Owner: Karachi Stock Market Blog URL:http://karachistockmarket.blogsome.com/ Join Date: Fri, 27 Oct 2006 18:13:22 -0500 Rating:0 Site Description: Daily updates on the Karachi Stock Market, with news, company dividend information and KSE-100 index movements. The rollercoaster of a day trader's dream /nightmare riding the KSE-100 index. Site statistics:Click here
10,374 2007-01-10 14:04:36 The Karachi Stock market didn’t have the juice to make much headway above its previous close. It made a high of 10,424 and closed at 10,374. Holding up above 117, OGDC could still head to 122. Cements made some headway with Lucky closing at its upper limit. 10,500 remains to test the market’s upside and 10,300 for the downside.
News : The cement production capacity in the country will increase by over 15 million tons during the current year…. Geo News
The Oil and Gas Development Company Ltd (OGDCL) in collaboration with Shell Pakistan would drill Offshore Indus Block-E to seek oil and gas reserves by March-April 2007…. The News
The Trust Deed of KASB Stock Market Fund was signed between KASB Funds Limited and Central Depository Company of Pakistan Limited on Tuesday…KASB Stock Market Fund will be an open-ended fund allowing investors further investments and full or partial redemption at any point in time. The IPO of the Fund is expected to take pl
10,405 - Capital Gains Tax exemption till July 2008 boosts the market 2007-01-09 20:01:45 As expected,after hearing the news last night re: the exemption
of capital gains tax to be deferred till July 2008, the Karachi Stock market opened with a full erection this morning. This is the best news this market has received in some time and there is talk of lowering the CVT by half. While there were many gains across the board , only NBP, OGDC, MCB and Askari Bank really went up. OGDC finally moved after being stagnant for nearly a month and the KSE-100 index has finally closed above its 30 DMA after nearly 3 weeks. The market should test 10,500 soon.
News : The government will hold a public offering for Oil and Gas Development Co Ltd (OGDCL), the country’s largest listed firm, at a price of 110 rupees per share this week, the government said on Tuesday.Up to 21.505 million shares will be offered in lots of 500 in what would be the second public offering for the state-run company, the Privatisation Commission said in a statement."The subscription for the retail Read more:Capital Gains
, Tax exemption
Capital Gains Tax Exemption extended for another year 2007-01-08 20:30:19 News has just come in that the Prime Minister has extended the capital gains tax exemption for the Karachi Stock market for another year until July 2008. It was meant to be implemented this July after the budget this year. It should give this weary market a welcome boost, removing one of the 2 expected hurdles for 2007 (the other being uncertainity at election time at the end of the year).
Read more:Capital Gains
10,237 - upside continues 2007-01-08 17:41:00 The Karachi Stock market briefly broke 10,300 intra-day and closed up at 10,237. OGDC made a high of 116.15 and gains were seen across the board. A relatively higher volume of 108.6 million shares were traded today. Upside continues on a close above 10,300 to 10,500.
News : The Standard Chartered Bank has submitted an application to the Securities and Exchange Commission of Pakistan (SECP) for listing in Karachi, Lahore and Islamabad stock markets.This was stated by the bank CEO, Badar Kazmi here in a press conference.He said after the merger with the Union Bank, we have applied for the listing in Karachi, Lahore and Islamabad Stock markets but, he added IPOs would not be issued…. Source : Business Recorder
Dividends : Bank of Khyber : RIGHT ISSUE = 100% AT A PREMIUM OF Rs.2/75= PER SHARE
Upper Cap : Soneri Bank Lower Cap : Callmate Telips
Market Low : 10,147.36 High : 10,301.48
Market Close : 10,237.32 – 89.96 points up. Read more:upside
10,358 2007-01-11 12:58:45 The KSE-100 index made a high of 10,394 closing at 10,358.The secondary offering of 21,505 million ordinary shares of Oil and Gas Development Company Limited (OGDCL) starts from this morning till January 13.The price of oil at $54 is a 19 month low, reflecting the rapidly growing effects of global warming with unsually warm winters in the US and Europe.While the Karachi Stock market is holding up above 10,300, it has made lower highs and lows in the last 2 days. 2moro’s "Friday show'’ will possibly test 10,300 again.
