About the Karachi Stock Market Blog 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. 1,130 posts and counting ...
In the first nine months of fiscal 2013, DG Khan Cement, a unit of Nishat Group, doubled its unconsolidated earnings to Rs4.24 billion compared to Rs2.072 billion in the corresponding nine-month period of fiscal 2012, …..Efficient cost control measures by DG Khan Cement played a major role in stellar results as cost of sales remained virtually flat, resulting in full impact of the growing top-line on earnings. Depreciation of the rupee also proved to be a blessing in disguise for the company’s export markets. Revenues for the country’s second largest cement producer topped at Rs18.13 billion, growing 8.6% compared to Rs16.7 billion in the same period of last year. Cost of sales rose 1% to Rs11.305 billion, resulting in gross margins to climb 470 basis points to 37.7% from 33% in the corresponding period of last year, with the commencement of DG Khan’s waste heat recovery plant and falling international coal prices. As the State Bank of Pakistan slashed the benchmark interest rates by 250 basis points during the period to 9.5%, financial charges of the company dropped 38.5% to Rs0.802 billion from Rs1.3 billion in the same period of last year. Additionally, 22% higher dividend income from associates – MCB Bank, Nishat Chunian and Nishat Mills – to Rs1.085 billion boosted the bottom-line of the company.
…. DG Khan Cement Director Marketing Fareed Fazal said that the cement producer is planning to expand to India despite non-tariff barriers put up by the Indian market.“We have a plan to invest $10 million in setting up cement silos along with a mixing plant in India,” said Fazal. DG Khan also plans to pack the cement in India and sell it directly to the market from its planned facility on the Indian side of Wagah-Attari border….Moreover, the cement producer has also explored other potential export markets, which included South Africa, Mozambique, Ethiopia, Djibouti, Tanzania, Kenya, Sudan, Congo and West Africa. In Asia, the company is developing channels in Sri Lanka, India, Myanmar, and Tajikistan. "In spite of this being the election year and all other unfavourable conditions, we are still projecting growth of two to three per cent,” said Fazal…. EXPRESS TRIBUNE
Fauji Cement reported a profit of Rs0.923 billion for the first half of the current fiscal year, switching to black from a loss of Rs0.102 billion in the corresponding half of the preceding year. On a quarter-to-quarter basis, the cement producer’s profits accumulated to Rs0.562 billion in the second quarter of fiscal 2013 against Rs.0.361 billion profit in the corresponding previous quarter, up an impressive 56%.
2012 has been really good year for the cement industry in general as higher cement prices and softer coal prices have propelled profits of the highly-leveraged sector. Despite stagnant exports, the industry has more than made up for the losses through higher local dispatches amid higher prices. Revenues clocked in at Rs.7.567 billion in the semi-annual 2012 period, up an astounding 77% compared to Rs.4.257 billion in the corresponding half of last year. The astounding boost was solely driven by selling prices which surged 13% to Rs.465 per bag in the south zone and 8% to Rs.438 in the north. On a sequential basis, the company posted revenues of Rs.4.103 billion in the second quarter against Rs.3.464 billion in first quarter of fiscal 2013, up an 18%. Fauji’s total cement dispatches stood at 662,000 tons in the second quarter, where local dispatches increased 22% to 520,000 tons and exports relatively stable during the quarter,…
Gross margin is the number to look at as Fauji Cement managed to boost its margins to 35% during the quarter from 19% in the corresponding quarter of last year, primarily on the back of higher cement prices and falling international coal prices, which declined 27%, and aggressive use of the refuse derived fuel, a cheaper alternative top coal as kilning fuel. Gross margins for the semi-annual period of fiscal 2013 also were at an impressive 32.2%. On the flipside, the company’s finance cost climbed 15% to Rs.0.818 billion despite declining interest rates. …..Going forward, the cement industry is expected to have another great year as the demand for cement in Pakistan will continue to grow at the current pace of 7.6% as government spending is expected to rise due to upcoming elections. Moreover, exports to Afghanistan and African markets will continue to rise in the future.Furthermore, analysts believe that Fauji Cement’s stock will witness a further upside, despite forward price-earnings of 4.9 times, as the company has an influence on the pricing of the product in the market…. EXPRESS TRIBUNE
Lucky Cement profits solidified at Rs2 billion in the first quarter of fiscal 2012-13, up 34% from Rs1.5 billion in the corresponding quarter last year.The robust growth in profitability primarily stems from a billion rupees rise in revenues, improving gross margins and retention prices, austerity measures of the company to cut costs, lower coal prices plus savings from energy efficient measures, said BMA Capital Analyst Affan Ismail.Revenues climbed 18% to touch Rs2 billion in the period under review. Better cement prices in the local market, up 11% from a year earlier, coupled with improvement in local dispatches remained the major driving force behind considerable increase in the top-line, …However, the cement manufacturer’s volumetric sales were down 1% at Rs1.42 million tons, suffering because of lower export demand. Local dispatches were higher by 5% to 860 million tons while exports were down 9% to 563 million tons. But the company was able to enhance its revenue considerably mainly on the back of higher prices in the local market and rupee depreciation boosted income from lower exports, …Resultantly, gross profit registered a massive rise of Rs33% to Rs3.87 billion.
