14,353

14,353Another day of the KSE-100 index going full steam ahead with an intra-day high of 14,420 and closing up at 14353. OGDC was by far the top volume of the day with 52 million shares traded from a total of 226.5 million. While the number of stocks that rose were lower than those that fell, the index’s main gain was a Rs.4 rise in OGDC. The market has risen 471 points since Feb. 11th and 14,500 is the next resistance level. That should be easily reached provided there is no major violence over the weekend and after the elections. One hope that the various parties control their dogs.

Board Meetings for February 2008 - II – updated 

Dividends : State-run Pakistan State Oil (PSO) said on Friday its 2007/08 (July-June) first half net profit rose 381.6 percent from a year earlier to 5.49 billion rupees ($87 million).Net profit for the first six months to end-December was up from 1.14 billion rupees a year earlier…. Aaj News

Pakistan’s largest bank, MCB, on Friday reported a 25.72 percent rise in its 2007 full-year profit, which analysts attributed to its aggressive entry into consumer finance and low administrative charges….MCB reported a net profit of 15.26 billion rupees ($241.8 million) for the full year to Dec. 31, up from 12.14 billion rupees the previous year… Aaj News

News :  The Cabinet Committee on Privatisation (CCoP) will approve Global Depository Receipt (GDR) offering of Kot Addu Power Company (Kapco) shares on Friday… Source : Aaj News

Renowned world bank, Barclays would launch its formal operation in Pakistan in mid of the current year with a capital of 100 million dollars. Mohsin Nathani, Country Head and Managing Director of Barclays in Pakistan,  said that State Bank of Pakistan (SBP) already had granted a banking license to Barclays Bank Plc, UK to conduct banking business in Pakistan. "We will initially set up 10 branches in various cities of the country with state of the art technology and an efficient banking system," Nathani added. He said that Barclays Bank, last week set up its head office in Karachi and hiring of staff has been started…"Barclays is already operating in over 50 countries and engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, which would also be available in the Pakistan," Nathani informed. He said that Barclays would bring huge investment and latest banking system in Pakistan to further push the already rising banking industry… Aaj News

Market Low : 14,283.06 High : 14,420.07

Market Close : 14,353.84 – 70.78 points up

source: karachistockmarket.blogsome.com

Filed under Banks, Daily Market News, Dividends, Privatization & GDRs



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