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 ...
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
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
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
News : Oil & Gas Development Company (OGDC) has hit oil and gas reserves in Dakhni Well No 11, district Attock, Punjab….the well has produced 95 barrels of oil and 3.06 mmcf per day of gas…. Aaj News
The week has ended on a positive note at the Karachi Stock Exchange. While the market looks like it is skating on thin ice, about to undergo a big correction at any point, it seems to be holding up. A lot of foreign money has boosted the KSE-100 index this month, more than for the whole month of August.
News : Oil and Gas Development Company Limited (OGDCL), in a joint venture with PPL and GHPL discovered additional hydrocarbon reserves of 4,200 barrels of oil per day and 17 million of gas in the upper Lockhart Zone, according to a press release on Friday…Daily Times
The Karachi Stock Exchange has adopted the ‘Industry Classification Benchmark’ (ICB), a jointly developed classification system launched by FTSE Group and Dow Jones Indexes, to classify and analyse specific sectors of Pakistan’s stock market, using internationally accepted standards…. the ‘Industry Classification Benchmark’ provides a comprehensive system with four levels of granularity - industry (10), supersectors (19), sectors (41) and subsectors (114) and facilitates cross-border company comparison.The ICB will replace KSE’s own classification system after a transition period in which KSE will run both classification systems parallel to allow a smooth adoption process. The ICB is the standard used by major stock exchanges, data distributors, index providers, buy-side and sell-side institutions, custodians and media organisations globally...Aaj News
Suttabhai has cancelled his trip to the mountains and regular posting will continue without any hiccups.
The KSE-100 index made an intra-day high of 8,938 and closed up at 8,769. The market was extremely volatile with wild swings in certain stocks, (e.g. Rs.10 in OGDC) A lot of foreign money has been pumped into the market in the last two sessions and volumes have risen above the 200 million mark in the last two days. While the upward momentum could well continue past the current target of 8,700, some correction could set in soon.
Dividends : Pakistan International Container Terminal (PICT) on Tuesday announced a 76 per cent increase in profit for financial year 2008-09, helped by a substantial depreciation of the rupee. Profit surged to Rs935.689 million in fiscal 2009 compared to Rs529.260m recorded in the previous year despite sluggish trade activity in the slowing economy…PICT’s Board of Directors has recommended a 20pc bonus share… The News
Oil & Gas Development Company (OGDC) has hit hydrocarbon reserves in its exploratory well Nashpa No 01, district Karak of NWFP… the well has produced 3,000 barrels of oil and 9.678 mmcf per day of gas on 32/64" choke size at wellhead flowing pressure of 2340 PSI. The well is a joint venture between OGDC, PPL (30 pc) and Government Holdings (pvt) Ltd (05 pc). The well was spudded on June 29, 2008 and drilled down to its target depth of 4384 meters… Aaj News
Urea producers on Tuesday raised the price of urea by Rs 30 per 50-kg bag across the country due to rising cost of production and short supply,.. almost all urea producers had announced an increase of around 5 percent in the urea prices to pass on the impact of hike in the utility tariff and petroleum products’ prices.Slow supply was creating tremendous shortage of the commodity in the local market, especially in the Punjab, compelling growers to pay more money for an important component of crop, they said.. due to massive shortage and delay in the import of the commodity by the Trading Corporation of Pakistan (TCP), the urea was being sold at Rs 800-850 per bag in the black market."If the government does not make necessary arrangements for better supply then the urea price may move up to Rs 900 per 50-kg bag in the domestic market," they added. On the directives of the federal government, the TCP is importing urea from Saudi Arabia and a consignment has already reached Gwadar, which is still not unloaded due to some quality issues…Aaj News
The KSE-100 index closed up at 8,541 on Friday with a an increase of 226 points. The market is looking slightly overbought now and could well correct to 8,100 before reaching its next target of 8,700.