Gross margins also improved to 43.75% – the highest in the cement industry – led by better retention prices and several austerity measures. Positive effect of energy expense cutting measures like conversion of coal-fired plants to tyre-derived fuel and refuse-derived fuel manifested into higher gross margins. The alternate fuels decreased demand of the more costly coal by 20%. Moreover, apart from robust retention level, considerable dip in coal prices, down 22% to $82.32 per ton, supported uptick in margins.Operating expenses jumped 20% to Rs1.25 billion on the back of higher distribution costs over rising freight charges due to persistent increase in oil prices. On the other hand, financial charges went down 76% to Rs19 million as the cement producer is consistently loading off short-term and long-term debts from its balance sheet….According to the statements, the company had cash balance of Rs 3.3 billion as at September 30, 2012….. Express Tribune
DG Khan Cement was able to switch its profitability from millions to billions – bouncing back into familiar territory for the cement producer and solidifying its position in the sector.The company’s results for the quarter were mostly in line with analyst expectations, who say that primary factors behind enhanced earnings were higher revenues, better margins, increased income from its associates and a lower effective tax rate.Profit for the country’s second-largest cement manufacturer swelled 4.5 times or 353% to Rs1.44 billion in the first quarter of the fiscal year 2012-13 from Rs317.8 million in the corresponding quarter of the previous year, ….Revenues enhanced by 15.5% to Rs5.87 billion in the period under review. The notable uptick in sales was attributed to hefty inflation in cement prices, up 11% from a year earlier, …Local dispatches grew 2.8% to 7.7 million tons in the first quarter of the fiscal year 2012-13 from 7.5 million tons in the corresponding quarter of the previous year…
Similarly, gross margins spiked up by 758 basis points to settle at 37.7% on the back of higher prices and new cost rationalisation measures from trial run of its energy-efficient Waste Heat Recovery and Refuse Derived Fuel plant during the period. Moreover, apart from robust retention level, a considerable dip in coal prices, down 22% to $82.32 per ton, supported uptick in margins. Resultantly, gross profits climbed to Rs2.21 billion….The bottom-line was also supported by the decline in financial charges by a sharp 33% to Rs303 million as against Rs449 million. Cement manufacturers were among the most highly leverage sectors in the economy, and with successive interest rates cuts by the State Bank of Pakistan by over 200 basis points over the last quarter, the company was able to substantially cut down its finance costs.The healthy earnings were also the result of a one-off tax reversal – which generally arises when tax relief is provided in advance of an expense – the company incorporated an effective tax rate of 5% against 43% charged in the corresponding quarter of the preceding year….. Express Tribune
Lucky Cement profits solidified at a record high Rs6.8 billion in fiscal 2012 on the back of higher local sales and better prices for the cement. The robust surge in profitability is primarily attributable to sharp uptick of 19% in local prices, lower coal prices plus valuable cost savings from energy efficiency measures and 7% increase in domestic sales, … Sales increased by 28.1% to Rs33.3 billion owing to 3% higher dispatches coupled with 25% jump in prices. Gross margins of the manufacturer augmented by 470 basis points to 38.2% compared with last year’s 33.5%. The result announcement was accompanied by a cash dividend of Rs6 per ordinary share of Rs10.
“Cement demand in the country is at its peak, I am hopeful that this will continue to grow and increase the business for the industry,” Lucky Cement Chief Executive Officer Muhammad Ali Tabba told The Express Tribune. The industry recorded sales of 23.95 million tons in financial year 2012, 3% increase over the preceding period. Lucky Cement’s domestic sales increased 7% to 3.7 million tons while export sales eased 4% to 2.3 million tons.The market share of cement export to Afghanistan has considerably increased and is expected to continue, the company said in a post-result statement. Moreover, there still exists cement export prospects to regional countries Sri Lanka and Iraq along with African country by sea routes….Strong pricing scenario, sale of surplus electricity to Hyderabad Electric Supply Company (Hesco) and Peshawar Electric Supply Company and robust cash generation capacity amid lowest debt in the sector will continue to remain the major value drivers for the company.
Lucky Cement led-group bought a 75.8% stake in ICI Pakistan from the Dutch paints giant AkzoNobel for Rs14.4 billion ($152.5 million) in the period under review….The company’s alternate fuel replacement plant that uses tyre derived fuel and residue derived fuel successfully started operations during the year, adds the notice. The alternate fuels decreased demand of the more costly coal by 20%.The plant would eventually utilise shredded tires as a replacement of coal for cement production.The plants costing Rs1 billion is located at the cement production facility in Karachi and is capable of producing cheaper cement along with reducing significant carbon emissions in the environment. Furthermore, the work on installation of grid station and 22km interconnection line with distribution network of Hesco was completed. The company is expected to start supplying 15 MW to 20MW to the electricity distributor between July and September 2012. The company is also plans to set up a one million ton manufacturing plant in Congo under a joint venture project. Lucky Cement will contribute $40 million towards 50% share of its equity in the project. Total cost is estimated at $175 million of which 46% which will be contributed by both partners while the rest will be raised from financial institutions…. EXPRESS TRIBUNE
Lucky Cement has managed to increase its profit by 90% to Rs4.69 billion in the current financial year despite production levels staying at the same levels as last year. The astounding boost was solely driven by selling prices which surged 25% to Rs425 per bag against Rs339 per bag in the same period last year,….Volumetric sales rose marginally by 2% to 4.37 million tons against sales of 4.28 million tons.Total interest bearing debt reduced by 42% on a quarterly basis as the company repaid debt of Rs2.7 billion on a quarterly basis.
