KARACHI STOCK MARKET NEWS

Dividends : Pakistan Oilfields Limited (POL) has earned Rs 5.618 billion in the year ended on June 30, 2009 against Rs 8.616 billion in the previous year. The earnings per share of the company decreased to Rs 23.75 in the year under review over Rs 36.43 in the last year,…The sales of the company also dropped to Rs 15.082 billion during the year from Rs 18.245 billion in the last year whereas operating incomes also moved up during the year. The company also announced a final cash dividend June 30, 2009 at Rs 10 per share i.e.100 percent… Daily Times

Pakistan’s equity market recorded the highest return in a single quarter during July-September 2009-10 since the calendar year 2002—thanks to bullish sentiment triggered by IMF funding and  foreign portfolio investment. During the 1st quarter of current financial year, benchmark KSE-100 index gained 2,187 points to close to 9,439.67 on September 30, 2009, making 31 percent improvement from 7,162.18 levels on June 30, 2009.“This was the highest return posted by the KSE-100 index in single quarter since CY2002,” analyst Syed Abid Ali at Arif Habib Securities pointed out and attributed it to positive stance by the international rating agencies, healthy foreign inflows, successful army operation in Swat and improving macroeconomic situation… Daily Times

Loss-ridden Mybank on Thursday announced the sale of 59.34 per cent shares to a Mauritius-based investment firm, which had recently acquired Arif Habib Bank… Mybank said a sale-purchase agreement was executed on September 30th to sell stocks to Suroor Investments Limited at Rs8 per share.The deal had been sealed at a premium over the price of Mybank’s listed share, which closed at Rs5.42 at the KSE on Thursday, Hussain Lawai, President of AHB said.He said the acquisition would help AHB to expand its outreach. “Mybank has 80 branches and combined with 34 branches of AHB the network will be strengthened across the country.” The News

Market Low : 9,292.73  High : 9,489.22

Market Close : 9,301.18 — 48.50  points down

The Karachi Stock Exchange (KSE) has re-composed the KSE–100 Index for the review period from March to August 2009, as per the Re-composition Rules of the KSE-100 Index.

The revised Index will be implemented w.e.f. October 01, 2009… Source : Daily Times

Italy’s ENI is expanding in Pakistan with a new onshore gas concession and is in longer-term talks to bring gas from the Caspian Sea region to Pakistan, India and China, its CEO said on Wednesday.…Scaroni said ENI, which through its acquisition of Lasmo in 2000 is Pakistan’s first gas company, had just won the exploration block onshore of Sukhpur with local company PPL and Royal Dutch Shell… Aaj News

The handing over of Royal Bank of Scotland, Pakistan (RBS) to MCB Limited headed by Mian Mohammad Mansha has virtually hit snags because of the wrath of the incumbent regime, which is incensed over the non-cooperation by MCB Bank to resolve the issue of circular debt in energy sector…“The State Bank of Pakistan also showed its anxiety that the banks should not be run by the industrialists as it will not help ensure the level playing field for all business tycoons to have access to the credit lines.” The Central Bank has also expressed the concern that MCB bank is not being run under the corporate governance model, rather it is being run as a family entity….The official said that the Zardari regime had taken the refusal by MCB Limited very seriously and was all set to cut Mansha Group to size…“Mr Mansha will now face the music as the government will withdraw its deposits valuing Rs 13 billion in the MCB and will never give any business to the said bank.”…. Pak Observer

Market Low : 9,322.73  High : 9,589.63

No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.

Dividends :  Pakistan Telecommunication Company Ltd has announced that it achieved a profit after tax of Rs9.151 billion in financial year 2008-09 against a loss of Rs2.82 billion in the previous year. Earning per share (EPS) came to Rs1.79 compared to loss per share (LPS) of Rs0.55 for FY08. The loss incurred last year was attributed mainly to a one-time spending on account of the Voluntary Separation Scheme (VSS). The company’s operating profit stood at Rs10.75 billion as compared to Rs16.36 billion last year, a decline of 34.2 per cent year-on-year. Other operating income increased by 7.82 per cent to Rs4.26 billion against Rs3.95 billion last year… The News

Indus Motor Company has announced the company’s earnings fell to Rs1.38 billion in financial year 2008-09 compared to Rs2.29 billion earned last year. Earning per share (EPS) stood at Rs17.62 versus Rs29.15.The company declared a cash dividend of Rs10 per share (100 per cent) for the year ended June 30, 2009. Though the assemblers increased car prices, it proved insufficient to fully offset declining sales. Net sales dropped by 8.59pc year-on-year… The News

Mari Gas Company Ltd has posted a profit after tax of Rs2.15 billion for the year ended June 30, 2009 and announced 100 per cent bonus shares.According to financial results of the company sent to the KSE on Tuesday, the pre-tax profit was down at Rs2.39 billion while earning per share improved to Rs7.42 during the period under review… Source : The News

News :After witnessing substantial growth in all three quarters of FY09, cement sector concluded FY09 with a handsome growth of 1492 per cent YoY. Higher retention prices (up 59 per cent YoY) and high rupee based export sales amid rupee depreciation (20 per cent YoY) drove profits up north, JS Research said in its report on Tuesday.“However, this growth is magnified, as FY08 was an abnormally low profit period for the sector,”… The News

Market Low : 9,362.54  High : 9,566.17