Karachi: A mixed sentiment was witnessed at the local bourse during the week after central bank decision to keep the discount rate unchanged at 12%, that was observed inline with market expectations.
The decision to raise the minimum profit rate to 6% for savings deposits surprised the market somewhat, resultantly the selective profit taking was evident in the market (mainly banks), nonetheless overall the KSE-100 gained 137 points, up 1.0%WoW.
The average volumes on the other hand were down 28%WoW to 269mn shares. Foreigners too maintained their interest in the market buying shares worth US$8.1mn shares.
The current account registered a surplus of $142 million in March 2012 compared to $184 million in March 2011. The surplus came on the back of high remittances and some rise in foreign inflows. Nevertheless, elevated oil prices kept the cumulative 9MFY12 current account deficit at US$3.1 billion.
DG Khan Cement, Pakistan Oilfield Limited, Fauji Fertilizer Bin Qasim Limited announced their financial results this week. DGKC reported an EPS of Rs4.73 in 9MFY12, up 11.7xYoY. The impressive result came on the back of high cement prices. POL’s earnings grew by 19%YoY to Rs39.44 owing to elevated oil prices.
Conversely, Fauji posted a loss of Rs0.41/share while FFC’s earnings declined by 24%YoY to Rs2.45/share as the availability of imported fertilizer at lower rate dampened the two companies’ profitability.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription