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11,844 - Intra-day correction
2007-02-09 21:36:42
The Karachi Stock Market crossed the 12k index making a high of 12,047 and then dipped down to 11,804 finally closing at 11,844. This is first negative close in 10 trading sessions , long overdue. Whether the intra-day correction of 200 points was sufficient or whether the market will continue downwards on Monday remains to be seen. While MCB, NBP, PPL and POL closed between Rs.9.50 - 4 down, PTC, PSO and FFC held their gains. Dividends : Bosicor Refinery : 60% Rights News : Petrobras joins OGDCL in offshore venture : Brazilian Petrobras Oil and Gas B.V has joined Oil and Gas Development Co. Ltd. (OGDCL) to explore for oil and gas off the country’s coast…Petrobras had acquired 50 percent of OGDCL’s working interest in Block 2265-1 Offshore Indus G, a deep water exploration licence in the Indus basin of the Arabian Sea. Source : Business Recorder The State Bank of Pakistan on Thursday advised all banks and development finance institutions (DFIs) to meet the minimum


News Update
2007-02-11 19:59:06
Malaysian Maybank is interested to work with Muslim Commercial Bank (MCB) and talks are at an intial stage, said Aftab Mansoor, the President on MCB… Source:  AAJ TV The government’s threat ‘reduce prices or face action’ has worked as the All Pakistan Cement Manufacturers Association (APCMA) has agreed to ensure the commodity is sold at an average retail price of Rs260 per bag, which had earlier swelled to about Rs300…. The News Special Convertible Rupee Accounts (SCRAs), which is the foreign portfolio investment account managed by The State Bank of Pakistan (SBP), reached a record high at $491.693 million from July 2006 to date, with $110 million for February so far.
Read more: Update , News Update

News on Banks
2007-02-13 01:08:38
Around seven listed and more than 10 non-listed and foreign commercial banks were unable to match the paid-up capital target of Rs 3 billion by December 2006….rumours in the banking industry that among the listed banks, the Bank of Khyber, KASB Bank and Mybank would not be able to match the next paid-up capital target owing to their short reserves, while the Askari Bank, Bank Al Habib, Bank Islami, Crescent Commercial Bank and PICIC Commercial Bank, which also fell short of meeting the paid-up capital target in 2006….. Daily Times The Privatisation Commission has invited Expressions of Interest (EoIs) from reputed firms or consortium of firms to act as financial advisor for the privatisation of SME Bank. SME Bank is a scheduled commercial bank engaged with the business of banking with the objective of supporting and developing a small and medium enterprises sector in Pakistan…The Privatisation Commission has asked the interested parties to submit EoIs along with a no


11,629 - More Correction
2007-02-12 17:04:00
The KSE-100 index made a high of 11,926 and then slowly headed downwards making a low of 11,611 , closing at 11,629. After several days of continuous upside , the market has finally undergone a long overdue correction. MCB and NBP were hammered down to lower cap and Rs.11 respectively followed by PPL down by 9.20. PSO, HUBCO and BOP closed up. How much lower the index will slide to remains to be seen. Having closed around the October 2006 peak , the previous closes were 11,589 and 11,349. While there could be a mini-Vaseline moment for those whose greed didn’t allow them to cut at 12k, the rally is far from over and the market should test its previous high of 12,337 soon. Dividends : Pakistan Refinery , HUBCO and National Refinery will announce their results 2moro. News : Pakistan will sell a stake in Pakistan State Oil Company Ltd in next two months and the transaction will be completed by June this year after 14 companies expressed interest in the nation’s biggest fuel


