Saturday
Karachi Stock Market into the Red
The Karachi Stock Exchange (KSE) 100-share index shed 87.10 points or 0.96 percent to close at 9,009.13 points as compared to the previous session’s 9,096.23 points. The KSE 30-share index closed at 9,464.13 points with a loss of 105.70 points. The KMI 30 index closed at 13,210.26 points with a decline of 123.90 points.
Friday
Karachi stock market faces mixed trading session, index up two points
KARACHI: The Karachi stock market witnessed a mixed trading session on Thursday, which is the last trading day of the week on account of Eid ul Azha holidays, and closed with a slight gain.
Analysts cited the political uncertainty over the National Reconciliation Ordinance issue for the lack of investor interest.
The Karachi Stock Exchange (KSE) 100-share index gained slightly by 1.64 points or 0.02 percent to close at 9,206.21 points as compared to the previous session’s 9,204.57 points. The KSE 30-share index closed at 9,706.48 points with a loss of 23.69 points. The KMI 30 index closed at 13,436.50 points with a gain of 11.28 points.
Analysts said the market started the day’s proceedings on a negative note, but at the end of the trading session closed with a meagre gain. The daily turnover remained very dismal at 84.66 million shares, reflecting an increase of 2.71 percent as compared with the previous session’s 82.42 million shares. The overall market capitalisation remained unchanged at Rs 2.658 trillion. Out of total 361 companies, 206 closed in the positive zone, 139 in negative and 16 remained unchanged.
“The market was dull as investors preferred to stick to sell on strength strategy,” said Topline Sec analyst Furqan Punjani. “Lapse of NRO ahead of the long weekend limited the market’s performance and it remained range-bound.”
“Rise in international oil prices, strong valuations in banks, cement, oil and fertilizer scrips and limited investor interest were witnessed at the market,” said senior Shahzad Chamdia Sec analyst Ahsan Mehanti.
“Sluggish opening pushed the market into the negative territory, wherein the index heavy weight, OGDC played a major role,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “OGDC faced fresh float offered by the offshore participants and with various reservations on revenue and payouts, the locals stayed aloof.”
Bank of Punjab was the volume leader in the share market with 011.76 million shares as it closed at Rs 17.50 after opening at Rs 16.50, making a financial gain of Re 1. Pak PTA Ltd traded 7.96 million shares as it closed at Rs 7.66 from its opening at Rs 7.50, gaining 16 paisas. OGDC traded 7.51 million shares as it closed at Rs 106.39 as against its opening at Rs 108.10, shedding Rs 1.71. Bank Alfalah traded 4.36 million shares as it closed at Rs 14.09 as compared with its opening at Rs 14.14, losing five paisas. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\27\story_27-11-2009_pg5_14
Analysts cited the political uncertainty over the National Reconciliation Ordinance issue for the lack of investor interest.
The Karachi Stock Exchange (KSE) 100-share index gained slightly by 1.64 points or 0.02 percent to close at 9,206.21 points as compared to the previous session’s 9,204.57 points. The KSE 30-share index closed at 9,706.48 points with a loss of 23.69 points. The KMI 30 index closed at 13,436.50 points with a gain of 11.28 points.
Analysts said the market started the day’s proceedings on a negative note, but at the end of the trading session closed with a meagre gain. The daily turnover remained very dismal at 84.66 million shares, reflecting an increase of 2.71 percent as compared with the previous session’s 82.42 million shares. The overall market capitalisation remained unchanged at Rs 2.658 trillion. Out of total 361 companies, 206 closed in the positive zone, 139 in negative and 16 remained unchanged.
“The market was dull as investors preferred to stick to sell on strength strategy,” said Topline Sec analyst Furqan Punjani. “Lapse of NRO ahead of the long weekend limited the market’s performance and it remained range-bound.”
“Rise in international oil prices, strong valuations in banks, cement, oil and fertilizer scrips and limited investor interest were witnessed at the market,” said senior Shahzad Chamdia Sec analyst Ahsan Mehanti.
“Sluggish opening pushed the market into the negative territory, wherein the index heavy weight, OGDC played a major role,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “OGDC faced fresh float offered by the offshore participants and with various reservations on revenue and payouts, the locals stayed aloof.”
