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 850 posts and counting ...
Dividends : Lucky Cement earned Rs 1.103 billion profit after tax in first quarter of current financial year against Rs 963 million in the same quarter of last year, showing 14 percent growth….the company’s earnings per share increased from Rs 2.98 per share to Rs 3.41 per share in the quarter under review.During July-September, gross sales jumped to Rs 7.038 billion over Rs 6.860 billion in the corresponding period of previous year… Daily Times
Pakistan Telecommunication Company Limited (PTCL) posted a Rs 2.563 billion net profit in July-September of current fiscal against Rs 3.178 billion in the same period of last year, showing 24 percent decline. …Total revenue dropped to Rs 14.472 billion in first quarter of current fiscal against Rs 16.610 billion in the same period of last year. Company’s earnings per share also decreased to Rs.0.50 against Rs.0.62 per share in the last year … Daily Times
News : Engro Chemicals (Engro), Pakistan’s second largest urea manufacturer, said on Thursday in a letter to the Karachi Stock Exchange (KSE) that it planned to enter the rice processing and export business. It proposed setting up a rice processing plant in the province of Punjab which was expected to come online by the fourth quarter of 2010. "The plant is expected to cost 3.2 billion rupees with an equity injection required of 1.6 billion rupees," Engro said… Aaj News
Dividends : The Oil & Gas Development Company (OGDC) has announced a profit after tax of Rs12.06 billion for the first quarter ended September 30th. This is over 36 per cent lower than the Rs18.97 billion net earnings recorded in the same quarter in 2008. The board of directors approved first interim cash dividend at Re1 per share for fiscal year 2010. Total earnings for the quarter under review translated into earning per share of Rs2.81 against Rs4.41 in the corresponding quarter of FY09. The significant decline of 36 per cent in net earnings was apparently due to a notable 23 per cent fall in net revenues to Rs31.82 billion against Rs41.38 billion in the same quarter last year…The News
Dividends : Engro Chemicals Pakistan posted Rs 2.599 billion net profit in the nine months ended September 30, 2009 as compared with net profit of Rs 3.359 billion for the same period of last year…Daily Times
The Hub Power Company (HUBCO) earned Rs 1.108 billion profit during the first quarter of current financial year against Rs 702 million in the same period of last year, depicting 57 percent growth… the earnings per share also improved by Rs 0.96 during the period under review against Rs 0.61 in the corresponding period of last year. The increase in profit is mainly because of currency devaluation and higher tariff profile… Daily Times
DG Khan Cement has announced that it has made a profit of Rs585 million in the first quarter (July-Sept) of fiscal year 2010. Earning per share (EPS) was Rs1.92. Last year, the company incurred a loss of Rs169 million in the first quarter of last year with loss per share of Rs0.67… Source : The News
Dividends : ICI Pakistan has posted a profit after tax of Rs1.58 billion for nine months ended September 30. This is 16.65 per cent higher than Rs1.35 billion net earnings the company booked in the same period last year.Accordingly, total earnings translate into earning per share of Rs11.40 against Rs9.78 for Jan-Sept 2008.The company managed to attain higher profits despite a slight three per cent decline in its revenues, which stood at Rs23.79 billion for the period under review against Rs24.50 billion in the corresponding period of 2008… The News
After a week of being buggered sideways (an intra -week loss of a 1000 odd points - 7%) , the KSE-100 index opened on a strong note, making a high of 9,415 and closed up at 9,374. While some investors are still full of Vaseline, the index could crawl back to 9,600.