11,643
2007-02-13 16:06:02
The Karachi Stock market made a high of 11,674, dipping down to 11,502 and closed up at 11,643. NBP made an incredible recovery to close up Rs.13.6 at 295.5. BOP made its highest close in nearly a year at 127. PSO, PRL and Shell got a good bashing down. While it looks like the correction is over, there might be another dip downwards. The next upward resistance is 11,720 followed by 11,830.SCRA inflow of another $28m takes February’s total to 137.7 million and the fiscal year’s total to $519 million. Dividends : Pakistan Refinery : EPS = Rs. (27.11) LOSS AFTER TAXATION RS. IN MILLION (813.260)National Refinery : EPS = Rs.16.82Rafhan Maize : 350% Cash. EPS = Rs.87.62 Board Meetings for February 2007 - updated No result for HUBCO has been posted as yet.  Pakistan Refinery Ltd., the nation’s third-largest oil processor, posted a loss in the first-half of the year, because crude prices fell. The refiner reported a net loss of 813 million rupees ($13.4 million), or 2


11,454 - More Correction
2007-02-14 14:45:52
The KSE-100 index made a high of 11,766 and then staggered down to 11,285 to close down at 11,454. A volatile day with  intra-day swings of 481 points. The market has undergone an intra-day correction of 762 from its recent peak of 12,047 to today’s low of 11,285. OGDC was bashed down to 120.50 at one stage followed by NBP losing all its gains from yesterday making a low of 281.75. PPL got fucked as well and PTC was down at lower cap briefly. A big shakeout, after 10 consecutive days of a 1000 point upside. The market has broken its support of 11,635-500 which it needs to regain to test the 12k index again. I’m sure the cobwebs were dusted off the Vaseline jars today ! Dividends : Askari Commercial Bank : 10% Cash + 50% Bonus. EPS: Rs.11.23United Bank Ltd (UBL) : EPS : Rs.14.62Hub Power Company (HUBCO) : 12.5% Cash . EPS : Rs.1.08   Askari Commercial Bank Ltd. Pakistan’s seventh-largest lender, posted a 11.3 percent increase in full-year profit, helped by


Re-composition of the KSE-30 Index
2007-02-15 01:18:22
The Karachi Stock Exchange (KSE) has re-composed the KSE-30 index, based on free-float market capitalisation as on December 31, 2006. The re-composed index will be implemented from February 15, 2007….The re-composition exercise of the index has been conducted based on the revised criteria for measuring liquidity, whereby Average Daily Trade Value of Shares (ADTVS) has been substituted with ‘Impact Cost’.  The 5 new incoming companies include United Bank Limited, Arif Habib Securities Limited, Attock Petroleum Limited, Picic Commercial Bank Limited and Shell Pakistan Limited. The outgoing companies are Maple Leaf Cement Factory Limited, Pak Suzuki Motor Company Limited, Dawood Hercules Chemicals Limited, Packages Limited, and Unilever Pakistan Limited. Therefore the following companies would be included in KSE-30 index on the basis of re-composition: MCB Bank LimitedOil & Gas Development Company LimitedNational Bank of PakistanPakistan Petroleum LimitedP
Read more: Index

11,467
2007-02-15 15:47:10
The Karachi Stock Market took another bashing down to 11,314 and closed up marginally at 11,467. The total volume of shares traded was considerably lower at 183.3 million. The volume leader of the day was KAPCO with 39.8 million shares traded.Cements got fucked as the news is that the Govt. will not accept Rs.260 per 50kg bag and there is a meeting to discuss it on the 20th. Whether the market has bottomed out will be seen in 2moro’s "Friday show ". The next upward resistance is 11,500 and 11,635. Dividends : Shell Pakistan : 80% Cash EPS : Rs. (6.74) . Loss after taxation Rs.369.321 millionAgriautos Industries (AGIL): EPS : Rs.5.77 KAPCO will be announcing its results 2moro.  Shell Pakistan Ltd. a unit of Royal Dutch Shell Plc, posted a second-quarter loss because falling prices eroded the value of refined products it held as stock.Shell Pakistan declared a loss of 152.4 million rupees ($2.5million), or 2.75 rupees a share in the three months ended Dec.31, from