News : The Prime Minister Shaukat Aziz has approved Engro’s Rs 101 million bid for gas from Qadirpur field to set up a fertiliser plant, despite opposition by the Ministry of Petroleum and Natural Resources…. Business Recorder
Urea (fertiliser) manufacturers have increased selling prices by Rs10 per bag, company executive at a leading producer said on Wednesday. The price increase is effective January 1st… Dawn
The government is expec
10,425 2007-01-12 16:25:50 After 2 days of minor corrections , the Karachi Stock market resumed its upward stride to break 10,400. The market made a high of 10,444 closing up at 10,425 , the highest close since December 15th 2006.Banks were the flavour of the day ( esp. NBP) as the State Bank issued the figures for year end with deposits showing a 12.71% growth. NBP is now 18% up since 28/12/06 and has finally closed above its 30,50 and 200 DMA along with PPL . The next upward test for the market is 10,500.
News : A divisional bench of the Sindh High Count (SHC) has issued a stay order in the China Petroleum Engineering & Construction Corporation (CPECC) contract award case and restrained the Oil and Gas Development Company Limited (OGDCL) from further processing the project…. Business Recorder
A delegation of Karachi Stock Exchange (KSE) led by M A Lodhi, Managing Director (KSE) will meet the Adviser to Sindh Chief Minister on Finance M A Jalil here on Friday (today). The long demanding issue
Stamp duty on share transfers suspended 2007-01-13 02:45:47 The Government of Sindh has suspendedStamp
Duty on the electronic transfer of shares within the Central Depository Company (CDC) for two years… the Provincial Minister for Revenue, announced this at a press conference held here on Friday, after holding a meeting with SECP and KSE senior officials…. The News
Moving upto 10,505 2007-01-15 13:46:58 The Karachi Stock market opened up with a gap and stayed in the green all day. It broke 10,550 intra-day and closed just above 10,500.The main index boost came from OGDC making a high of Rs.119, followed by POL and PPL as the price of oil is going up. Some correction is lurking around the corner as the mkt is up 465 points from the start of the year,(about 4.63%), though it might stay tight till the 17th when the meeting to decide on CVT reduction will take place.
Callmate Telips finally unlocked itself from its recent trend of lower caps and closed up at Rs.56.70.
News : As the crude oil prices in the international market recedes, the government is likely to give relief to consumers and cut down petroleum products’ rates on January 15…The Oil and Gas Regulatory Authority will submit its recommendations to the ministry of Petroleum on January 15, for cut in petroleum products. The recommendations will be presented to Prime Minister Shaukat Aziz the same afternoon for appr Read more:Moving
10,590 2007-01-16 19:03:35 More upward movement at the Karachi Stock Exchange today, with the market closing on its high of 10,590. The market has closed above its 50 DMA ,just short of its 200 DMA at 10,600. 10,700 is the next resitance level upwards and downside support is at 10,450.PTCL was the volume leader of the day, trading 36.24 million shares due to some foreign buying. After many moons PTC has broken and held above Rs.50. MCB and PSO also went up by Rs.6.6 and 6.95 respectively. The meeting re: reducing CVT is 2moro.Bosicor’s board meeting is 2moro.
News : Pakistan’s central bank will unveil its monetary policy for the second half of the fiscal year on January 18th…Business Recorder
The Bank of Punjab (BOP) has secured its loan, which was given to Crescent Standard Investment Bank (CSI)… Geo News
Lower Cap : Callmate Telips
Market Low : 10,496.19 High : 10,590.93
Market Close : 10,590.93 – 83.41 points up
10,614 2007-01-17 16:38:30 The Karachi Stock Exchange witnessed healthy volumes today with 204.5 million shares traded. Making a high of 10,676, the market dipped down to 10,583 and closed up at 10,614. The market seems tight at the moment with intra-day dips yet closing positive. RSI levels are high and the market has closed above its 30,50 and 200 DMA. Upside continues above a close on 10,700 and downside’s first support is 10,560 through 10,500 to 10,450 It does look ripe for a minor correction soon though, which might come at any time.
