About the Karachi Stock Market Blog Daily updates on the Karachi Stock Market, with news, company dividends and KSE-100 index movements.The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. More than 600 posts and counting ...
The KSE-100 index made a high of 11,173 , then dipped down to 10,979 and close up at 11,156. Total volume traded today was 111.9 million shares, still on the low side. Arif Habib Securities was the flavour of the day with 12.6 million shares traded. The market has closed above its first resistance of 11,100 and the next target is 11,400. The market is up by nearly 1000 points since Friday and after 4 days of green, there could be some weekend selling 2moro.
News : The authorities have decided at a meeting held on Thursday that Equity Market Opportunity Fund (EMOF) would be an Open-End Fund. The EMOF launched from Friday (today) would be injected in stock markets under NIT management when market is under pressure…The initial size of fund was declared at Rs20 billion, but owing to its attractiveness of being an open-end fund, the size might inflate to any level. The general public would also be able to invest in this fund and the National Investment Trust (NIT) would be announcing its daily NAV value and dividends,…NIT would form a separate board to manage the fund. The board would be meeting at least after every six months or in case of emergency too. Initially, EOBI has confirmed to pool Rs3 billion; State Life Rs2 billion and Rs2 billion by National Bank, besides other financial institutions and banks would share rest of funds, sources said. This fund would be invested in KSE 100-share Index instead of KSE 30-share Index as was informed earlier. The fund would not be invested in more than 50 companies… The News
Malaysia’s Maybank is set to buy another 5 percent of Pakistan’s MCB Bank as early as next month, in a deal estimated at $218 million,…Malayan Banking Bhd, Malaysia’s leading lender, bought a 15 percent stake in MCB Bank, Pakistan’s top lender, for $680 million in May. That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction. The price for this stake was then agreed at Rs 490 per share, plus holding cost, with the total price not exceeding Rs 510 per share. “The deal is very much on, the talks have started, and if all goes well, it should materialise sometime in August,” said a source close to the transaction. A spokesman at Maybank declined comment. A spokesman at MCB Bank said any stake purchase by Maybank would be in line with the previous agreement, but he did not give a time frame for the new purchase…. Daily Times
Adamjee Insurance is likely to announce profit after tax of Rs 2.7 billion (EPS Rs 26) for the first half of the current year compared to Rs 1.18 billion (EPS Rs 11.6) in the corresponding period of last year, a growth of 125 percent, says a research report…“Exceptional growth in 2Q2008 profitability would mainly be attributable to a one-time capital gain of Rs 2.7 billion on account of MCB sell-off deal,”…. Daily Times
The United Arab Emirates (UAE) has recently raised the cement price by 15 percent due to its rising demand, mainly benefiting Pakistani cement industry, sources said on Thursday. Pakistan is the major cement exporter to the UAE, as it fulfils around 70 percent of the total demand of the product in the Emirates.After the rising cement prices in the face of huge demand in UAE, analysts see Pakistan as a primary beneficiary to flood the Arab markets with its product. It is likely to receive huge cement export orders shortly, they said…Source : Aaj News
Another positive day at the Karachi Stock Exchange with the market making a high of 11,141 and closing up at 11,018. The market seems to have met resistance at 11,100 and needs to close above it for its next move to 11,400-700. Oil has dropped further down to $125 and hopefully will continue to fall more ,to get back to a realistic price.
News : Barclays Bank Plc., a prominent bank of the United Kingdom, has become a scheduled bank in Pakistan from July 23 by opening its four branches, said Shazi Ashraf, head of corporate affairs of the Bank.“The Bank has commenced its two-branches in Karachi, one in Lahore and one in Islamabad from Wednesday (July 23) …,” she said. Ms Shazi said, “the bank is neither interested to acquire any Pakistani bank till now nor it is negotiating for any merger.” Barclays Bank Plc entered into Pakistan with an initial investment of $100 million aiming to open ten branches throughout the country. It has commenced four branches in Pakistan while other six branches would be started by the end of this year… the State Bank of Pakistan (SBP) has declared “Barclays Bank Plc.” as a scheduled Bank with effect from July 23, 2008….Daily Times
The KSE-100 index made a high of 12,609 and closed at 12,452. As expected yesterday, there were quite a few lower caps and the market cooled off today with some profit taking. There could be some weekend selling 2moro as well. Oil shot up over $140 based on a weak dollar and irresponsible remarks from OPEC’s president Chakib Khelil, who said that prices could rise to $150-170 during the summer (see the article below). The market’s next upward resistance is 12,550 and a close above that would head towards 12,900. Given its current 1% downside, it could get there soon.
News : The government has asked the Oil Marketing Companies (OMCs) to submit proposals for setting up new mechanism for profit margin in the proposed oil pricing formula… While on the other hand, the OMCs have opposed the possible move by government to freeze their margin…The government believes that the profit margins of OMCs were fixed when the oil prices were low and the gains of these companies were also less, however the rising oil prices in the international market have caused increase in the margin of OMCs. Government wants to maintain of OMCs margin at 3.5 percent but intends to change the basis of its determination that will freeze the margin of OMCs. But OMCs are not in favour of it and therefore the meeting remained inclusive… Daily Times
The president of OPEC, Algerian Energy Minister Chakib Khelil, forecast on Thursday that oil prices could rise to $150-170 a barrel during the northern hemisphere summer.If there were real demand for extra oil, the Organization of Petroleum Exporting Countries would do what was needed to satisfy it, he said, affirming that there was enough oil in the world for about the next 50 years. “I predict probably prices of $150 to 170 this summer. It (the market) will probably fall a bit towards the end of the year,” … Daily Times
The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term and short-term entity rating of NIB Bank Limited to A1+ (A One Plus)… Source : The News
The KSE-100 index got gang-banged today, making a low of 11,704 and closing 390 points down at 11,870. This was predominantly due to a rumour circulating, regarding doubling the price of CVT. The market is on a very weak footing with all kinds of uncertainty, political and financial, therefore the slighest cough or fart unleashes panic . It seems 500 points down in a day is par for the course at the moment. More irresponsible is the lack of any clarification on the CVT issue which seems unlikely to be implemented as it would have been mentioned at the time of CGT being exempted. Whether there will be a pullback 2moro or further erosion is anyone’s guess ! Buy large jars of Vaseline and apply copiously !!
