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
