7,807 - correction
April 15, 2009The 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
Market Low : 7,604.76 High : 7,885.15
Market Close : 7,807.08 – 25.77 points down
