Islamic Finance

By Riffat Mughal Pakistan refinery sector production fell by 18 percent 2MFY11-12 KARACHI: Pakistan refinery sector production fell by 18 percent as it stood at 1.2 million tons in first two months of fiscal year 2011-12 (2MFY11-12) as compared to 1.4 million tons in the corresponding period last year. However, in the month of August, Pakistan's refinery production slashed by 28 percent month on month (MoM). Product wise production 2MFY11-12 Furnace Oil (FO) is the major product that Pakistan refineries produce; contributing 31 percent in total refining production which declined by 20 percent YoY. Other refinery products whose production declined were Jet fuel (28 percent), Mogas (16 percent) and High Speed Diesel (13 percent) YoY. Pakistan bought less power-generation fuel oil for August, a four-month low of less than 600,000 tons, as higher hydropower generation cut demand for the utility fuel, Oi...

Safe Mix announces financial results KARACHI: Safe Mix Concrete Products Limited (SMCPL) has announced financial results for the year ended June 30, 2011, said the notice issued by the company to Karachi Stock exchange (KSE) on Friday.

Noon Pakistan yearly profits surged by 52.28pct in FY11 KARACHI: Noon Pakistan Limited (NOPK) profits for the year surged by 52.28 percent year on year (YoY) to Rs 41.551 million in the financial year 2011 (FY11) as compared to Rs 27.285 million reported in the previous year. The company's board of management in their meeting held on Thursday announced financial results for the year ended June 30, 2011. Earnings per share of the company also turned up to Rs 3.28 per share during 2011 as against Rs 2.15 in the previous year. The company's sales for the year increased by 21.38 percent YoY to Rs 2,957.377 million as against Rs 2,436.415 million in the corresponding year. Furthermore, board has given 10 percent bonus shares to its shareholders 10 shares for every 100 shares held while it did not allow any cash dividend. The cost of sales of the company went up by 19.35 percent YoY to Rs 2,590.444 million while company's gross profits surged by 37.99 percent YoY...

Pakistan cotton prices remain unchanged KARACHI: The cotton prices at Karachi Cotton Association (KCA) remained intact at Rs 6,400 on Thursday. Though overall demand decreased for cotton but mills were active in trading as they were getting better quality of cotton at current prices. The rates of seed cotton in Sindh stayed constant for consecutive third day of the week at Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said. In ready business, around 13,000 bales of raw cotton were traded between Rs 5,500 and Rs 6,800 per maund during the session. Higher Phutti arrivals did not allow ginners to hoard the stock for longer time period; therefore they have to trade at current price levels which could push prices further down.

Pakistan gold prices drop by 1300/tola KARACHI: Pakistan gold prices fell steeply on Thursday in major bullion markets of the country following decline in the international market.

KMI lost 26.02 points KARACHI: The State Bank of Pakistan (SBP) intervention in the currency markets to stabilize rupee value would work well for the market on Friday. Furthermore, positive implications on political front and favorable news from India on market access likely to bode well for market. Market is expected to remain range bound today. The Halal stocks KMI 30 index lost 26.02 points to close at 21,148.29 points as against 21,174.31 points, the closing figure of the previous session. The fall of oil prices in the international market pushed down the oil sector at the local bourse on Thursday.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 102.22 Crude Oil (WTI)$/bbl 82.96 Gold $/ozs 1,617.30 Copper Cent/pound 324.65 Wheat USD/bushel 654.25 Malaysian Palm Oil 901.00 Sugar NO. 11 cents/pound 25.87 As of: Thursday, September 29, 2011