Follow by Email

Thursday, 29 March 2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE: 30.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE: 30.03.2012: Stock Karachi Stocks Down 19.49Points: KARACHI, Mar 28: At close of trading, the KSE-100 Index was at 13272.89, down 19.49 poi...

STOCK MARKET UPDATE: 30.03.2012




Stock



Karachi Stocks Down 19.49Points:
KARACHI, Mar 28: At close of trading, the KSE-100 Index was at 13272.89, down 19.49 points.
 March 29, 2012
5 TOP GAINERS  &  LOOSERS

 

Sapphire Fiber

Rs 5.53

Unilever Pakistan

Rs (109.84)

Gatron Industries

Rs 3.82

Bata Pakistan

Rs (28.10)

MCB Bank

Rs 3.54

Indus Dyeing

Rs (21.36)

Hino Pak

Rs 2.74

Nestle Pakistan

Rs (15.05)

Ghani Glass

Rs 2.25

Mitchell’s Farms

Rs (9.57)

 

Equities suffer mild pruning

KARACHI, March 29: The share market on Thursday suffered a mild reaction as a section of investors took profits at the inflated levels but limit-gain by National Bank averted major fall in the benchmark KSE 100-index.
The KSE 100-share index finished with a modest fall of 16.31 points but ended well above the four-year high of 13,560.00 after early having tested 13,641.89, indicating that the pre-April buying euphoria was not overdone.
The weakness of the leading base shares in the oil, fertiliser and some other sectors worked against the underlying sentiment but strong buying in the cement and some low-priced bank shares, notably BankIslami Pakistan, Askari Bank and National Bank neutralised the fallout on the broader market.
It was judicious blend of alternate bouts of buying and selling, which in turn gave the needed depth to the stock market in terms of record volumes, said an analyst.
However, it was too early to speculate that leading investors shifting positions from the high-profile issues to the low-priced ones and heavy daily volumes did not reflect that phenomenon, he added.
“The level of 14,000 or beyond is sure to be hit,” predicts another analyst “but whether or not it will be sustained will be guided by the some of the trading rules under the new CGT”.He said the pre-launch performance of the market and the investor enthusiasm reflected that leading brokers might have found some cues of the provisions and were adjusting positions according to them.
Minus signs dominated the list under the lead of Unilever Pakistan and Bata Pakistan, off by Rs109.84 and Rs28.10, while gainers were led by inactive shares such as Sapphire Fibre and Gatron Industries, up Rs5.53 and Rs3.82 respectively.
Traded volume fell to 344.578m shares and losers held a lead over the gainers at 198 to 123, with 106 shares remaining unchanged at the previous levels.
The active list was topped by Lafarge Pakistan, up 42 paisa at Rs4.38 on 50m shares followed by JS & Co, lower by Rs1.04 at Rs21.35 on 26m shares, Pace Pakistan, steady by 23 paisa at Rs3.13 on 24m shares, Bank of Punjab, lower 32 paisa at Rs10.15 on 21m shares, National Bank, higher by Rs2.15 at Rs45.21 on 17m shares, BankIslami Pakistan, higher by Re1 at Rs8.06 also on 17m shares and Azgard Nine, off 89 paisa at Rs8.43 on 14m shares.
They were followed by D.G. Khan Cement, steady five paisa at Rs34.64 on 12m shares, JS Bank, firm by 15 paisa at Rs6.58 on 11m shares and Askari Bank, up 32 paisa at Rs14.01 on 10m shares.
FUTURE CONTRACTS: Both the settlements of National Bank led the list of actives under the lead of April delivery, up Rs2.15 at Rs45.69 on 2.470m shares followed by its ruling delivery, also rose by the same amount at Rs45.18 on 1.200m shares.
They were followed by D.G. Khan Cement, easy by seven paisa at Rs34.90 on 2.278m shares, Arif Habib Corporation, lower by 56 paisa at Rs31.94 and Engro Corporation, lower Rs1.05 at Rs101.98 on 0.777m shares.
DEFAULTER COMPANIES: The active list on this counter was led by Genertech Power, lower 14 paisa at Rs1.49 on 0.447m shares followed by Dost Steels, steady by seven paisa at Rs2.70 on 0.120m shares and Kohinoor Industries, easy by nine paisa at Rs1.64 on 49,858 shares.
Other actives included Kohinoor Power, up 30 paisa at Rs2.90 on 51,805 shares, Quice Foods, easy by 23 paisa at Rs5.00 on 30,100 shares and Dadabhoy Cement, steady by one paisa at Rs1.73 on 29,963 shares.
DIVIDEND: Pakistan reinsurance Corporation, cash 30 per cent, Alfalah GHP Cash Fund, interim 0.8339 per cent, PICIC Insurance and ALICO, nil for the year ended Dec 31, 2011.

MOHAMMED SALEEM MANSOORI

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 29.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 29.03.2012: Stock Karachi Stocks Down 19.83 Points: KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 po...

