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 ...
After another dip down to 10,057, the KSE-100 index finally closed up with a reasonable gain of 140 points at 10,374. The Government has finally woken up to realize that the market has gone down nearly 35% in the last 3 months. This has resulted in a visit from the SBP governor at the KSE today and the Finance Minister will be visiting 2moro. A little too late one could say, but better late than never. A close above 10,500 would be supportive for the market.
Dividends : Engro Polymer : EPS : 0.83
News : State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar has said that despite multiple shocks, the country’s economy has managed to record economic growth of 5.8 percent in FY08, which is above the average growth trend of 5 percent observed between FY1991 and FY2008. During her first visit to Karachi Stock Exchange (KSE) here on Monday, she clarified that the central bank’s Prudential Regulatory Framework is largely supportive of exposures to the stock market, and that within the existing regulations, banks have the aggregate capacity of an incremental amount of Rs 40 billion to invest in the stock market, if they wish to do so. The SBP has also extended the deadline for banks’ total stock market exposure not to exceed 50 percent of their equity to June 30, 2009. The SBP Governor was invited by the KSE Management to address a meeting of the KSE Board of Directors, stockbrokers and heads of commercial and investment banks… 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 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
Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside support at 14,900.
Dividends : BOP : EPS : -5.85 / PAKRI : 3.08
News : The government on Wednesday gave the green signal to appoint the financial adviser for divestment of Kot Addu Power Company’s (KAPCO) shares through an offering of Global Depository Receipts in the international market…The board also decided to initiate the process for the appointment of financial adviser for the block sale of Habib Bank Limited (HBL) shares and approved the recommendations of the pre-qualification committee for the pre-qualification of bidders for Hazara Phosphate & Fertilisers with instructions to ensure maximum participation of potential bidders… The News
The KSE-100 index ended the result season with a bang today, closing down at 15,317, based on the failure to resolve the judicial issue. The stupidest politician in the history of Pakistan has rushed to Dubai to continue with talks to try and resolve the issue before the "deadline " 2moro. While his party threatens that they could resign from the cabinet, it seems unlikely that will happen, though its possible that the scum of the legal profession (lawyers) could hit the streets again. The last 2 days of upside for the index have been wiped out. There don’t seem to be many triggers left for this market and oil going down to $115 won’t help. Closing below 15,300 will lead to 15,100 and then 14,900. Breaking 15,700 seems unlikely at the moment. Keep the Vaseline at close reach !
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
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
Pakistan State Oil (PSO) reported a 293 percent rise in its net profit for the first nine months of the 2007/08 financial year, as high international prices boosted the value of its inventory.PSO’s net profit for the nine months to March 31 was at 8.45 billion rupees ($132 million), compared with 2.15 billion rupees in the year-ago period, … PSO said its net sales in the nine months jumped 35 percent to 335 billion rupees from 248 billion rupees in the corresponding period last year. The company’s earning per share for the period came at 49.30 rupees, compared with 12.53 rupees in the year-ago period… Source : Aaj News
The Karachi Stock market was sluggish today with very low volumes of 131 million shares traded. There was also a technical fault which led to the market being suspended for 50 minutes. (see the flat line in graph ). The market made a new intra-day high of 15,739 and closed down at 15,654. It seemed as though the market was sitting on the fence, or could it be the begining of a correction ? Oil crossed $117.75 today.
