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Monday, 9 July 2012

STOCK MARKET UPDATE: 10.07.2012

STOCK:


Karachi Stocks Up 2.89 Points:

KARACHI, July10: At the close of trading, the KSE-100 index was at 14180.99, up 2.89 points.

July 09, 2012
5 TOP GAINERS  &  LOOSERS:

UniLever Pak
Rs 62.75
Nestle Pak
Rs (35.93)
Colgate Palmolive
Rs 30.84
Abbott Labs
Rs (4.11)
Mitchells Fruit
Rs 13.10
Attock Refinery
Rs (2.23)
UniLever Pak
Rs 12.50
IGI Insurance
Rs (1.44)
Siemens Pak
Rs 11.45
National Refinery
Rs (1.36)

KSE 100-index gains 70 points
KARACHI, July 9: After a dull start, the shares on the Karachi Stock market returned to a rally that reflected addition of 69.36 points to the KSE-100 index with closing seen at 14,379.54 points.
The lingering worry was the low volumes, which on Monday stood at 90 million shares with trading value at Rs3.801 billion, down from 94 million shares of the value of Rs3.757 billion traded on Friday.
Many market participants were tossing the idea that the issue may be central to the discussions at the upcoming meeting between the Chairman, Securities and Exchange Commission of Pakistan (SECP) and the KSE officials. The meeting is scheduled for Thursday (July 12).
A notice to the members by the exchange said that it would ‘discuss and deliberate all matters of mutual interest for the development of capital market and some market related pending issues that need discussion for the resolution.’
The agenda set by the SECP for the meeting contained a good number of 22 items. Selective buying was witnessed at the stock market, in sectors that are expected to produce excellent corporate results and disburse hefty dividends in the upcoming announcements.
Cement sector was in the limelight where buying was brisk. Another positive for the market was the heavy buying of $2.36 million worth shares by the foreign investors on Monday.
Hasnain Asghar Ali, a market commentator observed that the market saw early negativity mainly due to worries over the political rally and its impact.
The State Bank of Pakistan’s report indicating substantial rise in government borrowings also caused offloading. However, cautious accumulation was witnessed, as shares fell to discounts and the buying accelerated after midday mainly on the anticipation of healthy corporate earnings.
Cement stocks led the rise on anticipation of gains from the restoration of exports to Afghanistan. The sector was likely to report improved earnings due to weakness in local currency during the reporting period.
Timely disbursement of withheld funds by the US and trade support as committed by European Union (EU) along with flexibility by the international donors if new programme is drawn out, could support the weakening economic and financial situation.
Front line stocks offering consistent yields at low multiples kept investor interest alive. Ahsan Mehanti at Arif Habib Corp stated that the stocks closed higher ahead of earning announcements and on investor speculations of stock price rise as Pak-US relationship improves.
Institutional interest was witnessed in blue-chip stocks amid thin trade on strong earnings outlook.
Samar Iqbal, equity dealer at Topline Securities, said that the rise in the value of the rupee on expectation that US dollar inflow would soon materialise following Nato route reopening, positively affected the local equity prices.
Cement sector remained in the limelight amid expectations that international pledges for Afghanistan will help boost exports from Pakistan.
On the news front, things were relatively quiet. The Cabinet Committee on Energy discussed various measures to ensure power supply in the month of Ramazan.
The KSE-30 index rose 52.61 points to 12,504.61 points and the market capitalisation saw addition of Rs18 billion to Rs3.662 trillion, from Rs3.644 trillion. Among the 349 active issues, 138 ended in plus columns, 100 in minus and 111 stayed unchanged.
On the ten most briskly traded shares list, Jah Sidd Co saw the highest volume of 13m shares, the stock rising by 73 paisa to Rs14.24.
It was followed by D.G. Khan Cement gaining 74 paisa to Rs43.46 on 13m shares, Engro Foods followed with sharp spurt of Rs2.85 to Rs70.78 on 10m shares, Bank Alfalah edged higher by 7 paisa to Rs17.95 on 4m shares.
Azgard Nine rose 28 paisa to Rs6.83 on 3m shares; JS Investments rose 37 paisa to Rs8.27 on 3m shares; Lucky Cement climbed by Rs1.74 to Rs124.03 on 3m shares, Arif Habib Corp was higher by 37 paisa to Rs33.38 on 3m shares, NIB Bank inched up by one paisa to Rs2.03 on 3m shares and Nishat Mills rose by 51 paisa to Rs51.48 on 2m shares.
Company news:
1) 567 tons of urea arrives: KARACHI, July 9: The Trading Corporation of Pakistan (TCP) has received 567 tons of urea, over and above the manifested cargo quantity, from the last three vessels which have discharged at FAP terminal of Port Qasim.
Official sources said that the state-owned corporation received the excess quantity of 576 tons of urea which resulted in huge financial savings of Rs30.61 million for the TCP.
The corporation has directed the terminal operator to dispatch 273.03 tons to National Fertilizer Marketing Limited (NFML) for onward distribution to growers.
The TCP sources said that if this cargo had been handled at some other terminal, the excess quantity of 576 tons would not have been possible and as a general practice it would have been declared as handling wastage and would also have been subjected to pilferage.
Sources said that NFML thoroughly checked and re-checked urea quantity after bagging the cargo which was not released before it was surveyed by the NFML team.
The FAP terminal at Port Qasim is country’s first dedicated grain and fertilizer terminal and is equipped with latest plant and equipment to automatically handle bulk cargo at a faster rate from deeper draft vessels to meet the economies of scale.
2) Summit Bank receives award: KARACHI – Summit Bank received ‘The Rock Award for 2011-12’ from Xpress Money Services Limited in a prestigious ceremony held recently in Abu Dhabi (UAE). Farrukh Majeed, Head of Home Remittance received the award on behalf of Summit Bank for overall best performing agent in the Mi
MOHAMMED SALEEM MANSOORI

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