6,894
June 5, 2009The Karachi Stock market finally broke a 5 session downward spiral to close marginally up at 6,894. It made a high at 6,978, but could not sustain its gains. Foreign selling was at its heaviest for the week with over $8 million worth of shares sold today. It’s possible there could be some pullback next week.
Dividends : Bank of Punjab : EPS : -19.02
News : The Petroleum Ministry and the Oil and Gas Development Company Limited (OGDC) have developed a consensus on $ 3 per million British Thermal Unit (MMBTU) maximum wellhead gas price of Qadirpur gas field. The $ 3 per MMBTU wellhead gas price is calculated at $ 400 per ton high sulphur furnace oil (HSFO), a maximum limit for wellhead gas price discount of Qadirpur gas field.The Petroleum Ministry will move a summary to Economic Co-ordination Committee (ECC) of the Cabinet for formal approval. At present, wellhead gas price of other gas fields in Pakistan ranges between $ 2.4 and $ 4.6 per MMBTU. Following an increase in wellhead gas prices of other gas fields, OGDC had requested the Petroleum Ministry to enhance the wellhead gas price of Qadirpur gas field….Aaj News
The State Bank of Pakistan (SBP) has granted in principle approval to JS Bank Limited, in place of Jahangir Siddiqui and Company Limited, to bid for the acquisition of the entire shareholding of ABN Amro Bank NV in the Royal Bank of Scotland in Pakistan (RBS Pakistan)… In this regard, the directors of JS Bank held an emergency meeting to review the said acquisition opportunity, and concluded that this opportunity presents an excellent strategic fit with long-term growth objectives of JS Bank.To this end, the Board of Directors of the bank authorised the management to submit a binding bid to the Royal Bank of Scotland Group plc… Aaj News
Market Low : 6,850.67 High : 6,978.49
Market Close : 6,894.62 — 16.48 points up
