7,902 - discount rate cut by 100bps
April 20, 2009The 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
Market Low : 7,794.95 High : 7,977.25
Market Close : 7,902.48 – 107.53 points up.