News : Pakistan State Oil Ltd., the nation’s biggest fuel retailer, raised 15 billion rupees ($180 million) to help avert defaulting on payment for importing fuels. The company got 10 billion rupees in loans from banks and 5 billion rupees in cash from the government,…Funds owed to the company increased to 90 billion rupees after power utilities failed to pay for fuel purchases, delaying Pakistan State Oil’s payments to the country’s oil refiners. The government will help to narrow the dues,…Pakistan’s government plans to sell bonds, known as term finance certificates, in the domestic market on behalf of Pakistan Electric Power Co., the state-owned utility, and disburse the amount to the company,..Pakistan State Oil shares rose 2.4 percent to 286.60 rupees, the highest level since Sept. 5, at 1:30 p.m. local time close on the Karachi Stock Exchange. The stock has advanced 98 percent this year, compared with a 46 percent increase in the benchmark stock index of 100 shares…. Bloomberg
News : The government on Wednesday announced that it will give 12 per cent shares (438 million shares) of state-owned Oil & Gas Development Company Ltd (OGDCL) to its employees free of cost…Giving further details, Qamar said a total of 438 million shares of the OGDC will be given to workers in lots of 3,000 shares each. Employees will be given between one and 20 lots each, depending on their length of service, he said. Workers will only be eligible to receiving shares if they have worked for the company for five years. …The government’s stake in the company will be reduced to 73 per cent after the shares are allocated to employees on Aug 26. Under the scheme, employees are barred from selling the shares and will receive the market price when they leave the company, Qamar said. They will get annual dividends while in employment… The News
Dividends : Pakistan’s Hub Power Co Ltd (Hubco) reported a net profit of 3.78 billion rupees ($45.7 million) for 2008/09, a jump of 45.4 percent from the previous year. Hubco, the country’s second-largest private power producer, earned net profit of 2.6 billion rupees in 2007/08…The firm also announced a final cash dividend of 2.0 rupees per share…Source : Aaj News
Pakistan State Oil, the nation’s biggest fuel retailer, posted a full-year loss as declining prices eroded the value of its inventory. The net loss in the year ended June 30 was 6.69 billion rupees ($80.8 million), or 39.05 rupees a share, compared with a net profit of 14.1 billion rupees, or 81.94 rupees, a year earlier,… Sales rose to 719.3 billion rupees, from 583.2 billion rupees…Pakistan State Oil also recorded a loss because of higher financial costs, Khan said. The fuel retailer borrowed more from banks to bridge a shortfall caused by 56 billion rupees in delayed payments for fuel purchases by state-run power producers, he said.The company’s loan costs rose to 6.23 billion rupees in the year ended June 30, from 1.37 billion rupees a year earlier… Bloomberg
News : Oil and Gas Development Company (OGDC) has discovered new reserves of natural gas in Ghotki city of Sindh province…. the new reserves were discovered at Gadu Block-1 in Ghotki. Daily supply of 282,000 cf gas is expected to come from this source after completion of the preliminary research…Source : The News
MCB Bank Ltd., Pakistan’s biggest lender by market value, agreed to acquire Royal Bank of Scotland Group Plc’s Pakistan unit for about $87 million to increase branches and its expertise in financial transactions.MCB Bank will buy 1.7 billion shares, or a 99.4 percent stake, at 4.22 rupees apiece before making an offer for the remainder,…Bank of America Corp.’s Merrill Lynch and KASB Securities Ltd. advised MCB on the transaction. Morgan Stanley advised RBS….The purchase of RBS Pakistan, which has 75 branches in 24 cities, will expand MCB’s network of outlets to 1,139, according to the statement. RBS had assets worth 108 billion rupees ($1.3 billion) as of Dec., 31, 2008… Bloomberg
News : The operator of Tal Block has hit hydrocarbon deposits in the exploratory well Marmzai-1….Pakistan Oilfields Ltd (POL) said that in the lockhart formation, the upper 75 metres of the drilled section has produced 12 mmcfd gas and 430 barrels per day condensate…MOL Pakistan is the operator in the Tal Block with the other four Pakistani companies including OGDCL, PPL, POL and GHPL… The News
News : State-run oil and gas exploration giant OGDCL has receivables amounting to Rs49.41 billion against gas utilities, oil marketing companies and oil refineries, said an official document of the finance ministry…The Oil and Gas Development Company’s (OGDCL) receivables against the Sui Northern Gas Pipelines Limited (SNGPL) stand at Rs6.1 billion, Sui Southern Gas Company (SSGC) Rs10.212bn and Pakistan State Oil (PSO) owes Rs30m to OGDCL. Attock Refinery Limited (ARL) owes Rs12.58bn to OGDCL, National Refinery (NRL) Rs8.1bn, Pakistan Refinery (PRL) Rs3.15bn, Pak Arab Refinery (PARCO) Rs252m, ENAR Petrotech Rs139m, WAPDA Rs20m, UPL Rs1.57bn, BPL Rs1.76bn and Pir Koh Company owes Rs606m, the document said…. The News
The Karachi Stock market finally broke a 5 session downward spiral to close marginally up at 6,894. It made a high at 6,978, but could not sustain its gains. Foreign selling was at its heaviest for the week with over $8 million worth of shares sold today. It’s possible there could be some pullback next week.