Expansion plans : The company also disclosed its plan to set up a cement grinding facility in Iraq in a joint venture with a local partner. The plant with production capacity of 870,000 tons will cost $30 million of which 50% will be paid by Lucky Cement. The company is already establishing a one million ton manufacturing plant in Congo under a joint venture project.It also announced plans to buy a 13.8% equity stake in Yunus Energy Limited for $4 million. The company plans to set up 50MW wind farm in Jhimpir, Thatta.The company also disclosed it would start supplying electricity to Hyderabad Electric Supply Company (Hesco) by May….. Express Tribune
Lucky Cement has managed to double its half-yearly profits despite production levels remaining virtually unchanged.Net profit rose 107% to Rs3.02 billion during July to December 2011 against Rs1.46 billion in the same period a year back,“Earnings growth resulted from a 24% uptick in cement prices and the company’s shift in focus to the local market,” … Consequently, gross margin increased to 38% in the period under review against the preceding year’s 33%…..Net sales rose by 28% to Rs15.37 billion in the first half of 2012 against Rs12.03 billion posted in the same period last year. The stunning boost in monetary sales was mainly because of higher retention prices. Volumetric sales grew by a meagre 2% to 2.87 million tons against 2.81 million in the same period last year, whereas prices surged 25% to Rs423 per bag against Rs339 per bag during the same period last year, …. Express Tribune
DG Khan Cement and Lucky Cement announced swelling profits on the back of better higher prices and sales, showing signs that the sector is getting back on track after a torrid run in financial year 2011. DG Khan Cement profits jumped 14 times to Rs318 million while Lucky Cement net profit more than doubled to Rs1,506 million in the first quarter of 2012, …..Around 80 per cent of cement plants suffered losses in the previous financial year on the back of stagnant local consumption and non-payment of inland freight subsidy.DG Khan Cement’s earnings was almost double analysts expectations as they projected it to stand around Rs163 million. Gross margins of the company improved to 30% during July to September from 19% in the same period last year, ….. Net sales of the company went up by 44% to Rs5.09 billion during the period under review primarily driven by 36% higher net prices….. Lucky Cement net profit increased 107% to Rs1.51 billion on increased revenue from sales during the period under review.Net sales rose 34% to Rs7.5 billion on the back of 30% increase in sales and prices.Conversely, financial charges reported a sharp decline of 44% to Rs81 million because of lower long term debt…. The Express Tribune
Dividends : Indus Motor Company Limited (IMC), one of the leading auto manufacturers of the country, announced an earning per share of Rs10.3 for the first quarter of the year ended on March 31st….The profit-after-tax for the period under review stood at Rs. 809.708 million, registering an increase of over 50 per cent against a profit of Rs403.203 million during the corresponding period last year, … for the nine-month period ended on March 31st, the company reported a profit-after-tax of Rs2.175 billion, translating into an earning per share of Rs27.68, as compared to a profit of Rs565.983 million and an EPS of Rs7.2 during the corresponding period last year…The News
News : The Sindh High Court withdrew the stay order that suspended the inland freight subsidy announced by the government and ordered availability of the subsidy at the rate of 35 per cent to all cement manufacturers, on Tuesday. The court had suspended the notice issued by the Trade Development Authority of Pakistan (TDAP), according to which, products originating from a minimum 100km away from the seaport would qualify for the subsidy. The cement sector was offered 35 per cent of the inland cost as subsidy. Lucky Cement and Attock Cement had prayed the court against this notice issued, contending that it was meant to give undue favour to their competitors. As the authority had failed to give any plausible reasons for providing the 100km condition, the court impugned the notice….Now, the inland freight subsidy at the rate of 35 per cent would be available for all the export-oriented cement manufacturers without any condition of product originating from minimum 100km away from the seaport…The News
News : Engro Energy has started supplying 217 mw of electricity to the national electricity grid from its power plant, which uses low BTU gas from Qadirpur field, the company said on Tuesday. The $205 million power plant, which runs on gas that was being flared by OGDC as useless, has been designed by Engro engineers with help from foreign contractors, CEO Khalid Mansoor said. “We did not find any benchmark for this kind of power plant anywhere in the world,” he claimed. “The plant has not been imported and the technology is pretty much ours.” Using low BTU gas has also helped Engro bring down cost of production, he said, adding his company’s tariff is close to 6.25 cents per kWh against other oil-run IPP’s rate of 15 cents…. The News
Attock Cement, the maker of the powerful Falcon brand, plans to buy 74pc shares of Al-Abbas Cement, which is in the red because of a slowdown in the construction industry…. Attock Cement’s decision was timely as shares of Al-Abbas were trading at a low value.. the takeover of relatively weaker Al-Abbas will give an edge to Attock Cement. “There is already a glut in the market so adding new capacity does not make sense. But for Attock, a takeover will increase sales volume and raise profits.” He said the quality of Attock Cement is considered superior and increasing its volumetric sales will not be a problem. Syed N. Jafferi, the Chief Operating Officer of Al-Abbas Cement, said the takeover deal will fair well for both the companies. “We can add value through our 3000 tons per day production plant and presence in the export market.” Analysts say the lapse of the Competition Ordinance on March 26 is likely to push up prices of cement by 10 to 15 percent in the fourth (April-June 2009-10) quarter….The current average price of Rs280 per 50kg bag will likely go up to Rs320…The News
News : The long-awaited leverage product Margin Financing (MF) will be available to all brokers from financial institutions against net ready market purchases of their clients by the end of February. Sources told Daily Times on Wednesday that the product was in the final stage, however, there were some bottlenecks, which would be removed in a month and the product would be launched by the end of next month…Daily Times
