rupee has fallen even more today and that is not helping the market, nor the economy. In fact nothing is helping the market or economy thanks to our fucked up government who has no clue about anything at all, other than seeking personal vendettas. Its clearly obvious that they give don’t give a fuck about the appalling economic situation and seem to think that by removing Musharraf and installing some judges , everything will be ok. The man on the street who eagerly rushed to vote for the current party in power, for " democracy ", is getting badly fucked by inflation and soaring food prices. With a billionaire thief, a total fucking idiot from the Punjab (also a billionaire thief) & PM Manuel whose English is as hopeless as his political ability, steering us through the current quagmire of shit, what hope do we have for the future ? (Probably another few months of indecison as to who will be the next President !) It seems we never learn.
Upper Caps : Shel / JSCL
Lower Caps : DGKC / LUCK / POL / JOVC
Market Low : 9,701.72 High : 9,963.58
Market Close : 9,902.35 – 61.23 points down
9,963
August 12, 2008
The KSE-100 index opened up and made a high of 10,250, it then dipped down to a low of 9,848 and recovered to close down at 9,963. Profit taking, a bomb blast and an even weaker rupee saw the market close lower. Greazy Z has backtracked on his remark in the recent Sunday Times article re : Mush siphoning off US aid, claiming he was quoted out of context ! A close below 9,900 will lead to 9,700-500. 2moro’s close is anyone’s guess !
Dividends : Pakistan State Oil : 125% Cash. EPS : 81.94 Shell Pakistan : 25% Bonus + 400% Cash EPS : 93.76
Market Low : 9,848.76 High : 10,250.50
Market Close : 9,963.58 – 208.28 points down
10,171 - Moody’s rating for Pakistan remains at B2.
August 11, 2008
The KSE-100 index continued upwards to make a high of 10,240 and closed up at 10,171. The market got the boost from the fact that Moody’s didn’t downgrade their rating on Pakistan. The next upward resistance is 10,500
News : Moody’s will maintain its rating for Pakistan despite political and economic problems country is facing, a senior analyst from the ratings agency said on Monday. Moody’s downgraded Pakistan’s rating to B2 from B1 in May because of growing economic imbalances and political difficulties that analysts say have plagued the government that came to power after the February elections. "B2 is a stable outlook and that’s the way it’s going to stay for now,"… Aaj News
Market Low : 9,893.20 High : 10,240.37
Market Close : 10,171.86 – 262.41 points up.
9,909
August 10, 2008
Friday saw the KSE-100 index dip down to 9,583 and then recover to close up at 9,909. Heavy support and buying from the EMOF took the market up along with the news that some of the bigger companies have expressed an interest in buying back their shares given the current incredibly low & attractive prices. Next week throws us into the impeachment saga which could see turbulence for the market especially if it turns out to be long and protracted.
News : Austrian oil and gas group OMV said on Friday it had acquired two exploration licences in southwest Pakistan. OMV will be part of a joint venture with state-run Pakistan Petroleum Ltd (PPL), which will operate the two blocks… Aaj News
Malaysia’s Maybank has bought another 5 percent of MCB Bank for about 703 million ringgit ($213 million), raising its stake in the South Asian nation’s biggest lender to 20 percent, it said on Friday… Aaj News
Upper Caps : BAFL / AICL / NBP / AHBL / UBL / DGKC / MCB / NML
Lower Cap : AHL
Market Low : 9,583.79 High : 9,936.94
Market Close : 9,909.45 – 202.16 points up
9,707
August 7, 2008
The Karachi Stock market opened and dipped down to 9,469, a new intra-day low for 2008. It then recovered making a high of 9,816 and closed marginally up at 9,707, just above its support level. At the moment, there is no point in further bellyaching about what the current hopeless govt.’s latest desperate move of trying to impeach P.Mush will do to the country/economy/dwindling foreign exchange reserves etc etc. The next few days will unravel the bumpy road ahead for the market. Given the fact that this (attempted impeachment) will not be a quick procedure, it will only lead to more uncertainty in this crapshoot of a market that the KSE-100 index has become. 8,700 or lower is a reality one could be facing soon.
