STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated Apr 17, 2004

 

The review of the activity at the Karachi Stock Exchange shows that the market has been moving in its upward trendline since February 24, 2004. April 16, 2004 will be remembered for quite some time. It was the day the KSE-100 closed at 5582 level. The volume totalled at 1.122 billion, surpassing the previous best of 960 million shares attained on August 2003. The trading value also made new record of Rs 54.470 billion with market capitalization reaching Rs 1,489 billion equivalent to about US$ 26 billion. Many analysts are unable to provide a plausible rationale for unabated index movement. While all eyes are set at index achieving 6000 level, no one seems to be ready to talk about possible fall in the KSE-100 index.

 

 

 

 

FAYZAN MODARABA

The modaraba has posted Rs 22 million profit for the quarter ended March 31, 2004 as against Rs 42 million for the corresponding period of year 2003. Earning per certificate came down from Rs 0.47 to Rs 0.25. Due to fall in profit the Board of Directors approved 2.5% interim dividend, whereas 3.8% interim dividend was announced at the time of announcement of January-March 2003 financial results. The reduction in profit can be attributed to fall in Toll manufacturing fee. However, the reduction in financial charges and administrative and general expenses, contained further erosion in profit. Toll manufacturing fee came down from approximately Rs 99 million to Rs 64 million. Gross profit declined from Rs 64 million to Rs 30 million. Administration and general expenses came down from Rs 1.233 million to Rs 0.977 million. Financial charges came down from Rs 18.6 million to Rs 6.5 million.

FIRST STANDARD INVESTMENT BANK

The Board of Directors of bank have approved the annual accounts for the year ended December 31, 2003. The bank has posted Rs 6.6 million profit after tax as against Rs 18.2 million loss for the year 2002. EPS improved from negative Rs 0.25 to positive Rs 0.90. This reversal of fortune can be attributed to the decline in financial charges, going down from Rs 514.6 million to Rs 376.5 million. Total income came down from Rs 708 million to Rs 589 million. As against this expenditures went down from Rs 796 million to Rs 582 million.

ISLAMIC INVESTMENT BANK

The bank has posted Rs 54 million profit after tax for the year ending December 31, 2003 as against Rs 95 million loss for the previous year. EPS improved from negative Rs 4.84 to positive Rs 2.74. The bank has managed to post profit after a long time and to commemorate the occasion, the Board of Directors also approved distribution of 5% dividend, amounting to approximately Rs 9.9 million. The improvement in bottom line can be attributed to increase in total income, going up from Rs 143.7 million to Rs 258 million. Provision came down from approximately Rs 20 million to slightly more than Rs 3 million and contributed towards improvement in profit. At the Annual General Meeting to be held on April 30, 2004, shareholders' approval will be sought for the issue of Rs 300 million preference shares redeemable at the maturity of five years from the date of issue.

INTERBANK

The investment bank has released quarterly results for the period ended March 31, 2004, registering only half of the profit posted for the corresponding period of year 2003. The decline in profit can be attributed to income, going down from Rs 80 million to Rs 59 million. However, some respite was provided due to decline in expenditure, going down from Rs 60.5 million to Rs 48.2 million. A closer look at nine-months performance also indicates a similar story. Profit after tax declined from Rs 58 million to Rs 30 million. Consequently EPS came down from Rs 1.98 to Rs 0.98.

BRR INTERNATIONAL MODARABA

The modaraba has released nine months period ended March 31, 2004. The modaraba has posted Rs 75.7 million profit as compared to Rs 69.6 million profit for the corresponding period of last financial year. Earning per certificate improved from Rs 1.44 to Rs 1.57 mainly due the decline in operating expenses, going down from Rs 350 million to Rs 324 million. This decline can be attributed to reduction in financial charges, going down from Rs 86 million to Rs 27 million. It is worth noting that despite posting such a profit no interim dividend has been distributed among the certificate holders.

NDLC-IFIC BANK

 

 

The bank commonly known as NIB has released financial results for the quarter ended March 31, 2004. Mark-up/return/interest earned amounted to Rs 170.6 million and Mark-up/return/interest expensed amount to Rs 85.5 million. Out of this a provision of Rs 34.2 million was made against non-performing advances. Total non-mark-up/interest amounted to Rs 67 million and non-mark-up/interest expenses amounted to Rs 62.5 million. This resulted in Rs 4.522 million profit before tax for the quarter.

Company High  Low Closing Week's Turnover

P.T.C.L.A XD

44.75

42.85

44.75

508,468,500

Oil&Gas Dev.

67.90

64.35

67.90

477,947,200

D.G.K.Cement

64.40

57.10

64.40

350,244,000

Hub PowerXD

38.15

37.10

38.15

241,055,000

Lucky Cement

43.30

38.00

43.30

224,982,000

M.C.B. XB

63.90

60.80

62.20

219,838,000

Sui South Gas

40.05

38.40

38.40

196,467,500

Sui North Gas

73.00

71.50

71.50

96,328,000

National Bank

77.60

76.10

77.50

80,892,000

Adamjee Ins

118.00

113.95

113.95

23,160,300