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Sunday, 16 October 2011



Karachi Stocks Up 7.61 Points:
KARACHI, Oct 14: At close of trading, the KSE-100 index was at 11973.90, up 7.61points.
October 14, 2011

Nestle Pakistan
Rs 45.99
Rafhan Maize
Rs (123.45)
Bata (Pak) Ltd
Rs 36.32
UniLever Pak Ltd
Rs (88.30)
Attock Petroleum
Rs 12.44
Colgate Palmolive
Rs (12.17)
Indus Dyeing
Rs 10.08
Millat Tractor
Rs (9.16)
Pak Oilfields
Rs 5.87
Shezan International
Rs (4.29)

KSE 30 – Shares Index
Previous 11,507.30, Friday’s 11,503.37, minus 3.93 points.
KSE 100 – Shares Index
Previous 11,966.29, Friday’s 11,988.09, plus 21.80.
Previous Rs.3,144.960bn, Friday’s Rs 3,146.287bn, plus 1.327bn.
Fauji Fertlizer Bin Qasim 14.317m, Fatima Fertilizer 11.804m, Hub Power 7.699m,Nationall Bank 5.826m, Nishat Mills 4.903m shares.
TONE;Mixed,total listed 651,actives 354,inactives 297,plus 119,minus 133,unchanged 102

Stocks recover 22 points on selective buying
KARACHI, Oct 14: The share market on Friday resisted fresh fall as investors covered positions on selected counters aided by reports of higher earnings and expectations of handsome payouts.
The KSE 100-share index recovered 21.80 points and was last quoted at 11,988.09 followed by active short covering in the leading base shares, notably fertiliser and cement shares.
But on the other hand the broader market remained under pressure under the lead of Hub-Power on reports of selling stakes by one of the sponsors of the company after by National Bank.
The notable feature of the session was that buying interest shifted to those sectors whose earning reports were on the higher side under the lead of fertiliser and cement shares.
Floor brokers said both the sectors should have put the market back on the solid footing but weekend selling at the inflated levels allowed it to finish with clipped gains.
They said heavy volumes in each session in the fertiliser sector reflect that sharp increase in urea prices has given a tremendous boost to their earnings.
The share values of both Fatima Fertiliser and Fauji Fertiliser Bin Qasim have more than doubled during the recent weeks as investors continued to build up long positions at the prevailing prices.
But on the other hand performance of another fertiliser giant Engro Corporation remained highly erratic amid alternate bouts of buying and selling on conflicting reports about the production, they added.
Leading gainers were led by Nestle Pakistan and Bata Pakistan, up Rs78.33 and Rs26.31, while major losers included Rafhan Maize and PSO, off Rs170.76 and Rs9.11.
Traded volume fell to 91.682m shares from the previous 118m shares as losers held a modest lead over the gainers at 153 to 104, with 110 shares holding on to the last levels.
The active list was topped by Fauji Fertiliser Bin Qasim, up Rs1.38 at Rs63.60 on 14m shares followed by Fatima Fertiliser, firm by 77 paisa at Rs22.76 on 12m shares, Hub-Power, easy by Rs1.43 at Rs40.20 on 8m shares, National Bank, off Rs1.44 at
Rs44.99 on 6m shares, Nishat Mills, higher by Rs2.24 at Rs53.28 on 5m share4s, Lotte Pakistan, easy by 16 paisa at Rs12.38 on 5m shares and PTCL, easy by also 16 paisa at 12.24 on 5m shares.
They were followed by Arif Habib Corporation, steady by 36 paisa at Rs31.21 on 4m shares, D.G. Khan Cement, firm by 47 paisa at Rs22.50 also on 4m shares and Lucky Cement, higher by Rs2.37 at Rs82.31 on 3m shares.
FUTUE CONTRACTS: Fauji Fertiliser Bin Qasim again led the list of actives on this counter and was marked up by Rs2.29 at Rs63.91 on a large volume of 2.348m shares, followed by National Bank, off Rs1.51 at Rs45.34 on 1.327m shares and Arif Habib Corporation, steady by 11 paisa at Rs31.38 on 0.930m shares.
They were followed by Engro Corporation, off Rs1.96 at Rs141.39 on 0.790m shares and Nishat Mills, higher by Rs2.22 at Rs50.33 on 0.770m shares.
DEFAULTER COMPANIES: Japan Power came in for fresh selling and was quoted lower by seven paisa at Rs0.78 on 0.188m shares followed by Genertech Power, up nine paisa at Rs0.50 on 70,654 shares and Dadabhoy Cement, firm by nine paisa at Rs1.70 on 29,705 shares.
Invest Bank followed them up 13 paisa at Rs0.38 on 14,869 shares and Abdullah Sugar, higher by 95 paisa at Rs8.30 on 10,680 shares and Mubarak Textiles, up 40 paisa at Rs1.80 on 10,000 shares.
Stocks stage rally in the week with high volumes
KARACHI: Stocks at the Karachi Stock Exchange staged smart rally with the KSE-100 index up by 134 points or 1.13 per cent in the five trading sessions that ended on Friday.
At close of the week, the index was perched high at 11,988 points. Average daily traded volume also jumped by 66 per cent to 125 million shares.
The tone was set on Monday, when investors went on a buying spree as the central bank on Saturday announced a surprise 150 basis points cut in discount rate to 12 per cent. Even the best of optimists expected the SBP to slash rates by a maximum 100 bps.
The analysts started to work feverishly on their calculators to upgrade earnings and put up `buy` notes on highly leveraged stocks. Several important sectors were thought to be the beneficiaries of SBP rate cut. Shares in cement, textiles and fertilizer companies kept up the momentum as investors expected huge decline in financial charges.
In the heat of the moment, investors shook off the thought of troublesome frosty relationship with the US, the internal political wrangling and even the important economic indicators, such as the widening of trade deficit to $5.1 billion in first quarter of the financial year 2012, registering a jump of 29 per cent year-on-year. Remittances were down 32 per cent month-on-month to $890 million in September. However, in the first quarter, remittances have scaled by 24.6 per cent year-on-year to $3.3 billion. On a positive note, cut-off yield for 10 year PIB fell by 101bps to 12.24 per cent, owing to the discount rate cut while the rupee hit a two-month high after falling to an all-time low in Sept.
Foreign investors, however, were unmoved by the possible upward revision in corporate earnings due to the heavy rate cut. Even on Monday, when the local individual and institutional investors scrambled to pick up shares on all sectors, foreigners were on balance on the `sell` side.
Aggregate foreign outflows were recorded at $2.8 million for the week as compared to an outflow of $2.7million during previous week, showing a drop of 7 per cent.
It was perhaps only in the last session on Friday that the foreign `buy` amounting to $3.9 million, exceeded the `sell` of $2.1 million, by $1.2 million.
The market was however, unfazed by the foreign investors` offloading, which they thought should be to capitalize on the opportunity to sell scrips that they had earlier bought at low prices.
Going forward most analysts expect the market to gather further steam as the results season sets in on Monday. The Attock Group companies would be one of the first to hold the board meeting next week, which would set the trend.
Earnings announcements for the quarter for most companies are expected to be on the higher side. But some technical analysts, looking closely at the charts, warned that the KSE-100 index at the level of 12,000 would continue to offer strong resistance.
Mohammed Saleem Mansoori

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