DAILY STOCK MARKET UPDATE: 29.03.2012


Stock



Karachi Stocks Down 19.83 Points:
KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 points.
 March 28, 2012
5 TOP GAINERS  &  LOOSERS

 

Unilever Pakistan

Rs 17.38

Nestle Pakistan

Rs (61.41)

Indus Dyeing

Rs 15.38

Colgate Pakistan

Rs (42.80)

Millat Tractors

Rs 6.43

Bata Pakistan

Rs (24.02)

Sapphire Fibres

Rs 5.27

PICT

Rs ( 7.08 )

Pakistan Petroleum

Rs 4.68

Shezan Intl

Rs (4.03)

 

KSE 100-index gains another 125 points

 

KARACHI, March 28: The stock market on Wednesday consolidated previous gains on active follow-up support on selected counters but instances of profit-selling at the inflated levels were not wanting.
The benchmark KSE 100-index managed to put on a fresh sharp rise of 125.68 points at 13,375.41 as most of the leading base shares in the oil and some other sectors were traded higher on renewed support.
Where the index will settle before the reformed Capital Gains Tax takes effect on April 1 is anybody’s guess but some analysts think it could confidently settle close to its next target of 14,000.
Leading base shares remained in active demand barring some fertiliser shares, notably Engro Corporation but cement shares came in for fresh support on reports of higher export sales and so did food shares, notably Unilever Foods and oil shares under the lead of Pakistan Oilfields, Pakistan Petroleum, Attock Petroleum and some others came in for active support and kept the market in a positive mood.
The bulk of the activity again remained confined to the low-priced sector under the lead of Azgard Nine and TRG Pakistan followed by some others, which together accounted for a half of the total turnover.
Floor brokers said investors were, however, not inclined to miss the active sector, which has recently assumed the role of a market trend-setter in term of volume leaders.
“Investors seemed to be in a mood to keep the market in a good shape until April 1 when the keenly-awaited reformed CGT leads the market,” they said.
Analysts said the reformed CGT may have certain positive points but the pre-advent buying euphoria or optimism linked to it may not address all the negatives facing the market just in one-go.
Plus signs again led the list under the lead of Unilever Pakistan and Indus Dyeing, while losers were led by Nestle Pakistan and Colgate Pakistan, off Rs61.41 and Rs42.80 respectively.
The traded volume soared to 450.238m shares from the previous 353m shares as gainers held a modest lead over the losers at 158 to 153 with 64 shares holding on to the last levels.
The active list was led by Bank of Punjab, off Re1 at Rs10.47 on 36m shares followed by Azgard Nine, lower 55 paisa at Rs9.32 on 33m shares, JS & Co, up 79 paisa at Rs22.39 on 32m shares and TRG Pakistan, firmer by 15 paisa at Rs4.33 on 27m shares.
Lafarge Pakistan, easy one paisa at Rs3.96 on 21m shares, Bank Alfalah, higher by 88 paisa at Rs16.06 on 20m shares and Fauji Cement, easy by four paisa at Rs5.51 on 19m shares.
They were followed by Soneri Bank, higher by 81 paisa at Rs6.17 on 18m shares, D.G. Khan Cement, up 90 paisa at Rs34.59 on 17m shares and Arif Habib Corporation, lower 19 paisa at Rs32.16 on 15m shares.
FUTURE CONTRACTS: The active list on this counter was led by D.G. Khan Cement on strong buying aided by higher earnings, up 89 paisa at Rs34.97 on a large volume of 7.030m shares followed by its March settlement, up also by the same amount at Rs34.63 on 2.356m shares and Arif Habib Corporation, lower 14 paisa at Rs32.50 on 2.025m shares.
They were followed by Bank Alfalah, higher 92 paisa at Rs16.33 on 1.723m shares and Engro Corporation, off 79 paisa at Rs103.03 on 1.336m shares.
DEFAULTER COMPANIES: Mixed trend was witnessed on this counter as investors played on both sides of the fence under the lead of Dadabhoy Cement, off 28 paisa at Rs1.72 on 0.287m shares followed by Quice Foods, higher by 45 paisa at Rs5.23 on 1.489m shares and Dost Steels, easy 11 paisa at Rs2.63 on 0.100m shares.
Other actives were led by Genertech Power, up 16 paisa at Rs1.63 on 0.140m shares, Kohinoor Industries, firm by four paisa at Rs1.73 on 41,616 shares and Kohinoor Power, easy by 18 paisa at Rs2.60 on 24,505 shares.

 

Demutualisation to be completed in 4 months


ISLAMABAD: The stock exchanges would be corporatised and demutualised in four months ending the reign of brokers by segregating the ownership and trading rights at the bourses, Securities and Exchange Commission of Pakistan Chairman Muhammad Ali said on Wednesday.
Addressing a press conference, the SECP chairman informed about the transition process after the demutualisation law is finally implemented after the presidential assent.
“The major advantage of demutualisation of stock exchanges is that the brokers would not have 100 per cent ownership rights.
Once the process is complete, a certain percentage of shareholding would remain with the brokers. Whereas the general public and strategic investors would obtain shareholding of the stock exchanges, which would be turned into companies,” Ali said.

“The status of the stock exchanges would be changed from limited by guarantee to the public limited company. The public limited companies themselves would be listed on the stock exchanges, and ultimately segregate ownership and trading rights,” he explained. He further said that an investment bank of international repute would be appointed for evaluation of the stock exchanges after demutualisation.
Responding to a query on the merger of stock exchanges, the SECP chairman said that the merger will be the decision of stock exchanges.
“The stock exchanges desirous of integration/merger or to merge into one entity will be required to submit a scheme of integration to the commission. The SECP shall have the powers to approve the scheme of integration and effectuate transfer of rights and obligations as if the scheme was approved by the court.”
After demutualisation of stock exchanges, the only way to increase value of shares is by increasing profitability of the stock exchanges.
“When general public will come into the stock exchanges, the confidence of the investors will further increase and values of the shares would show further improvement,” Ali said.
He said that brokers control will also come to an end as they are required to fulfill the stringent fit and proper criteria and cannot have automatic trading rights by virtue of being member of the exchange.
The management of the stock exchanges would be able to work independently without being influenced by brokers which is a good omen for investors as well as general public, he commented.
Under the law, up to 40 per cent shares would be offered to the strategic investors and local financial institutions, general pubic would be offered 20 per cent shares and 40 per cent shares would be offered to the brokers.
Another major feature of demutualisation is that the composition of the board of directors of the stock exchanges will be changed, with the management, board and shareholders becoming independent.
After demutualisation, out of 10 directors, six directors will be nominated by the SECP from private sector whereas the remaining four directors would be elected.
“It would bring balance among interest of different stakeholders in the corporate and governance structure of the stock exchanges,” Ali said.
“These steps to open up the stock markets would result in expanding the outreach of capital markets and would attract investors from small cities and far flung areas.” The SECP chairman hoped that the supervision and enforcement functions would become more effective after demutualisation of exchanges.
He further informed that new memberships at stock markets would not open for at least another three years after demutualisation law is enforced. “The SECP is planning to launch various categories of memberships after the period to increase participation of investors.”