Bank of Punjab was the volume leader in the share market with 011.76 million shares as it closed at Rs 17.50 after opening at Rs 16.50, making a financial gain of Re 1. Pak PTA Ltd traded 7.96 million shares as it closed at Rs 7.66 from its opening at Rs 7.50, gaining 16 paisas. OGDC traded 7.51 million shares as it closed at Rs 106.39 as against its opening at Rs 108.10, shedding Rs 1.71. Bank Alfalah traded 4.36 million shares as it closed at Rs 14.09 as compared with its opening at Rs 14.14, losing five paisas. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\27\story_27-11-2009_pg5_14
Thursday
The Karachi Stock Exchange's 100 Index closed at 9203.72
Today, The Karachi Stock Exchange's 100 Index closed at 9203.72, down 0.85 points. The high in the few minutes of trade was 9247.13, and low 9168.28.
Tuesday
The Karachi Stock Exchange's 100 Index closed at 9221.96
Today, The Karachi Stock Exchange's 100 Index closed at 9221.96, down 84.40 points. The high in the few minutes of trade was 9306, and low 99184.84
Investors offloaded their holdings at the Karachi Stock Market
KARACHI: Investors offloaded their holdings at the Karachi stock market on the first trading day of the week Monday due to uncertainty on the National Reconciliation Ordinance issue and cautiousness over lower than 100 basis points cut in the upcoming monetary policy, which is expected to deteriorate investor confidence.
The Karachi Stock Exchange (KSE) 100-share index shed 84.40 points or 0.91 percent to close at 9,221.96 points as compared to the previous session’s 9,306.36 points. The KSE 30-share index closed at 9,741.21 points with a loss of 84.69 points. The KMI 30 index closed at 13,474.72 points with a fall of 102.87 points.
Analysts said the market started the day’s proceedings on a negative note and this trend prevailed throughout the session. Daily volumes traded during the session were dismal touching 5-month low reflecting lack of confidence among investors.
The market turnover went down by 45.79 percent and traded 76.07 million shares as compared with previous session’s 140.32 million shares. The overall market capitalisation went down by 0.93 percent and traded Rs 2.661 trillion as against Rs 2.686 trillion. Out of total 372 companies, 96 closed in the positive zone, 260 in negative and 16 remained unchanged.
“The upcoming Eidul Azha holidays also restricted investors from taking fresh positions with overall volumes at 5-month low,” said Topline Securities analyst Furqan Punjani. “Bearish trend was witnessed as political uncertainty increased over lapse of the NRO,” said Shahzad Chamdia Securities senior analyst Ahsan Mehanti. “Uncertainty over the monetary policy review, fall in international oil prices and investor concern over circular debt issue affecting oil refineries cash flows were the other reasons for the negative sentiment.”
“Shallow market continued to face offloading mainly in the main board stocks having reservations on revenue and payout streams by the local participants, as depleting turnover forced an early sell-off,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “Absence of buyers on intervals forced low volume price erosion in the expensive stocks and the market went tumbling down in early hours.”
The KSE 100-share index opened in the red zone with a loss of 1.26 points and at the end of the day closed at 9,221.96 points with a loss of 84.40 points.
Bank Alfalah was the volume leader in share market with 15.46 million shares as it closed at Rs 14.26 after opening at Rs 14.27, shedding one paisa. Nishat (Chunian) Ltd traded 5.07 million shares as it closed at Rs 16.72 from its opening at Rs 16.20, gaining 52 paisas. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\24\story_24-11-2009_pg5_30
The Karachi Stock Exchange (KSE) 100-share index shed 84.40 points or 0.91 percent to close at 9,221.96 points as compared to the previous session’s 9,306.36 points. The KSE 30-share index closed at 9,741.21 points with a loss of 84.69 points. The KMI 30 index closed at 13,474.72 points with a fall of 102.87 points.
Analysts said the market started the day’s proceedings on a negative note and this trend prevailed throughout the session. Daily volumes traded during the session were dismal touching 5-month low reflecting lack of confidence among investors.