Dividends : Lucky Cement : EPS : 7.65
News : The Securities and Exchange Commission of Pakistan (SECP) has agreed with a budget proposal of Karachi Stock Exchange (KSE) to abolish 10 percent income tax on dividends received by companies on their investments in other companies… Aaj News
The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
Dividends : Arif Habib Securites : EPS : 20.20 Arif Habib Bank Ltd : EPS : 0.32 Shell Pakistan : EPS : 48.39
Shell Pakistan Limited has posted net profit of Rs 2.652 billion during first nine months of current financial year compared to Rs 232 million in the same period of last year… the earnings per share (eps) of the company also rose to Rs 48.39 during the period under review from Rs -4.01 in the corresponding period of previous year whereas the profit before tax stood at Rs 3.630 billion against Rs 757 million in the last year. Arif Habib Bank’s net profit rose to Rs 146 million during 1st quarter (Jan-March) of 2008 from Rs 15 million in the previous year. The bank’s EPS also moved up to Rs 0.326 in the said period from Rs 0.053 in the previous year whereas profit before tax rose to jumped to Rs 179 million from Rs 16 million in the previous year… Source : Daily Times
News : With a successful discovery of a new exploratory well in District Hyderabad, Sindh, the average daily production of Oil and Gas Development Company (OGDC) including the share from the joint ventures has touched 45,235 barrels of crude oil per day.The Company has succeeded to discover an exploratory well near Lashari lease, Molan area in District Hyderabad. Initially the production of the well will be 1,150 barrel per day, the specification of this oil is 45 degree API,.. OGDC is also producing 963 million cubic feet of natural gas and 382 metric tons of LPG per day… Aaj News
Pakistan Petroleum Limited (PPL) is now going for horizontal wells, instead of vertical ones. The reason is that a horizontal well has two to three times more production capacity than a vertical one. A beginning was made recently when a horizontal ‘Well 26′ was dug in the Kandhkot gas field…PPL boasts of 24 exploration blocks in its portfolio and is continuously working to identify additional sites. It is also striving for new foreign ventures and has already won a bid for Block 29 in Yemen in a joint venture with OMV (Pakistan) Exploration…. Aaj News
State-owned Oil and Gas Development Co Ltd (OGDCL), the country’s biggest listed firm, announced on Friday a small oil discovery in southern Sindh province, raising its oil output by 1,150 barrels per day (bpd)… Last week, Pakistan finalised plans to issue an exchangeable bond with an option for OGDCL shares, to be jointly managed by ABN AMRO, Barclays and JP Morgan… Aaj News
Upper Caps : PAKRI / Azgard Nine / Sitara Peroxide / Arif Habib Ltd.
After its flat close yesterday, the Karachi Stock market shot up to make an new intra-day high of 15,664 and ended up on its 3rd consecutive record close at 15,622. Nishat Mills was the top scorer of the day with 23 million shares traded. Engro Chemical has closed on another record high at 373.75 and is quite overbought now . Oil made a new high of $115.54 today. The next upward resistance is 15,700-750 and downside support is at 15,450-300 . The market looks like it could well correct in the next day or two.
Dividends : National Refinery : Eps : 41.29
News : The Oil and Gas Regulatory Authority (OGRA) Thursday increased the petrol and diesel prices further by Rs3 per litre. The new petroleum products’ prices will take effect after 12 midnight…The price of petrol and diesel were proposed to be increased by Rs3.50 per litre. However, finally the prices were raised by Rs3 per litre after consultation with the Federal Minister, Ishaq Dar… Source : The News
Upper Caps : PAKRI / Nishat Mills / Maple Leaf Cement / Azgard Nine / Sitara Peroxide / Arif Habib Bank /
The KSE-100 index made a new intra-day high of 15,637 and closed marginally up at a new high of 15,540. Engro Chemical was the main man in terms of volume with 22 million shares traded. It made a record close at 368.20. Oil crossed $115 today.