MOHAMMED SALEEM MANSOORI

Tuesday, 27 March 2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY LATEST STOCK MARKET UPDATE:28.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY LATEST STOCK MARKET UPDATE:28.03.2012: Stock Karachi Stocks Down 19.83 Points: KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 po...

DAILY LATEST STOCK MARKET UPDATE:28.03.2012


Stock



Karachi Stocks Down 19.83 Points:
KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 points
.
March 27, 2012
5 TOP GAINERS  &  LOOSERS


Nestle Pakistan

Rs 114.58

Colgate Palmolive

Rs (45.13)

Indus Dyeing

Rs 18.43

Unilever Pakistan

Rs (19.00)

Mithchell’s Fruit

Rs 8.53

Bata Pakistan

Rs (11.27)

MCB Bank Ltd

Rs 4.50

PICT

Rs (5.09)

EFU General

Rs 4.04

Island Textile

Rs (3.49)

 

Equities settle above 13,400-level

 

KARACHI, March 27: Shares at the Karachi Stock Exchange rallied on Tuesday led by the low-priced scrips that pushed KSE-100 index above the 13,400 level.
Trading interest dominated any concerns over the law and order situation. Investors were enthusiastic about rumours over some positive news by the end of current week, on the reformed Capital Gains Tax implementation regime from April 1.
Samar Iqbal, equity dealer at Topline Securities, said that the activity was concentrated in mid and big capped stocks.
Ahsan Mehanti at Arif Habib Corporation observed that the stocks turned bullish based on institutional interest in blue-chip cement, oil and banking stocks on hopes for improvement in Pak-US relations following the meeting of Pakistan Prime Minister with US President in Seoul for joint efforts on nuclear safety.Sibtain Mustafa, analyst at Elixir Securities, mentioned that banking stocks steered the index with National Bank NBP ending the day at its upper-lock with whispers of foreign buying.
Following the momentum, majority of banking stocks bounced from the lows as speculative money found its way. Investors continued to build positions primarily on expectations of higher earnings and low provisioning in quarterly results.
The KSE-100 index gained 163 points on Tuesday to close the day’s trading at 13,449.73 points. Volume of business scaled to 352.8 million shares, up from 278.0 million shares a day earlier.
The highest gainers for the day were Nestle Pakistan, which rose by Rs114.58 to close at Rs4,476.41, followed by Indus Dyeing up by Rs18.43 to Rs411.85. The largest falls were recorded in Colgate Palmolive down by Rs45.13 to Rs857.48 and Unilever Pakistan Ltd declining by Rs19 to Rs5,681.00.
In a total of 375 active issues, 204 shares ended in the plus column; 113 in minus and 58 shares remained unchanged.
Among the most active issues, WorldCall Telecom topped with trading in 27.7 million shares, up by 22 paisa to close at Rs3.30.
It was followed by Azgard Nine showing turnover of 26.4 million shares, higher by Re1 to end at Rs9.87.

Fauji Cement saw trading in 24.3 million shares, up 25 paisa to Rs5.55; NIB Bank Limited down 2 paisa to Rs2.80 on 17.3 million shares; Lafarge Pakistan gaining 19 paisa to Rs3.97 on 16.5 million shares; D.G. Khan Cement up by Rs1.59 to end at Rs33.69 on 14.8 million shares; Japan Power adding 36 paisa to Rs2.07 on 13.0 million shares; Bank Alfalah up 60 paisa to Rs15.18 on 10.7 million shares; SilkBank edged higher by 7 paisa to Rs2.92 on 10 million shares and TRG Pakistan down 23 paisa to Rs4.18 on 9.8 million shares.
FUTURES CONTRACTS: On the Futures counter, D.G. Khan Cement March contract, led with gains of Rs1.57 to end at Rs33.74 on 3.5 million shares. Its April contract also jumped Rs1.60 to Rs34.08 on 3.2 million shares.
National Bank of Pakistan was up by Rs1.87 to Rs40.99 on 1.3 million shares. Arif Habib Corporation Limited also saw strong gains with its March contract up Rs1.03 to close at Rs32.42 on 1.9 million shares and its April contract up by Rs1.20 to close at Rs32.64 on 1.7 million shares.

