8,082 - 8k breaks !
August 10, 2009
The KSE-100 index finally closed above 8k and made its highest close since Dec.17th 08. The Karachi Stock market got a good hoist from the IMF news and the volume of shares traded increased to 155.5 million.
Dividends : MCB Bank has earned profit before tax of Rs 11.7 billion during the first half of the calendar year 2009. With 10 percent growth in profit Bank has announced cash dividend of Rs 2.5 per share…During the first half of the calendar year 2009, the Bank’s profit before tax closed at Rs 11.7Billion registering a significant growth of 10 percent over the reported profit before tax of corresponding period last year. Profit after tax closed at Rs 7.76 Billion translating into an EPS of Rs 11.22…. Aaj News
News : The Securities and Exchange Commission of Pakistan has approved the Draft of Margin Financing (MF).After reviewing the draft, the apex regulator…sent it back to the stock exchanges incorporating the comments of the stakeholders and asked the bourses to prepare the regulations governing MF, so that the product could be introduced as early as possible….According to sources, the important feature of the new system is that it eliminates the ‘systemic risk’, as the new system limits extended funding in one scrip, besides the system (clearing and settlement) is not responsible for the default of financee…. Daily Times
Pakistan’s largest bank, MCB Bank, will pay around $90 million to acquire the local operations of the Royal Bank of Scotland, a source with direct knowledge of the deal said on Monday…"We will pay around 7.5 billion rupees ($90.4 million) for RBS Pakistan," said the source, who declined to be identified as the deal has not yet been signed. "The share purchase agreement is likely to be signed in a day or two, maybe even tomorrow, in Dubai," he said. The price would be 0.76 times RBS Pakistan’s book value of 9.888 billion rupees, as of March 31st. "In terms of pricing, MCB seems to have struck a great deal and the bank may even book a gain on amalgamation of RBS into MCB," said Asif Qureshi, director at brokers Invisor Securities…Aaj News
Market Low : 7,872.23 High : 8,097.34
Market Close : 8,082.06 — 209.83 points up
