7,202
May 1, 2009On 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
