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 ...
Having made a high of 7,549, the KSE-100 index got fucked again and closed down at 7,271. The market has lost its upward steam for the moment and will continue to be shaky until all the trouble settles. The result season is practically over now and PTCL and AHSL wil announce their results 2moro.
Dividends : Jahangir Siddiqui & Co. Ltd (JSCL) reported a Rs 4.093 billion loss in the first quarter of 2009 against the profit of Rs 5.920 billion company earned in the same period of the previous year. The earning per share also turned negative to Rs 5.36 in the quarter under review over Rs 7.91 in the corresponding period of last year,…The huge losses incurred by the company have been attributed to provision for impairment against investment in subsidiaries, associates and joint ventures and that came to Rs 3.967 billion in January-March quarter of current calendar year… Daily Times
National Bank of Pakistan (NBP) has posted a net profit of Rs4.2 billion in the first quarter of the current calendar year 2009. This is eight per cent lower than Rs4.6 billion the bank earned in the corresponding quarter last year.This translated into earning per share (EPS) of Rs4.79 in the period under review against Rs5.16 EPS in the first quarter of 2008….The decline was mainly led by an 11 per cent drop in non interest income as the bank received a one-off income tax refund of Rs988 million from tax authorities last year… The News
News : The State Bank of Pakistan (SBP) has granted approval to Jahangir Siddiqui & Company Limited (JSCL) to conduct due diligence for the acquisition of Royal Bank of Scotland (RBS). After receiving the approval from the central bank on Wednesday, JSCL would now conduct an investigation or audit of the potential investment….With the permission for the due diligence the first step of acquisition has been fulfilled and now the interested parties would evaluate market value of RBS. In the final step they would bid for it, depending on the due diligence report… Daily Times
The Karachi Stock market dipped down to a low of 7,187 ( its lowest point since April 9th ) and then recovered to close up at 7,430. Hopefully the market will stabilize and close above 7,500 , heading upwards again.
News : The board of directors of Engro Chemical Pakistan Limited, in its meeting held on Tuesday, agreed in principle to carry out a demerger of Engro, in terms of which its fertiliser business is proposed to be bifurcated from Engro and transferred/merged into a wholly owned subsidiary (to be incorporated)….Essentially, the fertiliser assets of Engro will be substituted by shares of its new wholly owned subsidiary. Engro will then function as a pure holding company and oversee the business of its new fertiliser subsidiary as well as the business of its other existing subsidiaries/affiliate…. Aaj News
The KSE-100 index opened up and made a high of 7,674. It then slid downwards and ended the day at 7,344, eroding virtually all its gains from Friday. Volumes were relatively very low at 108.6 million shares traded. Its possible that after some more downside the index could recover slightly 2moro.
Dividends : Pakistan Petroleum Limited (PPL) on Monday announced a 15.24 per cent increase in year-on-year profit for the third quarter (Jan-Mar 2009) on the back of higher price of gas produced from its different wells. PPL, the country’s second largest petroleum production company, is also expected to post higher profit for the full year which ends in June because of the lagging effect of a gas pricing formula linked with international oil price, analysts say….After tax profit of PPL surged to Rs7.195 billion in the Jan-Mar quarter compared to Rs5.678bn in the same period of previous year. Sales jumped over 31pc to Rs15.7bn from last year’s Rs11.9bn…. The News
Lucky Cement registered 52 percent growth in its net profit during the first nine months of current financial year on the back of high sales and export. The company’s net profit increased to Rs 3.072 billion during the period under review against Rs 2.014 billion in the same period of previous year…Earnings per share (eps) rose to Rs 9.50 in July-March of 2008-09 from Rs 7.65 per share in the corresponding period of last year. Profit before tax also jumped to Rs 3.488 billion compared to Rs 1.629 billion in the previous year…. DG Khan Cement posted Rs 321.117 million net profit in the first nine months of the current financial year against Rs 194.069 million in the same period of the previous year, reflecting 65 percent growth. Earnings per share also increased to Rs 1.27 in the period under review over Rs 0.77 in the previous year…. Daily Times
Adamjee Insurance Company Limited registered 400 percent growth in its net profit to Rs 441.44 million in the quarter ended on March 31, 2009 against Rs 88.425 million in the same period of previous year. Earnings per share also grew to Rs 4.32 in the quarter under review over Rs 0.86 in the same quarter of last year… Daily Times
News : Pakistan banks were cut to “neutral” at Bank of America Corp. after helping the nation’s stock index post the world’s fourth-biggest gain this year. Bank of America’s Merrill Lynch unit, citing the outlook for earnings and recent stock gains, lowered its ratings on MCB Bank Ltd. and United Bank Ltd., to “neutral” from “buy.” Allied Bank Ltd. and National Bank of Pakistan were reduced to “underperform” from “neutral.” …. Daily Times
On Friday the KSE-100 index dipped down to a low of 7,235 and then the index recovered to close up at 7,620, a gain of 3.8% . the next upward resistance is 7,900 and the market could well head that way with more results to be announced next week. AICL, PPL, ENGRO & ICI will anounce their results next week amongst several others.