Dividend : Nestle Pakistan : 75% Cash EPS : 18.08
Lower Caps : AHL / NML / AICL / ATRL
Market Low : 9,469.98 High : 9,816.98
Market Close : 9707.29 – 28.47 points up.
9,678
August 6, 2008
The KSE-100 index slid further downwards today on selling based on the "new" political agenda of the pathetic coalition govt.’s announcement to impeach P.Mush. The market has now fallen nearly 6,000 points since its all time high of 15,676 on April 18th, about 38%. At a time when the rupee is hitting newer lows and the economy is fucked (to put it mildly), the government should focus on strengthening its economy more than its failed politics and its pathetic inability to decide on anything in the last 5 months. With Greasy Z & Non Sequitur spending most of their time in Dubai and London, & the wet PM Manuel (think Fawlty Towers) at the helm of our non-government, its hardly suprising that there has been massive local & foreign selling in the market as they can’t be taken seriously. There is currently no need for impeachment which will rock an already unstable boat even further, there are far greater problems being faced in the country. If the Govt is so worried that they will be dissolved & are therefore clutching at the impeachment straw, they should do a better fucking job of being a Govt. The next stop on the slippery slope is yesterday’s low of 9,556 followed by support at 9,360.
Dividend : Pakistan Petroleum Ltd. : 10% Bonus EPS : 26.12
Pakistan Petroleum Ltd (PPL) on Wednesday reported a 17.9 percent jump in full-year net profit, fuelled by higher well-head gas and crude oil prices and strong growth.In a statement to the Karachi Stock Exchange (KSE) PPL, which operates Pakistan’s largest gas field, posted a net profit of 19.77 billion rupees ($273 million) in the year to June 30. This compared with a net profit of 16.77 billion rupees for the previous year… Aaj News
News : The Privatisation Commission here on Wednesday decided to complete privatisation of SME Bank, Hazara Phosphate Fertilizers Limited (HPFL), National Power Construction Company (NPCC) and Heavy Electrical Complex (HEC) by September 2008. Completion of all necessary arrangements for Global Depository Receipts (GDR) of Kot Addu Power Company (KAPCO) was ordered for its listing in October 2008… Daily Times
The Securities & Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange have agreed to expedite the demutualisation process in a way to get the KSE corporatised and demutualised by December 31, 2008. This was decided in a meeting on the demutualisation of the Karachi Stock Exchange on Wednesday at SECP’s Karachi Office convened by SECP Chairman Razi-ur-Rehman Khan…. Business Recorder
Market Low : 9,634.33 High : 10,042.47
Market Close : 9,678.82 – 363.64 points down
10,042
August 5, 2008
The Karachi Stock market’s opening was delayed this morning as a meeting was being held to discuss whether the index would be frozen at 9500 and other emergency market issues. As expected the SECP refused to freeze the market at 9,500 and the market dipped down to 9,556 and recovered rapidly towards the close to close up at 10,042. The market was boosted by the news re: wellhead gas prices increasing by 35% in the Sui field. This boosted the energy sector and therefore the market. The meeting between Zardari and Sharif amounted to fuck all as usual, and there will be another one 2moro. The next upward resistance is 10,250.
Dividends : Hubco Power Co : 10% Cash EPS : 2.25
Pakistan Petroleum Ltd. (PPL) is due to announce its results 2moro.