SCRA increases by another $7.3m to reach $35.5m for January and $313.5 million for the fiscal year.
The meeting to discuss CVT reduction has been postponed to Jan.24th
Dividends :Dawood Hercules : FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2OO6 : 45% CASH : EPS : Rs.24.79
News : The Privatisation Commission (PC) has received ten Expressions of Interest (EoI) and Statement of Qualification (SOQ) from the interested parties to participate in the privatisation proc
A dozen bidders approved for PSO privatisation 2007-01-18 00:33:50 The Privatisation Commission (PC) approved a dozen bidders in the privatisation of Pakistan State Oil (PSO), the country’s top oil marketing firm.It said bidding for a 51% stake, with management control, was expected to take place in March, without giving a specific date…The PC said in a statement on Wednesday the bidders included Abraaj Capital, Abu Dhabi Group, Al-Ghurair Investment - all from the United Arab Emirates - a consortium grouping Saudi-based Aljomaih Group and Kuwait’s Noor Financial Investment; Bakri International Energy Systems, Dabbagh Group Holding of Saudi Arabia, Goldman Sachs (Asia) Finance and Vitol S.A. of Switzerland.
Local firms qualified for bidding are MCB Bank, Fauji Foundation, Attock Group of Companies and the Kohinoor Group, which is led by Kohinoor Textile.
US investment firm J.P. Morgan is the financial adviser for the sale…. Source : Business Recorder
10,640 2007-01-18 14:09:34 The Karachi Stock market closed up for the 5th consecutive trading session. The market made a high of 10,680 closing up at 10,640. PSO was the flavour of the day posting a Rs.8.85 gain, while the other blue chips seem to be struggling to go upwards. The market is still holding strong and looks poised to break 10,700 2moro, however being a ‘’Friday show ‘’ it might close down due to weekend selling.
News : Please note the hilarious typo for Deutsche Bank in this article from Geo News … The Managing Director of the Karachi Stock Exchange (KSE) M. A Lodhi has said that the KSE and Douche bank are likely to sign demutualization agreement in next few days… Geo News
Upper Cap: Sui South Gas
Market Low : 10,578.56 High : 10,680.63
Market Close : 10,640.41 — 23.30 points up
Philip Morris International agrees to purchase the majority stake in Lakson Tobacco Pakistan 2007-01-19 16:50:45 Philip MorrisInternational
(PMI) today announced that it has entered into an agreement to acquire an additional 50.21% stake in Pakistan
cigarette manufacturer, Lakson Tobacco
Company Limited(Lakson Tobacco), from a number of Lakson Tobacco’s principal shareholders for PKR 666.89 (USD 10.96) per share. PMI currently holds 40% stake in Lakson Tobacco and this transaction will bring PMI’s stake in Lakson Tobacco to approximately 90%.
In accordance with Pakistan securities law, PMI will proceed to make a public tender offer for all of the remaining shares at the same price per share to be paid to the principal shareholders. Based on a price per share of PKR 666.89, Lakson Tobacco is valued at PKR 41.07 billion (USD 674.9 million).
Lakson Tobacco is Pakistan’s second largest tobacco company, with an estimated cigarette volume of 29.8 billion units in fiscal year, ending 30 June, 2006, generating net revenues of approximately USD 160.5 million. Its EBITDA was USD 46.1 Read more:Philip
10,641 - the market holds 2007-01-19 16:36:37 Usually on Fridays the Karachi Stock market dips due weekend selling or less frequently it goes up. It is rare to see a close like today with 0.6 points up. Making a high of 10,688 the market closed at 10.641. Its holding here with 10,680 as its upward resistance before breaking 10,700, but with the large volumes of stock building up in badla , a correction should come soon. On the downside immediate support is 10,570, followed by 10,500 & 10,450.