News : Malayan Banking Berhad (Maybank) on Thursday remitted $666 million (Rs 44 billion) to Pakistan (on Monday value) as payment for 15 percent shares of MCB Bank Limited. Maybank had signed an agreement for the purchase of upto 20 percent ordinary shares of Nishat Group on May 3rd, 2006….Malaysia’s largest financial institution has taken a long-term view as the MCB fundamental strength continues to be unaffected. With time deposits of only 10 percent compared (to 25-30 percent in the industry) and 90 percent of current and saving deposit - MCB continues to outperform its peers with low cost deposits… Aaj News
A Spokesman for the Attock Refinery Limited on Thursday warned that in case of total withdrawal of deemed duties on High Speed Diesel by the government, the refineries would suffer a huge revenue loss of over Rs 12 billion, which would simply make the refineries unoperational. He added that any cut in deemed duties of 10 percent on HSD products by local refineries would seriously impair refineries continued operations leading to substantial cut in local production and in turn would result in importing high volumes of petroleum products, further burdening the foreign exchange reserves of the country… Daily Times
The KSE-100 index got hopelessly fucked out of shape today with a steady downward slide leading to close at 12,444, nearly 500 points down. Apparently foreign selling, political uncertainty and the Pak-Afghan border situation were to blame, along with all banks getting shafted based on an article in the newspapers re : withdrawal of all govt. deposits. Whether there will be a pullback 2moro remains to be seen. Keep the Vaseline at close reach !
News : Economic Coordination Committee (ECC) of the Cabinet in its next meeting will review the oil pricing mechanism to reduce the profit margins of oil marketing companies (OMC), refineries and inland freight margins…Daily Times
The Sindh government has decided to do away with stamp duty of 0.1 percent enacted through Finance Act 2006 on electronic share transfer through CDC…the step has been taken to encourage local and foreign direct and portfolio investment and to encourage further development of capital market…. Daily Times
The Government has no plan to reduce the liquidity of Banking Sector as it is committed to strengthen the banking sector of the country. … news appearing in a daily newspaper of June 15, 2008 suggesting that five banks are near collapse and speculating withdrawal of deposits of government agencies in the banking sector, the spokesman of the Ministry of Finance has clarified that the Government does not intend to take such measures which can adversely affect the banking sector… Aaj News
Friday saw the KSE-100 index fall further and finally close below 15k at 14,956. The market has weakened over the last few days registering a drop of 522 points in the last 3 sessions. Uncertainty is a killer of markets and the uncertainty over the restoration of the judges hasn’t helped this market along with a weak ruppee. The economy is getting fucked daily with higher oil prices, and the lack of electricity and food needs to be focused on, more than a few judges whose restoration will not feed the man on the street ! The last time the market closed below 15k was on March 20th. A close below 14,800 will lead to more disaster and the road will be rocky for sometime in the near future. After 34 years of not paying Capital Gains Tax, the market will have to face upto new tax rules before July 1st. That will certainly not take the market soaring upwards ! Keep lots of Vaseline at close reach or step out of the market till the dust settles.
News : Malaysia’s Maybank has signed an agreement to acquire 15 per cent shares of the MCB Bank which may yield a sum of about $700 million for the bank, banking sources said…Maybank has arranged a press conference in Kuala Lumpur on Monday to announce the deal, signed in Lahore….Although officially the price per share could not be confirmed, sources said it was around Rs470, while a senior banker quoted it at Rs500.“Even if the rate of Rs470 is considered, the deal will bring about $660 to $700 million in the country,” the banker said… Dawn
Lower Caps : PAKRI / Attock Refinery/ Pak Refinery
The KSE-100 index opened up and made a high of 15,594 > The market was unable to sustain its gains and closed up at 15,479. BOP was the flavour of the day with 17.9 million shares traded. The tick size (the minimum price change) has been changed to day from 0.05 to 0.01 . The next upward resistance is 15,600.
The profit after tax of Oil and Gas Development Company Limited (OGDCL) has increased to Rs 12.243 billion in the quarter ended March 31, 2008 as compared to Rs 11.514 billion earned in the corresponding period in 2007…the company’s net sales increased to Rs 31.944 billion in this quarter against Rs 25.491 billion in the same quarter last year. Royalty increased to Rs 3.395 billion against Rs 2.743 billion. Operating expenses however declined to Rs 3.941 billion against Rs 4.262 billion… Aaj News
News : The ministry of finance has constituted a new board of directors of the Bank of Punjab. According to a notification issued by the ministry of finance, Suhail Ahmed, Shafqat Elahi, Shafqat Mehmood, A. Aslam, Aneeq Khawar and Javed Mehmood will be the members of the new board of BoP…The new board will meet tomorrow to elect the new president… The News
Upper Caps : PAKRI / Attock Refinery / JOVC / Lower Cap : Askari Bank
On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis " issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !
Advice to any small investors reading this post : please stay out of this market, if you can’t afford to lose as well as gain. Use the banks or gold as a safer investment, because this market will eat you raw if you don’t have the holding power in rough times and you will lose all your hard-earned money ! (and Mr.Dar won’t give it back to you ! )
The market has closed above its 30 DMA and upward resistance is at 15,500.
Dividends : DGKC : EPS : 1.92 / Nishat Mills : EPS : 4.72 / Pak Premier Fund : 1.54 / MCB : 30% Cash : EPS : 6.55
MCB Bank Limited continued to perform well as the bank’s profit after tax increased by 10.33 percent to Rs 4.112 billion translating into an earning per share of Rs 6.55 in the quarter ended March 31, 2008 as compared to Rs 3.727 billion earned in the corresponding period in 2007… The board declared an interim cash dividend at Rs 3.00 per share ie 30 percent for the period.The bank showed a healthy growth of 10.13 percent in profit before tax, which came to Rs 5.758 billion in this quarter as compared to Rs 5.228 billion for the same period last year… the bank’s total income reached Rs 10.104 billion in the three months period in 2008 as compared to Rs 8.921 billion in the same period in 2007 as the mark-up/return/interest earnings increased to Rs 8.188 billion in this quarter against Rs 7.615 billion in the same quarter a year ago,… Aaj News
News : The Punjab government on Saturday removed President, Bank of Punjab (BOP) Hamesh Khan from his office, besides dissolving the Board of Directors of the bank. According to a spokesman of the provincial government, the government reviewed the financial affairs of the bank in consultation with the State Bank of Pakistan (SBP). "The decision has been taken after deliberating the situation in detail," he added. He further said that the government, which hold majority shares of the bank, was committed to strengthen the bank’s administration…. Aaj News
A National Assembly panel will launch a fresh probe into a stock market crash three years ago in which big and influential investors allegedly deprived smaller ones close to $12 billion overnight…The move came after Finance Minister Ishaq Dar told the house that he believed the previous government headed by former premier Shaukat Aziz hushed the matter up… Aaj News
Upper Caps : PAKRI / Azgard Nine / Nishat Mills / MCB / Attock Refinery / JS Bank
After a shaky close yesterday, the KSE-100 index continued its upward climb with a high of 15,560 and closed at another record high of 15,538. POL was the top dog in terms of volume , trading 20.7 million shares out of a relatively low total of 141.8 million today. Closing at 402.5 , it’s POL’s highest close in nearly 2 years. Oil has jumped to a new high of nearly $114 today. Upward resistance is at 15,600.