Dividends : Habib Bank Limited (HBL) reported an unconsolidated profit after tax at Rs3.5 billion for the first quarter of current calendar year 2009. This is over 10 per cent higher than Rs3.9 billion profit the Bank declared in the same period last year…The net earnings of the Bank on account of mark-up, non-mark-up and earned interest surged to Rs20.2 billion from Rs15.8 billion in corresponding period in 2008 - witnessing a growth of about 28 per cent on year-on-year basis… The News
News : Fertilizer consumption increased by 104 percent in January-March 2009 with the sharp rise in both urea and DAP sales during the period. According to the latest fertilizer data released by the National Fertilizer Development Centre (NFDC), the overall fertilizer sales has recorded 1.9 million tonnes in Jan-Mar 2009 compared to 1.6 million tonnes last year. Due to low prices of DAP in the market and better crop support prices, offtake in March 2009 surged by a massive 244 percent to 75,000 tonnes from just 22,000 tonnes in March 2008. As a result, offtake during Jan-Mar 2009 rose to 189,000 tonne up 104 percent from 93,000 tonnes in 1Q2008. Urea sales continued to show a positive trend with March 2009 offtake recorded at 464,000 tonnes up 8 percent YoY…. Daily Times
The Karachi Stock market got gangbanged further down to a low of 7,314 and closed at 7,335. The last two days have seen the market correct by nearly 500 points (6.3%). The index could see further downside 2moro.
Dividends : Oil & Gas Development Company (OGDC), the giant oil and gas exploration & production concern, reported a net profit of Rs44.4 billion for nine months ended March 31, 2009. This is over 22 per cent higher profit than Rs36.3 billion the company earned in the corresponding period last year. Accordingly, earning per share (EPS) improved to Rs10.33 from Rs8.44 in the same period in 2008…Exploration and prospecting expenditure of the company fell to Rs4.3 billion in 2009 against Rs5.4 billion in the corresponding period last year, down over 20 per cent year-on-year basis. General and administration expenses were reduced by 11 per cent to Rs765.6 million from Rs860.2 million last year…For the third quarter of current fiscal OGDC posted net earnings of Rs12.6 billion against Rs12.2 billion in the same quarter last year. The earning per share (EpS) for the third quarter was Rs2.93 against Rs2.84 in 2008… The News
NIB Bank has announced a huge jump of 337 per cent in its net profit at Rs400.3 million for the first quarter of current calendar year 2009 on Thursday as compared to Rs91.5 million profits the Bank declared in the same quarter last year. This translated into an Earning per Share (EpS) at Rs0.10 against Rs0.03 EpS recorded in the similar period last year…Mark-up earned by the Bank in under the quarter under review stands at Rs4.7 billion, which is Rs1.3 billion higher than the same quarter of 2008… The News
The KSE-100 index got bashed today with a big correction of 260 points. Heavy selling and profit taking took the index down to a low of 7,525 and then the market recovered to close at 7,574. Support is at 7,500 with the next downside towards 7,200.
Dividends : Pakistan State Oil (PSO), the largest oil marketing and state-owned company with 71.7 per cent market share, averted losses in the third quarter (Jan-March) of the current fiscal year, as it earned a profit after tax of Rs780 million. Earlier, the first two quarters had shown a huge cumulative loss of Rs10 billion. Owing to this, for the nine months, the company posted losses of Rs9.3 billion. On year-on-year basis, the profit for the third quarter at Rs780 million is about 75 per cent lower than Rs3 billion the company earned in the corresponding period last year… The News
News : The State Bank of Pakistan has given the green signal to the country’s two largest banks for commencing due diligence for the acquisition of Royal Bank of Scotland (RBS),..On April 15, after announcement by HBL and MCB, Jahangir Siddiqui and Co (JS) also announced that it was also interested in buying the operations of RBS in Pakistan…"Yes, we have allowed HBL and MCB bank for commencing due diligence for the buying operation of RBS," said Wasimuddin, chief spokesman of SBP…He also confirmed that JS application had also been received, which was being considered… Aaj News
The market made a high of 8,038 and unable to sustain its gains it fell to a low of 7,815, closing down at 7,834. Breaking the 8k index level appears to be a hard nut to crack and it seems the 1% rate cut did not provide the impetus to do it. It’s still possible that good results could take the market to 8,400-500 in the next few days.