The Book Builder and Manager of Fatima Fertilizer share issue has announced that due to overwhelming response to the issue, the period for acceptance of bids has been extended to 1:00 pm on Thursday. Bidders are allowed to revise or withdraw bids between 9:30a.m. and 5:00p.m. on Jan 14. The final strike price will be announced after the deadline on the same day and allocations will be declared next day, on Friday.… The News
Local cement prices have started to rebound gradually and are up by Rs10-15 per bag from last week. A 50kg cement bag is currently available in the band of Rs250-260 in the Northern region and Rs290-300 in the Southern region of the country… The News
The sugar companies, registered at the Karachi Stock Exchange, posted profits of 452 percent in the fourth quarter of last fiscal year. According to a research report, local sugar mills recorded 126 percent gains during complete financial year, from October 2008 to September 2009… Colony Sugar Mills registered the highest profit of 638 percent while Mirza Sugar Mills recorded 411 percent gains. Others include Abbas Sugar Mills with 276 percent, Mirpur Khas Sugar Mills 236 percent and Mehran Sugar Mills 207 percent…. The News
News : D.G. Khan Cement Ltd., Pakistan’s second-biggest producer, plans to invest 30 billion rupees ($360 million) to build a factory at home and in Sri Lanka, aiming to double capacity and tap demand in South Asia and East Africa. The company plans to invest as much as 10 billion rupees to build a 2 million ton plant in Sri Lanka in partnership with the government, Chief Executive Officer Mian Raza Mansha said in an interview in Lahore today. Another 20 billion rupees will be spent to build a 3 million ton factory at Hub near Karachi to increase sales to East African nations, he said…The company plans to raise 1 billion rupees through a rights share issue in the next quarter, Mansha said… Bloomberg
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
News : Lucky Cement Ltd., Pakistan’s biggest producer, plans to start its first overseas factory in Africa by 2011 to take advantage of a construction boom. “The African market is where the future growth for Pakistan lies,” Chief Executive Officer Muhammad Ali Tabba said yesterday in an interview in Karachi. “Demand is growing and there are not many plants in the region.”…“Lucky has the first-mover advantage in capacity building, exploring export markets and providing better quality with competitive prices,”…Lucky, which accounts for a third of Pakistan’s overseas cement sales, exported 57 percent of its production to the Middle East, Africa, Sri Lanka, India and Afghanistan in the nine months ended March 31.
Sales to India, Sri Lanka and Egypt will continue to grow, as demand from the Middle East slows, Tabba said. The cement maker’s full-year profit may rise 60 percent, First Capital’s Khan estimated. The company is expected to announce full-year earnings tomorrow…. Bloomberg
Friday saw the KSE-100 index dip down to a low of 7,524, and then in the second session the index bounced back on the news of $5.28 billion pledged in the FODP meeting in Tokyo. Making a high of 7,910, the market closed at 7,794. The Monetary Policy will be announced on Monday 20th April. A zero to nominal interest rate cut is expected.
The result season will be in full swing from next week with POL, PSO, OGDC & FFC to announce their results amongst several other companies.
Dividends : Attock Cement Pakistan Limited (ACPL) registered phenomenal growth of 194 percent in its net profit in the 1st quarter of 2009 on the back of heavy growth in its sales and gross level margins. Net profit came to Rs317 million in January-March 2009 against Rs108 million in the corresponding period of previous year. Earnings per share (eps) also jumped to Rs 4.41 in the period under review from Rs 1.50 in the same period of previous year… Daily Times
Another stonking great performance for the KSE-100 Index, closing up at 7,191 , an increase of 3.73%. It’s possible that there could be some weekend 2moro after today’s big upward move.
News : Bosicor Pakistan is set to start production from the country’s largest oil refinery by June 2010 as part of its endeavour to become a leader in petroleum refining and marketing business, its Chairman Amir Abbassciy said on Thursday.The refinery, which will process 120,000 barrels of crude oil a day, and is in addition to its existing 30,000bpd refining unit, is going to complement the company’s oil marketing arm,..Bosicor which joined hands with private equity giant Abraaj Capital last year, has pumped $600 million to form a fully integrated petroleum business… The News
It is enhancing production from its existing refinery to 40,000bpd in the next few months. Work is underway on the construction of a sub-sea pipeline and single buoy mooring facility. And by year-end it will have constructed the country’s largest oil storage tanks.
The government announced the new petroleum policy for the year 2009, on Thursday. …Advisor to Prime Minister for Petroleum & Natural Resources, Dr. Asim Husain said that over 100 licenses would be issued for oil and gas exploration in the country. He said the new liberal policy will attract local and foreign investors and the government will provide them with all facilities in this regard…He said the country is producing 67000 barrels of oil per day… The News
The country’s two major cement manufacturers have shown their interest to acquire the controlling shares of Dewan Cement Limited which is presently running in loss, …Sources said the consortium of Pakistan banks, which was financing the Dewan Cement, has now approached the Lucky Cement Company and the DG Khan Cement Company with a view to convince them to strike a deal either to acquire the controlling shares of Dewan Cement or at least make a partnership with the said company…. The Nation
As expected, the KSE-100 index shot up today closing 404 points up at 10,853. Despite the 400 point rise, volumes were relatively low with 87.6 million shares traded. The 1% interest rate hike was within market expectations and no further hikes in the CRR & SLR were seen as positive. Now that the uncertainty of the rate hike is over, the market should move upwards in lieu of the current result season. The next upward resistance is 11,100. Oil jumped up by $5 to127 today due to a decline in US gasoline inventories, any fucking excuse for its pathetic uncontrolled speculation.
