KARACHI STOCK MARKET NEWS

Market Low : 7,256.81  High : 7,367.20

Market Low : 7,188.84  High : 7,303.07

Market Close : 7,288.13 – 99.29 points up

News : Etisalat, the buyer of Pakistan Telecommunication Company (PTCL), has withheld $799.3 million until the Government of Pakistan (GoP) transfers properties in Sindh and Punjab in favour of PTCL,….PTCL was privatised through the sale of 26 percent shares for $2,598,960,000.00, to be paid in nine equal instalments, payable on a bi-annual basis. As per Share Purchase Agreement (SPA), GoP is required to provide clean titles of 100 percent of PTCL properties (3384 in number) by January 12, 2008. Payment of balance sum of $1.198 billion was contingent upon transferring titles to the properties in question….However, to date, a balance of 161 non-transferred properties (including 71 in Punjab and 45 in Sindh) remain outstanding and consequently the instalments ($133.218 million each), due on March 12, 2008 and September 12, 2008 have been withheld by the buyer. Etisalat has now paid a total of $1.799 billion and the balance of $799.3 million remains, which Etisalat intends to adjust against the value of non-transferred properties,… Aaj News

Market Low : 7,164.53  High : 7,268.87

Market Close : 7,188.84 — 11.95 points up

Suttabhai is travelling and posting might be sporadic for the next few days.

News : Fitch Ratings-Singapore, has downgraded Pakistan-based United Bank (UBL) individual rating to ‘D/E’ from ‘D’, and affirmed its support rating at ‘5′. Concurrently, the agency has also affirmed the ratings of the following three Pakistani banks.
HABIB BANK LIMITED (HBL): Individual rating affirmed at ‘D/E’, Support affirmed at ‘5′; MCB Bank Limited (MCB): Individual rating affirmed at ‘D’, Support affirmed at ‘5′; and National Bank of Pakistan (NBP): Individual rating affirmed at ‘D’, Support affirmed at ‘5′….Aaj News

The KSE website, www.kse.net.pk has become an embarrassment. From dropping its daily graph for the last 5 weeks, it is now stuck on figures & the close for May 18th !! Would the person/s responsible please wake up and bring the site back to speed.

With the removal of the uncertainty of taxation on the Karachi Stock market, Friday’s session made a high of 7,179 and closed up at 7,146. The market could re-test 7,500 in the next few days. The total volume of shares traded accelerated to 168.7 million.

Market Low : 6,969.82  High : 7,1719.47

Market Close : 7,146.24 – 176.42 points up

The KSE-100 index took a big dump on the Information Minister’s vague statement about taxing the bourses in the upcoming budget. The market fell to a low of 6,841 and then recovered on an apparent statement by the Advisor to the Finance Minister saying that there would be no CGT until June 2010. The market has finally closed below 7000 points for the first time since April 1st. Trading  could remain shaky and volatile till the budget is announced in June as rumours will be used to conveniently bash the market. Adamjee Insurance went against the downward grain today, closing at its upper limit with the highest volume traded for a particular share, based on rumours of foreign investment in its Life Insurance wing .

Market Low : 6,841.03 High : 7,060.72

Market Close : 6,969.82 – 90.90 points down

Market Low : 6,981.57  High : 7,084.61

Market close : 7,060.72 – 7.13 points down

The KSE-100 index got banged down to 7,048 and closed down at 7,067. The market has finally closed below its support level of 7,080 which it has been holding onto for some time and the close was the lowest since May 4th. The volume of shares traded today shrank down to 63.5 million. If 7k breaks then further downside heads to 6,800.

Market Low : 7,048.45  High : 7,209.35

Market Close : 7,067.85 — 105 points down

Another rangebound, lacklustre day at the Karachi Stock market with  a high of 7,230 and closing down at 7,172.

Market Low : 7,158.95  High : 7,230.24

Market Close : 7,172.85 – 4.79 points down

It is now over a month that there is no graph available at www.kse.net.pk to chart the KSE-100 index on a daily basis . Quite pathetic and fucking hopeless !!

The KSE-100 index closed up on Friday at 7,177. The market held onto its support levels of 7,080 throughout the week despite massive foreign selling.

Market Low ; 7,124.70 High : 7,220.89

Market Close : 7,177.64 — 35.22 points up

After yesterday’s intra-day high at 7,435, the Karachi Stock market failed to break 7,300 today and got banged down to close at 7,142. Volumes shrank back to 84.9 million shares traded.

News : Pakistan has been included in Morgan Stanley Capital International (MSCI) Frontier Market Index with the inclusion of twelve Pakistani companies in it. Morgan Stanley Capital International (MSCI), a leading provider of benchmark indices, announced the results of its May 2009 Semi Annual Index Review for the MSCI Equity Indices on Thursday…The Pakistani stocks that have been included in MSCI are MCB, NBP, UBL, NIB, OGDC, POL, PSO, KAPCO, HUBCO, FFC, JSCL & PTC having the combined weight of 45 percent in KSE-100 index, the benchmark of Karachi Stock Exchange (KSE).
The inclusion of Pakistan in the MSCI Frontier Index bodes well for the local equity market where foreigners still hold 19 percent of the total free float…Stock market analysts said that the Pakistan market currently trades at an attractive one year forward PE of 6.5x, a deep discount of 40 percent compared to regional markets…. Daily Times

Market Low : 7,088.32  High : 7,282.08

Market Close : 7,142.42 — 100.18 points down

The KSE-100 index opened up and made a high of 7,435. Due to profit taking and foreign selling, it closed down at 7,242. Volumes soared to 187.3 million shares traded today, quite a contrast from 52.1 million on the 11th.