Dividends : The profit after tax of Pakistan Oilfields Limited (POL) has declined to Rs 821.818 million in the quarter ended March 31, 2009 as compared to Rs 1,703.017 million earned in the corresponding period in 2008… the company’s earning per share has decreased to Rs 3.47 in the period under review against Rs 7.20 in the same period a year back… Aaj News
Kapco announced its third quarter 2008-09 result, which shows a growth of 9 percent on a year on year basis… The company posted NPAT of Rs 4.17 billion against NPAT of Rs 3.82 billion in the corresponding period last year. Topline rose by 44 percent YoY to reach Rs 53 billion in said period versus Rs 37 billion in the same period last year. The surge in topline is on the back of a weaker Rs against the greenback as Kapco’s tariff is indexed to the Us dollar and also due to a higher amount of electricity generated in the review period… Daily Times
Fauji Cement has posted profit after tax of Rs701.208 million for the nine months of 2008-09. According to financial results of the company dispatched to the Karachi Stock Exchange (KSE) here on Tuesday, the profit before tax improved to Rs976.597 million for the period ending March 2009. Earning per share improved to Rs0.945 during the period under review… Source : The News
The KSE website has still not pulled its finger out and sorted out the daily KSE-100 index graphs !
The Karachi Stock market made a high of 7,977 and closed at 7,902. Shortly after the market closed, the SBP announced a 100bps cut on its discount rate to 14%, the Text of the Governor SBP’s speech on the Monetary Policy statement can be read here… The Nation . The cut in the rate should help the market break through 8k and head towards 8,400-500.
Dividends : Attock Petroleum has earned a record profit after tax of Rs2.21 billion for the nine months of 2008-09 but did not declare dividend. According to financial results of the company dispatched to the Karachi Stock Exchange (KSE) on Monday, the pre-tax profit was also up at Rs3.02 billion for the period ending March 2008. The earning per share surged to Rs38.51 during the period under review compared to Rs28.91 in the same period last year. Sales were also high at Rs45.04 billion over last year’s Rs35.95 billion… Source : The News
United Bank Limited (UBL) announced consolidated profit before tax (PBT) of Rs 4.2 billion for the first quarter of year 2009, nearly 12 percent lower than last year, mainly on account of the recessive conditions in the domestic market and the persistent global slowdown. Profit after tax at Rs 2.8 billion translates into basic Earning per Share (EPS) of Rs 2.72, which is 12 percent lower than in the same period last year… Daily Times
News : Pakistan State Oil (PSO) has taken an initiative towards alternative fuels by launching a pilot project for production of bio-diesel. For this purpose, PSO has developed Jatropha Model Farm at Marshalling Yard, Pipri, Karachi… PSO has selected non-edible plants like Jatropha Curcas for the production of bio-diesel. Jatropha oil has very low sulphur content (0.13 per cent) versus 1 per cent of petro-diesel and it increases soil fertility. The oil extracted from its seeds blends well with petro-diesel because of its unique characteristics… The News
The State Bank of Pakistan (SBP) cut on Monday its discount rate, the key policy rate, by 100 basis points to 14 percent for the rest of the fiscal year ending on June 30, State Bank of Pakistan Governor Salim Raza said… Source : Aaj News
Friday saw the KSE-100 index dip down to a low of 7,524, and then in the second session the index bounced back on the news of $5.28 billion pledged in the FODP meeting in Tokyo. Making a high of 7,910, the market closed at 7,794. The Monetary Policy will be announced on Monday 20th April. A zero to nominal interest rate cut is expected.
The result season will be in full swing from next week with POL, PSO, OGDC & FFC to announce their results amongst several other companies.
Dividends : Attock Cement Pakistan Limited (ACPL) registered phenomenal growth of 194 percent in its net profit in the 1st quarter of 2009 on the back of heavy growth in its sales and gross level margins. Net profit came to Rs317 million in January-March 2009 against Rs108 million in the corresponding period of previous year. Earnings per share (eps) also jumped to Rs 4.41 in the period under review from Rs 1.50 in the same period of previous year… Daily Times
The Karachi Stock market opened up and made a high of 8,022 points. Unable to sustain its gain, the market closed down at 7,670. Today was one of the more volatile sessions with the KSE-100 index swinging 426 points between its high & low. There could be further corrections down to 7,500. The market could well stay volatile until its clear what is announced re: the monetary policy on Monday.