Dividends : The profit after tax of Attock Petroleum Limited has increased to Rs 581.489 million in the quarter ended March 31, 2008 as compared to Rs 405.695 million earned in the corresponding period in FY07.The Board of Directors of the company in its meeting held on Tuesday declared that the earning per share of the company surged to Rs 12.11 in the period under review against Rs 8.45 in the same period a year back. According to the financial results, the company’s sales increased to Rs 14.987 billion in this quarter against Rs 10.944 billion in the same period in previous year. Source : Business Recorder
News : The state run oil marketing firm, Pakistan State Oil (PSO) has stopped the fuel supply to Hub Power Company (Hubco) over non-payment issue as all the oil-marketing companies in Pakistan are facing liquidity problems. A source in the petroleum ministry told Daily Times on Wednesday, “Pakistan State Oil (PSO) has stopped the fuel supply to Hubco for non-payment of dues. HUBCO has to pay dues of over Rs 2 billion to PSO.” After this decision of the PSO, Hubco would have to face the issue of maintaining oil stock. “PSO would resume supply of oil to Hubco only after obtaining a letter of comfort from the ministry of Water and Power,” … Daily Times
Shell Pakistan has warned the new government to close its operations in Pakistan if differential claims were not paid to it,…. Sources in Petroleum Ministry said that MD Shell, Ismail Zavergi, has held a meeting with the Prime Minister Yousaf Raza Gillani and raised the issue of non-payment of differential claims. MD Shell has said the company has to receive Rs 9.3 billion differential claims from government and if this amount were not paid then it would close its operations in Pakistan. He also raised the issue of revision of oil pricing formula in which government was going to reduce the margin of the Oil Marketing Companies (OMCs). He said that government was not paying differential claims on one side and was working to change oil-pricing formula on the other side to reduce the margin of the companies… Daily Times
Upper Caps : PAKRI / PICT / Azgard Nine / Maple Leaf / Callmate Telips ( every dog has its day !)
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
On Friday the KSE-100 index showed some resilience as it closed down by only 6 points. There seemed to be no weekend selling as such and the market stayed in a tight range of 15,221 - 15,311. Upward resistance is from 15,333-400 and downside support is at 15,100
The KSE-100 index opened up making a high of 15,155 and then got bashed down to close at 14,913. The correction could continue 2moro as well before any signs of recovery. Total traded volumes shrunk down to 135 million shares. Oil hit a new peak above $108 today. Downside sees 14,750 as support.
Dividends : Azgard Nine : 12.5 % Cash EPS : 4.46
Azgard Nine has recorded a massive growth of around 835 per cent in its net profit, which rose to Rs1,453.5 million for the full-year ended December 31, 2007, against Rs155.5 million in 2006. Accordingly, the board of directors of the company has recommended a final cash dividend of Rs1.25 per share for the year ended December 31, 2007. This phenomenal growth in the company’s profit was registered owing to doubling of its net sales to Rs12.309 billion against Rs6.505 billion in the same corresponding period last year… Source : The News
News : To boost Pakistan’s economy by substituting imported oil and gas with indigenous supplies, a Canadian Company, Niko Resources Limited will invest $32 million for oil and gas exploration over four blocks located in the Arabian Sea. The Company also plans to invest more than $200 million subject to availability of viable structures after conducting seismic survey… Daily Times
After Karachi, now, a countrywide power crisis is in the offing as the Pakistan State Oil (PSO) has issued notice to the Pakistan Electric Power Company (Pepco) of stopping supply of furnace oil to the thermal power generation units from March 11 onward for default on outstanding payments.Sources said that PSO issued the notice, to Pepco, in a meeting in Karachi on Thursday last for halting of furnace oil supply to the thermal power generation units, saying that its growing financial crunch was making difficult for it to maintain the supply from March 11 onwards… Aaj 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
The Karachi Stock market made a new intra-day high of 15,155 but failed to maintain its gains and closed down at 15,020. Bank of Punjab was the top volume stock with 47.4 million shares traded. Total volume rose considerably to 308 million after yesterday’s 200 million. It looks like the market is correcting intra-day with higher highs and lower lows. That still doesn’t mean it won’t correct viciously downwards in the near future.
