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