Fauji Fertilizer Company (FFC) has posted a net profit of Rs3.3 billion for the first half of calendar year 2008. This is 38 per cent higher than Rs2.4 billion the Company earned in the corresponding period last year…The Earning per Share (EPS) for the said period enhanced to Rs. 6.7 as compared to Rs. 4.8 in same period in 2007. Earnings of the company increased on the back of higher urea prices under the review period as price increased to Rs.600 per bag by Jun 2008, as well as higher volumetric urea sales, standing at 1.2 million tons as against one million tons in first half of 2007… net sales of the company increased by 39 per cent to stand at Rs14 billion compared to Rs10 billion in the corresponding period last year… The News
News : The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved the new oil pricing mechanism, reducing deemed duty for oil refineries and import duty on crude oil import to 7.5 percent each and fixing margins of OMCs and dealers… Federal Finance Minster Naveed Qamar said the measures taken would not benefit consumers. These measures would help the government reduce the subsidy on diesel by Rs 8.15 per litre. The minister said the government could not pass on the benefits of the reduction in OMCs’ and dealers’ margins to consumers. He said the government was still giving Rs 35 per litre subsidy on diesel that amounted to Rs 1 billion a day. The minister also said the ECC had fixed the margins of Oil Marketing Companies (OMCs) and dealers’ commission according to crude oil price of $100 per barrel. The ECC has also decided to reduce the deemed duty (a subsidy) for oil refineries from 10% to 7.5%. Import duty on crude oil has also been reduced from 10% to 7.5%… Daily Times
The government is considering a crackdown on cement manufacturers against raising cement prices to over Rs 400 per 50 kg bag, without any justification,…The issue was discussed in the meeting of the Economic Co-ordination Committee (ECC) of the Cabinet on Wednesday wherein it was confirmed that cement manufacturers have raised the price of 50 kg cement bag to Rs 400 at a time when the construction season is at peak in the country.Sources said that Finance Ministry has been asked to investigate the reasons for the sudden increase in cement prices when there was no substantial change in input costs. Analysts have calculated that the cost one 50 kg cement bag is in the range of Rs 230-240, which means that the manufacturers are overcharging the consumers by approximately Rs 160 per bag….the government was considering withdrawing recent increase of 20 percent in federal excise duty (FED) on cement because of its negative impact on construction industry throughout the country. The government had raised FED by Rs 150 per ton to Rs 900 from Rs 750 in the federal budget besides enhancing one percent general sales tax (GST)… 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.
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
The Karachi Stock market displayed more of the same today with most stocks hitting their lower caps. There was some activity in OGDC which closed up marginally and PSO which closed at 428.79, up Rs.11.55. Volumes increased compared to yesterday with 40.8 million shares traded. Whether the rest of the market opens up from its lower limits 2moro remains to be seen, but there should be some recovery soon.
Dividends : National Investment Trust (NIT) Limited has declared highest-ever dividend of Rs 6.50 per unit for its unit holders (both for LOC and non-LOC Funds) for the year ended on June 30, 2008. “The payment of record dividend would involve a huge total payout of Rs 10,490 million among its unit holders as against Rs 10,034 million paid to unit holders last year,” chairman and managing director NIT, Muhammad Nawaz Tinsha said Tuesday. NIT has out performed the benchmark KSE-100 Index by a good margin of 4.4 percent… Daily Times
Local cement manufacturers on Tuesday raised the price of cement by Rs 15 per 50-kg bag due to increase in the sales tax and excise duty. The federal government has raised General Sales Tax (GST) by one percent and Federal Excise Duty (FED) by Rs 150 per tonne on cement in the new budget….Industry sources claimed that with an increase in the GST and FED, the tax impact on cement has risen to Rs 85 per bag from July 1, 2008, while earlier it stood at Rs 73 per bag. However, it is interesting to note that cement manufacturers had already increased cement prices by Rs 40-50 per 50-kg bag after the announcement of the budget… Aaj News
The Karachi Stock market continued its rise making a high of 12,499 and closed up at 12,430. The market has jumped up 1268 points in the last two sessions and there could be some lower caps creeping in, in a day or two. Volumes have increased with 192.7 million shares traded today.
News : The government is arranging two tranches of Rs35 billion each for the payment of price differential claims (PDC) to oil marketing companies (OMCs) and refineries,…The ministry of finance has conveyed to the ministry of petroleum that it will very soon release two tranches of Rs35 billion each to the oil marketing companies and refineries under the head of price differential claims,…The PDC is a subsidy on POL products not passed on to consumers in fortnightly price revisions, but borne by the government to offset the effects of soaring petroleum prices. The PDC claims stood at Rs72 billion before the announcement of the federal budget earlier this month…The News
Most of the listed cement companies have registered huge losses from operations during the first nine months of the current fiscal year, industry sources say. They say that 85 percent of the listed cement companies have incurred losses amounting to Rs 5 billion during first nine months of the current fiscal. These losses occurred mainly due to rising cost of doing business and an imbalance in supply-demand phenomenon, resulting in depressed market prices,…Fauji, Lucky and Attock are the only three cement companies showing profit from operations worth Rs 2.4 billion… Daily Times
Pakistan Telecommunication Company Limited and the Karachi Stock Exchange signed a memorandum of understanding here on Wednesday, under which PTCL would set up a high-speed network at the bourse. According to the agreement, PTCL will deploy all necessary equipment to establish a ‘point of presence’ within the KSE building for laying a high-speed dedicated network called ‘KSE Connect’, especially developed for the stock exchange….KSE Connect would allow KSE members the facility to conduct real-time on-line trading from anywhere in Pakistan… Source : The News
Dubai’s Giladari Cement plans to invest around 3 billion rupees to establish a cement plant in the country with the capacity of producing 3300 metric tones per day…Work will commence on the plant next month and will be completed by November 2009… Source : Aaj News
Friday saw the KSE-100 index close down at 12,941, mainly due to a wait & see approach to the results of the " Long March " over the weekend. The " Long March " was a total waste of time and a criminal waste of money at a time when we are being taxed to the hilt to cover the govt’s shortfall in its fiscal and current account deficts.