 

Demutualisation Bill 2009 passed


ISLAMABAD, March 27: The Stock Exchanges (Corporatisation, Demutualisation and Integration) Bill 2009 was unanimously passed in the joint session of the Parliament on Tuesday.
Minister for Religious Affairs Syed Khursheed Ahmad Shah piloted the said bill to the House. This is the first bill to be approved in the joint session of Parliament after the 18th Amendment.
The bill gives out a positive signal to investors and other stake holders that the excessive control enjoyed by brokers over the stock markets would end.
Though welcomed by stakeholders including the corporate sector regulator and stock markets, some brokers of the Karachi Stock Exchange have termed the demutualisation of stock exchanges a ‘theoretical effort’ that would not have any significant impact on capital markets.
“The bill will not create activity overnight in the markets. Many factors including security are needed to reinstate investor confidence,” said Director KSE Yasin Lakhani.
“Demutualisation would lead to more bureaucratic involvements in the affairs of the capital markets,” he added.
However, passing of the Demutualisation Law has been welcomed by the management of Islamabad Stock Exchange and Lahore Stock Exchange.
MD Islamabad Stock Exchange Mian Ayaz Afzal welcomed the decision and said that the law would bring more transparency in capital markets which would lead to a higher degree of trust among the investors.
“Currently the stock exchanges have become elite clubs and the doors are not open for everybody. This is the beginning of a new era for capital markets but the results will be visible in short time period”
He said that due to lack of resources, the exchanges have not been able to grow as per the market potentials, while the trading activity remained limited to three cities with the major share going to KSE.
An official of SECP said that Demutualisation Law provides a framework for the corporatisation and integration of the stock exchanges.
“Twenty percent shares of the stock exchanges would be owned by the general public,” said Chairman SECP Muhammad Ali.
“The most significant benefit of demutualisation is that the supervision and enforcement in stock exchanges will not be in the hands of the brokers. It will also assist in expansion of market outreach, resulting in larger number of investors, improved liquidity and better price discovery. Besides, a demutualised stock exchange will be in a better position to attract international strategic partners and good quality issuers,” Ali commented.
The law requires the stock exchanges to be demutualised within 119 days of its promulgation.
Presently the Pakistani stock exchanges are operating as non-profit companies with a mutualised structure where the members have ownership as well as trading rights. This structure creates conflict of interest as members predominantly control the affairs of the stock exchange which results in lack of transparency in the operations and compromises investors’ interest.
Senior member of KSE, Arif Habib while welcoming the Demutualisation Law, downplayed the notion that business would shift away from KSE.
“The role and responsibilities of managements of stock exchanges have increased. Now it is up to the professional management of the stock exchanges to invite new investors and ensure growth in the markets- which is a positive sign,” he said.
Commenting on speculative market trends, he said that the joint efforts of SECP and the stock markets are always needed to ensure fair market practices.
Pakistan was among the few growing markets lacking demutualisation as almost all stock exchanges worldwide operate in a demutualised set up.
While this bill has been approved by the parliament but four other draft laws of the corporate regulator are awaiting approval including Securities Law, Futures Trading Law, SECP Law and Corporate Rehabilitation Law.

ANNOUCEMENTS/COMPANIES NEWS:

1. MCB Bank declares dividend

 

KARACHI, March 27: The Board of Directors of MCB Bank on Tuesday approved a final cash dividend at 30 per cent and a 10 per cent bonus issue.
A 90 per cent interim cash dividend was also paid last year.
Chairing the annual general meeting Director MCB Bank Aftab Ahmad Khan said the bank posted 20 per cent and 15 per cent increases in profit before and after tax, respectively.
Net interest income increased by 21 per cent over the last year with non-markup income rose 29 per cent to Rs8.112 billion.
Provisions for the period were reported at Rs3.654 billion with a nominal increase of 2 per cent over last year.

The bank’s assets registered a 15 per cent increase to Rs653.233 billion. Investment portfolio increased by Rs103.6 billion over 2010 with a higher concentration in risk free government securities.
Gross advances were reported at Rs248.135 billion, a decrease of nine per cent over 2010, mainly on account of conversion of commodity financing and circular debt exposure to risk free government securities.
Bank deposits went up by 14 per cent, with 11 per cent and 16 per cent increases reported in current and saving deposits respectively, maintaining CASA at 81 per cent. Earnings per share on 31 December, 2011 were Rs23.23 compared to Rs20.18 for a year earlier.—PPI

2. Highnoon Lab declares dividend
LAHORE – The Board of Directors of Highnoon Laboratories Limited in its meeting held recommended cash dividend of Rs3.00 per share to the shareholders for the year ended 31 December 2011, says a press release.Tausif Ahmad Khan, Chairman of the Company informed the members of the Board that 2012

 

MOHAMMED SALEEM MANSOORI

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 27.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 27.03.2012: Stock Karachi Stocks Down 19.83 Points: KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 po...

DAILY STOCK MARKET UPDATE: 27.03.2012


Stock



Karachi Stocks Down 19.83 Points:
KARACHI, Mar 27: At close of trading, the KSE-100 index was at 13273.29, down 19.83 points.
March 26, 2012

5 TOP GAINERS  &  LOOSERS


Unilever Foods

Rs 15.00

Nestle Pakistan

Rs (41.26)

Attock Petroleum

Rs 8.26

Colgate Pakistan

Rs (13.92)

Linde Pakistan

Rs 3.08

Fazal Textiles

Rs (11.50)

Shahtaj Sugar

Rs 2.90

Javedan Cement

Rs (4.29)

Service Industries

Rs 2.85

Clariant Pakistan

Rs (3.16)

 



Stocks manage modest gains:


