Stocks Observer. com

KARACHI: The Karachi stock market fell on Wednesday in choppy trade as lower than expected result announcement by PSO propelled investors to offload their holdings. The Karachi Stock Exchange (KSE) 100-share index shed a massive 259.97 points or 3.32 percent to close at 7,574.17 points as compared to 7,834.14 points in the previous session. The KSE 30-share index fell 333.90 points and closed at 8,266.41 points as compared with 8,600.31 points. The KMI 30 index also slumped 358.09 points to close at 10,666.49 points as against 11,024.58 points. Analysts said another factor that led to the bearish trading session was serving of a legal notice to a major blue chip bank that led to selling in bank stocks. The market turnover declined by 29.17 percent and traded 226.88 million shares as compared to previous session’s 320.33 million shares. The overall market capitalisation fell by 3.16 percent to close at Rs 2.264 trillion as compared with Rs 2.338 trillion traded in the previous session.

KARACHI: The Karachi Stock Exchange (KSE) has expelled M/s AAG Securities Pvt Ltd from the exchange with immediate effect as per Regulation 42 of the general regulations of the exchange for failing to abide by and carry out various arbitration awards passed against them in connection with investors’ claims. According to KSE here on Wednesday, the board of directors of the exchange has passed an expulsion resolution against M/s AAG Securities on April 20, 2009. After the expulsion, AAG Securities has ceased to be KSE member and its membership card and the right of membership stands forfeited and now vested with KSE as per Regulation 11 of the general regulations of the exchange. KSE has warned all its members not to carry on business with AAG Securities without permission of the board as provided under Regulation 9 (c) of the general regulations.

KARACHI: Oil and Gas Development Authority (OGDC) has posted a net profit of Rs 44.408 billion in nine months of 2008-09 and announced 20 percent final cash dividend for the shareholders. According to financial results of the company despatched to Karachi Stock Exchange here Thursday, the pre-tax profit soared to Rs 66.272 billion for the period ending March 2009. The earning per share (EPS) of the company also jumped to Rs 10.33 during the period under review, compared to Rs 8.44 in the same period last year. OGDC’s net sales have crossed Rs 100 billion mark during the nine months.