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Wednesday, 18 April 2012

STOCK MARKET UPDATE:18.04.2012



Stock


Karachi Stocks Up 91.73 Points:
KARACHI, Apr 18: The KSE-100 index was at 13855.95, up 91.73 points.(today 11.50am)
April 17, 2012
 5 TOP GAINERS  &  LOOSERS:

Nestle Pakistan

Rs 44.09

UniLever Pak Ltd

Rs (134.88)

Bata (Pak)

Rs 28.75

Sanofi-Aventis

Rs (6.97)

Island Textile

Rs 7.11

Millat Tractors

Rs (5.33)

Hinopak Motor

Rs 4.03

Jubilee Life Ins

Rs (3.50)

Attock Petroleum

Rs 3.60

Al-Abbas Sugar

Rs (3.22)



Stocks end marginally lower

KARACHI: Pakistani stocks ended slightly lower on Tuesday, with shares of  fertilizer firms under pressure after Fauji Bin Qasim (FFBL)posted a larger-than-expected quarterly loss.
FFBL tumbled 4.8 per cent to 37.71 rupees after reporting a loss of 387 million rupees ($4.27 million) in the quarter to end March, compared with a profit of 1.56 billion rupees in the same period last year.
The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.05 per cent lower, or 6.48 points, at 13,764.22.
Volume was 268.73 million shares, compared with 261 million shares traded on Monday.
“Investors preferred to book gains in the fertilizer sector after a more-than-expected loss posted by FFBL,” said Samar Iqbal, a dealer at Topline Securities.

Stocks stay flat in directionless trading

KARACHI, April 17: Shares closed almost flat on Tuesday at the Karachi Stock Exchange with the tone uncertain. The benchmark KSE 100-index fell by just 6.49 points to 13,764.22 points. Trading was again volatile.
Dealers said that the market was in search of direction and the volatility of 158 points on Tuesday and a similar small gain of 29 points earlier on Monday, showed that investors were waiting for positive news flow. “The official announcement about the reformed Capital Gains Tax could provide much-needed impetus to the market,” said a broker.
Moreover, investors were looking forward to a season of good corporate results, though the first major result of Fauji Fertiliser Bin Qasim (FFBL) announced on Tuesday proved a disappointment, because the company had posted bigger then consensus expected loss.
Also, it was noted that the retail investors’ interest in the second and third-tier stocks was dying down with only a couple of low-priced cement stocks coming on for active trading on Tuesday.
Hasnain Asghar Ali at Invisor Securities commented that early strength in the main board stocks continued to face stiff resistance on account of corporate off-loading, while low priced and holding companies inviting substantial turnover barely managed to maintain gains, uncertainty on various fronts therefore restricted the index movement.
He said that the resumption of funds flow from US along with budgetary support from other international lenders stays the only hope for better fiscal numbers, while announcement season that has not been overwhelming might force the prospective buyers on back foot.
As the results start to arrive in large numbers, dips in frontline stocks may provide ample opportunities for both trading and placements, the analysts thought.
Some market traders said that the foreign inflow was also drying up with net sale by overseas investors of $0.51 million worth equity on Tuesday, after two previous days of big buying.
The KSE-30 index fell by 57.10 points to 12,028.50 points, indicating easiness in big cap stocks.
Market capitalisation remained about unchanged at Rs3.530 trillion, compared with Rs3.532 trillion the day earlier. Volume of business also saw slight increase to 269 million shares with trading value at Rs5.30 billion, against 261 million shares and value at Rs6.23 billion on Monday.
The two stocks suffering the biggest losses for the day were UniLever Pak down by Rs134.88 to Rs5738.45 and Sanofi-Aventis shedding Rs6.97 to Rs167.25.
Biggest gainers for the day were Nestle Pakistan up by Rs44.09 to Rs4326.06 and Bata (Pak) higher by Rs28.75 to Rs649.17.
Shares in the forefront of trading were Fauji Cement with 43m shares, up by 35 paisa to Rs7.11, Jah.Sidd.Co down by 95 paisa to Rs16.84 on 33m shares, Lafarge Pakistan down 13 paisa to Rs5.11 on 32m shares, PTCL added 32 paisa to Rs13.28 on 15m shares.
Dewan Cement was down 22 paisa to Rs6.05 on 11m shares as the euphoria over the takeover possibilities dimmed. D.G. Khan Cement ended 78 paisa in minus column after several sessions of higher closing, the stock ended on Tuesday at Rs39.52 on 10m shares, Arif Habib Corp also stepped back by Rs1.50 to Rs32.83 on 9m shares as the speculators stayed aside.
Lotte Pak was up four paisa to Rs8.87 on 9m shares, Engro Polymer gaining 5 paisa to Rs12.73 on 8m shares and FFBL hitting the lower circuit, showing loss of Rs1.95 to Rs37.67 on 8m shares on depressing financial results announcement.
Fertiliser sector remained under pressure on account of FFBL results with Fauji Fetiliser Company down by Rs2.61 to Rs116.35 on 2m shares. Engro Corporation conceded Rs2.43 to Rs100.04 on 4m shares, which besides the FFBL results, was bogged down by the exit of the company’s president who had turned a small chemical company into a conglomerate.

ANNOUCEMENTS/COMPANY NEWS:
1. FFBL posts dim 1Q results:  KARACHI, April 17: Fauji Fertilizer Bin Qasim (FFBL) announced first quarter 2012 loss at Rs387 million, translating into loss per share of Rs0.41.
This compared with earnings of Rs1.6 billion in the same time last year.
Farhan Mahmood, analyst at Topline Securities, observed: “This is the first time after 11 quarters that the company did not announce any quarterly dividend with the results.”
The company posted gross loss due to lower urea and DAP volumetric sales (estimated to have declined by 85pc in quarter under review) primarily due to extended winter gas curtailment during Jan-Feb 2012 and lower urea sales in March due to bulk usage of cheap imported urea.
The trend led to non-recovery of its fixed cost as well. Analyst, however, said that there was something to cheer about as the company’s other income from its JV Pakistan Marco Phosphore (PMP) increased to Rs192million compared to Rs3million same time last year.
Ayub Ansari, senior investment analyst at AKD Research, said that the results were below “our estimate of Rs32million in loss (LPS: Re0.35)”. Net sales fell by 76 per cent to Rs1.93 billion, from Rs8.05 billion in first quarter CY2011, on lower product sales. Deviation in topline was said to be likely due to lower than expected fertilizer off take.

MOHAMMED SALEEM MANSOORI

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