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Pakistan is located on a geographical fault line, and some of the countrys socio-economic ailments have geopolitical underpinnings. A by-product of territorial hostilities is a thriving illegal economy, which both fuels and feeds on the conflicts and militancy along the porous borders. It is from there that illicit trade seeps deeper inside the country through complex, informal and formal organised criminal networks.

The month of February brings promise of a new era of trade relations between Pakistan and India. Relations between the two countries have already thawed considerably in recent weeks, after being on the rocks since the gruesome 7/11 Mumbai attacks.
Pakistan Oilfields Limited (POL) announced its 1HFY12 financial results, which are below the market consensus estimates. The E&P Company was expected to post impressive profit growth more than it did, as the market expected profits to clock around Rs.7 billion-which actually came at Rs.6.1 billion. POL, however, continued with its high dividend payout policy announcing Rs.17.5/share as the interim dividend.
With the inflation rate moving up to 10.10 percent in January 2012 on a year-on-year basis, the tempo of a falling inflation rate seen in the past two months is reversing.
Attock Refinery Limited (ATRL) has often stood out an exception in the local refinery industry as its superior product mix helps it achieve significantly better financial outcome than its peers even in the worst times. The 1HFY12 was not even half bad in terms of gross refining margins (GRMs), which helped the Company improve its profitability by a significant 55 percent year on year.
Attock Petroleum Limited (APL) continued to post impressive financial performance as evident by a 27 percent year-on-year increase in profits for 1HFY12. The Companys top line grew by a massive 85 percent, as both the sales volume and product price increased during the period in comparison to the corresponding period last year.
Result season has set in. Banking sector is likely to shower hefty profits for CY11. With industry asset base expanded by 15 percent during CY11 to Rs.7,777 billion at the end of 31 December 2011 the strong growth in the industrys bottom-line is imminent.
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China Wholesale

brindex
9098.8   Arrow 29.37
+

Banking Review 2011


The Wall

ArrowEuro 1.3158
ArrowSterling 1.5815
ArrowSwiss Franc 0.9182
ArrowYen 76.6015
ArrowGold 1740.300
ArrowCotton 96.340
ArrowOil 97.840
Index Closing Chg%
Arrow DJIA 12,862.20 1.23
Arrow Nasdaq 2,905.66 1.61
Arrow S&P 1,344.90 1.46
Arrow FTSE 5,901.07 1.81
Arrow DAX 6,766.67 1.67
Arrow CAC-40 3,427.92 1.52
Arrow Nikkei 8,831.93 0.51
Arrow H.Seng 20,757.00 0.08
Arrow Sensex 17,605.00 0.99

The Rupee

Interbank closing rates for dollar on Friday.
BuyingRs 90.40
SellingRs 90.45
All-round decline

Annual2010/11
Foreign Debt $59.53bn
Per Cap Income $1254
GDP Growth 2.4%
Average CPI 14.10%
MonthlyDecember
Trade Balance $-2.41 bln
Exports $1.85 bln
Imports $1.26 bln
WeeklyJanuary 26, 2012
Reserves $16.802 bln
ArrowBRIndex-30 9,104.17
ArrowKSE-30 Index 11,258.08
ArrowKSE-100 Index 11,982.62
ArrowLSE-25 Index 3,122.96
ArrowISE-10 Index 2,627.71
ArrowGold Per 10gm 50,914.00
ArrowKCA Spot Rate 5,700.00
ArrowLibor Rate 0.76850

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