News : The International Finance Corp (IFC), a member of the World Bank Group, is making a $50 million equity investment in Packages Limited, Pakistan’s largest paper and board producer…With IFC’s support, the company will also undertake several programmes designed to have a positive impact on climate change. These include increased waste-paper collection and installation of waste-heat recovery systems and closed-loop systems for water at company factories…The News
The KSE-100 index corrected down to a low of 7,604 and then recovered to close at 7,807. The direction of the market hangs on how much money we will get in the FOP meeting in Tokyo on Friday and the monetary policy announcement on Monday. There are already various reports from analysts saying that there will be no interest rate cut or a nominal one at best.
Dividends : Shell Pakistan has posted a profit after tax of Rs374.14 million during the quarter of 2008-09. According to financial results reaching Karachi Stock Exchange (KSE) on Wednesday, the pre-tax profit of the company has fallen to Rs42.92 million during the period ending March, 2009. The earning per share has also dropped to Rs5.46 during the period under review against an earning per share of Rs14.05 in the same period last year. Shell said that the fall in profit was mainly due to inventory losses resulting from unfavourable movements in international oil prices. Shell said that it paid a financial cost of Rs185 million during the quarter on the sizeable receivables of Rs5 billion against the government as well as public sector organizations… Source : The News
News : The State Bank of Pakistan on Wednesday announced over 50 percent reduction in minimum capital requirement (MCR) to facilitate the banking sector. This decision has been taken in view of the general global slowdown in growth and capital accumulation by financial institutions and representations from shareholders, the SBP said….According to the circular, the banks will now be required to raise their minimum paid-up capital (free of losses) to Rs 6 billion by December 31, 2009; Rs 7 billion by December 31, 2010; Rs 8 billion by December 31, 2011; Rs 9 billion by December 31, 2012; and Rs 10 billion by December 31, 2013… Aaj News
There is no graph today due to a glitch in KSE’s third-rate website.
The Karachi Stock market rose to a high of 8,009 and then corrected down to close at 7,832. It’s possible the market could correct further before going up having gained 576 points in the last two sessions. Upward resistance is 8,100 with downside towards 7,500. Clocks will be going forward by one hour at midnight tonight.
News : Karachi Stock Exchange (KSE) has decided to end trading of odd-lot shares in the market.The decision was taken in the meeting of board of directors of KSE here on Tuesday. According to a director of KSE, the blocking of odd-lot shares would come into effect within one month. Odd-lot shares often incur losses to seller as minimum buying for any scrip ranges between 50-500 shares in the stock market….Daily Times
Pakistan will announce the monetary policy for the last quarter of the 2008/09 (July-June) fiscal year on April 20th, Syed Wasimuddin, chief spokesman for the State Bank of Pakistan, said on Tuesday. Analysts are expecting a cut in interest rates as inflation has eased from a record high of 25.3 percent in August last year to 19.07 percent in March. Pakistan’s key discount rate was kept unchanged at 15 percent when monetary policy was announced in January after it was raised by 500 basis points in 2008… Aaj News
Pakistani financial services company Jahangir Siddiqui and Co Ltd. said on Tuesday it is interested in buying the operations of Royal Bank of Scotland (RBS) in Pakistan. JSCL is the third Pakistani company to express an interest in buying RBS’s Pakistani operations after Habib Bank Ltd and MCB Bank did so on Monday. RBS Pakistan has a market cap of around $266 million. "JSCL has been invited to conduct due diligence of RBS Pakistan," JSCL said in a statement to the Karachi Stock Exchange. "JSCL will apply to the State Bank of Pakistan through the financial advisers of RBS, to obtain the requisite permission to commence due diligence of RBS Pakistan."… Aaj News
The KSE-100 index opened up with an erection of over 200 points and stayed steady all day , closing up by 254 points ( 3.3% ) . The market has gained by 7.7% since Friday morning and the 8,000 index level could well be crossed in the near future, leading to 8,400.
