7,344 - panic selling
April 27, 2009The KSE-100 index opened up and made a high of 7,674. It then slid downwards and ended the day at 7,344, eroding virtually all its gains from Friday. Volumes were relatively very low at 108.6 million shares traded. Its possible that after some more downside the index could recover slightly 2moro.
Dividends : Pakistan Petroleum Limited (PPL) on Monday announced a 15.24 per cent increase in year-on-year profit for the third quarter (Jan-Mar 2009) on the back of higher price of gas produced from its different wells. PPL, the country’s second largest petroleum production company, is also expected to post higher profit for the full year which ends in June because of the lagging effect of a gas pricing formula linked with international oil price, analysts say….After tax profit of PPL surged to Rs7.195 billion in the Jan-Mar quarter compared to Rs5.678bn in the same period of previous year. Sales jumped over 31pc to Rs15.7bn from last year’s Rs11.9bn…. The News
Lucky Cement registered 52 percent growth in its net profit during the first nine months of current financial year on the back of high sales and export. The company’s net profit increased to Rs 3.072 billion during the period under review against Rs 2.014 billion in the same period of previous year…Earnings per share (eps) rose to Rs 9.50 in July-March of 2008-09 from Rs 7.65 per share in the corresponding period of last year. Profit before tax also jumped to Rs 3.488 billion compared to Rs 1.629 billion in the previous year…. DG Khan Cement posted Rs 321.117 million net profit in the first nine months of the current financial year against Rs 194.069 million in the same period of the previous year, reflecting 65 percent growth. Earnings per share also increased to Rs 1.27 in the period under review over Rs 0.77 in the previous year…. Daily Times
Adamjee Insurance Company Limited registered 400 percent growth in its net profit to Rs 441.44 million in the quarter ended on March 31, 2009 against Rs 88.425 million in the same period of previous year. Earnings per share also grew to Rs 4.32 in the quarter under review over Rs 0.86 in the same quarter of last year… Daily Times
News : Pakistan banks were cut to “neutral” at Bank of America Corp. after helping the nation’s stock index post the world’s fourth-biggest gain this year. Bank of America’s Merrill Lynch unit, citing the outlook for earnings and recent stock gains, lowered its ratings on MCB Bank Ltd. and United Bank Ltd., to “neutral” from “buy.” Allied Bank Ltd. and National Bank of Pakistan were reduced to “underperform” from “neutral.” …. Daily Times
Market Low : 7,326.51 High : 7,674.33
Market Close : 7,334.94 – 275.93 points down