Dividends : The profit after tax (unconsolidated) of Habib Bank Limited (HBL) increased to Rs 4.018 billion in the first quarter (July-September) of FY10 as compared to Rs 3.259 billion earned in the corresponding quarter in FY09….the bank’s earning per share (basic and diluted) increased to Rs 4.41 in the period under review against Rs 3.58 recorded in the same period of last year…Aaj News
Unilever Pakistan Limited has announced net earning of Rs2.29 billion for the nine months ended Sept 30, that is over 16 per cent higher than Rs1.97 billion profits the company booked in the corresponding period of 2008…. earnings per share is calculated at Rs172.43 as compared to Rs148.17 for Jan-Sept 2008. Net sales of the company were recorded at Rs28.50 billion in the period under review against Rs23.28 billion in 2008…The News
Nishat Mills Ltd (NML) has booked a pure profit of Rs513.20 million for the first quarter of fiscal year 2010 ended Sept 30th. This is, however, 27% lower than Rs706.55 million the company attained in the same quarter last year….Earning per share (EPS) was Rs2.12 against Rs4.36 in same quarter last year… The News
News : Banks’ and DFIs’ profits are likely to witness a significant increase of some 10-12 percent in 2009 with the State Bank’s move to allow them to avail 40 percent benefit of Forced Sale Value (FSV) of collateral for calculating provisioning requirement,…"SBP’s moves would put positive impact on the banking industry, which is already facing severe problems including slow deposit growth and rising NPLs," said a banker. At a time when banks’ profits are facing pressure from rising NPLs, the availability of 40 percent FSV benefit would help improve to improve earnings, he added… Aaj News
The KSE - 100 index got reamed again and closed down at 9,247, 321 poinrs down. A proper correction is taking place after some time and one could see 9,100 by the end of the week. Oil crossed $ 80 today.
The KSE-100 index got severely gang-banged today with panic selling dropping the index to an intra-day low of 9,384. The market closed 4.34% down, losing 426 points. A correction had been long overdue and the market could slide further down to 9,100.
Dividends : Arif Habib Securities has posted a profit after tax of Rs2.01 billion for the quarter ended September 30. With this, un-audited accounts of the company have turned into profits from a loss of Rs269.90 million in the same quarter last year.This translates into earning per share (EPS) of Rs5.37 for the quarter under review from loss per share (LPS) of Rs0.72 in the corresponding quarter in 2008.The profit came due to a notable surge in ‘gain on re-measurement of investment-net’ to Rs1.87 billion from Rs308.82 million. Moreover, a surge in operating profits to Rs2.19 billion for the quarter from Rs446.29 million in 2008 quarter also played equally an important role… Source : The News
News : The State Bank of Pakistan continues to deny the MCB Bank approval to its acquisition of the Royal Bank of Scotland Pakistan as sponsor shares have yet to be deposited in a blocked CDC account as required by the central bank. It had emerged last week that the central bank was unwilling to grant approval to the deal because MCB Bank’s sponsor shares had not been deposited in a Central Depository Company account, a requirement introduced by the SBP on May 22, 2008….MCB Bank had purchased almost all shares of RBS Pakistan in early August this year for $87 million or Rs 7.2 billion. MCB Bank acquired 1.707 billion (1,707,107,891) ordinary shares for a cash price of Rs 4.22 per share. As a result of the transaction, the total number of branches of combined MCB and the acquired bank will increase to 1,139. The total consolidated deposits will increase to Rs 413 billion and consolidated gross advances to Rs 324 billion…. Daily Times
News: Pakistan Petroleum Limited (PPL) might forgo its plan of searching oil and gas reserves internationally following acquisition of new exploration licences at home, its Managing Director Khalid Rahman said.Stiff competition from foreign firms, low margins and financial constraints are some other reasons which have made Pakistan’s second largest gas producer rethink any immediate need of going abroad to bolster profit,…“We would like to go international but there is a lot to do in Pakistan now,” he said citing PPL’s acquisition of 14 domestic blocks in a recent round of bidding… The News