Dividends : Arif Habib Ltd : EPS : 15.98
News : The Competition Commission of Pakistan (CCP) has found seven banks along with the Pakistan Banking Association (PBA) guilty of cartel-like behaviour. The CCP, thus, imposed a penalty of Rs205 million on them on Tuesday. This action has been taken for the first time against the influential banking sector, which had earned billions of rupees by fleecing voiceless clients for having a huge spread (gap between lending and deposit rates), during the Musharraf and Aziz regime. The CCP imposed a penalty of Rs175 million on seven banks, while it also slapped a fine of Rs30 million against the PBA. The seven banks which have been fined Rs25 million each include Habib Bank Limited, Allied Bank Limited, MCB Bank Limited, United Bank Limited, Saudi Pak Bank Limited, Atlas Bank Limited and National Bank Limited… The News
Italian oil company Eni SpA has started production from its Badhra natural gas field in Pakistan and completed boosting capacity at the Bhit treatment plant fed by Badhra, Eni said on Tuesday…"Total investment in the Badhra Development and Bhit Acceleration Project will be approximately $50 million," Eni said. Kirthar Joint Venture, the title holder of the Bhit and Badhra gas fields, comprises Eni, with a 40 percent share, Royal Dutch Shell Plc , with 28 percent, Pakistan’s Oil & Gas Development Co. Ltd. , with a 20 percent stake, and Premier Oil Overseas BV and Kuwait Foreign Petroleum Exploration Co., at 6 percent each… Aaj News
Upper Caps : Pak Reinsurance ( PAKRI has capped consecutively every day since April 4th ! )
Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.
Dividends : Pakistan Refinery : EPS : 40.38
News : The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from reputed Pakistani and international parties/consortia interested in acquiring 93.88 per cent strategic shareholding in SME Bank Limited, along with the transfer of management control.The early submission of EoI will enable interested parties to avail the maximum time for the submission of Statements of Qualifications (SoQs). The last date to receive SoQs is May 17. … The News
The government has decided to impose Capital Gain Tax (CGT) on capital market transactions in order to increase its tax revenue to meet the growing expenses,…The government has focused on the earnings of the capital market, as it will be the main taxpayer of CGT. This may generate over Rs100 billion in revenue for the government.However, the rate of CGT on the capital market is under discussion sources said, adding that there were several proposals for the imposition of CGT on short-term and long-term investments in the capital market. “The imposition of 0.5 per cent to 1 per cent CGT is mostly discussed in both, the ministry of finance and Federal Board of Revenue (FBR)” …Sources in the FBR said that there were many reasons for the imposition of CGT other than revenue generation. “The government wants to end speculation from the capital market, so the imposition of CGT will be used as a tool to end the speculation,” they remarked. The sources further said that the government wants to increase long term investments, and for this, it had proposed that an extension in the exemption should be subject to a holding period of securities for three months. In the case of holding of investment in stocks for less than three months, the gain may be taxed… The News
The KSE-100 index shot up to a new intra-day high of 15,523 and closed at another record high of 15,472. 3 record highs in 3 consecutive days. OGDC was the flavour of the day and finally pulled its finger out to make a high of 139.95 having stagnated for days in a range of 133-136.80. It traded 39.4 million shares, 10 times its volume yesterday, and gave the market the impetus for a bigger upward thrust. It’s possible that there could be some correction soon before making more headway to 16,000. Downside support is at 15,300.
Dividends : Pak Reinsurance : 455.55% Bonus. EPS : 69.02
News : Bank Alfalah Limited is acquiring a 15 percent stake in the National Clearing Company of Pakistan Limited (NCCPL)… the approval of Securities and Exchange Commission of Pakistan (SECP) has been received and shares are in progress of issuance. Bank Alfalah is acquiring 1.125 million shares in NCCPL. …After this acquisition, the shareholding structure of NCCPL will be as Karachi Stock Exchange 40 percent, Lahore Stock Exchange 20 percent, Islamabad Stock Exchange 10 percent, Pakistan Kuwait Investment Company (Private) Limited 15 percent and Bank Alfalah 15 percent. The company’s paid-up capital was Rs 63.70 million before selling 15 percent stake to Bank Alfalah. The NCCPL has permission to raise its authorised capital up to Rs 300 million… Aaj News
The KSE-100 index was back on track today and closed up at 15,210. Volumes were marginally higher with 158.4 million shares traded. Azgard Nine was the flavour of the day closing up at its upper limit. FFC made its highest close for the year at 145.60. Upside resistance is at 15,300.
News : The Federal government has rejected OGRA’s suggestion to raise petroleum products prices and has agreed that the prices of the petroleum products will remain stagnant for the next 15 days… Source : Aaj News
The National Bank of Pakistan (NBP) will open its first branch in Saudi Arabia in May…NBP President Syed Ali Raza said that the bank was expanding its operations abroad and it would also open two branches in Dhaka and Sylhet in Bangladesh soon…he said that the issue introducing NBP’s global depository receipts (GDRs) would be decided by the new government and it was expected that the decision would be announced very soon… Aaj News
Upper Caps : Azgard Nine / NIB Bank / Sitara Peroxide
The Karachi Stock market dipped down to a low of 14,822 and then recovered to close up at 14,994. Bank Alfalah was the flavour of the day with 26.5 million shares traded. The next upward resistance is 15,050-100.
News : United Bank Ltd signed a Development Finance Cooperation Agreement, with China Development Bank, a largest policy bank in China here on Thursday to promote investment opportunities in Pakistan and beyond… UBL is the third Pakistani bank now having presence in China, earlier National Bank of Pakistan and Habib Bank Ltd also established their representative offices in Beijing…Aaj News
Upper Cap : Arif Habib Securities / Arif Habib Bank / Attock Refinery
Another choppy day at the Karachi Stock Exchange with volumes shrinking down to 120 million shares traded. PSO closed at a new high of 538.55. Despite regional and world markets getting fucked out of shape after Bear Stearns was sold for $2 per share today, the market showed resilience and closed marginally down at 15,043. It’s possible that there will be some foreign selling this week, which could take the market below 14,900. With no good news on the near horizon, start brushing the cobwebs off the Vaseline jar !