It was summed up better by Ardeshir Cowasjee in his weekly column… How much has this ‘long march’… burdened this deprived nation and its thirsty and hungry people? If street thinking or street power is to be believed, the funds for the lawyers’ movement and for this culmination have emanated from the coffers of Mian Nawaz Sharif and his brand of Muslim League, whose coffers were and are filled to the brim with the nation’s money…Nawaz’s professed love for an independent judiciary can never ring true in the light of his past dealings with the judiciary of his country. His party man, Gohar Ayub, in his book published last year, has recounted how one day early in November 1997 Nawaz wanted to arrest the Chief Justice of Pakistan, Sajjad Ali Shah, and jail him for a night, merely because he was getting uppity… Dawn
The government really needs to pull their finger out and resolve the current judiciary issue a.s.a.p. to avoid statements like this one… " Moody’s Investors Service said in a report on Pakistan on Friday that weak governance, political tensions and flaws in the legal system will undermine institutions and policy-makers, and heighten risks of sudden shifts in private investor confidence… " The News It also doesn’t help that we have the stupidest fucking politician in the history of Pakistan (who has proved to be a total hypocrite in terms of his past respect for justice) who now wants to destabilize the country further by baying for G.Mush’s blood, impeachment etc. The market should remain rangebound until the time for the next results season draws close.
News : Increase in taxes has made Pakistani cement the highest taxed cement in the world, Chairman All Pakistan Cement Manufacturers Association (APCMA), Aizaz Mansoor Sheikh said. He said that excise duty has been increased from Rs 750 per tonne to Rs 900 per tonne along with additional excise duty of 1 percent. Increase of General Sales Tax from 15 percent to 16 percent has increased the menace of double taxation as General Sales Tax is charged on excise duty paid value… Daily Times
The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.
Pakistan Petroleum Limited (PPL): PPL has posted Rs 5.676 billion after tax profit in the quarter ended on March 31 compared to Rs 4.655 billion in the previous year, depicting almost 22 percent growth….Profit before tax also jumped to Rs 8.472 billion in the said quarter against Rs 6.886 billion in the previous year whereas net sales of the company rose to Rs 11.959 billion from Rs 10.250 billion… Adamjee Insurance Company Ltd registered over 500 percent decline in its net profit for the quarter ended on March 31. According to KSE, net profit of the company stood at Rs 88.425 million during the quarter against Rs 561.577 million in the corresponding quarter of the previous year, which translated into Rs 0.86 earnings per share against Rs 5.49 of the previous year… Daily Times
News : Lucky Cement, Pakistan’s biggest cement maker, said on Thursday it planned listing on the London Stock Exchange through an issue of global depositary receipts (GDRs) would take place next month. It did not give details about the size and pricing of the issue, which will be managed by Merrill Lynch and Pakistan’s KASB Capital."The order book in connection with the offering will be opened during the period from April 27, 2008, to May 7, 2008,… Aaj News
The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.
News : Pakistani cement sales surged 25 percent in the first nine months of the 2007/08 (July-June) fiscal year, compared with the previous year, driven by growing construction demand, an industry official said on Thursday.Cement sales during the period totalled 21.9 million tonnes, compared with 17.5 million tonnes sold in the same period last year, said Shahzad Ahmed, secretary-general of the private All Pakistan Cement Manufacturers Association… Aaj News
In a strange move, the Ministry of Petroleum (MOP) has set the cat among the pigeons by seeking personal information of all the Managing Directors, Chairmen, members of all the boards, corporations, companies and attached departments…They have been asked to provide all the personal details including passport numbers, NIC numbers, date of birth, previous experience and date of joining in the existing positions.This is the first time in the history of the country that the top management including board members have been asked to provide their passport numbers to the ministry…This strongly indicates that something highly unpleasant is brewing… Aaj News
Upper Caps : Lucky Cement / Arif Habib Ltd. / Pace Pakistan Ltd.
The KSE-100 index opened up with a huge erection of over 190 points. Making an intra-day high of 15,231, the market closed up at an all time high of 15,182, embracing the dawn of democracy, celebrating a new chapter of corruption with one of the most corrupt political parties in Pakistan’s history at the helm. Cements were the flavour of the day with Lucky Cement scoring a total volume of 30.5 million shares traded. Upward resistance is 15,231-300.
News : Rumours about a delay in the implementation of Continuous Financing System Mark II (CFS MK-II) at the Karachi stock market were circulating on Monday. This product would provide unlimited lending to equity investors in eligible scrips and is scheduled to launch on April 7th. “Yes, there is a meeting between the SECP and KSE officials on Tuesday (today) to finalise the regulations for CFS MK-II product …The main agenda of this meeting is to resolve the issue of submitting 50 per cent cash margins while availing CFS financing on eligible scrips. This percentage of margins is only to be applied on rate of mark-up and not on total funded money…The News
Upcountry cement prices rose by Rs10 to Rs15 per 50kg bag to Rs240 to Rs245. Cement companies attributed the recent price hike to rising cost of production due to high cost of raw material especially coal that has surged to around $140 per tonne from $90 per tonne in the last six months.After an Rs20-25 per bag increase on March 6 the cement companies have again increased ex-factory cement prices by Rs10-15 per bag now stands at Rs240-245 per bag… The News
Upper Cap: Arif Habib Bank / NML / JSCL / Sitara Peroxide
The KSE-100 index recovered from yesterday’s big slide to close up at 14,964. OGDC was the flavour of the day with 25.1 million shares traded. PSO made a record close of 539.70. Upward resistance is at 15,050.
