STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated February  29, 2004

 

The KSE-100 index closed marginally at lower level as compared to last week. However, intra day volatility remained very high. The market is expected to remain vibrant in the following weeks due to announcement of results by some of the volume leaders.
According to a notice issued by the Karachi Stock Exchange, the KSE-100 index will be reviewed in March. The review has become all the more necessary as the exchange has increased the number of sectors from 27 to 33 lately. One of the

 

 

 

 

recently listed company, OGDC, is expected to be included in the index in any case. The high market float and large daily trading volume of OGDC shares is expected to heavily affect the index either way, positively in case of bullish sentiments and negatively in case of bearish sentiments.

SUI SOUTHERN GAS COMPANY

The number of applications received against public offer of shares of the company under the GoP's divestment plan has created a record, which will be difficult to surpass in the future. The subscription received amounted to over Rs 1.5 billion or 15 times the offer. A total of 258,089 application were received. Out of these, 243,598 applications were for 1,000 shares. Since the Privatization Commission had committed to give first priority to applications for 1,000 shares, it had no option but to go for balloting. A total of 67,117 applications were termed successful after the balloting.

OIL & GAS DEVELOPMENT COMPANY

The company has posted Rs 9.73 billion for July-December period of 2003, an increase of 11% over the corresponding period of 2002. This improvement can be attributed to higher sales, growing by 17% to Rs 23 billion. This was due to an increase in gas sales for the period under review. Higher international oil prices in the second quarter further contributed towards improved profitability of the company. Although, exploration expenditures written off during the period witnessed an increase of 74.2%, the gross profit (after exploration expenditure) registered an increase of 16.8%. General and administrative expenses grew by 15%, whereas financial charges and other income declined by 11.7% and 20.3% respectively. For the second half of the current year, the company is expected to achieve higher production from one of its gas fields. In case the international oil prices go up, which is very likely, the company would certainly benefit from it in value terms.

BANK AL HABIB

The bank has posted Rs 1,028.6 million profit after tax for the year ending December 31, 2003 as compared to Rs 290.7 million profit for last year, a growth of 3.5 times. This looks exceptional keeping in view the growing competition among the banks. Total income went up from Rs 3,477.7 million to Rs 3,834.8 million. As against this total expenditure came down from Rs 2,858 million to Rs 2,321.8 million. However, the Board of Directors preferred to approve distribution of 10% dividend among the shareholders and issue of 25% Bonus Shares.

METROPOLITAN BANK

The bank has posted Rs 678.5 million profit after tax for the year ending December 31, 2003 as compared to Rs 429.7 million profit for last year. At the time of approval of financial accounts the Board of Directors preferred not to distribute any dividend among the shareholders but to issue 20% Bonus Shares. For the year 2002, the bank had distributed 20% dividend. Net mark-up/interest income (after provision) went up from Rs 844 million to Rs 1,238 million. Non mark-up/interest income grew from Rs 1,390 million to Rs 1,889 million. However, the benefit was partly eroded due to increase in administrative expenses, going up from Rs 876 million to Rs 1,224 million.

 

 

FAYSAL BANK

The profit after tax of the bank for the year ending December 31, 2003 has taken a quantum jump of 228% as compared to last year. The bank has posted Rs 2,151 million profit after tax for the year under review as compared to Rs 656 million profit for the year 2002. EPS improved from Rs 2.48 to Rs 8.12. At the time of review of full year accounts the Board of Directors also approved distribution of 20% final dividend and issue of 20% Bonus Shares. The bank had already distributed 25% interim dividend at the time of release of half yearly accounts. The total dividend payout comes to 45%.

PRIME COMMERCIAL BANK

The bank has posted Rs 277 million profit after tax for the year ending December 31, 2003 as compared to Rs 176 million profit for last year. EPS improved from Rs 1.74 to Rs 2.74. Total income went up from Rs 822 million to Rs 1,156 million. Non mark-up/interest expenses grew from Rs 516 million to Rs 726 million, mainly due to increase in administrative expenses, going up from Rs 512 million to Rs 719 million. The Board of Directors also approved distribution of 12.5% dividend among the shareholders and issue of 10% Bonus Shares.

Company High  Low Closing Week's Turnover

P.T.C.L.A XD

39.90

39.00

39.85

167,465,500

Oil&Gas Dev.

51.45

48.95

51.45

158,346,800

Hub Power

38.50

37.45

37.45

81,972,000

P.S.O.

293.10

283.90

293.10

54,750,400

Pak Oilfields

204.85

198.75

203.55

40,196,400

Sui North Gas

54.05

53.70

54.05

32,634,500

Sui South Gas

32.40

30.75

31.20

29,876,500

Pak.PTA Ltd.

17.45

16.35

17.45

22,347,000

National Bank

57.10

56.05

56.80

14,637,800

M.C.B.

48.95

48.70

48.70

9,680,800