DAILY STOCK MARKET UPDATE: 31.01.2012

Stock

Karachi Stocks Down 90.80 Points:
KARACHI, Jan 30: At close of trading, the KSE-100 index was at 11869.42, down 90.80 points. 

January 30, 2012

TOP  5  SCRIPTS GAINERS AND LOOSERS:

Mitchell’s Fruits	Rs 4.15	Unilever Foods	Rs (85.75)
PSO	Rs 3.04	Bata Pakistan	Rs (33.25)
MCBBank	Rs 2.41	Nestle Pakistan	Rs (27.28)
Jubilee Insurance	Rs 1.91	National Refinery	Rs (8.73)
Atlas Insurance	Rs 1.45	Clariant Pakistan	Rs (8.31)

KSE 30 – Shares Index	Previous 11,216.56, Monday’s 11,170.50, minus 46.06 points
KSE 100 – Shares Index	Previous 11,960.22, Monday’s 11,883.01, minus 77.21 points
MARKET CAPITALIZATION	Previous Rs 3,015.71bn, Monday’s 3,085.506bn, minus 20.207bn
VOLUME LEADERS	Fauji Fertiliser 12.947m, J. S. & Co 6.501m, Fauj Fertiliser Bin Qasim,4.499m, Engro Corporation 3.928m, WorldCall Telecom 3.853m shares.
TOTAL VOLUME	Engro Corporation 3.928m, WorldCall Telecom 3.853m shares.
TOTAL	TONE; bearish, total listed 638, actives 303, inactives 335, plus 60, minus 169, unchanged 74

Bearish spell continues on stock market

KARACHI, Jan 30: The share market on Monday maintained its downward drift what the analysts called the extension of week-end sell-off in the absence of demand even at the falling prices on the blue chip counters.
The benchmark index shed another 77.21 points at 11,883.01 eating away most of the gains netted early last week, sending bearish signals among the prospective investors encouraged by the recent relief package announced by the finance minister.
Barring Fauji Fertiliser and some leading oil shares, which maintained their rising trend on stray follow-up support, all other leading base shares came in for renewed selling.
“Then what ails the market,” asks a leading analyst Ahsan Mehanti, “investors seems to be shy of going beyond certain calculated buying limits”.
There is a loud whispering that the credibility gap and political situation is behind the prevailing uncertainty and lack of support, notably from the foreign investors, he said.
“There are also fears among a section of investors that it may be a trap to net in those who may venture to opt for money laundering,” he said commenting on the blanket exemption given to moneyed people.
But analyst Faisal Abbas Rajabali thinks the political uncertainty may be behind the investor reluctance to go for stocks that sill ensure fair capital gains.
He said bullish sparkles here and there initiated by higher corporate earnings, however, failed to sustain the run-up as city law and order situation also took its toll amid reports of target killings.
“Investors seemed to be just marking time after indulging in alternate bouts of buying selling on small margin of profits,” said analyst Samar Iqbal and hoped that some of them would be back in the arena in due course.
No one could deny the fact that the state of the economy, according to central bank, is not that encouraging and the annual growth rate may not be achieved. The package of incentives announced by the finance minister last week for the stock investors should have brought in its fold even the casual investors for short-term capital gains.
On the corporate front, a five per cent cash dividend by Lotte Pakistan seemed to have fallen below market expectations as was reflected by post-dividend selling.
Prominent gainers were led by Mitchell`s Fruit and PSO, up by Rs4.15 and Rs3.04, while top losers included Unilever Foods and Bata Pakistan, off by Rs85.75 and Rs33.25.
Traded volume fell to 67.056m shares from the weekend`s 76m shares as losers topped gainers at 169 to 60, with 74 shares holding onto the last levels.
The active list was topped by Fauji Fertiliser on reports of higher earnings, up 91 paisa at Rs187.08 on 13m shares followed by JS & Co, lower 34 paisa at Rs5.30 on 7m shares, Fauji Fertiliser Bin Qasim, sharply lower by Rs1.82 at Rs46.36 on 5m shares, Engro Corporation, easy by 11 paisa at Rs117.13 on 4m shares, WorldCall Telecom, steady by 15 paisa at Rs1.33 also on 4m shares, Lotte Pakistan, lower 41 paisa at Rs8.39 on 4m shares and D.G. Khan Cement, easy 27 paisa at Rs22.99 on 3m shares.
They were followed by Bank Alfalah, steady by 13 paisa at Rs12.36 on 3m shares, National Bank, off 65 paisa at Rs43.45 on 2m shares and Engro Foods, firm by 23 paisa at Rs26.64 also on 2m shares. FUTURE CONTRACTS:
Fauji Fertiliser also led the list of actives on the forward counter on active support and was quoted higher by Rs1.24 at Rs188.53 on 2.202m shares followed by Fauji Fertiliser Bin Qasim, off Rs1.68 at Rs46.67 on 1.379m shares and Engro Corporation, easy 10 paisa at Rs118.16 on 1.295m shares.
They were followed by D.G. Khan Cement, easy 27 paisa at Rs23.22 on 0.849m shares and National Bank, off 70 paisa at Rs43.85 on 0.475m shares. DEFAULTER COMPANIES:
The active list on this counter was topped by Genertech Power, unchanged at Rs0.35 on 24,814 shares followed by Dost Steel, steady by two paisa at Rs1.34 on 21,770 shares and Shakarganj Foods, up 84 paisa at Rs6.39 on 1,000 shares. All others were also fractionally traded.

Mohammed Saleem Mansoori