Dividends : Bank of Punjab : EPS : -19.02
News : The Petroleum Ministry and the Oil and Gas Development Company Limited (OGDC) have developed a consensus on $ 3 per million British Thermal Unit (MMBTU) maximum wellhead gas price of Qadirpur gas field. The $ 3 per MMBTU wellhead gas price is calculated at $ 400 per ton high sulphur furnace oil (HSFO), a maximum limit for wellhead gas price discount of Qadirpur gas field.The Petroleum Ministry will move a summary to Economic Co-ordination Committee (ECC) of the Cabinet for formal approval. At present, wellhead gas price of other gas fields in Pakistan ranges between $ 2.4 and $ 4.6 per MMBTU. Following an increase in wellhead gas prices of other gas fields, OGDC had requested the Petroleum Ministry to enhance the wellhead gas price of Qadirpur gas field….Aaj News
The State Bank of Pakistan (SBP) has granted in principle approval to JS Bank Limited, in place of Jahangir Siddiqui and Company Limited, to bid for the acquisition of the entire shareholding of ABN Amro Bank NV in the Royal Bank of Scotland in Pakistan (RBS Pakistan)… In this regard, the directors of JS Bank held an emergency meeting to review the said acquisition opportunity, and concluded that this opportunity presents an excellent strategic fit with long-term growth objectives of JS Bank.To this end, the Board of Directors of the bank authorised the management to submit a binding bid to the Royal Bank of Scotland Group plc… Aaj News
Friday’s close saw the market back on track again, closing up with a big gain of 321 points ( 4.4% ). It looks like the market could continue upwards towards 8000. Volumes shrank down to 191.2 million compared to the previous 3 sessions.
News : The Economic Co-ordination Committee (ECC) of the Cabinet is likely to allow Pakistan Petroleum Limited (PPL) to get oil and gas exploration rights of Block 27 in Yemen…This step is a milestone by virtue of being the first effort by a local public sector company to extend its exploration activities beyond the border with a minimum financial commitment of $15 million… Aaj News
The Economic Co-ordination Committee (ECC) of the Cabinet is likely to approve, on Monday, a three-year oil refinery policy containing incentives for oil refineries and penalties if the refineries failed to complete the projects for upgradation of the petroleum products by 2012…. the new formula for ‘deemed duty’ for oil refineries would be implemented from May 1, 2009, if the ECC accorded its approval. Under the new policy, the Petroleum Ministry has proposed to increase in ‘deemed duty’ from 7.5 percent to 10 percent, with a cap at $80 per barrel…. Aaj News
An incredible week for the Karachi stock market with the market closing at 7,432 on Friday, an increase of 629 points ( 9.24%) since the following Friday. The market has reached its 7,500 target and there should be a healthy correction coming soon.
News : National Bank of Pakistan will hold its 60th annual general meeting on April 28 in Karachi where a resolution will be presented before shareholders to approve increase in the bank’s authorized capital from Rs 10 billion to Rs 25 billion… Daily Times
Iraq’s Oil Ministry has qualified nine foreign oil firms out of 38 interested parties for a second round of bidding for contracts in some of its prized oil and gas fields. The firms are Russian state oil firm Rosneft and Russian mid-sized oil firm Tatneft, Kazakh state-run KazMunaiGas, Vietnam’s Petrovietnam, Angola’s state-owned Sonangol, state-run Pakistan Petroleum Ltd (PPL), Japan Oil, Gas and Metals National Corp (JOGMEC), Cairn Energy PLC of Britain and state-run Oil India Ltd…. Aaj News
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
This has been one of the more successful weeks for the Karachi Stock market in a long time . From last Friday ( 13th ) to the 20th , the market has risen 590 points (over 10% ). The end of the week saw some profit taking as the market was becoming quite overbought . There could be some more downside towards 6,200.
