Volatile conditions prevail at Karachi Stock Exchange
Pakistan Times Staff Report

KARACHI: The KSE-100 index, amidst volatile trading asserted to gain 32.36 points to a total of 8585 points when the trading session comes to a close on Friday.

The day revolved around OGDC, which witnessed wild swings on various earnings and dividend expectations. Despite lower than expected profits, OGDC made an intra-day high of Rs123.50, up 7% over Thursday’s close. However, the profit-taking trend subsequently prevailed with the scrip closing at Rs118.90.

Apart from that most scrips portrayed an overall decrease. BoP and Lucky Cement led the losers, both of them once again closing at the lower circuit level. The declining scrips were including MCB, POL, PSO, FFBL and FCCL declined by 4.4%, 1.1%, and 0.3%, 1.2% and 5.1% respectively.

SNGPL, PPL and Maple Leaf Cement closed marginally higher for the day. SNGPL also announced its half-yearly results with earnings more or less in line with expectations. PPTA made an astonishing Rs1.35 gain following showing profits for the first time in history.

Meanwhile the PTCL surprised the investors by declaring Rs2/share interim dividend payout. PTCL’s revenues soared 6.4% to Rs39.2bn on the back of higher domestic revenues.

On the other hand, gross margins shrank approx. 2pps, thereby limiting the growth in operating profit to 2.6%. Financial charges maintained their descent on the company’s easing debt burden. PTCL’s half-yearly EPS stood at Rs2.85 as against Rs2.60 previously. On a quarter-to-quarter basis, PTCL’s earnings show a significant growth. EPS during Oct–Dec 2004 amounted to Rs1.62, 32% higher compared to Rs1.23 during the preceding quarter.

The breakdown of leading scrips on Friday indicates that OGDC which was opened at 115.40 was closed at 118.85, PTCLA opened at 68.50 closed at 68.20, Pak PTA Ltd opened at 12.00 and closed 13.35, Sui North Gas opened at 76.85 and closed 77.20, National Bank opened at 134.00 and closed 134.00, Sui South Gas opened 31.45 and closed 31.45 Hub Power opened at 33.50 closed at 33.35, DGKCement opened 67.00 and closed 66.65, ICI opened at 105.75 and closed 109.25, PSO opened 402.00 and closed 401.00.●