7,335 - more correction
April 23, 2009The 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
Market Low : 7,314.59 High : 7,630.66
Market Close : 7,335.72 – 238.45 points down