News : Some details on the new Petroleum Policy :
The government on Friday raised the wellhead gas price cap to $100 per barrel of crude oil price, from $45, in the new ‘Petroleum and Exploration Policy 2009′, to attract investment announced here. However the floor price cap has been placed at $10 per barrel of crude oil… Aaj News
Another day of upside for the Karachi Stock market making a high of 6,286 . The last time the market was at these index levels was on 29th Dec. 08, on its way down. It’s possible that there could be some correction coming this week as the market has risen 515 points in the last 3 sessions (nearly 9%) . The next upward resistance is around 6,450.
Dividends : National Bank of Pakistan : 20% Bonus + 65% Cash - EPS : 17.48
National Bank of Pakistan (NBP) reported on Wednesday an 18.8 percent fall in its 2008 full-year profit which analysts attributed to higher provisioning for bad loans. NBP reported in a statement to the Karachi Stock Exchange (KSE) a net profit of 15.46 billion rupees ($192.6 million) for the full year to Dec. 31, down from 19.03 billion rupees the previous year… Aaj News
Italian oil and gas group Eni aims to double its oil production in Pakistan over the next five to six years from the 56,000 barrels of oil equivalent in 2008, Chief Executive Paolo Scaroni said on Wednesday… Aaj News
The KSE-100 index continued on its upward march making a high of 6,194, based on the recent decision to reinstate Chaudhry as the CJ. While the market is going up, businessmen have been screaming blue murder that the 5 days of the ‘’ long march " cost them Rs.50 billion in losses with containers being used as blockades and shipments being delayed due to the chaos. So now we have a Rs.50 billion new Chief Justice of Pakistan ! Hope its worth it…
News : Pakistan Petroleum Limited (PPL) has adopted an aggressive exploration strategy to replenish and enhance its depleting hydrocarbon reserves. “We have a plan to drill at least 100 exploratory wells during the next 10 years to expand our oil and gas reserves and increase our share in the country’s total oil and gas supply,” said Managing Director PPL Khalid Rehman…Presently, PPL has 12 production fields in the country, four of these are PPL operated while eight are under joint ventures with leading international players including ENI, OMV, AMACO, MOL and Hungary…. The News
Friday saw the KSE-100 index dip down to 9,583 and then recover to close up at 9,909. Heavy support and buying from the EMOF took the market up along with the news that some of the bigger companies have expressed an interest in buying back their shares given the current incredibly low & attractive prices. Next week throws us into the impeachment saga which could see turbulence for the market especially if it turns out to be long and protracted.
News : Austrian oil and gas group OMV said on Friday it had acquired two exploration licences in southwest Pakistan. OMV will be part of a joint venture with state-run Pakistan Petroleum Ltd (PPL), which will operate the two blocks… Aaj News
Malaysia’s Maybank has bought another 5 percent of MCB Bank for about 703 million ringgit ($213 million), raising its stake in the South Asian nation’s biggest lender to 20 percent, it said on Friday… 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.
The KSE-100 index is scaling new peaks, though not very convincingly, by only a few points at a time. Today’s close at 15,199 is the highest so far, with no doubt there will be more to come. Oil has risen by $5 dollars today on the news of a US shortfall in supplies. JS Bank Ltd was the flavour of the day with 17.6 million shares traded. Upward resistance is at 15,297, the previous intra-day high.