11,379
2007-02-17 00:00:12
Shrinking volumes at the Karachi Stock Exchange with 119 million shares traded and a high of 11,481 down to 11,332 closing down at 11,379. Despite the low volumes which perhaps indicate that the market is bottoming out, POL and MCB got fucked by Rs.8 and 7.50 respectively. There should be a pullback soon, but continuing upward momentum needs a break of 11,635. Downside support is 11,300 followed by 11,100. Keep the Vaseline handy !! SCRA inflow of $28.4 million taking February’s total to $153.7 million and the fiscal year to $ 535 million Dividends : Kot Addu Power Company (KAPCO) : 30% Cash. EPS : Rs.2.64Picic Growth Fund (PGF) : 20% Cash . EPS : Rs. (0.42)Rafhan Best Foods (RBFL) : 200% Cash EPS : Rs.30.53 Lucky Cement will announce its results on Monday.  Kot Addu Power Co. Pakistan’s biggest non-state electricity producer, posted a 38 percent decline in second-quarter profit after a 10-year tax holiday ended. Net income fell to 1.2 billion rupees ($19.8 millio


News Update
2007-02-20 01:39:47
The Sui Southern Gas Company (SSGC) has declined payments of billions of rupees to three public sector exploration and production (E&P) companies - the Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), and Government Holding (Pvt) Limited (GHPL)…SSGC owes over Rs 9 billion to the public sector oil and gas sector entities, with over Rs 4 billion major share to go to OGDC. Next comes PPL with Rs 2 billion. Similarly, GHPL is also facing financial crunch due to non-payment of outstanding amount of Rs over Rs 2 billion from SSGC…. Business Recorder The price of fertiliser has been increased throughout the country by Rs 10 to the level of Rs 545 per bag… Daily Times Shareholders of Crescent Commercial Bank Ltd (CCBL) have approved the issuance of 600 million ordinary shares at Rs 10 per share to Samba Financial Group (SFG) of Saudi Arabia….On completion of the deal, the bank’s issued and paid up capital will increase to Rs 8.8 bill
Read more: Update , News Update

11,557 - Upside begins again
2007-02-19 15:38:39
The Karachi Stock market made a high of 11,578 and closed up at 11,557 after some days of correcting, since it crossed the 12k mark. ORGYDC was the star performer of the day with the top volume of shares traded, up Rs.3.6 and PPL up Rs.8.80. DGKC Lucky and Maple Leaf Cement closed at upper cap. The next upward resistance is from 11,635 -750. Given that OGDC, POL, PTC, & MCB amongst others are due to announce their results see week, the market should head upwards. Dividends : Lucky Cement . EPS: Rs.3 Board Meetings for February - updated  Cherat Cement and Nishat mills will announce their results 2moro  News : Pakistan Petroleum Ltd plans to spend up to 10 billion rupees ($165 million) a year on exploration in Pakistan and is also getting involved in a project in Yemen…PPL wants to expand the number of blocks it operates in Pakistan to 30 in the next few years, from 24 now, said Syed Munsif Raza, Managing Director of Pakistan’s second largest oil and gas e


News Update
2007-02-20 19:17:39
The federal government has given one week deadline to the cement manufacturers to bring down ‘unjustified’ cement prices substantially or face action including a ban on export. If the cement manufacturers do not bring down prices substantially before the next ECC meeting, the government will be compelled to take action.This includes a ban on export, withdrawal of subsidy or resumption of subsidy on import, said Minister for Industries and Production Jahangir Tareen… Aaj News Pakistan’s largest oil marketing firm, Pakistan State Oil (PSO), has cut expansion plans ahead of its planned privatisation in June…"Since we are in the privatisation mode, we have decided not to go for any long-term commitments and investments," Jalees Ahmad Siddiqui, managing director of PSO, told Reuters…. Aaj News The government will offer 17 onshore blocks for oil and gas exploration for bidding this month,..Sher Mohammad Khan, director for
Read more: Update , News Update

