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Thursday, 27 September 2012

STOCK MARKET UPDATE: 28.09.2012



STOCK:
Karachi Stocks Down 30.21 Points:
KARACHI, Sept 27: At the close of trading, the KSE-100 index was at 15369.21, down 30.21 points.
(Today Market is 92.45 Up @ 10.42 am)

September 27, 2012
5 TOP GAINERS  &  LOOSERS:

Indus Dyeing
Rs 20.95
Siemens Pak
Rs (42.50)
Mithchells Fruit
Rs 14.99
Wyeth Pak
Rs (42.00)
Attock Petroleum
Rs 14.82
Pak Gum & Chem
Rs (10.05)
Shezan int’l
Rs 12.98
Pak Services
Rs (8.60)
National Foods
Rs 12.23
Philip Morris
Rs (6.81)

KSE:Selling in blue chips drags market lower
KARACHI, Sept 27: Selling by institutions to book profits, especially in blue chips, dragged the Karachi Stock Exchange to close nearly 42 points lower on Thursday but buying in cement stocks restricted losses, dealers said.
The KSE 100-share index ended 0.27 per cent lower at 15,357.59 points. Trading activity however remained dull as only 86.63 million shares were traded. Trading value increased to Rs2.73 billion, compared with Rs2.25 billion on Wednesday but market capitalisation decreased to Rs3.87 trillion from Rs3.88 trillion the previous day.
“Stocks closed bearish on institutional profit-taking and investors booked profits as consolidation continued in blue chip companies,” said Ahsan Mehanti from Arif Habib Corp.
Cement sector remained in the limelight and many of the companies were in the top 10 traded companies in the market on Thursday as investors are anticipating improved dispatched for the coming months.
“Cherry picking was seen in cement stocks amid improved dispatches for the month,” said Samar Iqbal, a dealer at Topline Securities Ltd.
This helped the KSE-index to recover from its intra-day low of 15,323.63 points. The intra-day high was at 15,448.22 points.
Dealers said volume was thin as investors were cautious on the outcome of a NRO case hearing which is scheduled to resume on Oct 5 and also on ongoing meeting with the IMF.
Pakistan and IMF authorities are meeting in Dubai for technical level talks, while policy level talks are scheduled to be held in Islamabad next week.
Officials have however denied that the Post Programme Monitoring consultation is to discuss any fresh loan programme with the donor agency.
But investors remained skeptical.
The next trigger for the market could be the monetary policy announcement which is due to be unveiled also on Oct 5 and most analysts are expecting another rate cut as inflation has managed to remain in single digit.
Foreign investors sold shares worth a net $147,853, compared to a net inflow of $4.09 million on Wednesday.
Banks were the major sellers of equity with $6.55 million.
The market capitalisation based KSE 30-index shed 0.23 per cent, or 29.24 points, to close at 12,929.19 points. Out of the 330 companies traded, the value of 139 increased, 170 decreased, while 21 remained unchanged.
Indus Dyeing witnessed the highest increase in share value as it rose Rs20.95 to Rs439.95 followed by Mitchell’s Fruit which was up Rs14.99 to Rs359.99.
Siemens Pakistan saw the largest fall as it shed Rs42.50 to Rs807.50 followed by Wyeth Pakistan Ltd which decreased by Rs42 to Rs871.
The top 10 most active companies were led by Lafarge Pakistan which gained 30 paisa to close at Rs5.63 on 9.66 million shares followed by PTCLA, shed 30 paisa to Rs19.37 on 6.23 million shares, DG K Cement shed by 22 paisa to Rs49.16 on 4.8 million shares and Fauji Fertiliser Bin gained 43 paisa to end at Rs35.83.
Colony Mills Ltd increased by 27 paisa to Rs2.77 on 3.58 million shares and Fauji Cement ended 17 paisa higher at Rs6.27 on 3.29 million shares.
Engro Corp rose 87 paisa to Rs107.22 on 3.16 million shares and Nishat Chunian gained 95 paisa to close at Rs21.64 on 3.1 million shares.
Maple Leaf Cement gained 9 paisa to Rs9.11 on 2.39 million shares and Nishat Chunian Power ended 42 paisa higher at Rs16.81 on 1.8 million shares.
KSE: MARKET TREND
KARACHI: The local capital market ended lower on Thursday, in line with market heavyweight Oil and Gas Development Company Limited (OGDCL), traders said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.27 percent, or 41.83 points, lower at 15,357.59, on total volume of 86.62 million shares.
The Oil and Gas Development Company Limited lost 0.74 percent to close at 176.00 rupees.
"With low volumes, activity remained confined in mid cap stocks particularly in cement sector. Although the index closed in negative primarily on account of decline in index heavyweight OGDC, cherry picking was seen in cement stocks amid improved dispatches for the month," said a dealer.(Reuters)

Monetary policy on Oct 5
KARACHI, Sept 27: The State Bank said on Thursday the Monetary Policy for next two months (Oct-Nov) would be announced on October 5.
Expectations are high in the market that policy rate could see a further cut since the inflation is in single digit.
The main inflation, Consumer Price Index (CPI) for August on year-on-year basis was 9.1 per cent which was lowest in three years.
During FY11 the CPI fell to single digit only for December when it was 9.7 per cent.

Low inflation encourages central banks to allow more liquidity for the system that may spur economic growth.
The State Bank has slashed the policy interest rate by 350 basis points since July 2011 in the wake of gradually declining inflation and a better performance at external front. The current account was surplus in FY11.
Further slash in the policy interest would depend largely on government borrowing policy as it needs huge support from banking money including the central bank.
If the borrowing from State Bank crosses a limit, the inflation would see upward trajectory. It will make more difficult for
SBP to introduce a cut in its policy rate.

MOHAMMED SALEEM MANSOORI

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