News : The Federal Board of Revenue has agreed to give income tax exemption on the expansion of power projects by the Independent Power Producers (IPPs) operating in the country… Source : Aaj News
MOL Pakistan, the operator of Tal Block, has signed a contract for the Manzalai Field Development Surface Facilities, worth $119 million with a consortium, PDIL, here. Manzalai field is located in the Karak and Hangu districts of NWFP.The target of the project is to produce 200 mmscfd natural gas and 4,000 BPD condensate as the second stage of the Manzalai Field development. Together with the first stage the planned production from the Manzalai Gasfield will be 250 mmscd and 4,500 BPD condensate…. Aaj News
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
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
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
News : Pak-American Fertiliser, Pakistan’s largest urea producing factory in Daudkhel, has been closed down owing to the on-going gas crisis in the country. The factory produces 1,125 to 1,130 tonnes of urea on a daily basis.The halt in urea production will inflict a daily loss of over Rs 12.5 million to the factory. The factory will remain closed for 15 days…Aaj News
The first instalment of 6,000 tonnes of cement imported from Pakistan by State government through Indian central agency MMTC is likely to reach Chennai and Tuticorin in few weeks…Aaj News
Adamjee Insurance made an On Account Payment of Rs 50 million to Berger Paints Pakistan Ltd within 24 hours after a huge fire engulfed the plant. The payment was made even before the fire could be completely extinguished. Adamjee Insurance also took the initiative in setting losses relating to the incidents of December 27 and made On Account Payments to almost all its customers. This speaks volumes about Adamjee Insurance’s unmatched ability and willingness to pay claims… Aaj News
Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate in its exploratory Passkhi East Well located in district Hyderabad. The new discovery will supply an additional 10.7 million cubic feet of gas per day,.. Aaj News
The KSE-100 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
Dividends : FFBL : 10% Cash EPS : 2.92
PPL : 50% Cash : EPS : 5.95 for the quarter
State-run Pakistan Petroleum Ltd (PPL) posted a 10 per cent rise in net profits for the first half of 2007/08 (July-June) on Thursday, narrowly missing forecasts, on higher oil and gas prices and increased production.PPL, which operates Pakistan’s largest gas field at Sui in south western Balochistan province, in a statement to the Karachi Stock Exchange (KSE), said it earned a net profit of 9.29 billion rupees ($149 million) in the six months upto 31st December 2007; compared with a net profit of 8.45 billion rupees for the first half of the last fiscal year… The News
Friday’s market saw the KSE-100 index dip down to 13,577 and then bounce back up to recover in the 2nd session closing up at 13,874. PTCL was the flavour of the day with 31 million shares traded. The next upward resistance is 14,050.
News : The government is considering increasing petroleum prices from February 1, ARY TV reported on Saturday.The channel quoted Petroleum Ministry sources as saying that petrol prices would be increased by Rs 2.5 a litre while diesel prices would be increased by Rs 2 a litre…Daily Times
Pakistan Petroleum Limited (PPL) earnings are expected to increase by 14 percent to Rs 9.6 billion in the first half of FY08 as compared to Rs 8.4 billion in the corresponding period last year.PPL is scheduled to announce its results on January 24, 2008 and the earning per share (EPS) of the company is expected to surge to Rs 12.75 as compared to an EPS of Rs 11.2 recorded during the corresponding period of last year… Aaj News
The ministry of finance has cleared a proposal of the ministry of petroleum for arranging Rs 40 billion syndicated loan from a banks consortium led by National Bank of Pakistan for payments to OMCs against outstanding differential on POL prices. Sources said the MoF is negotiating the loan with NBP, MCB, Allied Bank and Bank Alfalah…In all, 12 OMCs are operating in Pakistan. State-owned company PSO’s market shares is roughly 60 percent. Shell comes next with 23 percent. The rest 17 percent goes to the remaining 10 OMCs. These include two world giants - Total and Chevron. Their share is around 13 percent in the market… Aaj News
Following high level consultations with the Securities and Exchange Commission of Pakistan (SECP), FTSE Group (“FTSE”), the global index provider has deferred its decision to remove Pakistan from the FTSE Global Equity Index Series (“GEIS”) from June 2008. The announcement to the above effect was made by FTSE from its London office on January 17, 2008… Daily Times
Upper Caps : Arif Habib Ltd / Js Bank Ltd / Nib Bank / Sitara Peroxide
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
News : Oil prices slumped on Tuesday after US President George W. Bush urged producers to take action over ‘very high’ prices and as US recession fears gathered pace, traders said… Aaj News