KARACHI, March 26: The stock market on Monday shrugged off the weekend easiness as investors covered positions at the lower levels mostly in the second-liners amid an actively traded session.
The benchmark KSE 100-index managed to put on a modest gain of 13.44 points but ended well below the session`s peak level of 13,306.03 points at 13,286.73 but blue chip sector lacked normal support and traded lower under the lead of fertiliser shares.
The movements in the index may remain slow until a large section of investors opt for the blue chips, notably the oil and fertiliser sectors, many analysts believe.
Much of the activity again remained confined to the low-priced shares, which accounted for about a half of the total volume.
“Higher open interest in the future contracts continued to be the hallmark of the activity for the last couple of weeks,” said a leading analyst Samar Iqbal and added million of shares changed hands in a week on small margin of profits”.
He said much of the selling in futures contracts, which mostly remained confined to fertiliser sector under the lead of Engro Corporation, D.G. Khan Cement and Fauji Fertiliser Bin Qasim did cause sympathetic selling in their ready shares on conflicting reports about the gas supply.
But analyst Ahsan Mehanti said the market was currently passing through a consolidation phase being in overbought condition and may stabilise above the index level of 13,000 by the first week of April.
“The advent of reformed Capital Gain tax by April 1 may not end all the investor worries,” he said, “but easy supply of money may work as far as the selected sectors are concerned”.
Plus signs dominated the list under the lead of Unilever Foods and Attock Petroleum, up by Rs15.00 and Rs8.26, while losers were led by Nestle Pakistan and Colgate Pakistan, off Rs41.26 and Rs13.92 on renewed selling.
Traded volume rose to 278.010m shares from the previous 226m shares as gainers held a strong lead over the losers at 190 to 119, with 55 shares holding on to the last levels.
The active list was led by Azgard Nine, higher Re1 at Rs8.87 on 31m shares followed by TRG Pakistan, firm by 42 paisa at Rs4.41 on 25m shares, Engro Polymer, steady by 32 paisa at Rs11.30 on 19m shares, WorldCall Telecom, up higher by 45 paisa at Rs3.08 on 18m shares, KESC, firm by 69 paisa at Rs4.18 on 15m shares, Arif Habib Corporation, up Rs1.47 at Rs31.29 on 11m shares and JS & Co, higher Re1 at Rs20.58 on 10m shares.
They were followed by Lotte Pakistan, higher by 50 paisa at Rs8.50 on 10m shares, JS Bank, steady by one paisa at Rs6.82 on 9m shares and Soneri Bank, up 52 paisa at Rs7.57 also on 9m shares.
FUTURE CONTRACTS: The active list was led by D.G. Khan Cement, as its March contract fell by 18 paisa at Rs32.17 on 2.394m shares, while its April contract was quoted higher by 13 paisa at Rs32.48 followed by Arif Habib Corporation, higher by Rs1.44 at Rs31.39 on 2.290m shares.
Both the settlements of Engro Corporation fell by Re1 for the March contract, while April delivery was quoted nominally lower by one paisa at Rs104.10 on 1.272m and 1.011m shares respectively.
DEFAULTER COMPANIES: Active trading was witnessed on this counter under the lead of Genertech Power, steady by 12 paisa at Rs1.05 on a large volume of 0.335m shares followed by Dost Steels, unchanged at Rs2.79 on 0.183m shares and Quice Foods, off 21 paisa at Rs5.01 on 0.133m shares.
Other actives were led by Kohinoor Industries, lower by three paisa at Rs1.70 on 50,339 shares, Kohinoor Power, up 23 paisa at Rs2.80 on 25,262 shares and Saritow Spinning, higher nine paisa at Rs1.60 on 22,523 shares.
DIVIDEND: Highnoon Labs, cash final at the rate of 30 per cent, Security Investment Bank, nil for the year ended Dec 31, 2011.



ANNOUCEMENTS/COMPANIES NEWS:

1. Foreign strategic investor quits Hubco

KARACHI, March 26: The foreign majority shareholder in Hub Power Company Limited (Hubco) the country`s largest Independent Power Producer (IPP) stepped out, selling all of its strategic holding to the local conglomerates.
Hubco announced on Monday that its major shareholder National Power International Holdings B.V, had entered into `share sale-purchase agreement` to divest its entire 17.44 per cent controlling stake in Hubco at a price of Rs31 per share.
The market calculated that the deal would therefore be sealed at price of Rs6.3 billion or $70 billion, converted at the current dollar/rupee parity.
The National Power holds 201.8 million shares, which would be acquired by two major groups: The Dawood Group and the Allied Bank Limited. The former has made acquisition through three separate entities: Dawood Hercules Corporation 35.48 per cent shares; Dawood Hercules Fertiliser (wholly owned subsidiary of Dawood Hercules Corporation) 102.26 million stock and Cyan (formerly Central Insurance Company) 32.3 million shares.
The other major buyer Allied Bank Limited, which has acquired 31 million shares, is an Ibrahim Group company that already holds 44 million or 3.8 per cent of the Hubco stock.
In the autumn of 2011, the other major foreign sponsor in Hubco, Xenel had called quits, divesting its entire shareholding of 140 million shares (12.3 per cent) at price of Rs37 per share. That deal had resulted in outflow of $60 million.
At the time of project inception in 1994 the two sponsors cumulatively owned 34.9 per cent holding or 404 million shares International Power 20.4 per cent and Xenel 14.5 per cent.
The current deal is subject to regulatory approvals, including consent of the government. But people close to the company have exuded mixed reactions.
A person familiar with the developments, who asked not to be named, said that the exit of foreign investment from the country was a matter of concern. He believed that the decision of International Power was prompted by the long lingering unresolved issue of circular debts. He said that power sector reforms were required to retain foreigners` interest in the country`s energy sector.
Another person well-connected with the power company was keeping spirits high. He thought that the majority shareholder had not made a country-specific decision but as a `strategic move in line with its objectives in the region`.
He said that it was good omen for the largest power project to pass on to the hands of strong local groups.
Dawood Group is in numerous businesses including fertilisers, chemicals, power, foods, insurance and gas distribution, while Allied Bank (Ibrahim Group) has also the experience of running fibre and leasing businesses.
It also is thought to have acumen in the commercial banking in the country, as the group`s Allied Bank is among the big-five banks` slot.
Regarding the prognosis for smaller investors in Hubco, analysts said that the company had as high as 80 per cent `free float` of shares in the market.
Fundamentally, Hubco is thought to be an attractive stock that has paid regular cash payouts at 100 per cent since financial year 2009. The company has guaranteed, high quality earnings, owing to the sale of 64.6 per cent (parent project) of its dependable capacity at a pre-fixed tariff that ensures a real US dollar based return.
The Hubco stock has however fallen out of favour with investors this year represented by 3 per cent negative return year-to-date quite in contrast with the gain of 17 per cent in KSE-100 index.
MOHAMMED SALEEM MANSOORI