News : The country’s cement sector has received a green signal from the South African authorities to export cement with a Pakistani tag,…Sources said that Lucky Cement is the only Pakistani company, which has received an export certificate from the South African Bureau of Standards…demand of Pakistani cement is increasing globally with the result it has already captured cement markets of India, Iraq, UAE and other countries. The country’s cement exports have witnessed a healthy growth of 140 percent to all time high level of 4.2611 million tons during the first eight months of current fiscal year 2008… Aaj News
The management of the Bank of Punjab (BOP) has clarified that Board of Directors of the Bank has proposed a final stock dividend of 25 percent bonus shares in addition to 10 percent interim stock dividend earlier announced for the year ended December 31, 2007. There is no ambiguity in the said announcement of 25 percent final stock dividend and all shareholders at the date of book closure shall be eligible for receipt of bonus shares, a press release issued by the bank said on Sunday…It further says the bank continued its growth trends by earning an after tax profit of Rs 4.4 billion for the year ended December 31, 2007 which was 17 percent higher than previous year’s after tax profit of Rs 3.8 billion… Source : Aaj News
The KSE-100 index has finally closed above 15k at 15,056, another new record close. The Karachi Stock market is up by 10% since January 1st. and has risen 1,170 points in the last 10 sessions. D.G.Khan Cement was the top volume stock traded today with 42.1 million shares traded. MCB closed at 480.50, yet another new high and Engro closed at 307.35 at its upper limit, its highest close so far. Oil crossed $101 today. The market continues to look overbought though there seems to be no sign of a proper correction as yet. Upward resistance is 15,139 , the current intra-day high.
Dividends : Bank Alfalah Limited has earned Rs 3.130 billion as profit after-tax in the year ended December 31, 2007 as compared to Rs 1.762 billion earned in the same period in 2006. The earnings per share of the bank increased to Rs 4.82 in the period under review against Rs 2.91 in the same period a year back… The board also resolved that the authorised capital of the bank be increased from Rs 8 billion to Rs 15 billion divided into 1.5 billion shares of Rs 10 each. According to the results, the bank’s mark-up/return/interest income surged to Rs 25.783 billion in this period against Rs 21.191 billion in the same period a year back. While the mark-up/return/interest expenses stood at Rs 16.620 billion against Rs 15.232 billion… Business Recorder
DG Khan Cement Company Ltd has announced its 1H (Jul-Dec) FY08 results, posting a 61 per cent decline in its profitability. The company’s earning per share (EPS) stood at Rs1.3 (net profits of Rs330 million) as compared to EPS of Rs3.4 (net profits of Rs855 million) in the corresponding period last year…the decline in earnings was primarily because of decreasing cement prices in the country which is on account of excessive supply of the product in the market…The company’s gross profits stood at Rs761 million, declining by 36 per cent, whereas gross profit margins dropped significantly as they stood at 16 per cent as compared to 37 per cent in 1H FY07…. The News
The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said…. Aaj News
Punjab Governor, Lieutenant General Khalid Maqbool (Retd) has issued an ordinance, allowing the sale of 51 percent shares of Bank of Punjab to a strategic investor…With a network of 272 branches, Bank of Punjab has a balance-sheet size of Rs 240 billion. With deposits touching Rs 200 billion and advances Rs 130 billion, its share closed at Rs 96.70 per share on Friday last. Local banks in 2007-08 have been sold at around five times their break-up value. Bank of Punjab break-up value stands at between Rs 40 and 45 per share. As such, Punjab government should be able to fetch over Rs 45 billion from the sale transaction to a strategic investor. Both the federal government and the State Bank of Pakistan have encouraged and backed the privatisation of the provincial bank in order to enable it compete with other private banks more effectively…. Aaj News
Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.
Dividends : State-run Pakistan State Oil (PSO) said on Friday its 2007/08 (July-June) first half net profit rose 381.6 percent from a year earlier to 5.49 billion rupees ($87 million).Net profit for the first six months to end-December was up from 1.14 billion rupees a year earlier…. Aaj News
Pakistan’s largest bank, MCB, on Friday reported a 25.72 percent rise in its 2007 full-year profit, which analysts attributed to its aggressive entry into consumer finance and low administrative charges….MCB reported a net profit of 15.26 billion rupees ($241.8 million) for the full year to Dec. 31, up from 12.14 billion rupees the previous year… Aaj News
News : The Cabinet Committee on Privatisation (CCoP) will approve Global Depository Receipt (GDR) offering of Kot Addu Power Company (Kapco) shares on Friday… Source : Aaj News
Renowned world bank, Barclays would launch its formal operation in Pakistan in mid of the current year with a capital of 100 million dollars. Mohsin Nathani, Country Head and Managing Director of Barclays in Pakistan, said that State Bank of Pakistan (SBP) already had granted a banking license to Barclays Bank Plc, UK to conduct banking business in Pakistan. "We will initially set up 10 branches in various cities of the country with state of the art technology and an efficient banking system," Nathani added. He said that Barclays Bank, last week set up its head office in Karachi and hiring of staff has been started…"Barclays is already operating in over 50 countries and engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, which would also be available in the Pakistan," Nathani informed. He said that Barclays would bring huge investment and latest banking system in Pakistan to further push the already rising banking industry… Aaj News
The KSE-100 index shot up again and closed on its high of 14,282. Banks were the flavour of the day with National Bank closing at its upper limit. Oil rose above $95 today. With a long weekend coming up (the market is closed on Monday 18th for the farcical elections) there could be some selling 2moro.