Down to 11,463
2007-02-20 12:38:50
The KSE-100 index opened up and made a high of 11,676. The Karachi Stock market then dipped down to 11,435 and closed down at 11,463. NBP got severely buggered out of shape on rumours of lesser earnings than expected, hitting its lower cap at one stage. Whether there is anything in the rumours or a last grab at low prices remains to be seen. The rest of the market followed suit with ORGYDC down to Rs.123.75 , POL down to 340 and MCB down by Rs.6.2. Over half of yesterday’s rise of 198 points has gone leaving in its wake a stream of punters scratching their heads and reaching for the Vaseline. It will be a rocky ride back to test 12k ! Dividends : Nishat Mills : EPS : Rs.5.48PICIC Bank : EPS : Rs.3.54Cherat Cement : EPS : Rs.1.18 OGDC will announce its results 2moro.  Nishat Mills Ltd., Pakistan’s biggest maker of textiles, had a 7.6% decline in fiscal second-quarter profit after financing costs increased. Net income fell to 450 million rupees ($7.4 million), or 2.8


11,542
2007-02-22 13:55:26
The Karachi Stock market made a high of 11,625 and closed up at 11,542. The market seems to be stagnant at these levels and needs to breakout either way. OGDC has closed below its 30 DMA at 122. PTCL’s  result below expectations. 2moro’s Friday show could see a sellout in lieu of the upcoming CLN issue or some upside based on the results due 2moro and in anticipation of those due on Monday. A close above 11,635 would pave the way for 11,750. Dividends : Pakistan Telecommunication Co.(PTCL) : EPS : Rs.164Pakistan State Oil (PSO) : 60% Cash Mari Gas Company : 22% Cash EPS: Rs.8.72BOC Pakistan : 120% Cash EPS : Rs.17.96 MCB, Sui North and Soneri bank are due to announce their results 2moro.  Pakistan Telecommunication Co. the nation’s biggest telephone service provider, said second-quarter profit fell 40 percent after the company lost business to rivals, including Callmate Telips Telecom Ltd. and Pakistan MobileCommunications Ltd., or Mobilink. Net income fe


11,521
2007-02-21 20:14:03
The KSE-100 index made a high of 11,538 and closed up at 11,521. OGDC’s result did not take the market soaring up as it was below market expectations. The market has to cross 11,635 and hold to continue its upward path, otherwise its down to 11,300 followed by 11,100-10,900. One could be heading for the Vaseline jar soon. Dividends : Oil and Gas Development Co.Ltd : 17.5% Cash. EPS : Rs.5.37 .RESULT FOR THE HALF YEAR ENDED 31/12/2OO6 PROFIT BEFORE TAXATION RS. IN MILLION 31,659.680 / PROFIT AFTER TAXATION RS. IN MILLION 23,112.620 Bank Al-Habib (BAHL) : 15% Cash + 40% Bonus. EPS : Rs.6.69 Fauji Cement : EPS : Rs.0.98  PTCL will announce its results 2moro.  Oil & Gas Development Co.Pakistan’s biggest fuel explorer, said first-half profit rose 13 percent. Net income rose to 23 billion rupees ($380 million), or 5.37 rupees a share, in the six months ended Dec. 31, from 20.3 billion rupees, or 4.72 rupees, a year earlier.. Source : Bloomberg News : Ezaz Sheik


11,607
2007-02-23 16:19:52
The Karachi Stock market made a high of 11,636 but didn’t have the juice to break its resistance level as close above it. It got banged down to 11,542 (yesterday’s closing index ) and closed up at 11,607. Volumes have increased today with 192.2 million shares traded. The Bank of Punjab was the volume leader with 31.9 million shares traded, closing up Rs.4. Fuck all happened in OGDC, its still below its 30 DMA. PSO shot up by Rs.15.25.The market showed some strength with a quick recovery from 11,542 but still needs to close convincingly over 11,635 for more upside joy.  Dividends : MCB : 15% cash + 15% Bonus : EPS : Rs.23.4Sui North Gas : EPS: Rs.2.16Soneri Bank : 10% Bonus : EPS : Rs.3.29  National Bank of Pakistan, Faysal Bank and Pakistan Oilfields will announce their results on Monday. Sui Northern Gas Co. Pakistan’s biggest gas distributor, posted a 67 percent decline in second-quarter profit because of higher taxes. Net income fell to 408.46 million