Engro Chemical’s board meeting is 2moro and the results will be announced on Jan.22nd
News : Monetary policy statement for January-June 2007: first quarterly report for fiscal year 2007: The State Bank of Pakistan says that the growth target (7 percent) for the current year is achievable. However, inflation would be higher (7.5 percent) because of… Business Recorder
The secondary public offering of shares in the Oil and Gas Development Company (OGDC) at Rs110 per share in the local markets looks like having received lukewar Read more:holds
10,700 breaks 2007-01-22 15:02:29 After some struggling, the KSE-100 index finally broke 10,700 and managed to close just above it. This is the 7th consecutive positive close for the Karachi Stock market and it’s up 347 points since Jan.11th. Perhaps because the upside has been staggered there hasn’t been a bashing down as yet, just some intra-day corrections. The market could coast along upwards to test 10,900 but it seems unlikely without some proper correction, especially as OGDC has gone dead again. 10,570 is where the first net will catch the market’s fall. Hubco was on the top of the volume leaderbroad with 11.7 million shares traded today.
Dividends : Engro Chemical Ltd : FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2006, 30% CASH, EPS : Rs.15.47
News : The Ministry of Industries and Production is to submit a fresh summary to the Economic Coordination Committee (ECC) of the Cabinet, proposing allocation of gas, time schedule and monitoring system for Fatima Fertiliser Company Limited (FFCL) on t Read more:breaks
10,702 2007-01-23 16:38:14 The Karachi Stock market continued its erection with the KSE-100 index making a high of 10,787. Unable to sustain any upside it drooped down to close at 10,702. It seems evident that the market is hanging on for the decision to reduce Capital Value Tax (CVT) which is being discussed 2moro. If CVT is reduced as per expectations, the market could test 10,900, if not then where it gets bashed down to remains to be seen.SCRA for the month of January is $61.4 million, taking the total for the fiscal year upto $339.3 million.
Dividends : Lakson Tobacco : 58% Cash : EPS Rs.11.27
Fauji Fertilizer Bin Qasim (FFBL ) will announce its results 2moro.
The full-year earnings of Engro Chemical Pakistan Limited have increased by 10 percent during the financial year 2006 as compared to profit earned during the corresponding year. The company announced its full-year results for the year 2006 on Monday and the reported profit after tax was Rs 2.55 billion which is higher by 10 percent over the 2005 pr
10,856 - a big hoist 2007-01-24 20:45:32 Despite the fact that the CVT meeting has been postponed for a 2nd time, the market breadth increased and the KSE-100 index shot up to close on its high of 10,856. Banks were the flavour of the day with MCB up Rs.13.35 and NBP Rs.7.90. OGDC is still struggling as it has been higher than its close when the index was lower. While the risk for a sizeable correction increases as the market has now gone up nearly 500 points since Jan.11th, the market looks good to test 10,900.
SCRA inflow for January is $73m taking the total for the fiscal year to $351 million.
Dividends : Fauji Fertilizer Bin Qasim Ltd. (FFBL) : 12.5% Cash for the year ended 31/12/06 . EPS : Rs.2.62
PPL will announce its results 2moro.
News : The Karachi Stock Exchange (KSE), in consultation with the Securities & Exchange Commission of Pakistan (SECP) has awarded Deutsche Bank A G the exclusive financial advisor mandate which will include valuation of the KSE.This is a further move towards KSE’s demutualisati
Carlyle Group to invest in Pakistan 2007-01-26 00:15:12 The CarlyleGroup
, one of the world’s largest private equity firms, plans to set up a fund of several billion dollars for invest
ments in Pakistan
and the Middle East.
"We are seriously looking at Pakistan because of its strong economic growth and investor-friendly policies," sources quoted David Rubenstein, chief executive officer of the Carlyle Group, as telling Prime Minister Shaukat Aziz in a bilateral meeting in Davos, at the sidelines of the World Economic Forum. The Carlyle Group will be the first private equity firm to come to Pakistan…Mr Aziz hailed the development as "the best news we have had in a while". He said Pakistan had been trying to bring in private equity firms for a long time.… Daily Times
11,031 - 11k breaks and holds 2007-01-25 19:22:31 Another positive day in the Karachi Stock market with the KSE-100 index breaking 11,000 to make a high of 11,083 and closing above 11k at 11,031.The last market the time broke 11k was Oct.17th 2006. The volume of shares traded today was 314 million , the highest of the year and also for a long time.OGDC finally got off its arse closing at 121.2 breaking out of its recent range. MCB broke Rs.300 intra-day and NBP was up another Rs.6.25. The market has now risen 991 points since Jan. 1st 2007 and is up 9.8% for the year so far. With a long weekend ahead there might be some sell off towards the end of the "Friday show".