Dividends : Habib Bank Ltd (HBL), the country’s third largest bank, reported a 14.2 percent fall to 10.84 billion rupees for the full year ended Dec. 31, down from 12.7 billion rupees the previous year.Pakistan’s fifth largest bank, United Bank Ltd (UBL), reported a 11.3 percent fall in its 2007 full-year profit to 8.4 billion rupees, down from 9.47 billion rupees in 2006. "The decline in both banks was due to the additional provisioning done by the banks after the SBP tightened its provisioning regulations," said Atif Malik, an analyst at JS Global Capital Ltd…."Without the additional provisioning, the banks would have continued to post good growth in earnings."… Aaj News
ICI Pakistan Limited has announced record-breaking financial results for the year ended on December 31, 2007. Operating profits surged by 20 percent closing at Rs 2.97 billion for 2007…net sales income soared from Rs 19.6 billion to Rs 23 billion, posting an increase of 18 percent. Profit before tax was at Rs 2.77 billion and profit after tax at Rs 1.78 billion, rising by 31 percent and 23 percent respectively over 2006. The company’s earnings per share surged to Rs 12.86 in 2007 compared to Rs 10.49 in 2006, showing an increase of 23 percent… Daily Times
News : A meeting of CFS Mk-II Implementation Committee was held here on Thursday at Securities and Exchange Commission of Pakistan (SECP) Karachi Office to resolve pending issues in introduction of CFS Mk-II Market. The meeting, chaired by Chairman SECP, Razi-ur-Rahman Khan decided that the CFS Mk-II Market should be launched on April 7, 2008. It was also decided that, on the launching date, all financing in the existing CFS Market should be transferred to the new CFS Mk-II Market, which shall be managed at National Clearing Company of Pakistan Limited (NCCPL)… Daily Times
Friday saw further lethargy in terms of trading activity, with 69 million shares traded. The KSE-100 index made a high of 14,018 and closed down at 13,938. The next week could be quite volatile with the build up to the farcical elections alluding to the myth of democracy. The result will make no fucking difference to the state of the nation as the poor will continue to get fucked on a daily basis and the rich just get richer. A lot depends on who gets blown up and who doesn’t (hopefully nobody will ). However, there should be some stock specific activity as a lot of results are to be announced this week. Stock up on the Vaseline !
News : Securities & Exchange Commission of Pakistan (SECP) has announced setting up a capital markets institute with the objective to offer different examinations leading to licensing certifications in various specialised areas and domains of financial markets. The present environment in Pakistan’s capital markets does not foster or mandate minimum levels of required knowledge for capital market participants or intermediaries. The various types of financial intermediaries operating in capital and money markets in Pakistan need to be adequately trained and certified in order to improve the overall profile and functioning of the capital markets in the country….Daily Times
Lucky Cement Limited, the largest cement manufacturer in the country, is expected to show a 22 percent year-on-year increase in its net earnings to Rs 968 million for the first half of the current financial year. Analysts at Arif Habib Securities said in a report released on Thursday that the company’s earning per share is likely to be Rs 3.67 for the above period mentioned. A 31 percent increment in sales volume to 2.63 million metric tonnes is expected to support the bottom line growth.. Daily Times
The United Bank Limited (UBL) is expected to post profit after tax of Rs 9.197 billion in CY07 compared to Rs 9.468 billion in CY06…UBL has a short dividend payment history, which was increased from 45% in CY05 to 55% in CY06. We expect the bank to maintain a dividend payout of 55% for CY07, said the analyst…UBL is expected to announce financial results for CY07 on February 14, 2008… Daily Times
Upper Cap : Eye Televison Net Lower Cap : Netsol Tech
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
Dividends : Arif Habib Ltd : EPS : 10.68 After much speculation about a 100% bonus, which led to 4 consecutive upper caps and an intra-day high of 394.50 , AHL’s steam finally fizzled out and it opened at lower cap with today’s announcement of a low EPS and no payout . It turned out to be a big wet fart after all !
News : The board of the Privatisation Commission, which met with Incharge Minister for Privatisation, Shahzada Alam Monnoo on Tuesday, decided to start listing process of Kot Addu Power Company shares in the international market through Global Depository Receipts (GDRs)… Aaj News
Fitch Ratings on Tuesday affirmed the ratings of the following banks: - Habib Bank Limited (HBL): Individual affirmed at ‘D/E’ and Support at ‘5′. - MCB Bank Limited (MCB): Individual affirmed at ‘D’ and Support at ‘5′. - National Bank of Pakistan (NBP): Individual affirmed at ‘D’ and Support at ‘4′.The individual ratings of the banks generally reflect their moderate balance sheet strength and earning profile, with HBL still relatively weak in terms of its asset quality and operating expense efficiency in contrast with the credit profile of MCB and NBP… Aaj News
Upper Caps : Packages / JOVC Lower Cap : Arif Habib Ltd
The Karachi Stock market got bashed along with most other markets today, closing down at 13,846. The market has closed below its 30 & 50 DMA’s and downside support is from 13,800-600. Keep the Vaseline handy.
News : The UK-based Innovative Investment Bank would initially invest $15 million which would increase further substantially in future. Its main areas of services would be financial services, wholesale distribution, retail activities, management and development of commercial as well as residential property… Daily Times
The KSE-100 index corrected down to 14,090 after a high of 14,280 and recovered to close down at 14,163. Upward resistance is 14,300-500.
News : Importers on Monday raised the price of di-ammonium phosphate (DAP), an essential crop nutrient, by Rs 400 per 50-kilogramme bag on the back of soaring international prices, market sources said. They said that after the current upsurge, the price of the commodity had reached the historical level of Rs 1,680 per bag… Aaj News
A consortium including Bank Muscat and Japan’s Nomura Holdings has agreed to buy 85 percent of Saudi Pak Bank for about $200 million, a banker involved in the deal said on Monday. The bid group, led by Pakistani financier Shaukat Tarin, also includes International Finance Corp, an arm of the World Bank…"We will be selling them 68.01 percent of the bank that we hold at 29.30 rupees a share," Rashid Zahir, the company’s chief executive, told Reuters. That price is nearly an 8 percent premium to Saudi Pak’s last closing share price. The small lender has a market capitalisation of about $177 million.A source in the bid group said the consortium had reached agreements to buy another 17 percent from local investors."We will be buying 85 percent of the bank now, and issuing a tender offer for the remaining shares pretty soon," the source said, adding that deal was expected to close by mid-February…Aaj News
Upper Caps : Arif Habib Ltd / Sui North / NIB Bank / Sitara Peroxide
The KSE-100 index has truly been a rollercoaster ride in the last 6 sessions. The market has gone from 14,7772 down to 13,335 and back upto Friday’s close of 14,259 in the last week, with a record loss and and a record gain for a single session. There appears to be some stability now and with the upcoming result season due to start in a couple of weeks, the market could well go back to its previous high, or further. Volumes need to increase though. The next upside is 14,300-500.
