DAILY STOCK MARKET UPDATE: 18.11.2011

Stock Karachi Stocks Down 79.35 Points: KARACHI, Nov 17: At close of trading, the KSE-100 index was at 11913.42, down 79.35 points. November 17, 2011 TOP  5  SCRIPTS GAINERS AND LOOSERS: Sanofi-Aventis Rs 4.45 UniLever Pakistan Rs (64.40) Mitchells Fruit Farm Rs 3.80 Nestle Pakistan Rs (31.11) P.S.O. Rs 3.67 Indus Dyeing Rs (19.71) Jubilee Life Ins Rs 2.66 Siemens Pakistan Rs (18.79) KSE 30 – Shares Index Previous 11,333.91,Thursday’s 11,279.32, minus 54.59 points KSE 100 – Shares Index Previous 11,992.77,Wednesday’s 11913.42 , minus 79.35 points MARKET CAPITALIZATION Previous 3,122.909bn, Thursday’s Rs3,103.230bn, VOLUME LEADERS Fatima Fertiliser Co 4,735m, Fauji Fertiliser 1,872m, Pak Oilfields 1,430m, PTCL 1,395m, Engro Corp 1346m, Bank Al Habib 1,185m, DGK Cement 1,164m. TOTAL VOLUME 28.666 shares TOTAL TONE: easy, total listed 638, actives 316, inactives 302, plus 57, minus 146, unchanged 113 Pulls back index by 79 points KARACHI, Nov 17: Lack of triggers and decline in stock prices in regional markets, pulled back KSE-100 index by 79.35 points or 0.66 per cent to close below the 12,000 level at 11,913.42 points on Thursday. Volumes dropped to two-month low level, with aggregate value of shares traded at Rs1.91 billion. Traders said that the rise in international oil prices put some flavour in a couple of major oil and gas stocks. Analyst Ahsan Mehanti observed that the bearish activity was witnessed at the bourse on account of fall in global markets, following Fitch report that raised fear over the European Union debt crises extending to US banks. Most institutional investors were watching closely the movement by foreign investors. The net foreign sale of $1.82 million worth equity by overseas investors a day earlier had dampened the mood of local fund managers. But figures released by the National Clearing Company of Pakistan on Thursday were noted with relief as foreigners turned net buyers of $1.50 million worth equity on Thursday. Investors also moved cautiously as the SBP discount rate policy was due at the end of the month. Faisal Bilwani, analyst at Elixir Securities, commented that the market was directionless, as both institutional and retail investors seemed to be indecisive on which way to move in the absence of triggers and excitement. The gathering dust on the political scene created more confusion that kept market volatile in thin trade. Traders seemed concerned over the fourth straight session of bearish run on Thursday. The biggest losers for the day were Unilever Pakistan, which shed Rs6.40, with the share closing at Rs5527.60. Nestle Pakistan lost Rs31.11 to end at Rs3002.67. Gainers were led by Sanofi-Aventis, up by Rs4.45 to Rs145.00, followed by Mitchells Fruit Farms rising by Rs3.80 to Rs83.00. Trading volume was exceptionally thin at 28.7 million shares, almost half the number of shares traded the previous day at 51.3 million. A total of 146 shares lost value, while 57 gained and 113 closed at their previous values. On the active list, Fatima Fertiliser was again in the lead with business in 4.7 million shares, the stock down 70 paisa to Rs23.16. Another fertiliser scrip, Fauji Fertiliser trading spot, also lost Rs1.85 to Rs181.78 on 1.9 million shares. Pakistan Oilfields gained a tidy sum of Rs2.35 to Rs363.45 on third highest volume of 1.4 million shares. In regard to volumes, PTCL, Engro Corporation also were shade lower than 1.4 million shares. PTCL was up by one paisa to Rs10.87 on 1.4 million shares and Engro Corporation declined by Rs1.10 to Rs132.01 on 1.3 million shares. Bank Al-Habib lost 9 pasia to Rs29.81 on 1.2 million shares; DG Khan Cement was off 18 paisa to Rs21 on 1.2 million shares; NIB Bank slipped by 3 paisa to Rs1.35 on 0.847 million shares; NBP was down by 32 paisa to Rs44.35 on 0.832 million shares and Lotte Pak PTA gave up 12 paisa to close at Rs10.54 on 0.780 million shares. DEFAULTER COS: Service Fabrics came in for selling to lose more than half its negligible price of 33 paisa by 17 paisa on trading in 24,000 shares. Defaulter companies are clearly a nuisance in the market. Investors have often asked for a quick dissolution of such companies and distribution of whatever could be salvaged by sale of assets, among the stakeholders. It is a different matter that shareholders being the owners, would stand last in the row and would receive only whatever can be salvaged after all other creditor interests have been satisfied. Mohammed Saleem Mansoori