Premier Oil Plc, the U.K. explorer in the North Sea, Asia and Africa, plans to boost operations in Pakistan at the same time Tullow Oil Plc is getting ready to quit the strife-torn nation…Pakistan’s largest natural gas fields, such as the Sui, are located in Baluchistan. The government plans to increase exploration to meet demand for gas that’s forecast to grow 8 percent a year and is expected to exceed production by 2010. London-based Premier has up until now been operating mainly in the south of the country, Lockett said."For all the time we’ve been there, we have never really had a problem'’ with Pakistan, he said."We are on the inside,we know how it works.'’ … " Baluchistan is very under explored and there is a huge potential for oil and gas discoveries "…. Source : Bloomberg
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
News : Pakistan granted an exploration licence to US company Hycarbex Energy Inc. on Saturday for an area of 1,229 sq km (475 sq miles) in the southern province of Sindh, the Ministry of Petroleum and Natural Resources said. Hycarbex will invest $6.3 million in the block to carry out surveys and drill three exploratory wells during an initial 3-year period, it said.The company has been exploring for oil in Pakistan since 1995 and has invested $25 million in another block in Sindh,… Aaj News
The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of “AAA” and “A1+” respectively to Pakistan State Oil (PSO). These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments,… The News
The Ministry of Finance has decided to issue fresh Letters of Comfort (LcC) valid up to December 31, 2008 to four banks having investment in National Investment Trust (NIT) units,… The Finance Division had earlier issued LoCs to four banks viz. the National Bank of Pakistan (NBP), Bank of Punjab, Bank of Khyber and Faysal Bank Limited, which were supposed to expire on December 31, 2007. To keep their over-Rs 10 billion investments in NIT units intact, the MoF has decided to issue fresh LoCs with extended validity… Daily Times
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
News : Oil and Gas Regulatory Authority (Ogra) has proposed about 7 percent increase in gas prices which the government has yet to approve, said Rashid Farooq, Vice Chairman, Ogra here on Thursday. "Increase in crude oil prices in international market are prompting the increase in gas and petroleum prices to maintain the balance", he said while talking to reporters at Attock Refinery Limited (ARL)… Aaj News
Pakistan’s efforts to find some major discovery in deep sea waters have received a big blow as Shell and its partners’ offshore drilling project has ended in a failure and as a follow-up the structure was declared as plugged and abandoned (P&A)…The Shell also sent the final report of the failure of the project to joint venture partners - OGDC, PPL, Government Holding (Pvt) Limited (GHPL), and Premier Kufpc. Since the abandoned project cost over $50 million, half of it will be borne by public sector companies, OGDCL and PPL, being 50 percent share holder 30 and 20 percent respectively and other 50 percent rests with Shell Pakistan and Premier Kufpc… Aaj News
A group of shareholders of Pakistan Industrial Credit & Development Corporation Limited (PICIC) have is seeking postponement of the Extra-Ordinary General Body Meeting (EOGM) scheduled to be held on November 26, 2007, for considering and approving the scheme of amalgamation of PICIC with NIB Bank Limited…Aaj News
The KSE-100 opened up and then sank down to a low of 12,881.The market then made a strong recovery to close up on its high of 13,239. The recovery was based on the news that the SC dismissed 5 of the 6 main petitions filed to challenge G.Mush’s re-election. Also a change in the E&P formula (see below) led to a big upward move of 3.8% in OGDC which took the whole market up as well. Pakistan Oilfields hit its upper limit and PPL was up by Rs.9.85. Volumes were double Friday’s at 129 million and the majority of the blue chips closed up. Upside resistance is 13,400-500.
News : The Economic Coordination Committee (ECC) of the Cabinet has removed $50 a barrel limit for buying crude oil from exploration and production (E&P) companies and fixed it on 50/50 sharing formula. The new formula provides that the prices of crude oil over and above $50 a barrel would be equally shared by the Government of Pakistan (GoP) and the exploration and production companies. This formula is basically compensation for E&P having old leases in different areas. Now when crude oil prices are ranging between $95 and $98 a barrel in the international market, the crude oil price for the leases covered under the new formula would be roughly $75 a barrel… Aaj News
The KSE-100 index made an intra-day high of 8,938 and closed up at 8,769. The market was extremely volatile with wild swings in certain stocks, (e.g. Rs.10 in OGDC) A lot of foreign money has been pumped into the market in the last two sessions and volumes have risen above the 200 million mark in the last two days. While the upward momentum could well continue past the current target of 8,700, some correction could set in soon.
