KARACHI, April 26: The board meetings of over a 100 companies including some leading MNCs will be held during the next three days and analysts hope the interim higher working results could give the needed boost to a volatile stock market.
The board meetings of a dozen leading companies including PSO, Hub-Power, Shell Pakistan, ICI Pakistan, Sui Northern Gas, Dawood Hercules, Rafhan Bestfoods and several others had already been held during the last couple of days and most of them have come out above the market expectation earnings and interim dividend.
Will it be possible for the stakeholders in more than one company to attend the board meetings is a question being asked by some of the investors. “Could not be they staggered to suit the timings of the shareholders,” suggests a broker.
The month of April, notably its last 10 days will go into stock trading history as most eventful as future direction of the market will largely depend on the performance of the companies, analysts said.
“The market is now terribly volatile in the backdrop of political standoff over the LFO,” they said. “Higher corporate earnings could neturalize the negative fall-out of the prevailing tension.”
“The enthusiasm surrounding the earning estimates is likely to serve as the catalyst to take the market higher to the coveted index level of 3,000, although terribly surplus liquidity may not allow further rise in carryover rates,” predicts a leading analyst.
Out of 116 companies whose boards will meet on April 28, 29 and 30, the following are notable: Attock Refinery, Wyeth Pakistan, Ferozsons Lab, HinoPak Motors, Invest Securities, Haroon Oils, Askari Leasing, Searle Pakistan, Habib Insurance, Highnoon Lab, Khadim Ali Shah Bukhari & Co, Ghani Glass, General Tyre & Rubber, Clariant Pakistan, Worldcall, KESC, Islamic Investment Bank, Kohinoor Power, Dewan Salman, Millat Tractors, Din Textiles, Noon Pakistan, Transpak Corporation, Unity Modaraba.
