7,574 - correction
April 22, 2009The 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
Market Low : 7,525.96 High : 7,865.18
Market Close : 7,574.17 — 259.97 points down