News : State-run oil and gas exploration giant OGDCL has receivables amounting to Rs49.41 billion against gas utilities, oil marketing companies and oil refineries, said an official document of the finance ministry…The Oil and Gas Development Company’s (OGDCL) receivables against the Sui Northern Gas Pipelines Limited (SNGPL) stand at Rs6.1 billion, Sui Southern Gas Company (SSGC) Rs10.212bn and Pakistan State Oil (PSO) owes Rs30m to OGDCL. Attock Refinery Limited (ARL) owes Rs12.58bn to OGDCL, National Refinery (NRL) Rs8.1bn, Pakistan Refinery (PRL) Rs3.15bn, Pak Arab Refinery (PARCO) Rs252m, ENAR Petrotech Rs139m, WAPDA Rs20m, UPL Rs1.57bn, BPL Rs1.76bn and Pir Koh Company owes Rs606m, the document said…. 
Friday saw the KSE-100 index dip down to 9,583 and then recover to close up at 9,909. Heavy support and buying from the EMOF took the market up along with the news that some of the bigger companies have expressed an interest in buying back their shares given the current incredibly low & attractive prices. Next week throws us into the impeachment saga which could see turbulence for the market especially if it turns out to be long and protracted.
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.
The KSE-100 index is scaling new peaks, though not very convincingly, by only a few points at a time. Today’s close at 15,199 is the highest so far, with no doubt there will be more to come. Oil has risen by $5 dollars today on the news of a US shortfall in supplies. JS Bank Ltd was the flavour of the day with 17.6 million shares traded. Upward resistance is at 15,297, the previous intra-day high.
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.
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.
Finally the KSE-100 index managed to sustain its gains and closed up at 13,856 on Friday. NIB Bank was the flavour of the day with a relatively huge volume of 58 million shares traded. The next upside resistance is 13,900 -14,050 and downside support is at 13,700.
The KSE-100 index seems to open up and then either fizzle out or go down at the moment. An intra-day high of 13,836 led to closing down at 13,719. The market seems to be struggling, barring the odd few stocks. Downside support looks to 13,570. Don’t lose sight of the Vaseline jar.
Friday’s market saw the KSE-100 index dip down to 13,577 and then bounce back up to recover in the 2nd session closing up at 13,874. PTCL was the flavour of the day with 31 million shares traded. The next upward resistance is 14,050.
The KSE-100 index made a high of 14,118 and then fizzled out to close 14,056. Arif Habib Securities was the flavour of the day with 19.2 million shares traded. Arif Habib Ltd & JSCL once again closed at their all time highs, hitting their upper limits at 326.30 & 1,323 respectively.
In the last two sessions, the KSE-100 index has held on to the support levels of 14,500. It has made lower highs and lower lows. Perhaps the market will get a minor boost next week with the emergency rule being lifted over the weekend. Volumes are shrinking and Friday’s flavour of the day was Bhosricor Refinery with 38 million shares traded from a total of 146.6 million. There is talk of Dubai based Abraaj Capital buying a majority stake in Bosi. It seems that the 2nd and 3rd tier stocks are more in demand than the blue chips at the moment. Upward resistance is at 14,620-700.
The KSE-100 index continued its upward march and made a high of 13,624. It then corrected to close up at 13,542. The market must close above its 30 & 50 DMA’s for there to be further upward momentum. Downside support is at 13,450-13,300 and upside resistance is 13,650. There could be some weekend selling 2moro depending on how much the market gives a fuck about Pakistan being suspended from the Commonwealth.
The KSE-100 opened up and then sank down to a low of 12,881.The market then made a strong recovery to close up on its high of 13,239. The recovery was based on the news that the SC dismissed 5 of the 6 main petitions filed to challenge G.Mush’s re-election. Also a change in the E&P formula (see below) led to a big upward move of 3.8% in OGDC which took the whole market up as well. Pakistan Oilfields hit its upper limit and PPL was up by Rs.9.85. Volumes were double Friday’s at 129 million and the majority of the blue chips closed up. Upside resistance is 13,400-500.
