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Monday, 18 June 2012

STOCK MARKET UPDATE: 19.06.2012


STOCK:


Karachi Stocks Up 88.33 Points:

KARACHI, June 18: At close of trading, the KSE-100 index was at 13754.13, up 88.33 points.
June 18, 2012
5 TOP GAINERS  &  LOOSERS:

Unilever Food
Rs 102.29
Rafhan Maize Pr
Rs (139.85)
Indus Dyeing
Rs 17.99
Mithchells Fruit
Rs (15.14)
National Foods
Rs 16.79
Indus Motor Com
Rs (4.91)
UniLever Pak
Rs 10.83
Engro Corporation
Rs (3.55)
Exide Pak
Rs 7.97
Mirza Sugar
Rs (3.02)

Karachi Stocks gain 88 points amid low volume
KARACHI, June 18: Stocks settled with a gain of 88.33 points or 0.65 per cent on Monday. The benchmark KSE-100 index closed at 13,754.13 points. As the market saw no clear direction, the share prices fluctuated widely and the index oscillated between the high of 13,821.21 points and low of 13,665.80 points.
But more significant was the volume, which stood 27 per cent lower than last Friday and hit a depressingly low 80 million shares; the turnover on last trading day was 109 million shares.
The small volume made ‘price discovery’ difficult, which further forced retail investors to keep to the sidelines for fear of being caught in abnormal high price of a stock.
Foreign investors offloaded $2.19 million worth equity, which put further pressure on heavy-weight stocks that comprise foreign equity portfolios. Individuals were the next major sellers of stocks valued at $2.36 million.
Mutual Funds went for cherry picking and bought $2.05 million worth stocks. The buying was further fortified by ‘other organisations’ that put $1.88 million in equity.
Mohammad Rizwan, Manager Equity Sales at Topline Securities, affirmed that the modest recovery was seen at the Karachi bourse on Monday. He ascribed the low volumes to the effects of June end, when most businesses avoid entry into the market until the new financial year.
Dealers said that fertiliser stocks performed well on Monday, following the news of increase in prices of urea by the producers, over the weekend. Engro Corporation, however, took a dip after the announcement regarding curtailment of gas supply to its new plant.
Ahsan Mehanti at Arif Habib Corp observed that the Pakistan stocks closed higher on expectations of improvement in Pak-US ties and re-opening of Nato supply routes following the US consideration of issuing ‘soft apologies’ over its attack on post that killed Pakistani soldiers.
The analyst argued that investors had remained bullish amid thin trade despite concerns over power crises for industrial sector and present judicial crises in the country. The economic news flow was lacklustre. Interest payments on domestic debt was said to have risen to Rs649.9 billion in the financial year 2011, compared to Rs577.7 billion the previous year.
The market capitalisation based KSE-30 index rose by 110.33 points to 11,897.20 points. Volume of business on Monday stood at 80 million shares of the trading value of Rs3.053 billion, from 109 million shares of the value of Rs3.793 billion on Friday, representing 27 per cent dip in terms of number of shares and decrease of Rs740 million in terms of value.
Market capitalisation edged higher by Rs21 billion to Rs3.511 trillion on Monday, from Rs3.490 trillion on Friday.
In a total of 338 active issues on Monday, advancing shares were 140, while receding stocks stood at 123 with another 75 remaining unchanged.
The steepest declines were noted in Rafhan Maize Product, down by Rs139.85 to Rs3,000, followed by Mitchell’s Fruit Farms sliding by Rs15.14 to Rs312.04. The stocks that stood out as major gainers included UniLever Food up by Rs102.29
to Rs2,772.50 and Indus Dyeing higher by Rs17.99 to Rs393.98.

On the list of ten top volume leaders, Jah Sidd Co saw trading in 11m shares, down 80 paisa to Rs13.40, Fauji Fertiliser Bin Qasim was up by 83 paisa to Rs41.63 on 6m shares, Engro Foods made sharp gains of Rs2.74 to Rs67.92 on 5m shares, Bank
Alfalah added 30 paisa to Rs17.02 on 5m shares, National Bank of Pakistan rose 84 paisa to Rs44.43 on 5m shares.

Engro Corporation took a plunge by Rs3.55 to Rs103.59 on 4m shares, Summit Bank inched up by 2 paisa to Rs3.52 on 4m shares, Azgard Nine rose by 18 paisa to Rs6.72 on 4m shares, PTCL added nine paisa to Rs14.93 on 3m shares and D.G. Khan Cement finished unchanged at Rs41.22 on 3m shares.
Pakistan’s current account deficit increases to $3.77 billion
ISLAMABAD: Pakistan’s current account deficit widened to a provisional $3.77 billion in the first 11 months of the 2011/12 fiscal year from $3.394 billion in the first 10 months, the central bank said Thursday.
There was a provisional deficit of $79 million in the first 11 months of the previous fiscal year, according to data released by the State Bank of Pakistan.
The current account had a provisional deficit of $414 million in May 2012, compared to $545 million in the same month last year.

ANNOUCEMENTS/COMPANY NEWS:
1) Award for NBP: KARACHI, June 18: National Bank of Pakistan (NBP) received the ‘Max Factor of the Year-2011/12’ award from Xpress Money Services Limited in a ceremony held in Abu Dhabi recently.
The ceremony was attended by senior management of leading financial institutions from Middle East, North Africa, Afghanistan and Pakistan. NBP has been awarded for maximum distribution growth in home remittances in the above mentioned regions/receiving markets in the year 2011/12.

MOHAMMED SALEEM MANSOORI

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