The market turnover went down by 45.79 percent and traded 76.07 million shares as compared with previous session’s 140.32 million shares. The overall market capitalisation went down by 0.93 percent and traded Rs 2.661 trillion as against Rs 2.686 trillion. Out of total 372 companies, 96 closed in the positive zone, 260 in negative and 16 remained unchanged.
“The upcoming Eidul Azha holidays also restricted investors from taking fresh positions with overall volumes at 5-month low,” said Topline Securities analyst Furqan Punjani. “Bearish trend was witnessed as political uncertainty increased over lapse of the NRO,” said Shahzad Chamdia Securities senior analyst Ahsan Mehanti. “Uncertainty over the monetary policy review, fall in international oil prices and investor concern over circular debt issue affecting oil refineries cash flows were the other reasons for the negative sentiment.”
“Shallow market continued to face offloading mainly in the main board stocks having reservations on revenue and payout streams by the local participants, as depleting turnover forced an early sell-off,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “Absence of buyers on intervals forced low volume price erosion in the expensive stocks and the market went tumbling down in early hours.”
The KSE 100-share index opened in the red zone with a loss of 1.26 points and at the end of the day closed at 9,221.96 points with a loss of 84.40 points.
Bank Alfalah was the volume leader in share market with 15.46 million shares as it closed at Rs 14.26 after opening at Rs 14.27, shedding one paisa. Nishat (Chunian) Ltd traded 5.07 million shares as it closed at Rs 16.72 from its opening at Rs 16.20, gaining 52 paisas. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\24\story_24-11-2009_pg5_30
The Karachi Stock Exchange's 100 Index closed at 9233.70
Today, The Karachi Stock Exchange's 100 Index closed at 9233.70, UP 11.74 points. The low in the few minutes of trade was 9211.81, and high 9286.79
Thursday
The Karachi Stock Exchange's 100 Index closed at 9268.47
Today, The Karachi Stock Exchange's 100 Index closed at 9268.47, up 123.71 points. The low in the few minutes of trade was 9144.76, and high 9284.47
Tuesday
KSE 100-Index falls 99 points on selling pressure
KARACHI: Selling pressure depressed prices of blue chips at Karachi Stock Exchange (KSE) Tuesday as the 100-Index plunged by 99.33 points to close at 9,204.98.
The market was bullish in the morning on some buying, but fell later in the day on profit taking, said a dealer. However, this was converted into panic selling and the index plunged by more than 100 points. Some recovery was seen before the close of trading, he added.
The turnover volume was low at 184.030 million shares as 143 scrips advanced and 241 sustained loss while 18 remained unchanged.
The market capitalization eroded by Rs29 billion to Rs2.657 trillion.
PTCL was the volume leader with a turnover of 25.594 million shares followed by Pak PTA 24.723 million shares, Nishat Mills 15.333 million shares, Azgard Nine 8.219 million shares and FFBL 7.646 million shares.
The market was bullish in the morning on some buying, but fell later in the day on profit taking, said a dealer. However, this was converted into panic selling and the index plunged by more than 100 points. Some recovery was seen before the close of trading, he added.
The turnover volume was low at 184.030 million shares as 143 scrips advanced and 241 sustained loss while 18 remained unchanged.
The market capitalization eroded by Rs29 billion to Rs2.657 trillion.
PTCL was the volume leader with a turnover of 25.594 million shares followed by Pak PTA 24.723 million shares, Nishat Mills 15.333 million shares, Azgard Nine 8.219 million shares and FFBL 7.646 million shares.
Sunday
KSE rises 143 points on end of political uncertainty, IMF tranche next month
KARACHI: The Karachi stock market witnessed intense buying activities on the last trading day of the week Friday due to support of end of political uncertainty in the country with Pakistan People’s Party and Pakistan Muslim League-Nawaz’s dialogue and expectations of receipt of $1.2 billion International Monetary Fund tranche next month.
The Karachi Stock Exchange (KSE) 100-share index surged by 142.93 points or 1.60 percent to close at 9,067.17 points as compared to the previous session’s 8,924.24 points. The KSE 30-share index closed at 9,562.33 points with a surge of 150.51 points. The KMI 30 index closed at 13,153.32 points with a rise of 170.19 points.