Dividends : Pakistan Telecommunication Co. Ltd. (PTCL) reported on Wednesday a net loss of 9.54 billion rupees ($152.59 million) in the first half of the 2007/08 fiscal year (July-June)…PTCL’s operating costs rose to 45.53 billion rupees in the half year that ended on Dec. 31, compared with 22.6 billion in the same period last year.PTCL’s revenue also fell to 29 billion rupees in the first half of the 07/08 fiscal year, compared with 32.74 billion rupees in the corresponding period last year… Aaj News
Pakistan’s biggest listed firm, Oil and Gas Development Co Ltd (OGDCL) on Wednesday reported a 4.7 percent rise in earnings for the first half of 2007/08, thanks to strong volumes and better prices. But the result was below market expectations, which analysts said was due to higher exploration costs. Net profit for the six months to Dec. 31 totalled 24.20 billion rupees ($387 million), compared with 23.11 billion rupees a year ago. In the six months, OGDCL’s net revenues stood at 56.57 billion rupees, up 14.2 percent from the corresponding period last year.Earnings per share came at 5.58 rupees, up from 5.37 rupees in the corresponding period last year… Aaj News
News : Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before Opec’s crude production meeting next week, analysts said.New York’s main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals.Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars… 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
The Karachi Stock market opened up and made an intra-day high at 15,139. Unable to sustain its gains, the market closed down at 14,971. National Bank was the top volume stock traded today with 30.3 million shares traded. MCB made yet another record close at 477 along with a new intra-day high of 494.80. Volumes have decreased since the 19th when 309 million shares were traded and today’s total was 204 million. Upward resistance is 15050-100 and downside support is 14,900-700.
Dividends : Lucky Cement has posted Rs 1349 million profits in the half year ended December 31, 2007. This shows a 70 percent increase compared to Rs 791 million in the corresponding period of previous year. It translated into earnings per share (eps) of Rs 5.12 in the period under review compared to Rs 3.01 in the same period of last year,… Daily Times
On Friday the KSE-100 index opened up, dipped down to 14,888 and then rose to close at 14,980, another all time high. DGKC was the flavour of the day with 32.1 million shares traded. MCB has made another all time high closing at 472. The market is getting more overbought by the day and while it corrected down to 14,888 and closed higher, there could well be a proper correction down to 14,700 or lower.
Dividends : Pakistan Oilfields Limited (POL) has posted 18 percent growth in its net profit to Rs 3.719 billion in six months (July-December) of 2007 compared to Rs 3.149 billion in the corresponding period of last year…earnings per share (eps) also rose to Rs 18.87 during the period under review over Rs15.98 in the last year….Earnings per share also dipped to Rs 4.29 in the said year compared to Rs 5.32 in the previous year whereas profit before tax declined to Rs 2.697 billion compared to Rs 3.870 billion in the last year… Daily Times
News : The Karachi Stock Exchange (KSE) is waiting for the final SECP approval of the new products ‘Stock Index Futures’ KSE, which are likely to be launched in March 2008,said Adnan Afridi, Managing Director, KSE….In addition to KSE-30 Stock Index Futures, the KSE also plans to introduce Sector Indices and Options in 2008. In Pakistan, the managing director said, “the KSE 30 Index will act as the Index Futures contracts, which will be traded on KSE. The KSE-30 Index is a liquidity-screened and free-float adjusted market capitalization index of 30 stocks listed on the KSE.”… Daily Times
The Securities and Exchange Commission of Pakistan (SECP) has announced the implementation of CFS MK-II Funding System to be launched by the National Clearing Company of Pakistan Limited (NCCPL) from April 7, 2008. The SECP has also approved the criteria for eligible scrips for CFS Mk-II Deliverable Futures Market (DFM).The criteria is as follows… 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
The market continued upwards making a an intra-day high of 14,150. It closed up at 14,116. BOP was the top volume traded stock today with a turnover of 22.7 million.
