STOCK MARKET UPDATE: 25.10.2012

STOCK:

Karachi Stocks Down 33.52 Points:
KARACHI, Oct 25: The KSE-100 index was at 15831.99, down 33.52 points.  (Today Market @ 12.36 pm)

October 24, 2012

5 TOP GAINERS  &  LOOSERS:

Bata Pak	Rs 40.67	Unilever Pak	Rs (211.16)
Millat Tractors	Rs 16.10	Mithchells Fruit	Rs (19.59)
Island Textile	Rs 15.75	National Foods	Rs (19.59)
Sanofi-Aventis	Rs 13.60	Atlas Battery	Rs (12.30)
Clariant Pak	Rs 11.78	Service Industries	Rs (8.95)

 Stocks extend overnight gains

KARACHI, Oct 24: Stocks ended marginally higher on Wednesday as corporate earnings for the quarter ended September 30 were within market expectations leading investors booked profits in those shares, but bargain hunters continued to accumulate stocks on lower levels and on hopes of strong corporate profits, brokers said.
The KSE 100-share index rose 0.07 per cent, or 11.69 points, to close at 15,865.53 points. Volume increased to 143.65 million shares from 103.33 million shares traded on Tuesday.
Trading value stood at Rs4.4 billion, compared with Rs3.92 billion the previous day and market capitalisation also rose to Rs3.97 trillion from Rs3.96 trillion on Tuesday.
“On going result season continued to dominate market sentiment and stock-specific interest. NBP and BAFL announced their results for nine months 2012 but closed lower on the day in the absence of positive earnings surprises. Prominent volume drivers were PTC and Fatima and the former came in for selling pressure on concerns over ICH (International Clearing House) continuity,” said Raza Jafri, head of research at AKD Securities Ltd.
National Bank of Pakistan reported a growth of 4 per cent from last year as it announced a profit after tax of Rs11.81 billion, an earning per share of Rs6.38, for nine months of 2012, which was in line with market expectations.
However DG Khan Cement announced a profit after tax of Rs1.44 billion, an EPS of Rs3.28, in the first quarter of FY13, which is an increase of 4.53 times from same period last year, which was above market expectations and therefore drove investor sentiment higher.
There was some interest in specific stocks as well such as MCB Bank and OGDC.
“After an initial post result sell-off, in NBP and BAFL, the banking stocks led by MCB Bank witnessed renewed buying interest along with fertilisers and singled out E&P stocks,” said Hasnain Asghar Ali, COO at Escorts Capital.
OGDCL ended Rs2.45 higher at Rs179.43 and there is some speculation that this could be foreign buying and foreign investors were extremely active in the market on Wednesday.
Foreign investors bought shares worth a net $6.99 million, after selling shares worth a net $9,711 on Tuesday, bringing the total net buying for this month to $35.64 million.
Mutual Funds were the major sellers of equity with $5.13 million.
The market capitalisation based KSE 30-index gained 0.22 per cent, or 28.16 points, to close at 12,990.88 points.
Out of the 353 companies traded, the value of 191 increased, 137 decreased, while 25 remained unchanged.
Bata (Pak) Ltd witnessed the highest increase in share value as it gained Rs40.67 to Rs1,460 followed by Millat Tractors, which was up Rs16.10 to Rs513.71. But Unilever Pakistan saw the largest fall as it shed Rs211.16 to Rs9,498.04, followed Mitchells Fruit which ended Rs19.59 lower at Rs372.36.
The list of volume leaders was topped by Pace Pakistan Ltd, which fell 54 paisa to Rs2.98 on turnover of 28.14 million shares, PTCLA shed 63 paisa to Rs18.57 on 11.54 million shares and DG Khan Cement ended 53 paisa higher at Rs52.30 on 8.78 million shares.
Fatima Fertilizer closed Rs1.16 higher at Rs24.83 on 8.10 million shares, Jahangir Siddiqui Co shed 11 paisa to Rs14.38 on 7.03 million shares and National Bank of Pakistan shed 23 paisa to Rs44.94 on 3.53 million shares.
Engro Corp rose 41 paisa to Rs97.09 on 3.24 million shares, Arif Habib Corp fell 54 paisa to Rs24.97 on 3.03 million shares and KESC ended 20 paisa lower at Rs5.88 on 2.6 million shares.
Nishat Mills fell 19 paisa to Rs59.44 on 2.55 million shares.
Company news:
Soneri Bank profit up: KARACHI, Oct 24: Soneri Bank Limited posted a pre-tax profit of Rs1,635.33 million for the nine-month period which ended on September 30, 2012, a press release said.
The bank’s total revenue amounted to Rs4,851.51 million, reflecting a growth of 36.61 per cent from the previous year’s comparatives. The pre-tax profit of the bank, after registering a growth of 54.70 per cent, amounted to Rs1,635.33 million.
Bank Alfalah:
Bank Alfalah has announced strong financial results for the period ended September 30, 2012 demonstrating growth in earnings, a press release said.
The bank’s asset base rose to Rs515.665 billion from Rs468.173 billion at year end 2011. Consistent growth of over 13 per cent was reflected in the profit after taxation figure, which was posted at Rs3.398 billion for the nine month period ended September 30, 2012, compared to Rs3.001 billion earned during the same period last year.
MCB:KARACHI, Oct 24: MCB Bank has adopted Microsoft collaboration and business productivity platform to enhance the efficiency of its customer services by 30 per cent, a press release said.
MOHAMMED SALEEM MANSOORI