 

Wednesday, 21 March 2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 22.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 22.03.2012: Stock Karachi Stocks Down 18.05 Points: KARACHI, Mar 21: At close of trading, the KSE-100 index was at 13285.28, down 18.05 poi...

DAILY STOCK MARKET UPDATE: 22.03.2012


Stock



Karachi Stocks Down 18.05 Points:
KARACHI, Mar 21: At close of trading, the KSE-100 index was at 13285.28, down 18.05 points.
March 21, 2012
5 TOP GAINERS  &  LOOSERS


Unilever Foods

Rs 50.00

Rafhan Maize

Rs (138.72)

Wyeth Pakistan

Rs 12.24

Unilever Pakistan

Rs (116.78)

Mithchell’s Fruit

Rs 8.74

Linde Pakistan

Rs (4.49)

Tri-Pack Films

Rs 7.00

Packages

Rs (4.22)

Nestle Pakistan

Rs 5.89

Pakistan Tobacco

Rs (2.66)

 

Karachi Stocks-mixed trading


KARACHI, March 21: The share market on Wednesday turned mixed as investors again played on both sides of the fence indulging in alternate bouts of buying and selling but the underlying sentiment remained steady.
After early moving to session’s high of 13,399.39, the KSE 100-share index finally fell modestly lower by 10.21 points at 13,293.12 as compared to previous 13,303.33 points.
But its junior partner, the KSE 30-share index suffered a large decline of 109.94 points at 11,630.49 as its leading base shares came in for active selling and fell sharply lower.
The activity was, however, a bit cautious ahead of hearing of contempt case against the prime minister by the Supreme Court and investors remained confined to low-risk areas throughout the session.
The market appears to be in a consolidation phase as the benchmark came in for active selling after it crosses the level 13,300, analyst Ahsan Mehanti said, “rumours about the advent of the reformed Capital Gain Tax (CGT) by the reported date of April 1, keep investors in two minds and they play on both sides of the market.
The fact that the broader market performed well reflects that investors are adjusting positions on various counters according to their perceptions ahead of the pre-determined date.
But analyst Samar Iqbal thinks the reluctance of the benchmark to tread beyond 13,300-level inducts bears in the trading scene and they take profit.
Leading gainers were led by Unilever Foods and Wyeth Pakistan, up by Rs50.00 and Rs12.24, while top losers included Rafhan Maize and Unilever Pakistan, off by Rs138.72 and Rs116.78.
Traded volume rose to 266.068m shares from the previous 248m shares as gainers topped the losers by 159 to 137, with 91 shares holding onto the last levels.Bulk of the activity again remained on the low-priced counters under the lead of JS & Co, up 62 paisa at Rs18.58 on 30m shares followed by TRG Pakistan, steady by 45 paisa at Rs4.08 on 27m shares and JS Bank, firmer 16 paisa at Rs6.94 on 14m shares.
Other actives were led by NIB Bank, up 28 paisa at Rs2.69 on 11m shares, BankIslami Pakistan, off 57 paisa at Rs6.07 on 10m shares, Lafarge Pakistan, easy four paisa at Rs3.84 on 9m shares and WorldCall Telecom, firm by six paisa at Rs2.55 also on 9m shares.
They were followed by D.G. Khan Cement, higher by 18 paisa at Rs31.99 on 9m shares, Dewan Cement, lower 14 paisa at Rs4.40 on 7m shares and Bank of Punjab, up 22 paisa at Rs8.56 also on 7m shares.
FUTURE CONTRACTS: The active list was led by D.G. Khan Cement, firm by eight paisa at Rs32.06 on 2.388m shares followed by National Bank, easy 24 paisa at Rs40.53 on 1.728m shares and Engro Corporation, steady by 26 paisa at Rs106.92 on 1.198m shares.
They were followed by Arif Habib Corporation, easy by 35 paisa at Rs30.01 on 0.982m shares and Attock Refinery, up Rs1.08 at Rs128.23 on 0.874m shares.
DEFAULTER COMPANIES: The active list was led by Dost Steels, up by 58 paisa on a large volume of 1.428m shares followed by Quice Foods, higher by 96 paisa at Rs5.19 on 0.320m shares and Kohinoor Industries, easy by seven paisa at Rs1.70 on 0.119m shares.
They were followed by Brothers Textiles, higher by 22 paisa at Rs1.49 on 83,923 shares, Genertech Power, steady seven paisa at Rs0.98 on 50,109 shares and Kohinoor Power, higher by 19 paisa at Rs2.65 on 21,862 shares.
DIVIDEND: Pakistan Tobacco, final 10 per cent.