Analysts said bullish activity was witnessed in an oversold market as the index despite opening on a negative note closed the day by crossing the level of 9,000 points making a substantial gain in the process. The market turnover went down by 0.64 percent and traded 153.52 million shares as compared with the previous session’s 154.51 million shares. The overall market capitalisation went up 1.54 percent and traded Rs 2.583 trillion as against previous session’s Rs 2.579 trillion. Out of total 378 companies, 255 closed in the positive zone, 101 in negative and 22 remained unchanged.
“Confidence of the local stakeholders in the command of those in authority on the issues arising on law and order and political front was quite prominent, as the news of a couple of blasts early morning did initially have an impact mainly due to the fact that sensitivity level of the market has increased due to the low turnover and absence of tools of leverage,” said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. “Initial dips, however, did invite accumulation mainly for day trades.”
Economic concerns prevailed despite positive statement by the IMF regarding improvement in various sectors of the economy, he said and added that activity of off-shore participants was awaited for the market’s direction, while cautious investors waited for further discounting in main board stocks to capitalise on double digit yields and low multiples.“Investors remained optimistic on renewed foreign interest, receipt of $1.8 billion from Friends of Democratic Pakistan next month and reduction of discount rate in the next monetary policy announcement at the end of the month,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the red zone with a loss of 6.96 points and at the end of the day closed at 9,067.17 points with a gain of 142.93 points. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\14\story_14-11-2009_pg5_18
The Karachi Stock Exchange (KSE) 100-share index surged by 142.93 points or 1.60 percent to close at 9,067.17 points as compared to the previous session’s 8,924.24 points. The KSE 30-share index closed at 9,562.33 points with a surge of 150.51 points. The KMI 30 index closed at 13,153.32 points with a rise of 170.19 points.
Analysts said bullish activity was witnessed in an oversold market as the index despite opening on a negative note closed the day by crossing the level of 9,000 points making a substantial gain in the process. The market turnover went down by 0.64 percent and traded 153.52 million shares as compared with the previous session’s 154.51 million shares. The overall market capitalisation went up 1.54 percent and traded Rs 2.583 trillion as against previous session’s Rs 2.579 trillion. Out of total 378 companies, 255 closed in the positive zone, 101 in negative and 22 remained unchanged.
“Confidence of the local stakeholders in the command of those in authority on the issues arising on law and order and political front was quite prominent, as the news of a couple of blasts early morning did initially have an impact mainly due to the fact that sensitivity level of the market has increased due to the low turnover and absence of tools of leverage,” said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. “Initial dips, however, did invite accumulation mainly for day trades.”
Economic concerns prevailed despite positive statement by the IMF regarding improvement in various sectors of the economy, he said and added that activity of off-shore participants was awaited for the market’s direction, while cautious investors waited for further discounting in main board stocks to capitalise on double digit yields and low multiples.“Investors remained optimistic on renewed foreign interest, receipt of $1.8 billion from Friends of Democratic Pakistan next month and reduction of discount rate in the next monetary policy announcement at the end of the month,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the red zone with a loss of 6.96 points and at the end of the day closed at 9,067.17 points with a gain of 142.93 points. staff report
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\14\story_14-11-2009_pg5_18
1.5 million SIMs removed from mobile phone users’ names
ISLAMABAD: As many as 1.5 million SIMs have been removed from the names of mobile subscribers while around 1,34,000 irregular SIMs have been regularised after the correction of relevant data.
PTA official informed APP on Friday that the Pakistan Telecommunication Authority (PTA) has blocked more than 85,000 irregular SIMs since the launch of SIM Information System 668.
A total of 1.5 million mobile subscribers have sought their SIMs information from PTA out of which 10 million subscribers sought this information through SMS while 3.2 million subscribers visited PTA’s web-link of this service.
It may be noted that Customer Services Centers of mobile companies are experiencing considerable rush due to the ongoing SIM data correction process.
PTA has requested the mobile users to show patience at CSCs and franchises as every effort is being made to ensure the provision of due support to them by the CSCs staff.
Streamlining of mobile users’ data may take few months but once this process is completed, it will eventually benefit the telecom consumers. The purpose of this practice is to streamline the data of mobile users, which cannot be achieved without their cooperation.