News : Opec president Chakib Khelil said on Saturday he expected oil prices to keep rising during the first quarter of this year before stabilising in the following quarter. "The rise is likely to continue until the end of the first quarter 2008 and will stabilise in the second quarter," …Aaj News
The commercial banking sector offered a cumulative return of 66 percent as compared to KSE-100 index return of 40 percent in the calendar year 2007. ‘The main reason behind the sector’s excellent return can be attributed to the continued earnings growth momentum’, Atif Malik, senior analyst at JS Global Capital said. He further said, that in nine moths (January to September) of 2007, the banking sector profitability had depicted a growth of 14 percent. Moreover, mergers and acquisitions in the sector, such as that of Crescent Commercial Bank by ‘Samba’, Prime Commercial Bank by ABN Amro, and of Picic Group by NIB Bank in 2007, and expectations of further mergers and acquisitions increased the investors’ interest in the sector. Among the 12 key banks, representing 84 percent of total market cap of the listed banking sector, NIB Bank and MCB Bank offered highest returns, of 259 percent and 91 percent respectively. NBP with a return of 21 percent, stood as the laggard in 2007 versus its peers.NIB Bank outshined others on the back of its acquisition of Picic Group which was completed at the end of the year, while MCB Bank attracted foreigners’ interest due to its strong entry in the consumer financing in 2007. Other noticeable performers, within banks in 2007, were Allied Bank (71 percent return) and Bank Al Falah (67 percent return)…Aaj News
The KSE-100 index continued its downward slide, making a low of 13,481 before a marginal recovery to close at 13,666. Total volume increased considerably compared to yesterday, with 193.6 million shares traded. The market has fallen 1,105 points (7.4%) in the last 2 sessions and there could be some pullback towards 14,100. A lot depends on the date of elections which will be announced 2moro. Keep the Vaseline handy.
News : The government has increased gas prices by 5.25 percent to 10 percent for different categories of the consumers, and has issued the notification on January 1. The revised gas rates will be effective from January 1st 2008.Maximum increase has been made for two categories-CNG and cement sectors. For them the increase will be 10 percent in their existing rates. The increase in gas rates for consumers falling in the categories of commercial, power and industrial has been made by 5.25 percent… Aaj News
The State Bank of Pakistan (SBP) has directed de-scheduling of PICIC Commercial Bank Ltd with effect from the close of business on December 31, 2007 on account of its merger with NIB Bank Ltd under section 48 of the Banking Companies Ordinance, 1962 on Tuesday.It may be noted that the SBP had approved the schemes of amalgamation and consequently the merger of PICIC and PICIC Commercial Bank with and into NIB Bank following the acquisition of PICIC by NIB on June 28, 2007. The three institutions were merged on December 31, 2007. In the wake of this merger, NIB Bank is said to become the seventh largest bank in the country in terms of distribution network with 240 branches and total assets exceeding Rsl85 billion. NIB is now the second most highly-capitalised bank in the country with paid-up capital exceeding Rs27.5 billion… The News
The KSE-100 index dipped down to 14,668 and then recovered to close at 14,772. Benazir Bhutto was killed earlier today at 18.20 pm in a rally in Pindi. This will certainly make the market plummet when it opens on Monday.
News : After the government’s permission to redeem 10 percent of NIT units held by Faysal Bank, the likelihood has significantly increased that the other LOC holders (NBP and BOP) of the NIT units will also be offered to opt for the the same…Mohammad Imran Khan, research head at First Capital Equities Limited said in his report, “the major purpose of the redemption option is to facilitate these banks in taking tax advantage ahead of a year with capital gain tax.” In the budget 2007-08, the government has announced levy of capital gain tax that will be applicable from the year 2008…Mohammad Imran Khan, research head at First Capital Equities Limited said in his report, “the major purpose of the redemption option is to facilitate these banks in taking tax advantage ahead of a year with capital gain tax.” In the budget 2007-08, the government has announced levy of capital gain tax that will be applicable from the year 2008. The analyst said the possible implications for National Bank of Pakistan (NBP) and Bank of Punjab (BOP) if both the banks are also allowed to redeem 10 percent NIT units from their holdings will be an expected capital gain of Rs 1.8 billion and Rs 764 million to NBP and BOP on the holdings of respective 372.5 million and 159 million units of NIT… Daily Times
Askari Bank has sold 16.257 million shares of Allied Bank, it said in a communication sent to the Karachi Stock Exchange. It said that it expects to have realized gains of Rs 1.731 billion through the sale. An analyst said it was thought at one time that Askari Bank would never like to sell its shareholding of Allied Bank, because it retained despite offers by one of the major shareholders of Allied Bank. “However, they now have decided to realize gains on this holding in order to avail the exemption of capital gains tax that they have till December 31, 2007,” he said… Daily Times
After a week of fucking boring, range-bound lassitude, the KSE-100 index rose upto an intra-day high of 14,676 and closed up at 14,660, ( the 3rd highest close in the history of the market). Bhoscricor was once again the flavour of the day with 31.7 million shares traded. Volumes doubled from yesterdays 88.3 mil to a healthier 170.2 mil today. Upside resistance is 14,700-900.
News : The State Bank of Pakistan has granted a license to Barclays Bank Plc, UK, to start banking operations in Pakistan…. Barclays will be established in Pakistan as a foreign banking company and operate in a branch mode with a capital of 100 million dollars and will initially set up 10 branches in various cities of the country.The issuance of license to the Barclays will add to the presence of foreign banks. It will be the seventh foreign bank operating in Pakistan in a branch mode in addition to a number of foreign banks, having locally incorporated subsidiaries… Aaj News
Arif Habib Bank Limited (AHBL) will be provisionally listed at the Karachi Stock Exchange (KSE) from December 24, 2007. Having received the requisite regulatory approvals, Arif Habib Securities Limited (AHSL) is all set to offer for sale 119.7 million ordinary shares of Arif Habib Bank Limited (AHBL) on December 29 and 31, 2007. AHBL is a majority-owned subsidiary of AHSL. It started operations in August 2006 and became a profitable entity within one year. The bank now has a network of eleven fully real-time, linked branches, and the rollout plan calls for expanding the outreach to 100 branches by 2012… Aaj News
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
News : Pakistan granted an exploration licence to US company Hycarbex Energy Inc. on Saturday for an area of 1,229 sq km (475 sq miles) in the southern province of Sindh, the Ministry of Petroleum and Natural Resources said. Hycarbex will invest $6.3 million in the block to carry out surveys and drill three exploratory wells during an initial 3-year period, it said.The company has been exploring for oil in Pakistan since 1995 and has invested $25 million in another block in Sindh,… Aaj News
The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of “AAA” and “A1+” respectively to Pakistan State Oil (PSO). These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments,… The News
The Ministry of Finance has decided to issue fresh Letters of Comfort (LcC) valid up to December 31, 2008 to four banks having investment in National Investment Trust (NIT) units,… The Finance Division had earlier issued LoCs to four banks viz. the National Bank of Pakistan (NBP), Bank of Punjab, Bank of Khyber and Faysal Bank Limited, which were supposed to expire on December 31, 2007. To keep their over-Rs 10 billion investments in NIT units intact, the MoF has decided to issue fresh LoCs with extended validity… Daily Times
The KSE-100 index opened up with a gap, crossed the 14k mark and closed up at 13,965. Cements were the flavour of the day due to the recent increase of Rs.10 per bag. The transition of Gen. Mush to Mr. Mush, securing another 5 year term as President and anticipation of the emergency rule being lifted shortly have all been upward tiggers for the market. This evening’s announcemt for the emergency rule to be lifted on Dec.16th along with the removal of the PCO, should take the market further towards restesting 14,300. Upward resistance is at 14,050-130 and downside support remains at 13,700.