News : The Ministry of Petroleum & Natural Resources on Wednesday announced a new discovery of oil and gas in TAL block located at NWFP. MOL Pakistan is the operator with 10 percent working interest in the block. Other joint venture partners are OGDC, PPL, POL and GHPL. OGDCL 30 percent PPL 30 percent, POL 25 percent and GHPL 5 percent… Aaj News
The cement manufacturers have increased its price by Rs 5-10 per 50 kg bag on the basis of rise in the prices of petroleum products and raw material,.. Cement companies have claimed that rising petroleum and furnace oil prices have impacted the cost of cement production which has gone up by 2-3 percent,…It is the second time this month that cement price have been increased by manufacturers. Earlier in the first week they had increased the prices by Rs 5-10 per 50 kg bag. "Thus, overall about Rs 15-20 per bag raise has been effected which stood at Rs 230-255 per bag and now it is being sold at Rs 250-270 per bag"… Aaj News
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 Karachi stock market opened up and made a new intra-day high of 15,231, then corrected down to 14,989 and closed down at 15,074. DGKC was the top volume stock traded today with 34.2 million shares. PSO made its highest close todate at 522.15. BOP got bashed down to lower cap by baseless rumours of it cancelling its 25% bonus share dividend. Upward resistance is at 15,120-230.
News : Oil prices soared to an all-time high of 111 dollars on Thursday, driven by investment demand to hedge against the tumbling dollar and rising inflation, traders said. New York’s main oil contract, light sweet crude for delivery in April, had earlier on Thursday hit a record 110.98 dollars per barrel… Source : The News
Pakistani cement exports will be key beneficiaries as the demand for Pakistani cement in Gulf countries will now further rise subsequently after United Arab Emirates (UAE) government has removed 5 percent custom duty on cement to help the fast moving construction sector in Dubai. This removal of import duty will decrease the cost of importing cement into UAE, in turn increasing the demand for imported cement… Daily Times
Upper Cap : Maple Leaf Cement Lower Cap : Bank of Punjab
The KSE-100 index opened up and closed on a new high of 15,171, the highest close to date so far. Lucky Cement was the top volume stock traded with 33.6 million shares traded. Engro Chemical closed at its highest close of 343.90. Oil made a high over $110 today. The market is headed for 15,500 with possible corrections along the way.
News : Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.Traders said the ailing dollar also has also fuelled a spike in world oil prices because crude is priced in dollars and has become cheaper to buy for purchasers holding stronger currencies…New York’s main oil futures contract, light sweet crude for delivery in April, ended up 1.17 dollars at a record closing high of 109.92 dollars per barrel after trading as high as 110.20 dollars… Source : Aaj News
Cement sales are expected to rise in the remaining months of fiscal year 2008 (FY08) with rising exports and stable local dispatches, a research report said. Industry sources said that the cement industry is set to increase its sales due to high production and high export orders.With the advent of the peak local cement demand season in the country and soaring regional prices, demand for Pakistani cement is set to rise further. “Hence, it is likely that in remaining months of FY08, we might see record cement sales on both local as well as export front. Already, in the first eight months (Jul-Feb) of FY08, sales have demonstrated a healthy increase in demand of 23 per cent with dispatches of 18.7 million tons,” said JS Research…Cement exports are expected to soar by a massive 107 per cent.. The News
The KSE-100 index finally rebounded after 3 sessions of corrections, to close up at 14,957. OGDC was the top volume stock traded with 22.6 million shares. PSO closed short of its upper limit at 505.50, a record close. Oil has jumped upto over $104.70. The market should head upwards to test its previous high of 15,079.
News : Crude oil rose above $104 a barrel for the first time in New York after OPEC gave no indication it will increase production,…Crude oil for April delivery rose $5, or 5 percent, to settle at $104.52 a barrel on the New York Mercantile Exchange, a record close. It was the biggest one-day increase since Jan. 30, 2007. Futures touched $104.95 a barrel, the highest since trading began in 1983. Prices are up 74 percent from a year ago… Bloomberg
Lucky Cement has come out as the biggest contributor to cement industry’s profits as it posted earnings of Rs1.35 billion in the first half of FY08, more than the combined profits of other cement companies, ….The cumulative profits of 18 cement companies, out of 21, representing almost 90 per cent of the total market capitalisation of the cement sector, has been Rs284 million against Rs2.1 billion in 1HFY08 in the same period last year, registering a decline of 87 per cent….The 18 companies are Al-Abbas Cement, Attock Cement, Bestway Cement, Cherat Cement, Dadabhoy Cement, DG Khan Cement, Fauji Cement, Fecto Cement, Flying Cement, Gharibwal Cement, Javedan Cement, Kohat Cement, Lucky Cement, Maple Cement, Mustehkam Cement, Pakistan Slag Cement, Pioneer Cement, and Zeal Pak Cement… The News
Friday’s close saw some correction with the Karachi Stock Market making an intra-day high of 15,146 and closing down at 14,934. Whether the correction will continue remains to be seen 2moro as quite a few stocks are still overbought. The recent 9% increase in petrol prices could well take the OMC’s up and some of the market with them. As such the bulk of the result season is over.
