KARACHI STOCK MARKET 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

Market Low : 9,643.11  High : 9,890.41

Market Close : 9,836.50 — 193.39  points up

Friday saw the KSE-100 index rise to a high of 7,196 and close marginally up at 7,129. The market seems to be holding at 7,080 , the low for the last three sessions. Volumes dropped down to a recent low of 69.1 million shares traded.

News :  Pakistan Electric Power Company (Pepco) will release Rs 12 billion in a couple of days to independent power producers (IPPs) to clear the circular debt. Pepco Managing Director Tahir Basharat Cheema, addressing a press conference here on Saturday, that out of Rs 180 billion circular debt, Rs 80 billion had been retired in March and the remaining would be cleared by the end June…. Aaj News

Market Low : 7,087.59  High : 7,196.73 

Market Close : 7,129.51 — 3.85 points up

The KSE-100 index continued its upward march after yesterday’s correction, making a high of 7,041 and closed up at 6,931. The total volume of shares traded was considerably lower at 144.6 million. The market is headed towards 7,500.

News : The Hub Power Company (HUBCO) has received a payment of outstanding amount of Rs35.458 billion from WAPDA through circular debt settlement arranged by the federal government…. Rs30.156 billion was immediately paid to Pakistan State Oil (PSO) in accordance with the settlement procedure. After this settlement, the receivables against WAPDA are estimated at Rs27.8 billion while HUBCO has to pay Rs24 billion to PSO against the supply of furnace oil… The News

Pakistan’s stocks marched towards a record gain during March 2009 with the KSE-100 index posting a rise of 20 percent. "These huge gains in a month were seen after a gap of 49 months" observed Mohammed Sohail, a leading stock analyst. He said that Pakistan outperformed the emerging markets by 800 basis points in March 2009. He recalled that the last time when the Karachi stock market went up by 22 percent was in February 2005,... Aaj News

Market Low : 6,860.22  High : 7,041.44

Market Close : 6,931.90 – 71.68 points up

Dividends : United Bank Limited’s profit after tax stood at Rs 8.4 billion in 2008, translating into earnings per share of Rs. 8.26…The bank achieved a consolidated profit before tax of Rs 14.1 billion in 2008, 2 percent higher than last year’s profit. Profitability in 2008 was partly impacted by the decision to charge 50 percent of the impairment loss on the equities portfolio amounting to Rs 1.88 billion against this year’s P&L statement, although the State Bank of Pakistan has allowed banks to defer booking the loss till 2009. Without the impairment loss, the bank’s profit before tax would have reached Rs 15.9 billion, 15 percent above last year’s profit… Daily Times

News :  The Hubco Narowal Plant will start commercial operation by March 2010…Hubco, one of the largest independent power producer in Pakistan is setting up this combined cycle power plant based on reciprocating engines technology with an investment of about $300 million and having an ISO installed capacity of 225MW at District Narowal, Punjab.The plant will start supplying electricity to national grid from end of March 2010… Daily Times

Market Low : 5,557.92  High ; 5,733.14 

Market Close : 5,707.09 – 149.17 points up