Dividends : Shell Pakistan: Shell Pakistan has posted Rs 1.689 billion in the half year ended on December 31, 2007, reflecting phenomenal increase of almost 330 percent over Rs 393 million in the same period of last year…The earnings per share of the company also rose to Rs 30.83 in the last six months of 2007 from Rs 7.19 in the corresponding period of previous year whereas the profit before tax jumped to Rs 2.342 billion compared to Rs 786 million in previous year. Hubco: The board of directors of the Hub Power Company (Hubco) has announced interim dividend at Rs1.15 per share.According to financial results of the company on Wednesday, net profit for the six months ended on December 31, 2007 rose to Rs 1.339 billion from Rs 1.248 billion in the same period of last year. Earnings per share of the company also jumped to Rs 1.16 from Rs 1.08 whereas turnover stood at Rs 26.786 billion compared to Rs 19.726 billion for the previous year… Daily Times
Once again, the KSE-100 index opened up, made an intra-day high of 14,066 and then slid down to a low of 13,920. The market recovered to close down at 13,993. Arif Habib Securities Ltd. was the volume leader and traded 12.2 million shares from today’s total of 74.3 million.
News : The Pakistan Telecommunications Company, has made an investment of $50 million in submarine cable being a part of a consortium that will put in place a high-capacity fiber-optic submarine cable, stretching from India to Italy and France via the Middle East…The cable design covers a distance of almost 14,000 kilometres and the system is likely to be available for service by the end of 2009. The system will have a capacity of 3.84 terabits per second…The nine companies that form the consortium include Bharti (India), Etisalat (UAE), France Telecom (France), Ogero (Lebanon), PTCL (Pakistan), STC (Saudi Arabia), Telecom Egypt (Egypt), Telecom Italia Sparkle (Italy) and VSNL (India)…Business Recorder
Another day of lacklustre volumes and sluggishness at the Karachi Stock Exchange. Engro Chemical was the top scorer on the board with 16.6 million shares traded of a total 98.7 million. The next upward resistance remains at 14,100.
Dividends : Fauji Fertilzer (FFC) : 35% Cash . EPS : 10.86 Fauji Fertilizer Company (FFC) has recorded net earning of Rs5.361 billion for the full year ended Dec 31, 2007, which is 15.6 per cent higher than Rs4.363 billion last year…The net earning of the company translates into earning per share (EPS) of Rs10.86 for the period under review against Rs9.39 EPS in 2006. The increase in its earning was achieved primarily on the back of a better urea price in 2007…. Source : The News
The State Bank of Pakistan (SBP) on Thursday announced an increase in its discount rate to 10.5 percent from 10.0 percent, reinforcing its fight against rising inflation and widening external and fiscal deficits.The move was widely anticipated and welcomed by bankers and analysts, though stockbrokers expected a knee-jerk negative reaction in the share market when it opens on Friday….In another step to tighten monetary conditions, Akhtar said banks’ cash reserve requirement (CRR) will be increased to 8.0 percent from 7.0 percent for deposits and time liabilities below one year…. Aaj News
Engro Food Limited has announced that it will invest about Rs3.4 billion over two years in a bid to expand its current portfolio.Under the expansion plan, the company would set up a new dairy farm and develop an ice-cream venture in Pakistan, Engro Food CEO Sarfaraz Rehman unveiled this at a press conference… Source : The News
After another dip down to 10,057, the KSE-100 index finally closed up with a reasonable gain of 140 points at 10,374. The Government has finally woken up to realize that the market has gone down nearly 35% in the last 3 months. This has resulted in a visit from the SBP governor at the KSE today and the Finance Minister will be visiting 2moro. A little too late one could say, but better late than never. A close above 10,500 would be supportive for the market.
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 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 !!
Wednesday saw the KSE-100 index fall further down to a low of 15,078 and closed down at 15,122 based on uncertainty on the judges issue. Petrol prices have been increased by Rs.3 for the next 15 days effective as of today. Oil has fallen down to $112. The market has closed lower than its 30 & 50 DMA and seems a bit oversold. There could well be a pullback 2moro . Upward resistance is now at 15,300 and downside support at 14,900.
The KSE-100 index ended the result season with a bang today, closing down at 15,317, based on the failure to resolve the judicial issue. The stupidest politician in the history of Pakistan has rushed to Dubai to continue with talks to try and resolve the issue before the "deadline " 2moro. While his party threatens that they could resign from the cabinet, it seems unlikely that will happen, though its possible that the scum of the legal profession (lawyers) could hit the streets again.