News : The wellhead prices have broadly risen by 10-35 percent on the back of higher Arab Light Crude Oil and HSFO prices in the last 6 months…OGRA has issued new gas wellhead prices for the period 1HFY09 (Jul-Dec 2008) of 12 major gas producing fields out of 49,…Well head gas prices in the country are fixed on half yearly basis in January and July every year, depending on the average Arab Light crude and HSFO prices during first six months of the preceding seven months period. The Arab Light average during this period stood at $98.4/barrel versus $75.2/barrel in the last six months, depicting a massive growth of 36 percent…Wellhead price of Sui has been increased by 35% under this revision, as there is no cap on the wellhead pricing of this field. Pakistan Petroleum Limited (PPL) with a 100% stake in Sui is the primary beneficiary of this revision. The field contributes around 64% in PPL’s total gas production… Daily Times
The “roll-over facility” shall now be allowed on the release of CFS MK-II transactions by financee at any point of time during the entire contract period. Moreover, such roll-over facility shall also be allowed on the “force release” of CFS MK-II contract ie, on the 23rd business day of such contract. The said changes are also catered in the CFS MK-II system and this facility will be available from August 6th, 2008…Margin eligible securities: KSE has revised the list of margin eligible securities. Deposit against exposure margins, market-to-market losses (where applicable) and special margins in the revised list of securities will be implemented effective from August 18th… The News
Hub Power Company Limited (HUBCO) on Monday announced that it has acquired 75 per cent controlling interest in Laraib Energy Limited (LARAIB) and will be setting up country’s first hydropower project by an independent power producer (IPP).The project is an 84mw, run of the river hydropower generating complex being set up about eight km downstream of Mangla Dam, HUBCO said in a notice issued to Karachi Stock Exchange… The News
Upper Caps : PPL / BAFL
Lower Cap : AHL
Market Low : 9,556.96 High : 10,042.47
Market Close : 10,042.47 – 189.29 points up
9,853 — 10k breaks — mkt at 21 month low
August 4, 2008
The KSE-100 index rose to make a high of 10,282 and then got raped again down to a low of 9,739 and closed down at 9,853. The market swung a total of 543 points from its high to its low and has closed at its lowest close since Dec.22nd 2006. Its seems that the Rs.5 billion worth of stock bought on Saturday did fuck all to stem the index’s continuous fall and the market has fallen a 1000 points in the last three trading sessions. The credit rating by S&P and Moodys due this week is said to having caused further panic selling today. It looks like the shorters have stepped in and could bash the index further down to 8700. The next downside support is 9700 followed by 9350. Oil fell below $120 for the first time in 3 months today.
News : The Securities and Exchange Commission of Pakistan (SECP) has turned down the proposal to freeze the stock market on Monday’s closing level or index 9,500 points. In an emergency meeting held at the residence of SECP chairman on Monday night, the board of directors of Karachi Stock Exchange (KSE) and Securities and Exchange Commission of Pakistan Chairman Razi-ur-Rehman discussed different suggestions to support the market. Some of the members gave a suggestion to freeze the stock market on Monday’s closing level or index 9,500 points. Senior KSE members also attended the meeting and discussed the prevailing situation at the local bourses. However, the final decision is likely to be taken on Tuesday before opening the market as some of the senior members opposed this proposal… Aaj News
Market Low : 9,739.01 High : 10,282.78
Market Close : 9,853.18 – 318.21 points down
10,171
August 3, 2008
Once again the KSE-100 index got gangbanged on Friday and closed down at 10,171 ( the lowest close since Jan.4th 2007 ) . While the market seemed to be on the right track after the interest rate announcement on the 29th , Thursday and Friday saw a slide of 680 odd points to bring us back to 10,171. While foreign selling and OMC margins were blamed for the decline , no-one has mentioned that big brokers have been bashing the market, relentlessly selling certain stocks and hammering some of the smaller brokers out of shape. Even a " large " broker has been slammed in this ride a few weeks ago.
So once again there was an emergency meeting on Saturday where the EMOF, NIT, NAFA and some of the bigger brokers picked up Rs.5 billion worth of stocks at Friday’s closing prices. The question is will this " stabilize " the market momentarily or will we see 10k break and another slippery slide to 8,700-9k. Investor confidence is at an all time low and the last two days haven’t helped. More people have been wiped out from the market this time around than any other " March 2005 Crisis " or previous crash. Have we seen the worst of it yet ? How much Vaseline can one apply ?
Dividends : Arif Habib Securities Ltd : 25% Bonus + 15% Cash. EPS : 27.66. Profit after Tax : Rs.8,297 million
Market Low : 10,122.59 High : 10,583.58
Market Close : 10,171.39 – 412.19 points down
Board Meetings for August 2008
Hub Power Co. (HUBCO) : 5th
Pakistan Petroleum Ltd (PPL) : 6th
Nestle Pakistan Ltd (NESTLE) : 7th
Shell Pakistan Ltd. (SHEL) : 11th
JOVC
Pakistan State Oil (PSO) : 12th
World Call Telecom (WTL)
Faysal Bank Ltd. (FABL)
Jahangir Siddiqui & Co. (JSCL) : 16th
Crescent Commercial Bank Ltd. (CCBL)