Dividends : Bank of Punjab (BoP) earned Rs 4.44 billion as profit after tax in 2007, which was higher by 16.84 percent from Rs 3.8 billion earned in 2006… The bank’s earnings per share rose from Rs 9.01 to Rs 10.51. Net mark-up/interest income declined by 11.79 percent from Rs 4.07 billion to Rs 3.59 billion. The decline was caused by increased mark-up/ interest expenses, which surged to Rs 13.93 billion from Rs 7.50 billion. Similarly, provisioning against non-performing loans and advances jumped from Rs 340 million to Rs 1.61 billion. However, the bank’s non mark-up/interest income rose by 83.72 percent from Rs 2.95 billion to Rs 5.42 billion. National Bank of Pakistan: NBP, the country’s largest bank, posted profit after tax of Rs 19.40 billion in 2007, rising by 12.46 percent from Rs 17.25 billion in 2006. The bank’s earnings per share increased from Rs 21.15 to Rs 23.78. Its net mark-up/interest income rose from Rs 30.29 billion in 2006 to Rs 33.81 billion in 2007. Provisions against non-performing loans and advances increased from Rs 3.07 billion to Rs 4.72 billion. The bank’s non mark-up/interest income was up by 11.69 percent from Rs 12.48 billion to Rs 13.94 billion… Daily Times
News : Country’s cement exports have witnessed a healthy growth of 140 percent to all-time high level of 4.2611 million tonnes during the first eight months of the current fiscal year in the wake of rising international demand,…The statistics made available from the All Pakistan Cement Manufacturers Association (APCMA), which show that cement export registered a robust increase of 2.48 million tonnes during July-February of the current fiscal year and it has touched a new mark of 4.261 million tonne mark as compared to 1.774 million tonne over the same period last year… Aaj News
The government on Friday approved an increase in power prices by nine percent, prices by nine percent, petrol prices by Rs 5 a litre and diesel prices by Rs 3.5 a litre.Kerosene prices have also been increased by Rs 3.3 a litre, prices of JP4 fuel by Rs 3.4 a litre and of prices of HOBC fuel by Rs 5 a litre. Oil prices in the international market surpassed 103 US dollars a barrel on Friday for the first time… Daily Times
Upper Cap : Azgard Nine Lower Cap : Bank of Punjab
No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.
As expected, the KSE-100 index shot up today closing 404 points up at 10,853. Despite the 400 point rise, volumes were relatively low with 87.6 million shares traded. The 1% interest rate hike was within market expectations and no further hikes in the CRR & SLR were seen as positive. Now that the uncertainty of the rate hike is over, the market should move upwards in lieu of the current result season. The next upward resistance is 11,100. Oil jumped up by $5 to127 today due to a decline in US gasoline inventories, any fucking excuse for its pathetic uncontrolled speculation. 
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.
The Karachi Stock market displayed more of the same today with most stocks hitting their lower caps. There was some activity in OGDC which closed up marginally and PSO which closed at 428.79, up Rs.11.55. Volumes increased compared to yesterday with 40.8 million shares traded. Whether the rest of the market opens up from its lower limits 2moro remains to be seen, but there should be some recovery soon.
The Karachi Stock market continued its rise making a high of 12,499 and closed up at 12,430. The market has jumped up 1268 points in the last two sessions and there could be some lower caps creeping in, in a day or two. Volumes have increased with 192.7 million shares traded today. 
Friday saw the KSE-100 index close down at 12,941, mainly due to a wait & see approach to the results of the " Long March " over the weekend. The " Long March " was a total waste of time and a criminal waste of money at a time when we are being taxed to the hilt to cover the govt’s shortfall in its fiscal and current account deficts.
The Karachi Stock market has gone full circle since April 10th when the KSE-100 index was 15,304. Adamjee Insurance and Packages posted absymal results with Adamjee’s net profit declining by over 600% and Packages much worse! The market has been sliding downwards with the ruppee’s current weakness, and the new Govt. farting about trying to resolve the judicial resoration issue with no success, has not restored much investor confidence either. Todays close at 15,304 has wiped off the 371 points the market gained from the 10th to the 18th. The market has closed at the edge of its 30 DMA and a successful downward break of 15,300 would see 15,100-14,900. Keep the Vaseline handy as if there is no pullback 2moro , it could get a lot worse.
The KSE-100 index traded in a narrow band today, from a low of 15,304 to a new intra-day high of 15,401.The market closed up at 13,345, another record close. Lucky Cement was the flavour of the day closing at its upper limit with 28.9 million shares traded. Overall market volumes increased considerably with 224.7 million shares traded. The next upward resistance is 15,400 and downside support is 15,100.
The KSE-100 index opened up with a huge erection of over 190 points. Making an intra-day high of 15,231, the market closed up at an all time high of 15,182, embracing the dawn of democracy, celebrating a new chapter of corruption with one of the most corrupt political parties in Pakistan’s history at the helm. Cements were the flavour of the day with Lucky Cement scoring a total volume of 30.5 million shares traded. Upward resistance is 15,231-300.
The KSE-100 index recovered from yesterday’s big slide to close up at 14,964. OGDC was the flavour of the day with 25.1 million shares traded. PSO made a record close of 539.70. Upward resistance is at 15,050.
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 Karachi stock market opened up and made a new intra-day high of 15,231, then corrected down to 14,989 and closed down at 15,074. DGKC was the top volume stock traded today with 34.2 million shares. PSO made its highest close todate at 522.15. BOP got bashed down to lower cap by baseless rumours of it cancelling its 25% bonus share dividend. Upward resistance is at 15,120-230.
The KSE-100 index opened up and closed on a new high of 15,171, the highest close to date so far. Lucky Cement was the top volume stock traded with 33.6 million shares traded. Engro Chemical closed at its highest close of 343.90. Oil made a high over $110 today. The market is headed for 15,500 with possible corrections along the way.
The KSE-100 index finally rebounded after 3 sessions of corrections, to close up at 14,957. OGDC was the top volume stock traded with 22.6 million shares. PSO closed short of its upper limit at 505.50, a record close. Oil has jumped upto over $104.70. The market should head upwards to test its previous high of 15,079.
Friday’s close saw some correction with the Karachi Stock Market making an intra-day high of 15,146 and closing down at 14,934. Whether the correction will continue remains to be seen 2moro as quite a few stocks are still overbought. The recent 9% increase in petrol prices could well take the OMC’s up and some of the market with them. As such the bulk of the result season is over.
