7,620 - recovery
April 25, 2009On 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
Market Low : 7,235.05 High : 7,632.17
Market Close : 7,620.87 – 285.15 points up
