15,020

15,020The Karachi Stock market made a new intra-day high of 15,155 but failed to maintain its gains and closed down at 15,020. Bank of Punjab was the top volume stock with 47.4 million shares traded. Total volume rose considerably to 308 million after yesterday’s 200 million. It looks like the market is correcting intra-day with higher highs and lower lows. That still doesn’t mean it won’t correct viciously downwards in the near future.

Dividends : Pakistan Telecommunication Co. Ltd. (PTCL) reported on Wednesday a net loss of 9.54 billion rupees ($152.59 million) in the first half of the 2007/08 fiscal year (July-June)…PTCL’s operating costs rose to 45.53 billion rupees in the half year that ended on Dec. 31, compared with 22.6 billion in the same period last year.PTCL’s revenue also fell to 29 billion rupees in the first half of the 07/08 fiscal year, compared with 32.74 billion rupees in the corresponding period last year… Aaj News

Pakistan’s biggest listed firm, Oil and Gas Development Co Ltd (OGDCL) on Wednesday reported a 4.7 percent rise in earnings for the first half of 2007/08, thanks to strong volumes and better prices. But the result was below market expectations, which analysts said was due to higher exploration costs. Net profit for the six months to Dec. 31 totalled 24.20 billion rupees ($387 million), compared with 23.11 billion rupees a year ago. In the six months, OGDCL’s net revenues stood at 56.57 billion rupees, up 14.2 percent from the corresponding period last year.Earnings per share came at 5.58 rupees, up from 5.37 rupees in the corresponding period last year… Aaj News

News : Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before Opec’s crude production meeting next week, analysts said.New York’s main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals.Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars… Aaj News

Upper Cap : JOVC

Market Low : 14,962.39 High : 15,155.68 

Market Close : 15,020.47 – 35.65 points down.  

source: karachistockmarket.blogsome.com

Filed under Daily Market News, Dividends



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