KARACHI, Aug 15: Markets and politics are so intertwined that the share prices on the Karachi Stock Exchange soared by 4.5 per cent on Friday, the KSE-100 index witnessing a jump of 356 points to close at 10,259 points on the wager that President Pervez Musharraf would resign over the weekend.

Much of the furor had died down by the evening, as unofficial and undocumented personalised trading in the alleys of the old city, showed a mixture of hope and apprehensions.

On Friday, the investors had committed Rs104 billion in the ready market, represented by an increase in the market capitalisation to Rs3.195 trillion, from Rs3.092 trillion at the end of the previous trading session on Wednesday.

Fewer companies announced their financial results on Friday.

Gillette Pakistan Limited posted profit for the eighteen months ended on June 30, 2008 at Rs7.1 million. This was sharply lower than the profit at Rs27.4 million in the twelve months ended on December 31, 2006 (restated). Directors announced final cash dividend at 5 per cent or 50 paisa per share for the period ended on June 30, 2008.

Net sales more than doubled to Rs1,196 million for the 18 months under review, from Rs563 million in the 12 months of the earlier period.

Gross profit rose to Rs331 million, from Rs173 million. Selling, marketing and distribution expenses took the toll, rising to Rs202 million, from Rs100 million. Earning per share after tax amounted to 37 paisa compared with Rs1.43 in the previous 12 months comparable period.

United Fund Managers Limited: The financial results of United Money Market Fund (UMMF); United Growth & Income Fund (UGIF) and United Stock Advantage Fund (USF) for the year ended on June 30, 2008 were declared on Friday:

UMMF reported net income for the year at Rs798 million and total income at Rs1,011 million. Comparable figures for FY2007 stood at Rs915 and Rs1,072 million. The fund posted substantial growth in unrealised gain on revaluation of quoted investments at Rs1,117 million, compared to Rs 660 million the previous year.

UGIF increased net income for the year to Rs1,426 million, from Rs1,194 million with major contribution from mark-up/interest income, which soared to Rs1,584 million, from Rs382 million in the earlier year.

Total income rose to Rs1,730 million, from Rs1,299 million. Total operating expenses were up to Rs304 million, from Rs105 million.

USF made total income of Rs92 million and net income for the year at Rs1.8 million. The comparable figures for the earlier year stood at Rs316 and Rs287 million.

BOC Pakistan had conveyed material information to the investors regarding approval of investment plan of about Rs100 million for Nitrous Oxide facility located at Multan. “This investment will be funded through company’s own internal generation,” the announcement said.

Earlier in the meeting of the Board held on Wednesday, the company reported profit from operations at Rs370 million for the half year ended on June 30, 2008. Profit after taxation stood at Rs246 million for the half year under review, compared to Rs206 million the corresponding period of last year. Earning per share (eps) stood at Rs9.81 and Rs8.24. The Board declared an interim cash dividend at Rs3 per share.