The Karachi stock market closed slightly higher on Friday as most investors kept to the sidelines. Analysts attributed the lack lustre trading to the critical security situation in the country and limited activity by retail and institutional investors. The Karachi Stock Exchange (KSE) 100-share index was slightly up by 3.85 pts or 0.05 percent to close at 7,129.51 points as compared to 7,125.66 points of the previous session. The KSE 30-share index surged 40.77 points and closed at 7,602.13 points as compared with 7,561.36 points. The KMI 30 index was slightly down by 0.65 points to close at 10,034.13 points as against 10,034.78 points. Analysts said mixed activity was witnessed during the trading session as uncertainty loomed over repercussions of Prime Minister Gilani’s call for intense offensive against militants of Swat and Malakand. Very thin volume of 100 million shares were traded during the session indicating cautious approach by investors, as they are not prepared to take any ...

The Karachi stock market closed lower on Thursday as the deteriorating security situation in Buner, Dir and subsequent killing of Sufi Mohammed’s son by Pakistan Army’s shelling propelled investors to offload their holdings. The Karachi Stock Exchange (KSE) 100-share index lost 73.21 points or 1.02 percent to close at 7,125.66 points as compared to 7,198.87 points of the previous session. The KSE 30-share index shed 86.33 points and closed at 7,561.36 points as compared with 7,647.69 points. The KMI 30 index also decreased by 122.13 points to close at 10,034.78 points as against 10,156.91 points. Analysts said another reason for the sluggish trend was the May 12 strike calls by ANP and MQM, which is expected to aggravate the law and order situation in the city. The market turnover fell 13.98 percent and traded 122.16 million shares as compared to previous session’s 142.02 million shares. The overall market capitalisation declined by 1.02 percent to close at Rs 2.121 trillion from its o...

Expectations over development of coalition parties kept the Karachi stock market on an upbeat note on Wednesday as retail and institutional investors opted for buying activities. The Karachi Stock Exchange (KSE) 100-share index gained 117.04 points or 1.65 percent to close at 7,198.87 points as compared to 7,081.83 points of the previous session. The KSE 30-share index increased by 129.60 points and closed at 7,647.69 points as compared with 7,518.09 points. The KMI 30 index also surged 139.39 points to close at 10,156.91 points as against 10,017.52 points. Analysts said hectic buying activities were witnessed in the market during the trading session as PML-N was considering joining the federal cabinet, which had a positive impact on the market. The market turnover increased by 46.53 percent and traded 142.02 million shares as compared to previous session’s 96.92 million shares. The overall market capitalisation rose 1.61 percent and closed at Rs 2.143 trillion from its opening at Rs 2...

By Shahid Iqbal KARACHI: Banks and Development Financial Institutions (DFIs) have been allowed to invest in commercial papers to help the corporate sector to get short-term financing to overcome the liquidity problem. In order to develop and broaden the money market and also to provide an additional financial instrument to investors, it is considered desirable to allow highly rated companies to diversify their sources of short-term financing by issue of commercial paper (CP) as an instrument of redeemable capital. The State Bank on Saturday issued a circular introducing amendment in the Guidelines of Commercial Papers. ‘The banks and DFIs may make investment in Commercial Paper (CP) as per policy approved by their board of directors and keeping in view the bank’s and DFI’s equity,’ said the SBP circular. Earlier, banks and DFIs interested in investing in CP were required to obtain one time prior approval from SBP for commencing or undertaking such activity. According to the guidelines ...

The Hub Power Company Limited (HUBCO) has posted Rs 2.965 billion net profit in the first nine months of current fiscal compared to Rs 1.991 billion in the same period last fiscal, reflecting around 49 percent growth. The company’s earnings per share (EPS) rose to Rs 2.56 during period under review over Rs 1.72 in the corresponding period last year. Analysts attributed the increase in the profit to higher electricity generation in the calendar year 2008 resulting in a generation bonus. Besides production bonus, interest income on overdue amount from WAPDA is likely to boost bottom-line of the company. Turnover totaled at Rs 67.335 billion in July-March 2008-09 against Rs 42.751 billion in the same period last fiscal. Operating costs also jumped to Rs 62.533 billion in the said period over Rs 39.219 billion in the previous year. HUBCO operates an oil-fired power station with a net capacity of 1,200 MW located in Hub River estuary in Balochistan and also carries out the business of power...

Bulls staged a comeback at the Karachi stock market Tuesday on back of announcement of 10 million pounds counter terrorism package by UK and statements on nuclear safety by President Asif Zardari. The Karachi Stock Exchange (KSE) 100-share index gained 85.14 points or 1.16 percent to close at 7,430.08 points as compared to 7,344.94 points of the previous session. The KSE 30-share index increased by 51.07 points and closed at 7,987.72 points as compared with 7,936.02 points. The KMI 30 index also surged 129.29 points to close at 10,519.54 points as against 10,390.25 points. Analysts said that the market, despite opening on a negative note, closed positively in the wake of better than expected results during the current week. The market turnover went up by 32.29 percent and traded 181.90 million shares as compared to previous session’s 137.50 million shares. The overall market capitalisation increased by 1.04 percent to close at Rs 2.213 trillion as against Rs 2.191 trillion traded in th...

Lucky Cement registered 52 percent growth in its net profit during the first nine months of current financial year on the back of high sales and export. Company’ s net profit increased to Rs 3.072 billion during the period under review against Rs 2.014 billion in the same period of previous year, financial results of the company sent to Karachi Stock Exchange (KSE) indicated on Monday. Earnings per share (eps) rose to Rs 9.50 in July-March of 2008-09 from Rs 7.65 per share in the corresponding period of last year. Profit before tax also jumped to Rs 3.488 billion compared to Rs 1.629 billion in the previous year. During the nine months under review, company achieved a significant growth of Rs 61 percent in net sales revenue as compared to same period of previous year. The ratio of sales revenue from exports was 58.8 percent whereas the local sales accounted fro 41.2 percent in this period. The overall sales volume of the company stood at 4.154 million tons during the period under revie...