8,769
September 1, 2009
Suttabhai has cancelled his trip to the mountains and regular posting will continue without any hiccups.
The KSE-100 index made an intra-day high of 8,938 and closed up at 8,769. The market was extremely volatile with wild swings in certain stocks, (e.g. Rs.10 in OGDC) A lot of foreign money has been pumped into the market in the last two sessions and volumes have risen above the 200 million mark in the last two days. While the upward momentum could well continue past the current target of 8,700, some correction could set in soon.
Dividends : Pakistan International Container Terminal (PICT) on Tuesday announced a 76 per cent increase in profit for financial year 2008-09, helped by a substantial depreciation of the rupee. Profit surged to Rs935.689 million in fiscal 2009 compared to Rs529.260m recorded in the previous year despite sluggish trade activity in the slowing economy…PICT’s Board of Directors has recommended a 20pc bonus share… The News
Oil & Gas Development Company (OGDC) has hit hydrocarbon reserves in its exploratory well Nashpa No 01, district Karak of NWFP… the well has produced 3,000 barrels of oil and 9.678 mmcf per day of gas on 32/64" choke size at wellhead flowing pressure of 2340 PSI. The well is a joint venture between OGDC, PPL (30 pc) and Government Holdings (pvt) Ltd (05 pc). The well was spudded on June 29, 2008 and drilled down to its target depth of 4384 meters… Aaj News
Urea producers on Tuesday raised the price of urea by Rs 30 per 50-kg bag across the country due to rising cost of production and short supply,.. almost all urea producers had announced an increase of around 5 percent in the urea prices to pass on the impact of hike in the utility tariff and petroleum products’ prices.Slow supply was creating tremendous shortage of the commodity in the local market, especially in the Punjab, compelling growers to pay more money for an important component of crop, they said.. due to massive shortage and delay in the import of the commodity by the Trading Corporation of Pakistan (TCP), the urea was being sold at Rs 800-850 per bag in the black market."If the government does not make necessary arrangements for better supply then the urea price may move up to Rs 900 per 50-kg bag in the domestic market," they added. On the directives of the federal government, the TCP is importing urea from Saudi Arabia and a consignment has already reached Gwadar, which is still not unloaded due to some quality issues…Aaj News
Market Low : 8,565.60 High : 8,938.44
Market Close : 8,769.24 — 93.57 points up
