8,675
August 31, 2009Posting will be sporadic after today for the next 10 days as Suttabhai is off to the mountains where internet coverage is scrappy to non-existent.
National Bank of Pakistan, the nation’s biggest lender by assets, said second-quarter profit declined 41.5 percent after it paid a higher rate of interest on savings accounts.Net income fell to 2.03 billion rupees ($24 million), or 1.88 rupees a share, from 3.47 billion, or 3.22 rupees a share, a year earlier, the Karachi-based lender said in a statement to the stock exchange today. Revenue fell to 8.92 billion rupees from 10.04 billion.The stock has advanced 69 percent this year.Moody’s Investors Service on Aug. 17 raised the outlook on the long-term foreign currency deposit ratings on National Bank to stable from negative, citing an increase in the nation’s bailout by the International Monetary Fund.The lender’s profit in fiscal first half declined to 6.32 billion rupees, or 5.87 rupees a share, from 8.1 billion, or 7.52 rupees a share,…Bloomberg
Pakistan State Oil Ltd., the nation’s biggest fuel retailer, said revenue may climb to 1 trillion rupees ($12 billion) by 2012 by increasing sales of bio-diesel and liquefied petroleum gas.The company plans to open 200 retail outlets for LPG, a fuel used by cars and for heating at homes, by June, Managing Director Irfan K. Qureshi said in an interview in Islamabad. The company reported revenue of 719 billion rupees last fiscal year, driven by diesel and gasoline sales.Pakistan State Oil needs to diversify its earnings after reporting the first loss in 33 years, when it was formed. PSO is investing in LPG and other fuels as Pakistan’s government tries to reduce its oil import bill, which accounts for about one fourth of overseas purchases…Demand for fuels is set to rise as the economy rebounds from the slowest pace of growth in eight years.
Pakistan State Oil has a 61 percent share in the country’s refined oil market and 81 percent in crude oil sales,..The new product lines and inventory gains will help State Oil return to profit this fiscal year,… The company posted a loss of 6.69 billion rupees in the year ended June 30 as declining crude prices eroded the value of its inventory…. Bloomberg
Market Low : 8,531.16 High : 8,710.23
Market Close : 8,675.67 — 134.45 points up