Chairman PTA, Dr Mohammed Yaseen, in an exclusive talk with APP, said in the first phase, the PTA successfully verified data and around 10 million illegal SIMs were blocked. Later, he added, 2.9 million SIMS were blocked in the second phase. “The consumers should contact relevant telecom operator’s customer consumer centre for verification if they receive any message by the operator otherwise their connection would be blocked,” he briefed.
He said the PTA wanted 100 percent verified data of the consumers and PTA website had recorded 3.2 million hits by customers.
“This lower number reflects either the consumers are satisfied with their data details or they are reluctant to do so. However, let me make it clear that their SIMs would be blocked if data is not verified within the stipulated time period,” he said, adding that the corrected data details would be available after one month so the consumers should not get worried after verifying their data.
He said the PTA was making sure that automated data verification is made. He urged the media as well as consumers to help the PTA and telecom operators to get the consumers’ data verified.
In the wake of the problems faced by mobile users of small cities and towns in seeking their SIMs data correction, PTA has taken number of steps. It has allowed the selected franchises to receive the complaints regarding SIMs data for the convenience of mobile users.
These franchisees are only allowed to register the complaints by filling the undertaking forms, copy of which they return to the complainant. The franchisees are not allowed to amend the data rather they only forward those complaints to concerned mobile company for the correction in the data as desired by consumer. app
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\14\story_14-11-2009_pg5_2
PTA official informed APP on Friday that the Pakistan Telecommunication Authority (PTA) has blocked more than 85,000 irregular SIMs since the launch of SIM Information System 668.
A total of 1.5 million mobile subscribers have sought their SIMs information from PTA out of which 10 million subscribers sought this information through SMS while 3.2 million subscribers visited PTA’s web-link of this service.
It may be noted that Customer Services Centers of mobile companies are experiencing considerable rush due to the ongoing SIM data correction process.
PTA has requested the mobile users to show patience at CSCs and franchises as every effort is being made to ensure the provision of due support to them by the CSCs staff.
Streamlining of mobile users’ data may take few months but once this process is completed, it will eventually benefit the telecom consumers. The purpose of this practice is to streamline the data of mobile users, which cannot be achieved without their cooperation.
Chairman PTA, Dr Mohammed Yaseen, in an exclusive talk with APP, said in the first phase, the PTA successfully verified data and around 10 million illegal SIMs were blocked. Later, he added, 2.9 million SIMS were blocked in the second phase. “The consumers should contact relevant telecom operator’s customer consumer centre for verification if they receive any message by the operator otherwise their connection would be blocked,” he briefed.
He said the PTA wanted 100 percent verified data of the consumers and PTA website had recorded 3.2 million hits by customers.
“This lower number reflects either the consumers are satisfied with their data details or they are reluctant to do so. However, let me make it clear that their SIMs would be blocked if data is not verified within the stipulated time period,” he said, adding that the corrected data details would be available after one month so the consumers should not get worried after verifying their data.
He said the PTA was making sure that automated data verification is made. He urged the media as well as consumers to help the PTA and telecom operators to get the consumers’ data verified.
In the wake of the problems faced by mobile users of small cities and towns in seeking their SIMs data correction, PTA has taken number of steps. It has allowed the selected franchises to receive the complaints regarding SIMs data for the convenience of mobile users.
These franchisees are only allowed to register the complaints by filling the undertaking forms, copy of which they return to the complainant. The franchisees are not allowed to amend the data rather they only forward those complaints to concerned mobile company for the correction in the data as desired by consumer. app
Source: http://www.dailytimes.com.pk/default.asp?page=2009\11\14\story_14-11-2009_pg5_2
Friday
The Karachi Stock Exchange's 100 Index closed at 9067.17
Today, The Karachi Stock Exchange's 100 Index closed at 9067.17, high 142.93 points. The low in the few minutes of trade was 8881.96, and high 9078.37.
D.G. Khan Cement to Spend $360 Million on Factories
Nov. 12 (Bloomberg) -- D.G. Khan Cement Ltd., Pakistan’s second-biggest producer, plans to invest 30 billion rupees ($360 million) to build a factory at home and in Sri Lanka, aiming to double capacity and tap demand in South Asia and East Africa. Shares rose.
