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Engro Chemical profit is expected to increase by over 50 percent due to hiked prices of urea in the year 2008 and additional income from the subsidiary units. According to a report, Engro Chemical profit is expected to increase by 53 percent and amount to Rs4.80 billion, while the per share income works out to Rs22.70. Analysts expecting announcement of Rs2/3 per share profit for the shareholders in the final results.

Karachi Stock Exchange (KSE) beginning new trading week today remained in the grip of bearish trend, as the KSE-100 index was seen jiffy losing 239 points to peg at 5272 points until the filing of this report. The investors appeared reluctant to take any new position in the market due to the prevailing law and order situation in the country and global economic downturn fallouts here.

Karachi Stock Exchange (KSE) investors are compelled buying and selling shares on cash, as the badla financing facility is scarcely available and the market is not getting any support. KSE members and analysts told that despite purchases being made from the support fund, one of the reasons for market remaining under pressure is the non-availability of financing facility, besides lack of confidence of the investors and asking for submission of the accounts of some brokers by SECP. Delineating on the second reason for market remaining under pressure analysts told after initial upbeats, the market slipped into the grip of bearish trend due to banks selling CFS defaulters’ mortgaged shares in the market. Analysts further said that the market could bounce back through kicking off trading in futures and easing out the facility of Badla financing.

Bears dominated the trading sessions during the week at the Karachi stock market due to intense selling pressure pushed by liquidity crunch, margin calls on brokers, Pak-India tensions and SECP calls on brokers’ clients’ records, analysts said on Saturday. Other major factors included investor’s concern over December results announcement period and capital losses and liquidity crunch, which affected banking and mutual funds negatively. The Karachi Stock Exchange (KSE) 100-share index lost 631.88 points or 10.3 percent to close at 5,511.93 points as compared with 6,143.81 points of the previous week. The average turnover was recorded at 129 million shares as compared to 173.6 million shares, reflecting a fall of 26 percent. Analysts said just when the investors thought they were back in the game, as KSE appeared to have taken a U-turn moving upward, reversals started making way during the week. The index showed wide fluctuations even within trading days amidst prevailing uncertainties.