5,788
March 5, 2009
The Karachi Stock market made a high of 5,924 and closed lower after some profit taking. The index looks like it might struggle its way towards 6200, depending on what further political bullshit transpires.
Dividends : Shell Pakistan has reported a loss after tax of Rs5.164 billion during the first half of 2008-09 compared to profit after tax of Rs1.689 billion in the corresponding period last year. According to the financial results reaching Karachi Stock Exchange (KSE) here on Thursday, the oil marketing company has recorded a pre-tax loss of Rs8.420 billion during the period ending December 31, 2008. Loss per share stood at Rs75.41 during the period under review against an earning per share of Rs24.66 in the same period last year… Source : The News
News : The Petroleum Ministry on Tuesday agreed to increase deemed duty from 7.5 percent to 10 percent for oil refineries with an upper cap at $80 per barrel crude oil price in the global market. According to new proposed formula, oil refineries will not be able to get 10 percent deemed duty if crude oil price exceeds $80 per barrel in international market…it was also decided in a meeting that the government would provide loans to oil refineries to expand their operations according to their capital value. The oil refineries will have to pay these loans after a five-year period. Oil refineries are not currently meeting the international standards even after receiving 7.5 percent deemed duty… Aaj News
Market Low : 5,765.84 High : 5,924.28
Market Close : 5,778.27 – 27.16 points down