The company plans to invest as much as 10 billion rupees to build a 2 million ton plant in Sri Lanka in partnership with the government, Chief Executive Officer Mian Raza Mansha said in an interview in Lahore today. Another 20 billion rupees will be spent to build a 3 million ton factory at Hub near Karachi to increase sales to East African nations, he said.
D.G. Khan Cement expects to capture demand for cement as South Asian and African nations, which produce less cement than they need, spend more on building roads, bridges and power plants. The South Asian region is forecast to expand 7.8 percent in 2011, according to the World Bank.
“This is a brilliant strategy to find new markets and place production capacity according to the regional requirements,” said Rehan Khan, research analyst at First Capital Equities Ltd. in Karachi, who has a “buy” recommendation on the stock.
D.G. Khan’s shares, which have climbed 28 this year, rose 1.9 percent, to 27.01 rupees at the 3:30 p.m. local time close on the Karachi Stock Exchange, after rising as much as 3.4 percent earlier.
Rights Shares
The company plans to raise 1 billion rupees through a rights share issue in the next quarter, Mansha said.
D.G. Khan increased its production capacity to 4 million tons a year from 1.7 million tons in 2004. The Sri Lanka plant will supply cement to that country and to India and Bangladesh, he said.
The Karachi plant, which will be the company’s third after Dera Ghazi Khan and Kallar Kahar in the Punjab province, will focus on sales to Ethiopia, Sudan and Jabuti.
“We are concentrating on the East African market where demand is rising,” said Mansha, 37, who has worked in the family business since he graduated from the University of Pennsylvania in 1994. The company signed a contract last week to supply its first shipment of 250,000 tons of cement to Ethiopia, he said, adding he expects to increase sales to that country to 500,000 tons a year.
Lucky Cement Ltd., Pakistan’s biggest producer plans to start a factory in Africa by 2011, Chief Executive Officer Muhammad Ali Tabba said in an interview in August.
D.G. Khan, which sells 900 tons of cement a week to India, hopes to double sales if transport ties ease.
Indian Appetite
“India has tremendous appetite for Pakistani cement but we have to stop taking orders since we can’t deliver because of transport restrictions,” Mansha said. “If both countries give permission for trucks to be used to transport instead of trains, which have quota restrictions, both nations will benefit.”
Peace talks between the two nuclear-armed neighbors stalled after the Mumbai attacks in November, which India blames on the Pakistan-based Lashkar-e-Taiba militant group. Five years of peace talks from 2003 led to increased cultural and sporting links between the two nuclear-armed rivals and the establishment of new rail and road services.
The cement maker returned to a profit in the first-quarter ended Sept. 30 as borrowing costs declined. Net income was 630.3 million rupees, or 2 rupees a share, in the three months ended Sept. 30, compared with a loss of 223 million rupees, or 0.88 rupees, a year earlier.
Pakistani cement makers borrowed to expand capacity in the past five years to meet demand in Afghanistan and the Middle East.
D.G. Khan Cement began producing in 1986 and was acquired by the Nishat Group through a government asset sale program in 1992. The Nishat Group is Pakistan’s biggest business conglomerate with seven listed companies in banking, cement, textiles, insurance and power.
To contact the reporter on this story: Farhan Sharif in Karachi, Pakistan fsharif2@bloomberg.net.
Source: http://www.bloomberg.com/apps/news?pid=20601091&sid=aUjoL1TjKcCw
The company plans to invest as much as 10 billion rupees to build a 2 million ton plant in Sri Lanka in partnership with the government, Chief Executive Officer Mian Raza Mansha said in an interview in Lahore today. Another 20 billion rupees will be spent to build a 3 million ton factory at Hub near Karachi to increase sales to East African nations, he said.
D.G. Khan Cement expects to capture demand for cement as South Asian and African nations, which produce less cement than they need, spend more on building roads, bridges and power plants. The South Asian region is forecast to expand 7.8 percent in 2011, according to the World Bank.
“This is a brilliant strategy to find new markets and place production capacity according to the regional requirements,” said Rehan Khan, research analyst at First Capital Equities Ltd. in Karachi, who has a “buy” recommendation on the stock.