MOL, the Hungarian oil and gas firm has made a new discovery of gas and condensate at the Maramzai-1 well in the Tal Block in Pakistan, … The production of the well is 1.1 million cubic metres of gas per day and 228 cubic meters of condensate per day,…The production rates can improve further after acid stimulation of two limestone reservoirs in the well," MOL said…MOL, Hungary’s largest corporation by sales revenues, holds a 10 percent stake in the block. Other shareholders include Oil and Gas Development Co Ltd, Pakistan Petroleum Limited (PPL), Pakistan Oilfields Ltd and Government Holdings (Pvt) Ltd…. Aaj News
The National Investment Trust (NIT), the oldest and leading open-end mutual fund in the country, has reported a growth of 43.4 per cent in its net earnings to Rs2,071 million for the quarter ended September 30, 2009. The Trust had earned Rs1,444 million in the same quarter last year….The net income of Rs2,071 million translates into earnings per unit of Rs1.95 against Rs1.52 in the corresponding quarter last year. Likewise, net income of Rs429 million earned by NIT-LOC holders Fund translated into earnings per unit of Rs0.43 against Rs0.20 in the same quarter last year… The News
News : British Petroleum and Production Inc has won bids for two new exploration blocks at Digri and Sanghar South in Sindh province. These blocks were awarded in a government licencing round held at the Directorate of General Petroleum concessions last month. Currently BP produces 15 percent of Pakistan ’s oil and 60 percent of its gas. To secure access to these bocks BP Pakistan has undertaken a work commitment of approximately $30 million over a period of three years...Daily Times
Nishat Power was formally listed at the Karachi Stock Exchange on Wednesday, marking the first listing of any company in the market this year. Nishat Group’s Chairman Mian Mohammad Mansha rang the gong at 9:30am, commencing the formal listing and trading of shares in Nishat Power at the KSE, said a press statement issued by the bourse... The News
News : The Board of Directors of Karachi Stock Exchange (KSE) has developed a new leverage product, called Margin Trading System (MTS), and has sent its concept paper to the apex regulator, the Securities & Exchange Commission of Pakistan (SECP), for approval…The Margin Trading System that is similar to CFS MK-II, will be run by KSE itself and financers in this system could be any one of financially sound companies or individuals. Financers may include Non-Banking Financial Companies (NBFCs), banks, mutual funds, brokers themselves, any financially sound individuals and et cetera. The two major differences between formerly suspended CFS MK-II and newly developed Margin Trading System are that (1) in the newly proposed product to SECP, the borrower would pay 25 per cent of the total value of the shares purchased (called margin) and rest of 75 per cent financing would be provided to borrower through Margin Trading System. While in CFS MK-II, no margins were collected from the buyers, (2) In new system, the liquidity would be arranged first and then the shares would be purchased to pledge while in CFS MK-II shares were first purchased and then the financing was arranged for, a Director of KSE explained… The News
News : Under its expansion plan, after a successful acquisition deal with Mybank, Arif Habib Bank has now decided to purchase majority shares of Atlas Bank, sources in banking industry told Business Recorder on Friday. "Negotiations between the management of Arif Habib Bank and Atlas Bank Limited have been initiated for merger and deal is expected to finalise in the next three weeks," sources said.They said that Arif Habib Bank is keenly interested to enhance its nation-wide operation by acquiring some small banks, beside launching of new branches in major cities and rural areas…. Aaj News
Dividends : Pakistan Oilfields Limited (POL) has earned Rs 5.618 billion in the year ended on June 30, 2009 against Rs 8.616 billion in the previous year. The earnings per share of the company decreased to Rs 23.75 in the year under review over Rs 36.43 in the last year,…The sales of the company also dropped to Rs 15.082 billion during the year from Rs 18.245 billion in the last year whereas operating incomes also moved up during the year. The company also announced a final cash dividend June 30, 2009 at Rs 10 per share i.e.100 percent… Daily Times
