STOCK MARKET UPDATE: 15.11.2012

STOCK:

Karachi Stocks Up 56.26 Points:
KARACHI, Nov 15: The KSE-100 index was at 16176.78, up 56.26 points. (Today @ 10.58 am)

November 14, 2012

5 TOP GAINERS  &  LOOSERS:

Island Textile	Rs 26.92	Bata Pak	Rs (65.45)
Indus Dyeing	Rs 20.00	Clover Pak	Rs (2.75)
PICT	Rs 8.13	MCB Bank	Rs (2.16)
IGI Ins	Rs 6.93	National Foods	Rs (1.98)
Linde Pak	Rs 6.92	Pak Gum & Chem	Rs (1.82)

Bearish spell continues on stock market

KARACHI, Nov 14: Selling in fertiliser and banking stocks led the country’s main equities market to close slightly lower on Wednesday but losses were trimmed as buying was witnessed in the cement sector, dealers said.
The KSE 100-share index ended 0.06 per cent, or 9.20 points lower at 16,120.52 points. Turnover decreased to 143.54 million shares, compared with nearly 160 million shares traded on Tuesday.
Trading value rose to 4.1 billion from Rs3.94 billion in the previous trading session and market capitalisation also increased marginally to Rs4.027 trillion, compared with Tuesday’s capitalisation of Rs4.023 trillion.
“The market was volatile on Wednesday, eventually closing marginally lower. Investor interest was witnessed in the cement sector on soft outlook for coal with several cement sector scrips hitting their upper circuits,” said Raza Jafri, head of research at AKD Securities Ltd.
“At the same time, the telecom sector witnessed high volatility in connection with the Lahore High Court hearing on ICH.”
The market traded within a band of over 90 points as it made its intraday high at 16,174.08 and low at 16,082.84 points.
According to a note by Arif Habib Ltd Research, sluggish demand growth from emerging markets has been pushing coal prices down since April this year, which currently have trenched to a 3-year low, below USD80/ton (RB Index).
Being the largest cost component, this falling trend in the coal prices is expected to further magnify the profitability of the cement sector. As per AHL research’s estimates, a $5 per ton change in coal prices leads to an average 5 per cent change in the bottom line of a typical cement manufacturer.
Selling was witnessed in the banking sector as MCB Bank shed Rs2.16 to Rs183.94 and National Bank of Pakistan ended 32 paisa lower at Rs46.70. Fertiliser sector also came under pressure as Engro shed 93 paisa to Rs91.30 and Fauji Bin Qasim closed 37 paisa lower at Rs37.21.
But dealers said there was support at lower levels as the market managed to close above 16,100 points.
“Technical reshuffling led intra-day decline due to incoming trade float found renewed buyers on dips thus, allowing the benchmark to
sustain 16,100-mark,” said Hasnain Asghar Ali from Escorts Capital.
Foreign investors turned into net buyers as they bought shares worth $505,446 on Wednesday, after selling shares worth a net $3.14 million on Tuesday, bringing the total net buying for this month to $19.46 million. But banks were the major sellers with equity worth $2.62 million.
The market capitalisation based KSE 30-index fell 0.06 per cent, or 7.74 points, to close at 13,173.46 points.
Out of the 318 companies traded, the value of 152 increased, 136 decreased, while 30 remained unchanged.
The biggest gainers and losers were as follows: on the plus side, Island Textile was up by Rs26.92 to Rs565.49, followed by Indus Dyeing, which was up by Rs20 to Rs559. On the declining side, Bata Pakistan lost Rs64.45 to Rs1,320 and Clover Pakistan decreased by Rs2.75 to Rs75.70.
The list of volume leaders included mainly middle tier shares: Maple Leaf Cement up Re1 to Rs11.34 on 20.2 million shares, DG Khan Cement gained 26 paisa to Rs53.03 on 15.07 million shares and Jahangir Siddiqui Co ended 10 paisa higher at Rs16.55 on 11.34 million shares.
JS Bank Ltd fell 30 paisa to Rs5.94 on nearly 10 million shares, Fauji Cement ended 5 paisa higher at Rs6.57 on 8.02 million shares but PTCLA fell one paisa to Rs17 on 6.12 million shares.
Telecard Ltd gained 8 paisa to Rs2.50 on 4.74 million shares. Lafarge Pakistan rose 9 paisa to Rs5.39 on 3.59 million shares and Azgard Nine ended 13 paisa lower at Rs7.20 on 3.5 million shares. Worldcall Telecom increased by two paisa to Rs2.58 on turnover of 2.95 million shares.
KSE: KARACHI: Local stocks fell below 16,200 points on Tuesday, pressured by concerns over rising violence in the country's financial capital.

"The Karachi market closed in negative territory for the second session amid a fall in global markets and the prevailing law and order situation," said an equity dealer.

Fauji Cement fell 2.11 percent, or 0.14 rupees, to 6.50 per share, while Jahangir Sidiqui rose 1.73 percent, or 0.28 rupees, to 16.42 per share.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.52 percent, or 83.96 points, lower at 16,129.72. (Reuters)

Company news:

(PTCL): KARACHI, Nov 14: Pakistan Telecommunications Company Limited (PTCL) has extended its Vfone wireless service to isolated Mekhtar, Bard and Murgha Kibzai areas of Balochistan, a press release said.

PTCL EVP Wireless Omer Khalid said provision of Vfone services will go a long way in fulfilling the communications needs of the people of Balochistan.
MOHAMMED SALEEM MANSOORI