Morning Buzz for Feb 17, 2012 – MR Securities
Karachi: KSE index touches seven-month high
According to MR Securities,
The Karachi Stock Exchange’s (KSE) benchmark index increased by 93 points to a seven-month high above 12,400 points, on Thursday, on select buying in energy, cement and fertiliser stocks after Engro Corporation announced record earnings, said dealers.
Engro posts record profit of Rs8.06 billion
The Board of Directors of Engro Corporation Limited reported a profit-after-tax of Rs8.06 billion for the year ended on December 31, 2011, which is 19 percent higher than Rs6.79 billion earned in the previous year. This translated into earnings per share of Rs20.50 against Rs17.27 in 2010. Major contribution in earnings stemmed from its urea business, Engro Fertilizers. “Urea business accounts 27 percent of the company’s net revenue.”
Profit after tax of Mari Gas increases to Rs 603.694 million
The profit after tax of Mari Gas Company Limited has increased to Rs 603.694 million in the quarter ended December 31, 2011 as compared to Rs 157.523 million earned in the corresponding period in 2010. The company’s earnings per share increased to Rs 1.22 on the basis of distributable profit in the period under review against Rs 1.04 in the same period a year back while the earning per share, on the basis of profit and loss account, surged to Rs 6.57 against Rs 1.71.
Pak-Iran trade can touch $10 billion mark in two months
Pakistan on Thursday stressed the need for multi-faceted cooperation between Pakistan, Afghanistan and Iran on the basis of their being close neighbours, to address the numerous challenges and exploit opportunities within the region. For its part, Tehran offered to boost bilateral trade with Islamabad to $10 billion within two months, and showed an interest in buying wheat and rice from Pakistan.
MSCI Review sees no change in Pak listings
In May 2009, Pakistan was included in MSCI Frontier markets. Since then, MSCI is reviewing Pakistan situation due to limited numbers of sizable securities. It plans to get market participants feedback. After this, it may decide to include Pakistan in the EM in the next few years if the free float and liquidity criteria are met, it said.
Gas supply to fertilizer sector can save Rs23bn
The government can save up to Rs23 billion by supplying gas to fertilizer sector as compared with power sector, while ill-conceived gas load management plan has badly hampered manufacturing of urea and hence dealt a severe blow to the agriculture sector.
KESC submits plan to end load shedding
The Karachi Electric Supply Company (KESC) has worked out a plan that it claims will end loadshedding and reduce power tariff provided the government lends support in different areas including regular payments every month and supply of 267 million cubic feet of gas per day (mmcfd).
Fiscal deficit widens to Rs935b in first half
The federal government’s expenses exceeded its income by Rs935 billion during first half of the fiscal year, which is 95 per cent of the total estimated annual gap, suggesting the authorities are going to miss the target by a wide margin.
Kunnar-Pasaki oilfield OGDCL expected to earn $450 million annually
The Oil and Gas Development Company (OGDCL) will earn $450 million annually after Kunnar- Pasaki gas oilfield starts its full production. According to sources in OGDCL, after the completion of first phase of the gas field with the production of 100 Million Cubic Feet per Day (MMCFD) gas and 135 ton per day of Liquefied Petroleum Gas (LPG), its annual earning with current production are estimated at around $150 millions.