Regulators speed up delisting of companies

KARACHI, March 21: The capital market regulators have proceeded to speed up the ‘delisting’ of defaulter companies and understandably so.
Shares have rallied at the stock market, carrying the KSE-100 index considerably above the 13,000 level. And everyone who has anything to do with the stocks knows that beyond the 9,000 points, the market has been supported by what are referred to as ‘second and third-tier stocks’.
A long list can be drawn of such stocks that have awakened from years of hibernation and climbed to dizzy heights.
Almost two dozen companies have seen their stocks jump between 50 to 450 per cent in the last two months — from their previously frozen values. Is that all value-addition genuine or are unsuspecting small investors being trapped?
Retail investors with small means are picking up low priced stocks of companies that are either dead or dying. All that the regulators seem to have thought of is to glance deeper into such companies that come handy and go along with delisting or suspension.
Compared to just 7 companies last year, a total of 47 companies have already been ‘delisted’ during the current year, including 22 companies in the month of March alone.
Even so, many market watchers believe that the action of ‘suspension and delisting’ may have come too late.
The regulators have mentioned that suspension and delisting have been ‘in the interest of trade and public’ and to warn new shareholders of the pitfalls. But how about the small shareholders already stuck up with shares that they hold in such companies. And many thousand more who may have only recently bought the ‘second and third tier’ worthless stocks. When the tables are finally turned, it would surely be those unlucky retail investors who would be under them. Should the regulators have acted earlier and put up lifeguards to keep such innocent small shareholders away? May be, but it appears that the rule of ‘caveat emptor’ (buyer beware) prevails.On Wednesday, the KSE issued yet another notice to suspend trading in a dozen companies. The reason for the suspension was noted as “failure to company with the instruction of the exchange to fulfill the requirements of Listing Regulation regarding the induction of shares of companies into the Central Depository System (CDS) within 90 days ie up to March 21. The companies included: Sardar Chemical Industries; Climax Engineering Company; Shakerganj Foods; Data Agro; Gauhar Engineering; Fatima Enterprises; Fateh Industries; Fateh Sports Wear; Globe Textile Mills (OE); Ishtiaq Textile Mills; Noor Silk Mills and Suhail Jute Mills.
The KSE stated that trading in shares of those would be suspended wef March 22.
The bourse said that the sponsors/majority shareholders of the concerned companies were directed to provide to all concerned shareholders an option for selling their shares to them at a price fixed by the Exchange in accordance with Regulations, followed by delisting of the companies.
The KSE issued a threat that made some people chuckle: “In case of failure of the sponsors/majority shareholders of the companies to comply with the compulsory buy back direction within 30 days ie up to April 20, the Exchange will proceed to delist such companies under the Listing Regulations” and the bourse also issued a warning that seemed to sound almost hollow: “The cases of the companies will also be forwarded to the SECP for initiating further action under the Companies Ordinance,
1984 against the companies/management as may be deemed appropriate.”

 MOHAMMED SALEEM MANSOORI

Tuesday, 20 March 2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 21.03.2012

KARACHI STOCK EXCHANGE-DAILY MARKET TREND: DAILY STOCK MARKET UPDATE: 21.03.2012: Stock   Karachi Stocks Up 225.61 Points: KARACHI, Mar 20: At close of trading, the KSE-100 index was at 13303.33, up 225.61 po...

DAILY STOCK MARKET UPDATE: 21.03.2012


Stock



 Karachi Stocks Up 225.61 Points:
KARACHI, Mar 20: At close of trading, the KSE-100 index was at 13303.33, up 225.61 points.
March 20, 2012
5 TOP GAINERS  &  LOOSERS


Unilever Pakistan

Rs 269.78

Unilever Foods

Rs (79.50)

Nestle Pakistan

Rs 180.44

Pak Gum Chemical

Rs (2.86)

Millat Tractors

Rs 8.75

Pak Tobacco

Rs (2.80)

Mithchell’s Fruit

Rs 8.34

Exide Pakistan

Rs (2.79)

Pakistan Oilfields

Rs 7.68

Atlas Battery

Rs (2.34)

Stocks recover 225 points on foreign buying


KARACHI, March 20: Stocks were back on the rails on Tuesday as investors covered positions at the overnight lower levels under the lead of oil and fertiliser sectors amid an actively traded session.
There was no trace of the overnight sell-off as most of the investors who liquidated long positions on the low-priced shares again covered positions at the decline pushing the market back on the recovery path, floor brokers said.
The market’s buoyant mood may well be had from the fact that the KSE 100-index recouped most of the overnight losses and was quoted higher by 225.61 points or 1.73 per cent and drove bears out of the market.
The negative rumours about the delay of introduction of the reformed Capital Gains Tax by April 1 did not prove correct and investors resumed normal activity on the sectors of their choice.
Engro and ICI Pakistan, which have been under pressure for the last couple of sessions on various reasons including the reports of cut in gas supplies and lower earnings respectively, recovered in part the previous losses, floor brokers said.
But the credit for putting the market back on the track largely goes to the leading oil shares under the lead of OGDC, Pakistan Oilfields, PSo, Attock Petroleum and Shell Pakistan, which remained in demand by both the local and foreign investors, they said.
However, bulk of the support remained confined to the low-priced shares, which were the scene of a massive buying and in a way put the market back on the rails amid an actively traded session.
Leading gainers were led by Unilever Pakistan and Nestle Pakistan, higher by Rs269.78 and Rs180.44, while among the top losers, Unilever Foods and Pak Gum Chemicals were leading, off Rs79.50 and Rs2.86 respectively.
Traded volume suffered a fresh modest fall at 247.813m shares from the previous 257m shares, bulk of which was again shared by the undervalued shares.
The active list was topped by JS & Co, higher by 57 paisa at Rs17.96 on 44m shares followed by D.G. Khan Cement, up 51 paisa at Rs31.81 on 15m shares, JS Bank, higher by 96 paisa at Rs6.78 on 14m shares, Lafarge Pakistan, firm by 29 paisa at Rs3.88 also
on 14m shares, JS Investments, steady by 12 paisa at Rs10.41 on 11m shares, TRG Pakistan, higher by 26 paisa at Rs3.63 on 10m shares and National Bank, higher by 66 paisa at Rs51.78 on 8m shares.

