STOCK MARKET UPDATE: 07.11.2012

STOCK:

Karachi Stocks Up 109.45 Points:
KARACHI, Nov 07: The KSE-100 index was at 16160.59, up 109.45 points. (Today @ 11.16 am)

November 06, 2012

5 TOP GAINERS  &  LOOSERS:

Wyeth Pak Limited	Rs 41.00	UniLever Pak	Rs (249.00)
Island Textile	Rs 21.05	Nestle Pakistan	Rs (240.00)
Indus Dyeing	Rs 14.99	Bata (Pak) XD	Rs (74.00)
Mithchells Fruit	Rs 9.50	Colgate Palmolive	Rs (22.00)
Sanofi-Aventis	Rs 9.38	Exide Pak	Rs (9.99)

Index sheds 105 points on political uncertainty

KARACHI, Nov 6: Stocks ended lower on Tuesday as investors indulged in profit-taking after the market made record highs in the previous few sessions and as sentiment was dampened by political uncertainty following the statement from the Army chief.
The KSE 100-share index ended 0.65 per cent, or 105.22 points lower at 16,051.14 points. It made an all-time high at 16,220.52 points the previous day.
Turnover decreased to 129.04 million shares, compared with 142.88 million shares traded on Monday. Trading value fell by around Rs1 billion to Rs4.57 billion from Rs5.52 billion the previous trading session.
Market capitalisation stood at Rs3.99 trillion, lower than Monday’s capitalisation of Rs4.02 trillion.
“Rising political uncertainty after the Army chief issued unclear statements on weak government institutions affected the market sentiments,” said Ahsan Mehanti of Arif Habib Ltd.
While speaking to his officers at the Army’s General Headquarters (GHQ) Rawalpindi Army Chief General Ashfaq Pervez Kayani spoke about institutions minding their lines and not stepping over them, or defaming the military, which to some seemed directed at the Supreme Court.
“Increased political noise provided reason for investors to opt for profit taking with the index dragged down by selling in heavyweight banks (MCB and UBL) as well as Hubco and selected food producers,” said Raza Jafri, head of research at AKD Securities Ltd.
MCB Bank ended Rs1.51 lower at Rs190.50 and United Bank Ltd shed Rs2.02 to Rs76.18. Hubco fell 50 paisa to close at Rs45.49.
“Engro Foods was a contrarian performer however, closing at its upper circuit on rumours of a possible dividend payout. Major volume drivers remained selected cement and fertiliser sector scrips,” said Jafri.
Dealers said there was also selling in the cement sector after lower than expected cement dispatches in October.
As per the numbers provided by the spokesman of All Pakistan Cement Manufacturers Association, overall cement dispatches in the first four months of FY13 depicted a disappointing increase of just 0.4 per cent year-on-year to stand at 10.47 million tons. Local dispatches increased by 3.8 per cent year-on-year to 7.5 million tons, but exports declined by 7.5 per cent year-on-year to 2.95 million tons.
Foreigners remained net sellers as they sold shares worth $115,937, after selling shares a net $3.22 million on Monday. Companies were the major sellers with equity worth around $2 million.
The market capitalisation based KSE 30-index shed 0.52 per cent, or 68.54 points, to close at 13,199.57 points.
Out of the 334 companies traded, the value of 97 increased, 214 decreased, while 23 remained unchanged.
The biggest gainers and losers were again the high-priced illiquid stocks. On the plus side, Wyeth Pak Ltd was up by Rs41 to Rs931, followed by Island Textile higher by Rs21.05 to Rs443.10. On the declining side, Unilever Pakistan lost Rs249 to Rs9,600.50 and Nestle Pakistan decreased by Rs240 to Rs4,560.
The list of volume leaders included mainly middle tier shares: Fauji Cement, fell 19 paisa to Rs6.68 on turnover of 16 million shares, Engro Foods rose Rs3.65 to Rs76.60 on 11.27 million shares and DG Khan Cement shed 67 paisa to Rs53.20 on 6.05 million shares.
Quice Food gained 26 paisa to Rs9.34 on 5.4 million shares, Maple Leaf Cement ended 25 paisa lower at Rs9.98 on 5.17 million shares and Fatima Fertiliser gained 38 paisa to rs26 on turnover of almost 5 million shares.
Invest Bank ended 16 paisa higher at Rs1.30 on 4.9 million shares, Jahangir Siddiqui shed 15 paisa to Rs14.14 on 4.16 million shares and Pace Pakistan fell 16 paisa to Rs2.80 on 3.7 million shares.
Engro Corp ended 55 paisa lower at Rs94.75 on 3.55 million shares.

KSE ends record high

KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-shareindex ended 0.34 percent, or 54.81 points, higher at 16,156.36, on total volume of 142.88 million shares.
Stocks closed at a record high for the second straight session on Monday, led by conglomerate Engro Corp and expectations for monetary easing.
Engro rose 5 percent to 95.41 rupees, while Azgard Nin fell more than 2 percent to 6.80 rupees per share.
Fatima Fertilizer eased nearly 1 percent to 25.55rupees.
In the currency market, the rupee weakened ahead of scheduled repayments to the International Monetary Fund later this month. It ended at 96.12/96.18 to the dollar, compared to Friday's close of 95.72/95.77.
 Overnight rates in the money market ended at 7.50 percent compared to Friday's 9.00 percent. (REUTERS)
Company news:
HBL: KARACHI: Habib Bank Limited (HBL) was declared the “Strongest Bank in Pakistan” by The Asian Banker magazine, a press release said. The announcement was made at a ceremony in Osaka, Japan.
MOHAMMED SALEEM MANSOORI