Pakistan’s equity market recorded the highest return in a single quarter during July-September 2009-10 since the calendar year 2002—thanks to bullish sentiment triggered by IMF funding and foreign portfolio investment. During the 1st quarter of current financial year, benchmark KSE-100 index gained 2,187 points to close to 9,439.67 on September 30, 2009, making 31 percent improvement from 7,162.18 levels on June 30, 2009.“This was the highest return posted by the KSE-100 index in single quarter since CY2002,” analyst Syed Abid Ali at Arif Habib Securities pointed out and attributed it to positive stance by the international rating agencies, healthy foreign inflows, successful army operation in Swat and improving macroeconomic situation… Daily Times
Loss-ridden Mybank on Thursday announced the sale of 59.34 per cent shares to a Mauritius-based investment firm, which had recently acquired Arif Habib Bank… Mybank said a sale-purchase agreement was executed on September 30th to sell stocks to Suroor Investments Limited at Rs8 per share.The deal had been sealed at a premium over the price of Mybank’s listed share, which closed at Rs5.42 at the KSE on Thursday, Hussain Lawai, President of AHB said.He said the acquisition would help AHB to expand its outreach. “Mybank has 80 branches and combined with 34 branches of AHB the network will be strengthened across the country.” The News
Italy’s ENI is expanding in Pakistan with a new onshore gas concession and is in longer-term talks to bring gas from the Caspian Sea region to Pakistan, India and China, its CEO said on Wednesday.…Scaroni said ENI, which through its acquisition of Lasmo in 2000 is Pakistan’s first gas company, had just won the exploration block onshore of Sukhpur with local company PPL and Royal Dutch Shell… Aaj News
The handing over of Royal Bank of Scotland, Pakistan (RBS) to MCB Limited headed by Mian Mohammad Mansha has virtually hit snags because of the wrath of the incumbent regime, which is incensed over the non-cooperation by MCB Bank to resolve the issue of circular debt in energy sector…“The State Bank of Pakistan also showed its anxiety that the banks should not be run by the industrialists as it will not help ensure the level playing field for all business tycoons to have access to the credit lines.” The Central Bank has also expressed the concern that MCB bank is not being run under the corporate governance model, rather it is being run as a family entity….The official said that the Zardari regime had taken the refusal by MCB Limited very seriously and was all set to cut Mansha Group to size…“Mr Mansha will now face the music as the government will withdraw its deposits valuing Rs 13 billion in the MCB and will never give any business to the said bank.”…. Pak Observer
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
The KSE-100 index took a long overdue bashing and closed down by 254 points. Whether the market is a sell as a whole now remains to be seen. There could be further corrections this week. The State Bank of Pakistan is due to announce its monetary policy for the next two months 2moro and there are no real expectations of any further rate cut.
The KSE-100 index opened up and went through the roof with a gain of 277 points. A massive 304 million shares were traded today. In the last 5 sessions the market has risen by 684 points ( 7.57% ).
The Karachi Stock Exchange will be closed from Monday to Wednesday 21st-23rd September on account of public holidays for Eid in Pakistan. Trading will resume from Thursday 24th Sept.
News : Two fertilizer plants, M/s Fatima Fertilizer Plant Rahim Yar Khan and M/s Engro Chemicals Plants at Dharki are near to completion and expected to be operational by November this year and October 2010 respectively. These plants will produce more than one million tonnes of fertilizer annually which will be sufficient to meet the farmers’ demand locally according to the Ministry of Industries and Production… Daily Times
Dividends : DG Khan Cement has recorded a Rs 525 million net profit in the year ended June 30, 2009, overcoming a loss of Rs 53 million in the last year. The earnings per share also rose by Rs 1.96 during the year under review against Rs 0.21 loss per share in the previous year, The improvement in profitability is attributed to a considerable jump in retention levels (up 59 percent) during the year. The net sales of the company jumped to Rs 18 billion in the said year, compared to Rs 12 billion in the previous year….On the export front, the company sold 1.58 million tonnes of cement in FY09 as compared to 0.75million tonnes previously, thus recording a massive 109 percent jump against the industry growth of 47 percent…Daily Times
No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.
