7,720 - some recovery
July 31, 2009
After 5 sessions of downward movement, the KSE-100 index recovered on Friday to close up at 7,720, up 229 points ( 3%). The market was boosted on the positive news of talks with the IMF loan being on track and the SBP governor’s remarks hinting a rate cut in the upcoming Monetary Policy on August 15th.
Dividends : Fauji Fertilizer Company (FFC) posted Rs 4.5 billion net profit in the first half of 2009, reflecting an increase of 38 percent over Rs 3.286 billion in the same period of previous year. The earnings per share of the company also rose to Rs 3.70 in the period against Rs 4.84 in the previous year…The company also announced a second interim dividend of Rs 2.6 per share taking the cumulative dividend per share for 2009 to Rs 6.9. Company’s revenues rose 20 percent to Rs 16.9 billion in the said half as compared to Rs 14 billion in the corresponding period of previous year… Daily Times
Market Low : 7,491.76 High : 7,734.37
Market Close : 7,720.93 — 229.17 points up
Unable to sustain its intra-day high of 7,597, the Karachi Stock market slid down to 7,465 and closed down at 7,491. Volumes were low at 72.4 million shares traded. The market has lost 372 points since last Friday morning, and is 4.96 % down. Undoubtedly the Vaseline jars are making their re-appearance !
The KSE-100 index made a low of 7,580 today and then recovered to close at 7,674. Volumes were relatively low with 64.5 million shares traded. The market has lost nearly 200 points in the last 3 sessions on the SBP rate cut delay, the rupee getting fucked again and still no leverage product.
The KSE-100 index made a high of 7,897.15 and then took a downturn on the news of the SBP’s Monetary Policy announcement scheduled for 2moro would be delayed until August 15th. From Monday 27th July the following 18 stocks will be available to trade as deliverable future contracts : Oil and Gas Development Company, MCB Bank, Fauji Fertilizer Company, Pakistan Petroleum, Hub Power Company, Pakistan State Oil, Pakistan Oilfields, National Bank, United Bank, Engro Chemical, DG Khan Cement Company, Pakistan Telecommunication Company, Bank Alfalah, Fauji Fertilizer Bin Qasim, Lucky Cement, Nishat Mills, Adamjee Insurance and Azgard Nine.
The KSE-100 index has finally closed above 7,800, its highest close since April 21st. 
It’s possible there could be some further correction in the Karachi Stock market this week as it struggles to close above 7,800. A correction would help pushing the market over 7,800 and past 8k which will mostly likely happen when the Monetary Policy is announced at the weekend .
The KSE-100 index opened up and made an intra-day high of 7,745. Volumes were relatively high today with 199.4 million shares traded. 
The Karachi Stock market shot up today making a high of 7,716. The market was buoyant ahead of the KSE meeting 2moro, expecting an early release of the new leverage product and a list of 10 deliverable future scrips that might come into play by the end of the month. The ten scrips are : ENGRO / FFC / HUBCO / MCB / NBP / OGDC / POL / PPL / PSO / UBL. 
