KSE-100 Index dips 23.32 points as the week closes

KSE-100 Index dips 23.32 points as the week closes

Karachi: Karachi Stock Exchange (KSE) observed a dipping trend after the sales of the blue-chip National Bank of Pakistan (NBP) shared a lower-than-expectation profit for the quarter ending on March 30 was announced.

Against the hopes of a net profit of 5 billion rupee this quarter, the NBP announced a quarterly profit of 4.6 billion rupees ($50.63) for the period of Jan-March 2012. Although the overall profit was significantly higher as compared
to last year’s 4.2 billion during the same period, but it could not meet the expectations of the shareholders.

Moreover, the bank did not announce any dividend either with the profit announcement.

Sharing his thoughts in the backdrop of the situation that emerged today at the KSE, Samar Iqbal, a dealer at the Topline Securities Ltd. Said, “Lower-than-expected profits by NBP resulted in profit taking in key stocks.”

According to the news, the NBP shed 3.38 per cent to end its share value at 47.15 rupees.

The KSE 100-share index benchmark closed at 0.17 per cent, or 23.32 points down, at 14,042.77 with a share trade volume of 196.16 million shares.

A day before yesterday, the shared ended at 14,217.74, the highest close since May 2008.

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Posted by Fayyaz Yaseen on Apr 27 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry