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Monday, 25 June 2012

STOCK MARKET UPDATE: 26.06.2012

STOCK:


Karachi Stocks Down 88.63 Points:
KARACHI, June 25: At close of trading, the KSE-100 index was at 13642.19, down 88.63 points.

June 25, 2012
5 TOP GAINERS  &  LOOSERS:

Colgate Palmolive
Rs 45.08
Nestle Pakistan
Rs (66.67)
Philip Morris
Rs 8.45
Exide (Pak)
Rs (9.90)
Clariant Pak
Rs 5.75
Bata (Pak) Limit
Rs (4.84)
Linde Pakistan
Rs 5.58
Clover Pak
Rs (3.84)
ZIL Limited
Rs 4.64
Al Ghazi Tractor
Rs (3.59)

Pakistan stocks down; rupee slightly stronger
ISLAMABAD: Pakistan’s main stock market ended down on Monday on investor negativity following a downturn across global markets, dealers said.
The Karachi Stock Exchange benchmark 100-share index ended down 0.65 per cent or 88.63 points, at 13642.19 points on volume of 45.67 million shares.
“The market witnessed depressed volume today as investors remained on the sidelines before the June closing. The sell-off in global markets also affected the local stock market,” said Samar Iqbal, a dealer at Topline Securities.
In the currency market the rupee closed slightly stronger at a 94.40/45 to the dollar compared to 94.45/52 on Friday.
Overnight rates in the money market remained unchanged at 11.75 per cent.
Karachi Stocks tumble on low volumes
KARACHI, June 25: After opening on a slightly positive note, the KSE-100 index slipped back into the red zone, with the pressure on the stocks all through the day so that the index settled close to the day’s low, representing a loss of 88.62 points to 13,642.20 points.
Volume remained extremely thin.
Most market participants blamed global meltdown in equities and commodity prices, the worries over which were exacerbated by the precarious local economic numbers, as the major reasons for a dull local equity market. There was not much concern over disqualification of Prime Minister Gilani from April 26 and the legality of decisions taken between then and June 19, when the court dismissed the PM from his post.
Over the week-end, President Zardari had issued an Ordinance, providing legal cover to all interim decisions, including the Finance Bill 2012. The Bill had endorsed the Capital Gains Tax (CGT) relief package announced via a Presidential Ordinance in April 2012, which was of utmost importance to the stock market.
However, there were indications that the immunity under Article 248 Constitution of Pakistan could be challenged in the court. Investors were uneasy over the government’s argument over writing to the Swiss authorities, which would effectively mean continued diversion of focus away from macro and geo-political issues.
Analyst Hasnain Asghar Ali said that in spite of opening on low volume, the market faced massive onslaught, thus pushing the benchmark in deep red zone, institutional sell-off in the frontline stocks, coupled with roll-over pressure, kept low volume price erosion a prominent feature.
Investment opportunities in a falling market were seized by savvy investors, thus preventing a greater fall.
The declining trend in regional and international equity markets, and fragile economic and financial situation, rapid decline in the value of Rupee and increasing pressure on fiscal front could keep bears in charge, though syndicated efforts to keep June-end closing still high.
Samar Iqbal, an equity dealer at the Topline Securities said that the market witnessed depressed volumes as investors remained on the sidelines before the June closing. Sell-off in global markets also affected local stock market that closed down by 0.65pc. Engro Foods and DGK Cement remained under limelight; the share price of both the stocks fell in the absence of any positive trigger.
Ahsan Mehanti at Arif Habib Corp stated that the Pakistani stocks closed bearish amid concerns for fall in global stocks and commodities on euro-zone debt crises. Limited foreign interest, uncertain Pakistan-US relations, power shortfall for industrial units and gas shutdown for fertilizer plants were depressants.
The KSE-30 index fell by 91.73 points to 11,774.81 points. Volume of business shrank further to 56.8 million shares on Monday, from 84.9 million shares on Friday with the trading value down to Rs1.863 billion, from Rs2.972 billion. Market capitalisation dipped by Rs22 billion to Rs3.482 trillion, from Rs3.504 trillion.
The biggest fall was noted in Nestle Pakistan which was down by Rs66.67 to Rs3,995.01 while the highest gain was recorded in Colgate Palmolive up by Rs45.08 to Rs948.08.
On the active list, KESC showed the highest volume of 8.3 million shares, down 35 paisa to Rs3.18; Engro Foods plunged by Rs2.98 to Rs65.11 on 7m shares, DG Khan Cement slipped 98 paisa to Rs39.18 on 6m shares, Bank Al-Falah down by 7 paisa to Rs17.01 on 3m shares, Jah. Sidd. Co. shed 19 paisa to Rs12.98 on 2m shares, Byco Petroleum added 30 paisa to Rs8.83 on 2m shares, Lotte PakPTA declined 15 paisa to Rs7.26 on 2m shares, Engro Corporation lost 86 paisa to Rs 103.62 on 1m shares, Arif Habib Corp easy by 92 paisa to Rs31.05 on 1m shares and Lucky Cement down by Rs1.11 to Rs113.21 on 1m shares.

ANNOUCEMENTS/COMPANY NEWS:
1) PPL notified preferred bidder for MND E&P: KARACHI, June 25: Pakistan Petroleum Limited (PPL) said on Monday that it was ‘informed’ that the company was a ‘preferred bidder’ for 100 per cent share purchase of MND Exploration and Production Limited.
PPL was competing as a bidder for corporate acquisition of MND Exploration and Production Limited.
MND Exploration and Production Limited is a wholly-owned subsidiary of KKCG SE and incorporated in the United Kingdom. Its non-operated assets in Pakistan include: Sawan Development and Production lease (7.8947 per cent) and Exploration Licenses in Ziarat Block (40 per cent) and Barkhan (50 per cent).
Additionally, MND holds 20 per cent non-operated participating interest of Block-3 in Yemen.
Mubasshar Siddiqui, company Secretary, had said earlier on May 17, that the Board of PPL had decided to participate in bidding for corporate acquisition of MND Exploration and Production Limited.
Accordingly PPL proceeded to submit the bid for acquisition by the bid date, ie May 18, 2012.
Independent Power Plant
Linde Pakistan Limited (formerly BOC Pakistan Limited) plans to install an independent power plant.
M Ashraf Bawany, the Deputy Managing Director of the company, said that the board of directors had approved an investment plan of about Rs556 million for a power generation of 4MW to be installed at the company’s Port Qasim facility.
The company announced its plan on Monday in accordance with Clause (XXIII) of Listing Regulation No 35 under the Code of Corporate Governance, which requires disclosure of ‘material information’ to the Exchanges and shareholders.
Linde Pakistan stated that the investment in the power plant would be funded with a mix of company’s internal resources and external borrowings.


MOHAMMED SALEEM MANSOORI

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