D.G. Khan’s shares, which have climbed 28 this year, rose 1.9 percent, to 27.01 rupees at the 3:30 p.m. local time close on the Karachi Stock Exchange, after rising as much as 3.4 percent earlier.
Rights Shares
The company plans to raise 1 billion rupees through a rights share issue in the next quarter, Mansha said.
D.G. Khan increased its production capacity to 4 million tons a year from 1.7 million tons in 2004. The Sri Lanka plant will supply cement to that country and to India and Bangladesh, he said.
The Karachi plant, which will be the company’s third after Dera Ghazi Khan and Kallar Kahar in the Punjab province, will focus on sales to Ethiopia, Sudan and Jabuti.
“We are concentrating on the East African market where demand is rising,” said Mansha, 37, who has worked in the family business since he graduated from the University of Pennsylvania in 1994. The company signed a contract last week to supply its first shipment of 250,000 tons of cement to Ethiopia, he said, adding he expects to increase sales to that country to 500,000 tons a year.
Lucky Cement Ltd., Pakistan’s biggest producer plans to start a factory in Africa by 2011, Chief Executive Officer Muhammad Ali Tabba said in an interview in August.
D.G. Khan, which sells 900 tons of cement a week to India, hopes to double sales if transport ties ease.
Indian Appetite
“India has tremendous appetite for Pakistani cement but we have to stop taking orders since we can’t deliver because of transport restrictions,” Mansha said. “If both countries give permission for trucks to be used to transport instead of trains, which have quota restrictions, both nations will benefit.”
Peace talks between the two nuclear-armed neighbors stalled after the Mumbai attacks in November, which India blames on the Pakistan-based Lashkar-e-Taiba militant group. Five years of peace talks from 2003 led to increased cultural and sporting links between the two nuclear-armed rivals and the establishment of new rail and road services.
The cement maker returned to a profit in the first-quarter ended Sept. 30 as borrowing costs declined. Net income was 630.3 million rupees, or 2 rupees a share, in the three months ended Sept. 30, compared with a loss of 223 million rupees, or 0.88 rupees, a year earlier.
Pakistani cement makers borrowed to expand capacity in the past five years to meet demand in Afghanistan and the Middle East.
D.G. Khan Cement began producing in 1986 and was acquired by the Nishat Group through a government asset sale program in 1992. The Nishat Group is Pakistan’s biggest business conglomerate with seven listed companies in banking, cement, textiles, insurance and power.
To contact the reporter on this story: Farhan Sharif in Karachi, Pakistan fsharif2@bloomberg.net.
Source: http://www.bloomberg.com/apps/news?pid=20601091&sid=aUjoL1TjKcCw
Wednesday
Karachi Stock Exchange's 100 Index closed at 8928.89
Today, The Karachi Stock Exchange's 100 Index closed at 8928.89, high 166.49 points. The low in the few minutes of trade was 8684.30, and high 8940.19.
Friday
The Karachi Stock Exchange's 100 Index closed at 8936.48
Today, The Karachi Stock Exchange's 100 Index closed at 8936.48, down 175.62 points. The high in the few minutes of trade was 9144.79, and low 8911.10.
Thursday
The Karachi Stock Exchange's 100 Index closed at 9112.10
Today, The Karachi Stock Exchange's 100 Index closed at 9112.10, down 42.89 points. The high in the few minutes of trade was 9246.33, and low 9096.77.
Wednesday
The Karachi Stock Exchange (KSE) 100-share
The Karachi Stock Exchange (KSE) 100-share share index increased by 216.00 points to close at 9154.99 points.
Monday
Karachi Stock Exchange's 100 Index closed at 8848.39, down 310.79 points
Today, The Karachi Stock Exchange's 100 Index closed at 8848.39, down 310.79 points. The high in the few minutes of trade was 9182.40, and low 8835.06.
Thursday
JSGCL to hold road show in New York
KARACHI: JS Global Capital Limited will hold road show on November 10, 2009 in New York to bring foreign investment in Pakistan.
“Such shows will also be held in Far East in other parts of the world”, Chief Executive Officer (CEO) G.M. Malkani told media persons at a press briefing here on Wednesday.