11,393 - Market gets bashed
2007-02-26 19:08:32
The Karachi Stock market was unable to breach its upward resistance level at 11,635 and got a good bashing down to 11,387 and closed down at 11,393. Banks were royally fucked with NBP down Rs.14 on results lower than expectations, MCB down Rs.9, BAFL and Faysal Bank closing at lower cap and Soneri Bank lower cap for the 2nd day. The next downward resistance is 11,300 followed by 11,100. Almost all of the KSE-100 index’s gains last week were wiped off today. Keep the Vaseline at close reach ! Dividends : National Bank of Pakistan (NBP) : 40% Cash + 15% Bonus. EPS : Rs.24.01Pakistan Oilfields Ltd (POL) : EPS: Rs.19Faysal Bank (FABL) : 25% Cash EPS : Rs.6.65DG Khan Cement (DGKC) : EPS : Rs.3.40 The National Bank of Pakistan (NBP), reported a 35.5 percent rise in net profit for the full year 2006 on Monday as higher interest rates brought greater returns on lending.The NBP reported a net profit of 17.22 billion rupees ($283.2 million) for the year to Dec. 31, 2006, up from 12.71 bi
Read more: Market

OGDCL share certificates issued
2007-02-28 02:16:53
The Privatisation Commission has announced that the share certificates, along with transfer deeds, of Oil & Gas Development Company Limited (OGDCL) Secondary Public Offering (SPO) have been delivered to the Bankers to the offer.Applicants have been advised to collect their shares certificates from the respective bank branch, through which they had tendered their applications…. Source : Business Recorder


11,378
2007-02-27 13:54:15
The KSE-100 index continued to take a hammering  making a low of 11,251 and then recovered to close at 11,378. Bank Alfalah was the volume leader of the day having announced its results this morning. The market has to cross 11,500 and hold above it for further upside. With the Client Level Netting issue on March 5th, the market should stay rangebound until its absorbed. 11,635 still remains the major hurdle to overcome for serious upside. As all the major blue chip stocks resulted are out barring BOP 2moro, activity will be stock specific in those that gave good results. While a pullback is possible, invest in more Vaseline !! Dividends : Bank Alfalah Ltd (BAFL) : 30% Bonus. EPS : Rs.3.86 .RESULT FOR THE YEAR ENDED 31/12/2OO6PROFIT BEFORE TAXATION RS. IN MILLION 2,565.945 / PROFIT AFTER TAXATION RS. IN MILLION 1,762.691 Allied Bank Ltd (ABL) : 25% Cash + 20% Bonus. EPS : Rs.9.8Attock Cement : EPS : Rs.6.91  Bank of Punjab and Sui South gas will announce their results 2moro


Update on Client Level Netting
2007-03-02 01:08:21
The Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) have agreed to implement the Client Level Netting (CLN) system from March 5th. The decision has been taken in a daylong meeting between the KSE board members with the Chairman SECP, Razi-ur-Rehman Khan at the commission on Thursday… a broker told Business Recorder that all the issues have been mutually resolved…Chairman SECP briefed the meeting that modalities are in place whereby margins relating to financial institutions trade will be paid directly to KSE….It was also agreed that a mechanism would be developed to address the procedure of entitlement to bonus/right shares in the CFS market…. Business Recorder
Read more: Update