Dividends : Pakistan Petroleum Ltd (PPL) : RESULT FOR THE HALF YEAR ENDED 31/12/2OO6 45% Cash . EPS : Rs.12.62PROFIT BEFORE TAXATION RS. IN MILLION 12,197.535 / PROFIT AFTER TAXATION RS. IN MILLION 8,449.317
Pakistan Petroleum Ltd (PPL) posted a better-than-expected 46 percent rise in first-half net profit, fuelled by higher natural gas prices, sen Read more:breaks
, holds
11,105 2007-01-26 20:49:40 The bull run continued at the Karachi Stock Exchange with the KSE-100 index making a high of 11,113.31. With no sign of any correction at the moment it closed up at 11,105. BOP was the volume leader of the day , nearly capping up at one stage. The index’s RSI levels are over 75 now and there has to be some release on the pressure building up. Several of the blue chips are oversold esp. MCB. Two days of peace next week with a long weekend coming up.
Dividends : Fauji Fertilizer Ltd : 39% Cash . EPS : 9.39 . Closed down at Rs.111, perhaps below mkt. expectations
Unilever : 114% Cash. EPS : Rs.124
News : The Securities and Exchange Commission of Pakistan (SECP) has constituted a committee comprising representatives of three stock exchanges, SECP, Mutual Funds Association of Pakistan, stock brokers and bankers to address issues relating to smooth and early implementation of Continuous Funding System Mk II(CFS)… Business Recorder
Upper Cap : Soneri Bank
Market Low : 1
Board Meetings for February 2007-02-01 01:05:53 Netsol Technologies : 1st Feb
Indus Motor Co : 6th FebPackages Ltd.
Askari Commercial Bank : 14th Feb Shell
Kot Addu Power Co. (KAPCO) : 16th Feb
Read more:Board
, Meetings
, February
11,272 2007-01-31 16:12:52 There seems to be not much stopping the continuous upward ride on the Karachi Stock market . Yet another day of upside , with the market closing on its high of 11,272, 12.2% up for the current year. OGDC has begun to move at last closing up at 124.5 , folllowed by PTC nearly capping up at Rs.55.25.11,300 is the next target to close above for further upside. 11k is the current downward resistance.SCRA up to $80 million for January , a total of $359 for the fiscal year.
Dividends : Arif Habib Ltd : EPS : Rs.6.81Pakistan Premier Fund : EPS : -0.17Maple Leaf Cement : 25% Rights at a premium of Rs.2.50Honda Atlas Cars : EPS -1.77Shell Gas LPG : EPS : Rs.2.10
News : The government has shelved the Pakistan Steel Mills Corporation (PSMC) strategic sell-off plan for one year and approved a scheme for its initial public offering (IPO) through bourses for 10 percent shares with additional 10 percent shares as green shoe option…. Business Recorder
The President of Canadian Front
Market Closed 2007-01-29 01:01:02 The Karachi Stock Exchange will be closed today and Tuesday 30th January for the 9th & 10th of Muharram.
Read more:Closed
, Market
11,349 - Rising above 11,300 2007-02-01 17:46:56 The Karachi Stock Market made a high of 10,394 and for the first time in several sessions went negative down to 11,259 to close up at 11,349. The KSE-100 index recorded the highest volume of shares traded for 2007 at 369.3 million. Was the intra-day correction the one long overdue or will the market actually close down 200 plus points soon ? The way its going up with foreign funds being pumped in daily, it seems not at the moment, although 2moro is another Friday show with Monday a holiday making it another long weekend.The rising price of oil has pushed up OGDC and POL, while BOP was the top scorer today in terms of volume with 59.4 million shares traded. MCB has made a record high close of Rs.305.5 The market has closed over its 11,300 resistance level and the next target is 11,500 followed by October’s high of 11,635.
Another $23m inflow in SCRA taking the total for January to $103m and $381million for the fiscal year.