They were followed by Dewan Cement, firm by 32 paisa at Rs4.54 on 8m shares, Soneri Bank, higher by 56 paisa at Rs6.96 also on 8m shares and Fauji Cement, firm by 26 paisa at Rs5.44 also on 8m shares.
FUTURE CONTRACTS: The active list was topped by D.G. Khan Cement, higher by Rs1.52 at Rs31.98 on 3.327m shares followed by Engro Corporation, higher by Rs4.86 at Rs106.66 on 2.459m shares and National Bank, up 70 paisa at Rs40.77 on 2.293m shares.
They were followed by Arif Habib Corporation, up 92 paisa at Rs30.36 on 1.632m shares, Fauji Fertiliser Bin Qasim, lower 30 paisa at Rs41.67 on 0.818m shares.
DEFAULTER COMPANIES: Dost Steels led the list of actives, easy by eight paisa at Rs2.50 on 0.175m shares followed by Genertech Power, lower 14 paisa at Rs0.91 on 54,912 shares, Kohinoor Power, easy 11 paisa at Rs2.46 on 30,267 shares.
They were followed by Kohinoor Industries, lower seven paisa at Rs1.77 on 65,145 shares and Mukhtar Textiles, lower seven paisa at Rs0.53 on 28,960 shares.
DIVIDEND: KSB Protected Gold Fund, 5.24 per cent and Askari General Insurance 5 per cent bonus shares.

ANNOUCEMENTS/COMPANIES NEWS:

1. Mari Gas begins additional supply to SNGPL

KARACHI, March 20: Mari Gas Company Limited (MGCL), a stock market listed company, announced on Tuesday that the company had started supplying 44mmcf per day gas to the Sui Northern Gas Pipelines (for Wapda) w.e.f. March 10 from Mari Field (Mari Deep Reservoir) to meet the energy demands of the country.
“By supplying additional 44 mmscf/d gas, Mari Gas has achieved the hallmark of supplying more than 600 mmscf per day of gas from Mari field,” the company said.
It also stated that the company had commenced production from its oil well Halini X-1 in Karak Block.
The current production was 650-660 barrels per day.
Mari has 60 per cent share in the joint venture.
“It is expected that the enhanced production by the company would continue to make significant contributions in meeting country’s energy needs,” Mari gas said.
Gas supply to Engro
Engro Corporation announced on Tuesday morning that Sui Northern Gas Pipelines Limited (SNGPL) had written to the company’s 100 per cent owned subsidiary Engo Fertilizers Limited that they were “expecting normalization of transmission system” and that gas resumption may start from 6pm on Tuesday evening.”
The company stated that on that basis, urea production was expected by Friday (March 23).
The investors at the Karachi Stock Exchange scrambled to buy back the stock sold on Monday on news of gas supply cut down.
The Engro stock on Tuesday, recouped all of the Monday’s loss, rising by Rs4.94 to close at Rs106.27.

2. Pakgen reports net profit at Rs1.37bn

KARACHI, March 20: Pakgen Power Limited (formerly AES Pak Gen Company Limited) — a Nishat group independent power plant (IPP) — reported profit after tax (PAT) at Rs1.37bn for the year ended Dec 31, 2011, down from Rs1.54bn the previous year.
The profit represented earnings per share (eps) at Rs3.68 and Rs4.13. A final cash dividend at Rs1.50 (15pc) for the year ended Dec 31, 2011 was recommended by the directors.
The company’s revenue increased to Rs31.3 billion, from Rs20.5 billion, but because of big jump in cost of sales to Rs29.0 billion, from Rs18.0 billion, gross profit declined to Rs2.3bn, from Rs2.5 billion. Administrative expenses were down to Rs147m, from Rs213 million and ‘other operating expenses’ to Rs57m, from Rs190m. ‘Other operating income’ also contributed lesser amount of Rs65 million to the bottomline, compared to Rs353m the previous year.
PTC: Pakistan Tobacco Company Limited announced results for the year ended Dec 31, 2011 on Tuesday, posting profit after tax at Rs364 million, resulting in earning per share (eps) at Rs1.42.
The earnings were sharply lower from Rs925m and eps at Rs3.62 the earlier year.
After deducting excise duties at Rs34.7bn (2010: Rs30.5bn) and sales tax Rs9.8bn (2010: Rs8.8bn), net turnover stood at Rs22.9bn, compared to Rs21.0bn the previous year. Due to a bigger jump in cost of sales, gross profit stood about unchanged at Rs6.2bn in both the years. Operating profit dipped to Rs661m in the latest year, from Rs1.5bn in 2010.

3. Fatima’s ADR programme

KARACHI, March 20: The Bank of America-Merrill Lynch has been approved by the US regulator Finra to act as ‘market maker’ for Fatima Fertilizer Company Ltd (Fatima) for its Sponsored Level 1 American Depository Receipt (ADR) programme, says a press release.
In March 2011, Fatima appointed BNY Mellon, the global leader in asset management and securities servicing, as the depositary bank for its ADR programme.
Fatima’s ADRs are tradable on the over-the-counter (OTC) market in US under the symbol “FTMFY.”
Fatima became the first Pakistan-based company to facilitate trading on the US OTC markets enabling both retail and institutional investors in the US and internationally to trade readily in more convenient daylight hours.
The partnership of Bank of America-Merrill Lynch and Fatima would offer greater opportunities to the global investor community to invest in Pakistan-based securities.

 

MOHAMMED SALEEM MANSOORI