11,207
2007-03-01 20:17:38
The KSE-100 index made a high of 11,288 and dipped down to 11,136 closing up at 11,207. Upper resistance levels are 11,300 and 11,500 with 11,100 and 10,900 on the downside. There should be some pullback soon though 2moro being a Friday, the market might have its rectum torn apart and break 11k. Keep on applying the Vaseline. SCRA infow of $13.9 million takes February’s total to $175.6 million and $557 million for the current fiscal year.  News : Securities and Exchange Commission of Pakistan (SECP) Chairman Raziur Rehman said Thursday that it is not SECP that is delaying the issues regarding Clients Level Netting (CLN); KSE is responsible for the delay, instead…. Geo News Pakistan’s government has received bids from six financial service companies and brokerages to be advisers for the sale of a stake in SME Bank Ltd…BMA Capital Ltd., IGI Investment Bank Ltd., AMZ Securities Ltd., Arif Habib Securities Ltd., Abacus Consulting and a group including Gr


Board Meetings for March
2007-03-01 17:40:46
Nestle Pakistan Ltd ( NESTLE) : 5th March Crescent Commercial Bank Ltd (CCBL) : 6th March 14.30 pm Pakistan Industrial Credit and Investment Corporation Ltd (PICIC) : 15th March
Read more: Board , Meetings

News Update
2007-03-01 01:27:52
The Karachi Stock Exchange members, while expressing apprehension, have urged the Securities and Exchange Commission of Pakistan (SECP) to remove anomalies and clear the pending issues prior to implementation of Client Level Netting (CLN) system…"We are ready to implement the CLN on its due date ie March 5, 2007. However, the implementation of it without addressing the issues could create negative impact for the stock market",…On a joint representation received from 71 members of the Karachi Stock Exchange, expressing concerns over the introduction of ‘client level netting’, without addressing various pending matters, the management of the Exchange arranged the meeting to address these concerns…. Aaj News  As a part of the Petroleum Policy 2007, the government has decided to remove the cap of $36 for oil and gas wellhead prices, and put in place the new zone-based formula for making oil and gas sector more attractive for the exploration
Read more: Update , News Update

11,180 - More bashing
2007-02-28 22:55:59
Another day of downside at the Karachi Stock Exchange. The market opened down with a gap of 135 points making a low of 11,157 and closed at 11,180. Perhaps it was more the ripples from yesterday’s China stock market crash, which fucked markets worldwide, than the impending CLN issue that took the market down. There was some foreign selling in Fauji Fertilizer and Engro towards end and OGDC got bashed down to 119.25. The market has closed below its 30 DMA after some time. 11,100 and 10,900 are the next downward resistance levels. SCRA inflow of $12 million takes February’s total to $161.6 million and $543 million for the current fiscal year. Dividends : Bank of Punjab : 32.5% Bonus. EPS : Rs.13.14ICI Pakistan : 30% Cash. EPS : Rs.10.49Sui South Gas : EPS : Rs. 0.72 The Bank of Punjab Limited (BOP) has earned a pre-tax profit of Rs 4.8 billion in the year 2006 against Rs 3.2 billion in the preceding year, reflecting an increase of 51 percent….Earning per Share (EPS)
Read more: bashing

11,133
2007-03-02 19:34:44
The KSE-100 index opened up and made a high of 11,290, alow of 11,104 and closed down at 11,133.Todays volume shrank to 98.7 million shares traded .The Karachi Stock market has lost 475 points this week due to the CLN issue and the Chinese market getting buggered earlier in the week. The next downward support is 11,055 leading to 10,900. The market has to break 11,300 on the upside and failed in the last 2 days hitting 11,288 and 11,290. News : The total net earning of the listed commercial banks touched Rs 60 billion or approximately $1 billion in December 2006, compared to Rs 45 billion or $750 billion a year ago….In Pakistan, there are 38 commercial banks working, having assets of Rs 3.9 trillion as on Sept 30, 2006, whereas listed banks are 22 in numbers and represent 72 percent and 75 percent of total assets and liabilities of the banking sector, respectively….We expect banks earnings growth momentum to continue and in 2007, the forecasted banks’ profitabilit