Dividends : Arif Habib Securities Ltd : EPS : Rs.20.67
Read more:Rising
, above
11,589 2007-02-02 19:56:41 416.7 million, a staggeringly large volume of shares were traded at the Karachi Stock Exchange today. No respite for the KSE-100 index as it closed on its high of 11,589 amid technical analysts screaming overbought momentum and exorbitant RSI levels over 80, and the fact that Monday is a holiday. Badla has reached 50 million and is bursting at the seams. Something has to give soon, but its been one fuck of a ride so far !!A large part of today’s upside was OGDC which moved up Rs.5.55 with the day’s top volume of 78.6 million shares traded, followed by gains in NBP, BOP and PPL.
Dividends : Netsol Technologies Ltd : EPS : Rs.3.75
News : The Board of Directors of Arif Habib Securities Limited (AHSL) on Wednesday decided to recommend to the general body to merge AHSL with Arif Habib Rupali Bank Limited (AHRBL). AHRBL is a majority-owned subsidiary of AHSL…Based on this computation, AHRBL should emerge as the 8th largest listed commercial bank in Pakistan in
11,632 - Closing on the October 2006 peak 2007-02-06 12:48:03 The Karachi Stock market continued its upward rally making a high of 10,763, closing down at 11,632. The close is almost similar to the intra-day high of 11,635, the October
30th 2006 peak. After that the market slid downwards to 11,327. Whether the drop of 131 points from the intra-day high to today’s close is another minor intra-day correction or whether the cracks are setting in for a bigger one, it remains to be seen. Upward resistance is at 11,854 and the downside at 11,275. CFS borrowing has nearly reached its Rs.55 billion cap, so some correction seems inevitable even though a lot of foreign money is currently being pumped into the market.
Dividends : Tri-Pack Films : 50% Cash . EPS : Rs.5.60Indus Motor Co will announce its results 2moro
NetSol Technologies Ltd, Pakistan has registered a phenomenal growth with Rs 222.5 million, or 129%, against Rs 97.12 million of the corresponding period of 2005. The gross profit of the company has increased by 201% to Rs 129.9 mi
11,729 2007-02-07 16:41:59 For the moment it seems that yesterday’s drop from 11,763 and down to 11,601 today, appears to be the current correction for the Karachi Stock market. The market made a high of 11,756 and closed up at 11,729. The next resistance is 11,763 followed by 11,850. Downside looks to 11,300. RSI(14) levels are very high at 85. The big cement stocks upper capped again.
Dividends : Packages Ltd: 60% Cash + 5% Bonus. EPS : Rs.87.30 Indus Motor Co. : 50% Cash. EPS : Rs.16.26
News : The cement prices have gone up from Rs.200 to Rs.275 per bag during the last one week at retail level and the same trend is likely to continue in the coming days as demand always remains on the rise in February/March… Business Recorder
Sui Northern Gas Pipelines Limited (SNGPL) and OMV (Pakistan) initialled an agreement on Tuesday, consenting to amend Sawan Gas Sales Agreement (GSA) under which the Sawan gas deliveries would increase to 280 mmcfd... Business Recorder
SECP officials told Geo News that the
11,868 - Heading for 12,000 plus ? 2007-02-08 13:40:52 The KSE-100 index made an intra-day high of 11,907, closing up at 11,868. The volume of shares traded crossed the 400 million mark with 411.8 million shares traded. The market looks like it’s headed to test 12,000 points. There is still no sign of any correction despite nine consecutive positive closes and 1000 points up since Jan.24th. The next upward resistance level is 12,060 with downside towards 11,590. The Karachi Stock market is now up 18.2% for 2007.There is a good article posted at Stock Pk about the current bull run with a colourful comparison to running with the bulls at the San Fermin Fiesta in Pamplona, Spain.
News : Minister for Industries and Production Jahangir Tareen has taken serious notice of quantum jump in cement prices and summoned the manufacturers on February 10 to justify their action.The cement prices had gone from Rs 200 to Rs 275 per bag during the last one week at retail level and the consumers do not see any relief in the coming days as demand Read more:Heading
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