Morning Briefing

March 10, 2010

Market Overview

The market was guarded on Tuesday, as there was some slight profit taking activity near the end of the session. The KSE-100 Index gained 46 points to close at 9,787 on strong turnover of 212m shares exchanging hands. Most of the activity was concentrated in the chemicals, financial services, banks and telecom sectors. The top gainers as per Index points were OGDC, Unilever Pakistan and NBP; likewise, the top decliners were RBS, UBL and MCB Bank. We recommend investors to sell on strength.

Inside: D.G.K.C. 1HFY10 Review

News Snapshots

KSE okays sale of membership card for Rs51.5m: The Karachi Stock Exchange Board of Directors on Tuesday approved the sale of the membership card of a defaulting member of the exchange for Rs51.5 million. (The News)

Monetary policy on 27th: Monetary Policy will be reviewed on March 27, said Syed Wasimuddin, chief spokesman for the State Bank. (Dawn)

President, PM mull Waqar as finance minister: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani have completed their consultations with respect to appointment of new finance minister and the job is likely to fall in the lap of Federal Minister for Privatisation, Senator Waqar Ahmad Khan. Final decision in this regard is expected anytime. (TFD)

PSO keen to increase revenues from LPG retail, lubricants: Caught in the vicious cycle of intra-corporate circular debt, Pakistan State Oil (PSO) has been planning to scale up revenues from high margin of lubricants and LPG retail businesses, PSO Managing Director Irfan K Qureshi told The News. (The News)