News : Habib Bank Ltd. (HBL) and MCB Bank are interested in buying the operations of Royal Bank of Scotland (RBS) in the South Asian nation,…Habib Bank, which is majority owned by the Aga Khan Fund for Economic Development, and MCB, which is 20 percent owned by Malaysia’s Maybank, said in statements to the Karachi Stock Exchange that they had expressed an interest to acquire the shareholding of RBS in Pakistan. The banks, two of the biggest in Pakistan, are seeking approval of the SBP to commence due-diligence. RBS said in February it intended to explore new ownership of its operations in Pakistan due to its capital constraints and the need for the bank to reduce the size of its balance sheet. "The market capitalisation of RBS Pakistan today is $266 million, so that is the minimum price it would get," said Asif Qureshi, head of research at Invisor Securities Ltd…Aaj News
Friday’s close saw the market back on track again, closing up with a big gain of 321 points ( 4.4% ). It looks like the market could continue upwards towards 8000. Volumes shrank down to 191.2 million compared to the previous 3 sessions.
News : The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow Pakistan Petroleum Limited (PPL) to get oil and gas exploration rights of Block 27 in Yemen…This step is a milestone by virtue of being the first effort by a local public sector company to extend its exploration activities beyond the border with a minimum financial commitment of $15 million… Aaj News
The Economic Co-ordination Committee (ECC) of the Cabinet is likely to approve, on Monday, a three-year oil refinery policy containing incentives for oil refineries and penalties if the refineries failed to complete the projects for upgradation of the petroleum products by 2012…. the new formula for ‘deemed duty’ for oil refineries would be implemented from May 1, 2009, if the ECC accorded its approval. Under the new policy, the Petroleum Ministry has proposed to increase in ‘deemed duty’ from 7.5 percent to 10 percent, with a cap at $80 per barrel…. Aaj News
A volatile day at the Karachi Stock Exchange with the market dipping down to 7,136 and then staging an incredible recovery of 352 points to make a high of 7,488. Eventually the gains gave way to a lower close at 7,295. Volumes were slightly lower today with 280.5 million shares traded. The market could well test 7,100 again before continuing its momentum.
Pakistan’s benchmark stock index may rise to 9,000 by the end of the year amid signs of an improving economy, extending gains that have made the market the world’s third-best performer this year, Credit Suisse Group said. Government data will probably show inflation slowing to 18.5 percent last month from 21.1 percent in February, allowing the central bank to lower interest rates even as the nation’s external account and foreign currency reserves improve, analyst Farid Khan said in a report today. The forecast of 9,000 means the Karachi Stock Exchange 100 Index may rise 23 percent from yesterday’s close. The KSE 100, as the index is also known, has rallied 25 percent this year, lagging behind only measures in Peru and China, according to data tracked by Bloomberg. The Pakistani gauge plunged a record 58 percent last year amid political upheaval. Stocks on the index now trade at 6.1 times estimated 2010 earnings, the cheapest in Asia…. Bloomberg
A notice issued by Atlas Bank said the majority shareholders of SPCB had entered into a memorandum of understanding with the sponsors of Atlas Bank for merger of Atlas into SPCB, subject to State Bank of Pakistan’s and other regulatory approvals…Mergers of small banks had been widely anticipated in the wake of enhanced paid up capital requirements set by the central bank for banks last year. The SBP had decided in September last year to raise minimum paid up capital requirements for all locally incorporated banks to Rs 23 billion (net of losses) to be achieved in a phased manner in order to further strengthen the solvency of individual bank / DFI. The paid up capital requirement is Rs 6 billion by the end of 2009; Rs 10 billion by 2010; Rs 15 billion by 2011; Rs 19 billion by 2012; and Rs 23 billion by 2013… Daily Times
The KSE-100 index finally underwent a good correction after many days of upward movement. Having made a high of 7,674 ,the market closed down at 7,340, losing 295 points (3.8%). Volumes were still on the high side with 297.1 million shares traded. The correction could well continue by another 250 odd points.
News : Pakistan’s Attock Refinery Ltd (ARL) will start erecting a new 12,400 barrels per day (bpd) diesel hydrotreater and an isomerization unit at its refinery before end-June to produce cleaner autofuels…The hydrotreater is used for removing sulphur from diesel produced at the 40,000-bpd refinery in Rawalpindi, while the isomerization unit helps boost the octane level and reduces benzene and olefins in gasoline. This move enable ARL to move to Euro II emission standards, which limit diesel sulphur content to 0.05 percent...Aaj News
The Karachi Stock market closed on yet another positive note today with an enormous volume of 316.2 million shares were traded . It was mainly the garbage "penny" stocks like NIB, Worldcall and TRG that accounted for 75 million odd. The market closed plus despite OGDC and the big "P’s " trading down and is skating on very thin ice now with no real correction in the last 775 points.
