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Monday, 2 April 2012

STOCK MARKET UPDATE: 02.04.2012


Stock



Karachi Stocks Down 41.24 Points:
KARACHI, Apr 02: The KSE-100 index was at 13720.52, Down 41.24 points.(today  12.13 pm)


 March 30, 2012


5 TOP GAINERS  &  LOOSERS

 

Nestle Pakistan

Rs 47.05

National Refinery

Rs (3.61)

Bata Pakistan

Rs 13.13

Unilever Food

Rs (3.02)

Attock Petroleum

Rs 7.14

Shahtaj Sugar

Rs (2.82)

Sapphire Fibre

Rs 5.81

PICT

Rs (2.01)

Lucky Cement

Rs 5.40

Engro Corporation

Rs (1.81)

 

Stocks stage spectacular rally of 200 points

 

KARACHI, March 30: The stock market on Friday maintained its upward drive on strong buying aided by rumours that reformed Capital Gains Tax (CGT) may be launched on the scheduled date of April 1.
The market’s buoyant mood that too at the weekend session reflects that some of the leading market players may have found cue about the possible launching date and made extensive covering purchases on those counters, notably the cement sector and low-priced banks, which could be the chief beneficiary of the CGT.
The benchmark KSE 100-index soared 202.66 points, or 1.49 per cent, at four-year peak of 13,761.76 indicating that its next target of 14,000 now may not be that far.
Analyst Ahsan Mehanti said earlier conflicting rumours about CGT launching on April 1 seemed to have taken steam out of the last week’s buying frenzy both in terms of record turnovers and price flare-ups on selected counters.
Although it was the last session prior to the crucial date of April 1 on which the amended CGT was due to make debut, but buying euphoria associated with its launch during the last couple of sessions seemed to have got an added strength as was reflected by all-round gains and higher volume figure.
Plus signs dominated the list under the lead of Nestle Pakistan and Bata Pakistan, up by Rs47.05 and 13.13 respectively, while top losers included National Refinery and Unilever Foods, off by Rs3.61 and 3.02.
Traded volume soared to 413.941m shares from the weekend’s 345m shares as gainers held a strong lead over the losers at 208 to 83, with 57 shares holding on to the last levels.
The active list was topped by Lafarge Cement, up 44 paisa at Rs4.82 on 35m shares followed by NIB Bank, steady by 25 paisa at 2.98, Bank of Punjab, off 94 paisa at 9.21 on 28m shares, JS & Co, up 41 paisa at 21.76, TRG Pakistan, firm by up 53 paisa at Rs21.64 on 25m shares, Fauji Cement, steady by 21 paisa at Rs5.62 on 18m shares and JS Bank, up 33 paisa at Rs6.91
on 14m shares.

They were followed by BankIslami Pakistan, higher by 68 paisa at Rs6.74 on 12m shares, Azgard Nine, firm by 47 paisa at Rs8.90 also on 12m shares and D.G. Khan Cement, up by Rs1.73 at Rs36.37 on 10m shares.
FUTURE CONTRACTS: The active list on this counter was led by Engro Corporation, which came in for fresh selling on rumours of gas supply to its units and fell by Rs2.03 at Rs99.95 on a large volume of 3.522m shares, but on the other hand D.G. Khan Cement came in for strong support on reports of higher earnings and was marked up by Rs1.74 at Rs36.64 on 3.293m shares and Nishat Mills, higher by Rs2.64 at Rs55.62 on 2.926m shares.
They were followed by National Bank, steady by 17 paisa at Rs45.86 on 1.940m shares and Arif Habib Corporation, firm by 86 paisa at Rs32.80 on 1.813m shares.
DEFAULTER COMPANIES: The active list was again led by Genertech Power, steady by one paisa at Rs1.50 on 0.404m shares followed by Dost Steels, easy by five paisa at Rs2.65 on 76,169 shares, Quice Foods, up 15 paisa at Rs5.15 on 57,025 shares, Mukhtar Textiles, steady by five paisa at Rs0.65 on 52,559 shares and Kohinoor Power, higher by 30 paisa at Rs3.20 on 26,519 shares.

: ANNOUCEMENTS/COMPANIES NEWS:

DIVIDEND: Habib Insurance, cash 25 per cent, bonus shares 10 per cent, Singer Pakistan, bonus shares at the rate of 10 per cent, BMA Express Cash Fund, third interim at
2.47 per cent, Lafarge Pakistan, nil.


 

Stocks see best Q1 after six years


KARACHI, March 31: The Pakistan equity market posted stellar gains of 2,414 points of 21 per cent in the first quarter (January-March) of the current calendar year.
It represented the best first quarter performance in six long years, bringing cheer to the market and fortunes to the investors in stocks.
The paper value of corporate Pakistan increased by 19 per cent to Rs3.59 trillion as the market value of all shares listed on the Karachi Stock Exchange (market capitalisation) rose to $39 billion by the end of March.
The market float based KSE-30 index climbed by 19 per cent and the Morgan Stanley Composite Index (MSCI) added 17 per cent. During the quarter, the Pakistan market outperformed regional peers with the MSCI Asian Emerging Markets (EM) rising by 12 per cent and MSCI Frontier Markets (FM) Asian higher by 18 per cent.
Amongst the Asian FM markets as defined by MSCI, the country’s bourse stood the second best performing market after Vietnam.
Average daily trading volume at the Pakistan main bourse increased to 14 quarters’ high at 196 million shares and three quarters highest in terms of value at Rs4.7 billion.
Mohammad Sohail, CEO at brokerage Topline Securities observed that the rejuvenated interest particularly of retail investors added depth to the market, represented by the boost in volume. He stated that the market posed startlingly bright performance, regardless of the challenging security environment, prevalent energy crisis and structural weakness that bears on the economy.
The major impetus to market primarily came from the finance minister’s acceptance of apex regulator — SECP’s capital gains tax revamp proposals of Jan 21, 2012. The event resulted in return of investors to the market, particularly the retail individuals who were sidelined after imposition of Capital Gains Tax (CGT) and its cumbersome calculation methodology. Moreover, dividend payouts by listed companies also stood out to be better than expected which helped market to recover. And finally, the foreign fund managers (as of 29 March) turned net buyers after a gap of three quarters, with net portfolio inflow at $25 million during the quarter.
Bullish week
Market resumed the bull-run during the week with the KSE-100 index adding 488 points or 3.68 per cent over the earlier week,
to close at 13,762 points. That was the highest level since May 2008.

Daily volumes averaged at a high of 368 million shares a day compared to 249 million shares in the earlier week. Investors’ interest remained skewed towards the low priced scrips while total traded value increased by 49 per cent to stand at $84 million at the end of the week. “The implementation of reformed CGT regime brought life to the market”, analysts said.
KASB Securities and Economics Research report stated that investors ignored several headwinds such as delayed implementation of revised CGT, domestic political unrest, and foreign portfolio outflow of $7.7 million during the week.
Sector-specific events saw inter-corporate debt rearing its head again and misfortunes of Engro Corp re-surfaced following disconnection in gas supply from Friday.
Major gainers during the week were Faysal Bank, Askari Bank, Pace (Pak) Ltd, Byco Petroleum and TRG Pakistan, while big losers included Colgate Palmolive, Pakistan Reinsurance, Engro Polymer, Bata Pakistan and Pak. International Container Terminal Ltd.

MOHAMMED SALEEM MANSOORI

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