Highlighting the achievements of JS Global Capital, CEO said that brokerage house has bagged the best brokerage house award from Asiamoney for two consecutive years. Moreover, Management Association of Pakistan (MAP) also declared JS Global as the best equity brokerage house in 2009, he added. He said that despite slowdown in economic activity in 2008, JSGCL remained upbeat sticking to their superior risk management strategy and brokerage which were reflected on their annual results.
JSGCL posted earnings of Rs 206 million (EPS Rs.4.12) while many of its competitors dwindled due to economic slowdown, Malakani said. The new financial year has already given a head start to JSGCL as it posted earnings of Rs 165 million in first quarter compared to profits of just Rs 68 million in the corresponding period of last year. Malkani said that to make JSGCL a complete brokerage house, it would also venture into the commodity exchange. staff report
http://www.dailytimes.com.pk/default.asp?page=2009\10\29\story_29-10-2009_pg5_3
“Such shows will also be held in Far East in other parts of the world”, Chief Executive Officer (CEO) G.M. Malkani told media persons at a press briefing here on Wednesday.
Highlighting the achievements of JS Global Capital, CEO said that brokerage house has bagged the best brokerage house award from Asiamoney for two consecutive years. Moreover, Management Association of Pakistan (MAP) also declared JS Global as the best equity brokerage house in 2009, he added. He said that despite slowdown in economic activity in 2008, JSGCL remained upbeat sticking to their superior risk management strategy and brokerage which were reflected on their annual results.
JSGCL posted earnings of Rs 206 million (EPS Rs.4.12) while many of its competitors dwindled due to economic slowdown, Malakani said. The new financial year has already given a head start to JSGCL as it posted earnings of Rs 165 million in first quarter compared to profits of just Rs 68 million in the corresponding period of last year. Malkani said that to make JSGCL a complete brokerage house, it would also venture into the commodity exchange. staff report
http://www.dailytimes.com.pk/default.asp?page=2009\10\29\story_29-10-2009_pg5_3
HUBCO records 57% growth in profit
KARACHI: The Hub Power Company (HUBCO) earned Rs 1.108 billion profit during the first quarter of current financial year against Rs 702 million in the same period of last year, depicting 57 percent growth. According to financial results of the company announced at Karachi Stock Exchange (KSE) on Wednesday, the earnings per share also improved by Rs 0.96 during the period under review against Rs 0.61 in the corresponding period of last year. The increase in profit is mainly because of currency devaluation and higher tariff profile.
The turnover of the company decreased to Rs 22.005 billion in the said period against Rs 28.115 billion in the last year. Operating costs were Rs 20.491 billion in the said period against Rs 26.792 billion in the previous year. The decrease in turnover and operating costs is mainly attributable to lower fuel oil prices. During the period under review, Hub Plant operated at an average load factor of 75.9 and an average complex availability of 83 percent. Electricity sold to WAPDA was 2011 GWH. DGK Cement posted Rs 584 million profit in first quarter of current fiscal against Rs 168 million loss in the same period of last year. According to financial results of the company announced at KSE on Wednesday, earnings per share also turned positive to Rs 1.92 against Rs 067 in the same period of last year.
Source: http://www.dailytimes.com.pk/default.asp?page=2009\10\29\story_29-10-2009_pg5_8
The turnover of the company decreased to Rs 22.005 billion in the said period against Rs 28.115 billion in the last year. Operating costs were Rs 20.491 billion in the said period against Rs 26.792 billion in the previous year. The decrease in turnover and operating costs is mainly attributable to lower fuel oil prices. During the period under review, Hub Plant operated at an average load factor of 75.9 and an average complex availability of 83 percent. Electricity sold to WAPDA was 2011 GWH. DGK Cement posted Rs 584 million profit in first quarter of current fiscal against Rs 168 million loss in the same period of last year. According to financial results of the company announced at KSE on Wednesday, earnings per share also turned positive to Rs 1.92 against Rs 067 in the same period of last year.
Source: http://www.dailytimes.com.pk/default.asp?page=2009\10\29\story_29-10-2009_pg5_8
The Karachi Stock Exchange's 100 Index closed at 9120.21
Today, The Karachi Stock Exchange's 100 Index closed at 9120.21, down 131.63 points. The high in the few minutes of trade was 9277.53, and low 9113.28.
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