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Wednesday, 5 September 2012

STOCK MARKET UPADATE: 06.09.2012




STOCK:
Karachi Stocks Down 94.74 Points:
KARACHI, Sept 05: At the close of trading, the KSE-100 index was at 15,293.39, down 94.74 points. 
(TODAY: MARKET MINUS  8.81 …11.53 AM)

September 5, 2012
5 TOP GAINERS  &  LOOSERS:

UniLever Pak
Rs 298.50
Bata Pak
Rs (49.49)
Mithchell’s Fruit
Rs 14.00
Exide Pak
Rs (14.95)
Island Textile
Rs 13.25
Colgate Palmolive
Rs (10.00)
National Foods
Rs 12.90
National Refinery
Rs (7.35)
Pak Gum & Chem
Rs 10.68
Altas Honda
Rs (7.00)
Karachi Stocks lose another 94 points
KARACHI, Sept 5: Profit-taking intensified on the stock market on Wednesday. The benchmark KSE-100 index took a dip of 94.74 points and closed at 15,293.39 points.
“Anything that goes up must come down,” said a pragmatist market participant. He thought that after posting major gains up until now in 2012, the slowdown at KSE was scarcely surprising.
As the tide goes down, investors have begun to look closely at other issues on the political and economic fronts that could impact share prices.
There was also nothing in the news bag to boost investor sentiments towards stocks. The local bourse therefore followed the declining trend in the international and regional equities
and commodities markets.

As the corporate results announcements were awaited from DG Khan Cement on September 10, PTCL on 11th, Pakistan Refinery on 13th, Fauji Cement on 14th, Attock Petroleum, Attock Refinery, POL and Attock Cement, all on 15th, some equity traders said that better-than-expected earnings and payouts, had the potential to trigger another rally.
But most market watchers called for caution, as much of the activity was in second and third tier stocks, represented by the fact that no heavy-weight stock from the oil and gas exploration, fertiliser and cement could make to the ten-top volume leaders’ list. Equity Dealer, Samar Iqbal at Topline Securities said that with the result season near its climax and fall in international equity markets investors opted to book profits.
WTL remained the volume leader followed by DGKC and JSCL.
Ahsan Mehanti at Arif Habib Corp stated that investors booked profits post major earnings announcements at the KSE. Consolidation in blue-chip stocks continued.
Concerns for outstanding circular debt in energy sector and security unrest in the city played catalyst role in bearish activity at the bourse.
Hasnain Asghar Ali, COO at Escorts Capital commented that the absence of connecting triggers forced the index to take a technical breather, wherein PTC and DGKC were the leaders.
The front line stocks from almost all the major sectors continued to invite cautious accumulation on dips, but the stock swapping and profit-taking in E&P sector stocks kept the benchmark struggling, mainly due to low volumes.
While the long term investors held on to their portfolio, the short term traders opted to offload in order to take advantage of intra-day adjustment, thus increasing negativity in post mid-day session.
The volume in terms of shares traded fell by 5 per cent to 174 million shares on Wednesday, from 183 million shares traded the day before. However, trading value improved by an equal percentage to Rs5.135 billion, from Rs4.880 billion.
Market capitalisation decreased by Rs23 billion to Rs3.901 trillion, from Rs3.924 trillion.
Bata (Pak) was the major loser for the day, down by Rs49.49 to Rs1050.50, followed by Exide (Pakistan) lower by Rs14.95 to Rs325.66. On the gaining side, UniLever Pak added Rs298.50 to its stock price that closed at Rs8800. Mitchell’s Fruit Farm was up by Rs14 to Rs357.
On the volume leaders’ list, WorldCall Telecom with 15m shares traded down by 7 paisa to Rs2.78 stood on top. DG Khan Cement followed with 10m shares down by Rs1.78 to Rs49.73, the stock trying to find its feet as conflicting rumours circulate regarding its upcoming results.
Jah Sidd Co was up by 8 paisa to Rs14.16 on 9m shares, PTCL ceded another 42 paisa to Rs18.61 on 8 million shares as the euphoria over the LCI implementation subsided. Byco Petroleum was firmer by 46 paisa to Rs9.11 on 8m shares, Nimir Industrial Chemicals gained 29 paisa to Rs4.42 on 7m shares and Azgard Nine added 37 paisa to Rs6.38 on 7m shares.
Askari Bank slipped by 26 paisa to Rs15.42 on 6m shares, Telecard Limited shed 24 paisa to Rs2.52 on 6m shares and Fauji Cement declined by 17 paisa to Rs6.60 on 6m shares.
Company news:
OGDCL discovers oil, gas reserves: ISLAMABAD: The state-run Oil and Gas Development Company Limited (OGDC) on Wednesday announced discovery of new reserves in Karak district of Khyber Pakhtunkhwa, which would boost its daily oil output by about 8 per cent.
A company spokesman said the Nashpa-3 well located in Karak district initially produced 3,165 barrels per day (bpd) of oil and about 15 million cubic feet per day (mmcfd) of gas, boosting the total production in the Nashpa region to about 11,165bpd of oil and 43mmcfd of gas. The total oil production of the company would now increase to about 44,610bpd or 64 per cent of the country’s total oil output while gas output would go up to approximately 1,030mmcfd.
The country’s total oil production has increased to about 72,500bpd against the total consumption of about 300,000bpd.
The OGDC spokesman said all the employees of the company would be paid a one-month basic pay as bonus on the discovery of the reserves.
“The structure of Nashpa-3 well was delineated, evaluated, drilled and tested utilising indigenous expertise,” he said. The oil produced from the well would initially be put into the system through bowzers (oil tankers) because building a pipeline would take some time.
Besides OGDC, Nashpa-3 has shareholding from Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL).
After Drill Stem Testing (DST) in new horizons of Samanasuk, Lumshiwal and Hangu formations, significant reserves of hydrocarbons have been confirmed at Nashpa-3 well.
The actual flow potential of the well will be established later.
MOHAMMED SALEEM MANSOORI

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