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 !
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 finally corrected today with a low of 15,481 and closed down at 15,543. Oil nearly touched $120 today. 
The Karachi Stock market was sluggish today with very low volumes of 131 million shares traded. There was also a technical fault which led to the market being suspended for 50 minutes. (see the flat line in graph ). The market made a new intra-day high of 15,739 and closed down at 15,654. It seemed as though the market was sitting on the fence, or could it be the begining of a correction ? Oil crossed $117.75 today.
The KSE-100 index is scaling new peaks daily as Friday saw a new intra-day high of 15,700 and the market closing at a record high of 15,676. Nishat Mills was the flavour of the day with 21.3 million shares traded. 15,700 is considered to be a major resistance level and a successful break and close above it would lead to 16,000. Upward resistance is 15,700-800 and downside support at 15,550. The market has had six consecutive positive closes since April 10th increasing by 371 points. While the sentiment appears to be positive with all the blue chips due to announce their results in this coming week onwards, there could well be some correction before we see 16,000.
After its flat close yesterday, the Karachi Stock market shot up to make an new intra-day high of 15,664 and ended up on its 3rd consecutive record close at 15,622. Nishat Mills was the top scorer of the day with 23 million shares traded. Engro Chemical has closed on another record high at 373.75 and is quite overbought now . Oil made a new high of $115.54 today. The next upward resistance is 15,700-750 and downside support is at 15,450-300 . The market looks like it could well correct in the next day or two.
The KSE-100 index made a new intra-day high of 15,637 and closed marginally up at a new high of 15,540. Engro Chemical was the main man in terms of volume with 22 million shares traded. It made a record close at 368.20. Oil crossed $115 today. 
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.
On Friday the KSE-100 index showed some resilience as it closed down by only 6 points. There seemed to be no weekend selling as such and the market stayed in a tight range of 15,221 - 15,311. Upward resistance is from 15,333-400 and downside support is at 15,100
The KSE-100 index opened up making a high of 15,155 and then got bashed down to close at 14,913. The correction could continue 2moro as well before any signs of recovery. Total traded volumes shrunk down to 135 million shares. Oil hit a new peak above $108 today. Downside sees 14,750 as support.
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.
The Karachi Stock market made a new intra-day high of 15,155 but failed to maintain its gains and closed down at 15,020. Bank of Punjab was the top volume stock with 47.4 million shares traded. Total volume rose considerably to 308 million after yesterday’s 200 million. It looks like the market is correcting intra-day with higher highs and lower lows. That still doesn’t mean it won’t correct viciously downwards in the near future.
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.
The Karachi Stock market opened up and made an intra-day high at 15,139. Unable to sustain its gains, the market closed down at 14,971. National Bank was the top volume stock traded today with 30.3 million shares traded. MCB made yet another record close at 477 along with a new intra-day high of 494.80. Volumes have decreased since the 19th when 309 million shares were traded and today’s total was 204 million. Upward resistance is 15050-100 and downside support is 14,900-700.
On Friday the KSE-100 index opened up, dipped down to 14,888 and then rose to close at 14,980, another all time high. DGKC was the flavour of the day with 32.1 million shares traded. MCB has made another all time high closing at 472. The market is getting more overbought by the day and while it corrected down to 14,888 and closed higher, there could well be a proper correction down to 14,700 or lower.
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. 
The market continued upwards making a an intra-day high of 14,150. It closed up at 14,116. BOP was the top volume traded stock today with a turnover of 22.7 million. 
Once again, the KSE-100 index opened up, made an intra-day high of 14,066 and then slid down to a low of 13,920. The market recovered to close down at 13,993. Arif Habib Securities Ltd. was the volume leader and traded 12.2 million shares from today’s total of 74.3 million. 
Another day of lacklustre volumes and sluggishness at the Karachi Stock Exchange. Engro Chemical was the top scorer on the board with 16.6 million shares traded of a total 98.7 million. The next upward resistance remains at 14,100.