Market Low : 7,211.78  High : 7,435

Market Close : 7,242.60 — 54.30 points down

Sitting idle for the last 2 sessions with its thumb up its bum, the KSE-100 index ( "the world’s worst performer " ) woke up today, making a high of 7,313. The market closed up at 7,296, sustaining its gains for once and could go higher 2moro as the day passed peacefully. Closing above 7,500 would be a positive sign.  Oil touched $60 a barrel today, the first time since November 2008.

News :  Pakistan’s benchmark stock index, the world’s worst performer over the past month, may rebound as the country intensifies its attacks against Taliban militants, Credit Suisse Group said.The Karachi Stock Exchange 100 index, or KSE 100, as the index is also known, may climb to 9,000 if the country’s militaty campaign is successful, Credit Suisse said. The measure added 2.4 percent to 7,296.90 at the close, the biggest gain since April 24.The gauge dropped 6.1 percent over the past month, making it the world’s worst performing index, according to data tracked by Bloomberg. The index was the fourth-best performer in the first quarter after advancing 17 percent…. Bloomberg

Market Low : 7,122.92  High : 7,313.91

Market Close : 7,296.90 – 173.98 points up

Another lacklustre day at the Karachi Stock Exchange with only 52.1 million shares traded. Volumes are shrinking daily as the market gets more range-bound.

Market Low : 7,091.87  High : 7,185.35

Market Close : 7,122.92 – 6.59 points down

Friday saw the KSE-100 index rise to a high of 7,196 and close marginally up at 7,129. The market seems to be holding at 7,080 , the low for the last three sessions. Volumes dropped down to a recent low of 69.1 million shares traded.

News :  Pakistan Electric Power Company (Pepco) will release Rs 12 billion in a couple of days to independent power producers (IPPs) to clear the circular debt. Pepco Managing Director Tahir Basharat Cheema, addressing a press conference here on Saturday, that out of Rs 180 billion circular debt, Rs 80 billion had been retired in March and the remaining would be cleared by the end June…. Aaj News

Market Low : 7,087.59  High : 7,196.73 

Market Close : 7,129.51 — 3.85 points up

Opening up, the Karachi Stock market made a high of 7,254 and unable to sustain its gains, closed down at 7,125. The market could get a further bashing 2moro being the end of the week.

Dividends : Pakistan Reinsurance : 25% Cash : EPS : -1.37

Market Low : 7,081.84 High : 7,254.22

Market Close : 7,125.66 — 73.21 points down

The KSE-100 index continued upwards today making a high of 7,274 and closed up at 7,198. The index has held its 7k support level for the moment and volumes need to increase for further upside. Oil made its high for 2009 so far, hitting $56 plus.

Board Meetings : Pakistan Reinsurance co. Ltd will announce its results 2moro.

Market Low : 7,081.83 High : 7,274.77

Market Close ; 7,198.86 – 117.03 points up.

The market held onto the 7k index level having made a high of 7,146. Despite a minor positive close today, there is no telling whether the market will hold here or get bashed again. Volumes have shrunk and 74.6 million shares were traded today. While sentiment is weak, prices are getting more attractive .

Market Low : 7,027.11  High : 7,146.47

Market Close : 7,081.83 – 19.58 points up

The KSE-100 index rose to a high of 7,310 and then got another diarrhetic squeeze down to 7,050, closing at 7,060. The market looks to be headed for 6,800, unable to hold at its support level of 7,200.

News : Bcyo Industries Inc. a Mauritian company has expressed interest in buying Bosicor Refinery. According to a notice issued by Karachi Stock Exchange (KSE), the Mauritian company has shown interest to buy 55 per cent shares of Bosicor Refinery from its management and 34 per cent through public offers… Source : The News

Market Low : 7,050.18  High : 7,310.81

Market Close : 7,062.25 — 139.85 points down

On Thursday the Karachi Stock market got another bashing down to 7,119 and then recovered to close at 7,202. Market sentiment is weak and the recent trouble in Karachi hasn’t helped. If the market breaks its support level of 7,200 then a further slide to 6,800 is possible. The market will remain closed today on account of a holiday for Labour Day.

Dividends : The Board of Directors of Hub Power Company (HUBCO) witnessed an increase of approximately 50 per cent in its profits earned in the nine month period ended on March 31 against the corresponding period in 2008. Therefore, the company’s bottom line revenues recorded higher at three billion rupees against two billion rupees earned in 2008. Accordingly, earning per share surged to Rs2.56 in the period under review against Rs1.72 in the July-March 2008 period. Increase in earnings was a result of the Pak rupee devaluation, higher tariff profile and generation bonus resulting from higher electricity generation,… The News

Pakistan Telecommunication Company Ltd (PTCL) reported a net profit at Rs7.2 billion for nine months ended March 31, 2009 against Rs6.6 billion losses incurred in the corresponding period last year. The reason behind posting of massive losses last year (2008) was payment of Rs23.2 billion to its outgoing employees, who opted for Voluntary Separation Scheme (VSS). There was no VSS expenditure recorded in the July-March 2009 period and that is why the company accounts turned into profits.
“Excluding VSS cost, the profit of the company declined by 15 per cent amid falling revenues, sharp rise in finance cost and decreasing non-operating income in the period under review,” calculated Mustafa Bilwani at JS Research. Net profits translated into earning per share (EPS) of Rs1.42 against Rs1.29 loss per share (LPS) recorded in 2008… The News

Market Low : 7,119.04  High :7,286.12

Market Close : 7,202.10 – 69.20 points down