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Thursday, 12 April 2012

STOCK MARKET UPDATE:12.04.2012


Stock


Karachi Stocks Down 109.11 Points:
KARACHI, Apr 12: The KSE-100 index was at 13707.3, down 109.11 points.
(today12.17am)

April 11, 2012
 5 TOP GAINERS  &  LOOSERS:

Indus Dyeing

 

Rs 19.27

Nestle Pakistan

Rs (136.24)

Sanofi-Aventis

Rs 8.12

Unilever Pak Ltd

Rs (74.30)

Clariant Pak

Rs 5.10

Colgate Palmolive

Rs (39.00)

Packages Limited

Rs 4.55

Attock Petroleum

Rs (4.38)

Island Textile

Rs 4.46

Millat Tractors

Rs (3.67)

 


Karachi Stocks lose 86 points on late panic-selling

KARACHI, April 11: The stock market took a dip of 86.16 points on Wednesday, mainly on profit-taking. The fall nonetheless came at about the fag end of trading session.
The KSE-100 index started on a firm note to rise up to the day’s highest at 13,971.06 points and trading continued to be smooth. But a short while before the close of the market, rumours, which later proved baseless, started to circulate regarding the Capital Gains Tax and its non-implementation. It triggered panic selling and the index dived to a low of
13,780.85 points. That reflected an intense volatility of about 191 points. The benchmark closed at 13,816.96 points.

Samar Iqbal, equity dealer at Topline Securities observed that huge volume was seen in cement stocks. In spite of finance minister assurance that gain tax amendment will be made soon investors preferred to book gains at inflated levels, he said.
Hasnain Asghar Ali, head of equity sales at Invisor Securities observed that early strength, failed to sustain due to unprecedented corporate off-loading that continued for yet another session in the main board stocks both from the local and offshore counters.
He said that substantial dips in various frontline stocks offering consistent yields and having a well protected and flexible business models and product line that ensure growth despite odds could be accumulated on massive price erosion.
Along with that, the stocks likely to carry high distributable profits due to remarkable gains registered by the equity market in the quarter ending March, 2012, were thought to be attractive.
The news flow was mainly positive with the finance minister announcing that no new tax would be levied and taxpayers already in the net would not be further burdened. The remittances by overseas Pakistanis rising 21.45 per cent to $9.735m for the first nine months (July-March) of this fiscal year compared to same period last year, was also a good omen.
The possibility of a Bilateral Investment Treaty with US on President Zardari’s expected visit to US was also well received.
The market capitalisation based KSE-30 index plunged 98.09 points to 12,063.72 points. Market capitalisation stood down to Rs3.550 trillion, from Rs3.575 trillion.
Turnover surged to 511m shares in terms of volume and Rs9.093bn in value, up from 290m shares and Rs5.393bn the previous day.
Nestle Pak showed the biggest fall of Rs136.24 to Rs4,350.43, followed by UniLever Pak down by Rs74.30 to Rs5,822. The major gainers included Indus Dyeing up by Rs19.27 to Rs404.85 and Sanofi Aventis higher by Rs8.12 to Rs192.87.
In all, 376 stocks came up for trading, of which 150 were gainers, almost close to the 148 losers for the day, with 78 stocks remaining unchanged.
The active list was dominated by the cement stocks. Top among them was Fauji Cement with 74m shares traded up by 95 paisa to Rs7.15 and Lafarge Pakistan firmer by 49 paisa to Rs5.58 on 63m shares. The two stocks made up for 136m shares in the volume.
Azgard Nine rose by 52 paisa to Rs9.86 on 41m shares, Jah.Siddi.Co lost 54 paisa to Rs20.81 on 30m shares, Dewan Cement gained 47 paisa to Rs7.65 on 30m shares, D.G. Khan Cement gained 51 paisa to Rs41.97 on 17m shares, NIB Bank shed 12 paisa to Rs2.83 on 14m shares, Maple Leaf Cement was stronger by 54 paisa to Rs6.63 on 13m shares, NBP added
97 paisa to Rs48.32 on 13m shares and Flying Cement closed at upper circuit gaining Re1.00 to Rs4.42 on 12m shares.


Stocks end lower; rupee, o/n rates flat

KARACHI: Pakistan stocks ended lower on Wednesday after reports said any changes in capital gains tax regulations could be delayed until the national budget, which is expected to be announced in May, dealers said.
“According to reports, any SRO (Statutory Regulation Order) or presidential order is unlikely to be issued in regards to amendments in CGT,” said Shuja Rizvi, a dealer at Al-Hoqqani Securities Ltd.
Pakistan’s Finance Ministry and Federal Board of Revenue were unavailable for comment.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended down 0.62 per cent, or 86.16 points, at 13,816.96 points.
Volume rose to 511.29 million shares, compared with 166.98 million shares traded on Tuesday.
In the currency market, the rupee ended almost flat at 90.68/72 to the dollar, compared with Tuesday’s close of 90.68/73.
The rupee has been supported recently by remittances from Pakistanis overseas, which rose 21.45 per cent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.
In March, remittances totaled $1.14 billion.
Dealers also said they were awaiting the monetary policy announcement due on Friday, in which the key policy rate is expected to be kept unchanged at 12 per cent.
Overnight rates in the money market were flat at 11.90 per cent, unchanged from the previous day’s close.
MOHAMMED SALEEM MANSOORI

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