14,599 - a correction

14,599The KSE-100 index opened up and made an new intra-day high at 14,908. Unable to sustain these levels the market went down and closed at 14,599. Finally there is some semblance of a much needed correction happening . It could continue 2moro as well.

Dividends : Lucky Cement : EPS : 2.77
Fauji Fetilizer : 27.5% Cash : EPS : 7.80
Faysal Bank : 5.49

News : Lucky Cement Ltd., Pakistan’s biggest maker of building materials, posted a 53 percent increase in first-quarter profit because of higher overseas shipments. Net income rose to 730.6 million rupees ($12 million), or  2.77 rupees a share, in the three months ended Sept. 30, from 477.9 million rupees, or 1.81 rupees, a year ago… Sales rose to 3.65 billion rupees from 3.17 billion rupees a year ago. Source : Bloomberg

Faysal Bank Ltd., Pakistan’s fourth- largest financial services company by market value, posted an 18 percent decline in third-quarter because of higher spending on  advertising. Net income fell to 1.03 billion rupees ($17 million), or 2.43 rupees a share, in the three months ended Sept. 30, from 1.25 billion rupees, or 2.95 rupees, a year earlier…Revenue increased to 2.19 billion rupees from 2.01 billion rupees a year earlier. Source : Bloomberg

Upper Caps : JOVC + AHL

Market Low: 14,596.65 High : 14,908.91

Market Close : 14,599.95 – 187.60 points down

source: karachistockmarket.blogsome.com

Filed under Daily Market News, Dividends



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