News : The government is expected to announce a rise in fuel prices on Friday, the first in 19 months…The caretaker government is expected to announce at least a 10 percent rise in fuel prices, with more increases to follow,… Aaj News
Habib Bank of Pakistan has sought the approval of the Economic Coordination Committee (ECC) of the Cabinet for acquiring up to 10 percent shares worth $11 million of Diamond Trust Bank of Kenya which has 20 branches in East Africa - Kenya, Uganda and Tanzania…. Aaj News
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
News : Oil and Gas Regulatory Authority (Ogra) has proposed about 7 percent increase in gas prices which the government has yet to approve, said Rashid Farooq, Vice Chairman, Ogra here on Thursday. "Increase in crude oil prices in international market are prompting the increase in gas and petroleum prices to maintain the balance", he said while talking to reporters at Attock Refinery Limited (ARL)… Aaj News
Pakistan’s efforts to find some major discovery in deep sea waters have received a big blow as Shell and its partners’ offshore drilling project has ended in a failure and as a follow-up the structure was declared as plugged and abandoned (P&A)…The Shell also sent the final report of the failure of the project to joint venture partners - OGDC, PPL, Government Holding (Pvt) Limited (GHPL), and Premier Kufpc. Since the abandoned project cost over $50 million, half of it will be borne by public sector companies, OGDCL and PPL, being 50 percent share holder 30 and 20 percent respectively and other 50 percent rests with Shell Pakistan and Premier Kufpc… Aaj News
A group of shareholders of Pakistan Industrial Credit & Development Corporation Limited (PICIC) have is seeking postponement of the Extra-Ordinary General Body Meeting (EOGM) scheduled to be held on November 26, 2007, for considering and approving the scheme of amalgamation of PICIC with NIB Bank Limited…Aaj News
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550.
News : The daily production of oil has reached around 70,000 barrels and gas over 4 billion cubic feet in the country this year. The per-day oil and gas production remained 696,000 barrels and 967 million cubic feet respectively during the last year…Presently, 42 companies are working in Pakistan with 118 exploration licenses and 127 leases. Seventeen new blocks have been opened which would give further impetus to the ongoing exploration activities in the country and would open tremendous opportunities for the prospective investors in diversified fields… Aaj News
Oman’s Bank Muscat said it expects to agree this year on taking over Pakistan’s Saudi Pak Bank with partners including Nomura Holdings and is not put off by the country’s political turmoil. Bank Muscat, Oman’s largest lender, is in talks to buy 35 percent of the Karachi-based bank as part of a strategy to expand in the Gulf and South Asia as competition in its home market intensifies, Chief Executive Officer AbdulRazak Ali Issa told Reuters on Thursday…Asked if the turmoil was a concern for Bank Muscat, Issa said: "No, Pakistan makes good business sense … we have not seen any impact so far."… Aaj News
The government has bowed to the pressure of International Power of UK, allowing it to dematerialise and transfer its shares in Kot Addu Power Company (Kapco) without any restriction,.. Aaj News
The KSE-100 index made a high of 11,173 , then dipped down to 10,979 and close up at 11,156. Total volume traded today was 111.9 million shares, still on the low side. Arif Habib Securities was the flavour of the day with 12.6 million shares traded. The market has closed above its first resistance of 11,100 and the next target is 11,400. The market is up by nearly 1000 points since Friday and after 4 days of green, there could be some weekend selling 2moro.
Another positive day at the Karachi Stock Exchange with the market making a high of 11,141 and closing up at 11,018. The market seems to have met resistance at 11,100 and needs to close above it for its next move to 11,400-700. Oil has dropped further down to $125 and hopefully will continue to fall more ,to get back to a realistic price.
The KSE-100 index made a high of 12,609 and closed at 12,452. As expected yesterday, there were quite a few lower caps and the market cooled off today with some profit taking. There could be some weekend selling 2moro as well. Oil shot up over $140 based on a weak dollar and irresponsible remarks from OPEC’s president Chakib Khelil, who said that prices could rise to $150-170 during the summer (see the article below). The market’s next upward resistance is 12,550 and a close above that would head towards 12,900. Given its current 1% downside, it could get there soon. 
The KSE-100 index got gang-banged today, making a low of 11,704 and closing 390 points down at 11,870. This was predominantly due to a rumour circulating, regarding doubling the price of CVT. The market is on a very weak footing with all kinds of uncertainty, political and financial, therefore the slighest cough or fart unleashes panic . It seems 500 points down in a day is par for the course at the moment. More irresponsible is the lack of any clarification on the CVT issue which seems unlikely to be implemented as it would have been mentioned at the time of CGT being exempted. Whether there will be a pullback 2moro or further erosion is anyone’s guess ! Buy large jars of Vaseline and apply copiously !!
The KSE-100 index got hopelessly fucked out of shape today with a steady downward slide leading to close at 12,444, nearly 500 points down. Apparently foreign selling, political uncertainty and the Pak-Afghan border situation were to blame, along with all banks getting shafted based on an article in the newspapers re : withdrawal of all govt. deposits. Whether there will be a pullback 2moro remains to be seen. Keep the Vaseline at close reach !
Friday saw the KSE-100 index fall further and finally close below 15k at 14,956. The market has weakened over the last few days registering a drop of 522 points in the last 3 sessions. Uncertainty is a killer of markets and the uncertainty over the restoration of the judges hasn’t helped this market along with a weak ruppee. The economy is getting fucked daily with higher oil prices, and the lack of electricity and food needs to be focused on, more than a few judges whose restoration will not feed the man on the street ! The last time the market closed below 15k was on March 20th. A close below 14,800 will lead to more disaster and the road will be rocky for sometime in the near future. After 34 years of not paying Capital Gains Tax, the market will have to face upto new tax rules before July 1st. That will certainly not take the market soaring upwards ! Keep lots of Vaseline at close reach or step out of the market till the dust settles.