10,900 - 11k gets bashed
2007-03-05 20:27:32
Not surprisingly the Karachi Stock market got badly reamed with the adjustment to the first day of Client Level Netting (CLN). The market opened with a dip and staggered down to a low of 10,854 and closed at 10,900. It looks like the 12k plus index has wings on it now as the result season is over. Mr. Long is still holding on, getting sorely shafted in the bargain.The markets RSI levels have fallen to nearly 40 and there should be some pullback this week, as it looks a bit oversold. While analysts claim the fact that shrinking volumes are a supportive action, that doesn’t stop the market from getting fucked. The next support level is 10,700 while upside is about 11,200. Prepare to apply copious volumes of Vaseline for this week’s ride ! Dividends : Nestle Pakistan : 50% Cash. EPS : Rs.30.06 News : Dutch bank ABN Amro agreed to buy a 93.4 percent stake in Prime Bank for 13.8 billion rupees ($227 million), the latest in a series of acquisition by foreign banks in Pakistan&h


10,923
2007-03-06 19:52:31
After yesterday’s battering , the KSE-100 index undertook a pullback opening up with a gap and a high of 11,070. However the gains could not be sustained and the market closed marginally up at 10,923. Another day of relatively low volumes with Bank Alfalah being the volume leader with 13.8 million shares traded. While 10,900 has held as support for the last 2 sessions there could be more bashing in days to come. A close over 11,070 would lead to upside around 11,200. News: Pakistan’s cement sales increased almost a third in the first eight months of the financial year, boosted by demand from homebuilders. Sales, including exports, climbed to 15.2 million metric tons in the period ended Feb. 28 from 11.5 million tons a year earlier…Exports increased to 1.77 million tons from 976,000 tons a year earlier. Pakistan’s demand for new houses is estimated at 500,000 units a year… Source : Bloomberg The Karachi Stock Exchange (KSE) has issued a proposal for the


News Update
2007-03-06 01:43:38
In order to increase the level of transparency, enhance the documentation and thereby strengthen the risk management system in the stock exchanges the Securities Exchange Commission of Pakistan (SECP) has made the exchange responsible for settlement of cash dividend payments, bonus shares and right allotment letter of shares held by the lenders against the funding provided to the borrowers under the Continuous Fund System (CFS) of the exchange….It was also agreed between SECP and KSE Directors that cash settled futures contracts will be introduced in the bourse from April 2, 2007….SECP chairman Razi Khan reportedly has taken a firm stand that institutional investors have to provide margins directly to KSE on their trades...Business Recorder
Read more: Update , News Update

11,145 - a pullback
2007-03-07 12:53:12
Late buying towards the end took the Karachi Stock market shooting up to close on its high at 11,146. The buying seemed genuine after several days of downside and not just shorters cutting their trades. DG Khan Cement was the volume leader of the day with 19.25 million shares traded. DGKC, Lucky, Pioneer, Fauji and Maple Leaf cement all closed at their upper limits on the news that India might ban cement exports (see below)The next upward resistance is 11,300. SCRA outflow for March is $28.4 million reducing the total for the fiscal year down to $528.7 million Dividends : Crescent Commercial Bank Ltd (CCBL) : EPS : Rs. (2.29)  News : India may consider banning cement exports to reduce prices, trade minister Kamal Nath said."We will look at that if that helps bring down cement prices,'’ Nath told reporters in New Delhi today. The government will have to study this step because cement is regionallypriced.'’ Indian cement makers increased the prices on March 5th
Read more: pullback

News on United Bank GDR
2007-03-07 01:21:14
The Privatisation Commission Board is scheduled to meet on March 7 to approve the scheme for United Bank Limited (UBL) Global Depository Receipts (GDRs), and some other key transactions…They said that the Privatisation Commission would present to the Board the financial and technical evaluation to appoint the financial advisor for UBL GDRs. The financial advisor would assess the international market, besides recommending the size of the GDRs, on the basis of its assessment of the global market…. Business Recorder


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