News : The Securities and Exchange Commission of Pakistan (SECP) has decided to discontinue CFS Mk-II and Deliverable Futures products in the best interests of the capital markets in Pakistan. The effective date of the discontinuation is Wednesday, April 8th. CFS Mk-II will be phased-out in 3 working cycles of 22 business days. Therefore, the complete phase out will be completed in 66 working days. Starting from Apr 8, 2009, no fresh take-up in CFS Mk-II shall be allowed. Furthermore, no new contracts will be opened in the Deliverable Futures Market from April 20th…. The Nation
News : The Securities and Exchange Commission of Pakistan (SECP) is likely to announce its decision regarding phasing out existing CFS Mk-II and to introduce new products in one or two days… Aaj News
An incredible week for the Karachi stock market with the market closing at 7,432 on Friday, an increase of 629 points ( 9.24%) since the following Friday. The market has reached its 7,500 target and there should be a healthy correction coming soon.
News : National Bank of Pakistan will hold its 60th annual general meeting on April 28 in Karachi where a resolution will be presented before shareholders to approve increase in the bank’s authorized capital from Rs 10 billion to Rs 25 billion… Daily Times
Iraq’s Oil Ministry has qualified nine foreign oil firms out of 38 interested parties for a second round of bidding for contracts in some of its prized oil and gas fields. The firms are Russian state oil firm Rosneft and Russian mid-sized oil firm Tatneft, Kazakh state-run KazMunaiGas, Vietnam’s Petrovietnam, Angola’s state-owned Sonangol, state-run Pakistan Petroleum Ltd (PPL), Japan Oil, Gas and Metals National Corp (JOGMEC), Cairn Energy PLC of Britain and state-run Oil India Ltd…. Aaj News
Another stonking great performance for the KSE-100 Index, closing up at 7,191 , an increase of 3.73%. It’s possible that there could be some weekend 2moro after today’s big upward move.
News : Bosicor Pakistan is set to start production from the country’s largest oil refinery by June 2010 as part of its endeavour to become a leader in petroleum refining and marketing business, its Chairman Amir Abbassciy said on Thursday.The refinery, which will process 120,000 barrels of crude oil a day, and is in addition to its existing 30,000bpd refining unit, is going to complement the company’s oil marketing arm,..Bosicor which joined hands with private equity giant Abraaj Capital last year, has pumped $600 million to form a fully integrated petroleum business… The News
It is enhancing production from its existing refinery to 40,000bpd in the next few months. Work is underway on the construction of a sub-sea pipeline and single buoy mooring facility. And by year-end it will have constructed the country’s largest oil storage tanks.
The government announced the new petroleum policy for the year 2009, on Thursday. …Advisor to Prime Minister for Petroleum & Natural Resources, Dr. Asim Husain said that over 100 licenses would be issued for oil and gas exploration in the country. He said the new liberal policy will attract local and foreign investors and the government will provide them with all facilities in this regard…He said the country is producing 67000 barrels of oil per day… The News
The country’s two major cement manufacturers have shown their interest to acquire the controlling shares of Dewan Cement Limited which is presently running in loss, …Sources said the consortium of Pakistan banks, which was financing the Dewan Cement, has now approached the Lucky Cement Company and the DG Khan Cement Company with a view to convince them to strike a deal either to acquire the controlling shares of Dewan Cement or at least make a partnership with the said company…. The Nation
The KSE-100 index continued its upward march after yesterday’s correction, making a high of 7,041 and closed up at 6,931. The total volume of shares traded was considerably lower at 144.6 million. The market is headed towards 7,500.
News : The Hub Power Company (HUBCO) has received a payment of outstanding amount of Rs35.458 billion from WAPDA through circular debt settlement arranged by the federal government…. Rs30.156 billion was immediately paid to Pakistan State Oil (PSO) in accordance with the settlement procedure. After this settlement, the receivables against WAPDA are estimated at Rs27.8 billion while HUBCO has to pay Rs24 billion to PSO against the supply of furnace oil… The News
Pakistan’s stocks marched towards a record gain during March 2009 with the KSE-100 index posting a rise of 20 percent. "These huge gains in a month were seen after a gap of 49 months" observed Mohammed Sohail, a leading stock analyst. He said that Pakistan outperformed the emerging markets by 800 basis points in March 2009. He recalled that the last time when the Karachi stock market went up by 22 percent was in February 2005,... Aaj News