The KSE-100 index opened up and made a high of 15,594 > The market was unable to sustain its gains and closed up at 15,479. BOP was the flavour of the day with 17.9 million shares traded. The tick size (the minimum price change) has been changed to day from 0.05 to 0.01 . The next upward resistance is 15,600.
On Friday the KSE-100 index dipped further down to a low of 15,225 and then recovered to 15,400. In the 2nd half the market opened and dived down a 100 points in a few seconds (see the graph). This was due to the announcement that the "March 2005 Crisis " issue was to be probed yet again. While claiming not to indulge in the "Blame Game" this move is at the suggestion of the Finance Minister Dar. Will this result in the "small investors" who he claims lost $12 billion overnight, getting their losses back ? No, all it will do is fuck up an already shaky market. Instead of looking forwards, we have to indure this " Mickey Mouse " behaviour from a Govt. that took ages to decide their new PM, still can’t decide on whether the judges should be restored or not, and faced with a totally fucked economy and sliding ruppee, now indulge in the "Blame Game" and try to dig up the past !
After a shaky close yesterday, the KSE-100 index continued its upward climb with a high of 15,560 and closed at another record high of 15,538. POL was the top dog in terms of volume , trading 20.7 million shares out of a relatively low total of 141.8 million today. Closing at 402.5 , it’s POL’s highest close in nearly 2 years. Oil has jumped to a new high of nearly $114 today. Upward resistance is at 15,600.
Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.
The KSE-100 index shot up to a new intra-day high of 15,523 and closed at another record high of 15,472. 3 record highs in 3 consecutive days. OGDC was the flavour of the day and finally pulled its finger out to make a high of 139.95 having stagnated for days in a range of 133-136.80. It traded 39.4 million shares, 10 times its volume yesterday, and gave the market the impetus for a bigger upward thrust. It’s possible that there could be some correction soon before making more headway to 16,000. Downside support is at 15,300.
The KSE-100 index was back on track today and closed up at 15,210. Volumes were marginally higher with 158.4 million shares traded. Azgard Nine was the flavour of the day closing up at its upper limit. FFC made its highest close for the year at 145.60. Upside resistance is at 15,300.
The Karachi Stock market dipped down to a low of 14,822 and then recovered to close up at 14,994. Bank Alfalah was the flavour of the day with 26.5 million shares traded. The next upward resistance is 15,050-100.
Another choppy day at the Karachi Stock Exchange with volumes shrinking down to 120 million shares traded. PSO closed at a new high of 538.55. Despite regional and world markets getting fucked out of shape after Bear Stearns was sold for $2 per share today, the market showed resilience and closed marginally down at 15,043. It’s possible that there will be some foreign selling this week, which could take the market below 14,900. With no good news on the near horizon, start brushing the cobwebs off the Vaseline jar !
The KSE-100 index has finally closed above 15k at 15,056, another new record close. The Karachi Stock market is up by 10% since January 1st. and has risen 1,170 points in the last 10 sessions. D.G.Khan Cement was the top volume stock traded today with 42.1 million shares traded. MCB closed at 480.50, yet another new high and Engro closed at 307.35 at its upper limit, its highest close so far. Oil crossed $101 today. The market continues to look overbought though there seems to be no sign of a proper correction as yet. Upward resistance is 15,139 , the current intra-day high.
Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.
The KSE-100 index shot up again and closed on its high of 14,282. Banks were the flavour of the day with National Bank closing at its upper limit. Oil rose above $95 today. With a long weekend coming up (the market is closed on Monday 18th for the farcical elections) there could be some selling 2moro. 
Friday saw further lethargy in terms of trading activity, with 69 million shares traded. The KSE-100 index made a high of 14,018 and closed down at 13,938. The next week could be quite volatile with the build up to the farcical elections alluding to the myth of democracy. The result will make no fucking difference to the state of the nation as the poor will continue to get fucked on a daily basis and the rich just get richer. A lot depends on who gets blown up and who doesn’t (hopefully nobody will ). However, there should be some stock specific activity as a lot of results are to be announced this week. Stock up on the Vaseline !
The Karachi stock market opened up, finally pulled its finger out and broke 14k, and closed above it at 14,009. Arif Habib Securities was the top volume of the day with 25.1 million shares traded. The KSE-100 index has closed above its 30 DMA and and is headed towards 14,100.
The Karachi Stock market got bashed along with most other markets today, closing down at 13,846. The market has closed below its 30 & 50 DMA’s and downside support is from 13,800-600. Keep the Vaseline handy.
The KSE-100 index corrected down to 14,090 after a high of 14,280 and recovered to close down at 14,163. Upward resistance is 14,300-500.
The KSE-100 index has truly been a rollercoaster ride in the last 6 sessions. The market has gone from 14,7772 down to 13,335 and back upto Friday’s close of 14,259 in the last week, with a record loss and and a record gain for a single session. There appears to be some stability now and with the upcoming result season due to start in a couple of weeks, the market could well go back to its previous high, or further. Volumes need to increase though. The next upside is 14,300-500.
The KSE-100 index dipped down to 14,668 and then recovered to close at 14,772. Benazir Bhutto was killed earlier today at 18.20 pm in a rally in Pindi. This will certainly make the market plummet when it opens on Monday. 
After a week of fucking boring, range-bound lassitude, the KSE-100 index rose upto an intra-day high of 14,676 and closed up at 14,660, ( the 3rd highest close in the history of the market). Bhoscricor was once again the flavour of the day with 31.7 million shares traded. Volumes doubled from yesterdays 88.3 mil to a healthier 170.2 mil today. Upside resistance is 14,700-900.
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
The KSE-100 index opened up with a gap, crossed the 14k mark and closed up at 13,965. Cements were the flavour of the day due to the recent increase of Rs.10 per bag. The transition of Gen. Mush to Mr. Mush, securing another 5 year term as President and anticipation of the emergency rule being lifted shortly have all been upward tiggers for the market. This evening’s announcemt for the emergency rule to be lifted on Dec.16th along with the removal of the PCO, should take the market further towards restesting 14,300. Upward resistance is at 14,050-130 and downside support remains at 13,700.
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
The Karachi Stock market got reamed further today with an intra-day low below 13k at 12,981 and then made a swift recovery towards the end to close at 13,110. OGDC was the flavour of the day with 17.9 million shares traded todayfrom a shrinkinmg total of 138.8 million. It was the only major stock to close up today as all the others got fucked. 2moro’s Friday show is anyone’s guess, a minor pullback or more slaughter with weekend selling. Downside sees the market heading for its 200-DMA at 12,700 and upside resistance is 13,550. 