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Thursday, 29 November 2012

STOCK MARKET UPDATE: 30.11.2012



STOCK
Karachi Stocks Up 101.53 Points:
KARACHI, Nov 29: At the close of trading, the KSE-100 index was at 16525.56, up 101.53 points.
 (Today Market is 99.43 Up @ 10.55 am)

November 29, 2012
 5 TOP GAINERS  &  LOOSERS:

UniLever Pak
Rs 509.25
Mithchell’s Fruit
Rs (16.00)
Unilever Food
Rs 210.00
Exide Pak
Rs (15.14)
Colgate Palmolive
Rs 65.00
Sunrays Textile
Rs (9.05)
Island Textile
Rs 42.85
Sapphire Fibre
Rs (8.69)
Sapphire Textile
Rs 10.01
Philip Morris
Rs (4.37)
Stocks settle above 16,500-level
KARACHI, Nov 29: Stocks raised to yet another record high on Thursday as the banking sector came into the limelight led by MCB Bank, which is expected to benefit from the delisting of Unilever, dealers said.
The KSE 100-share index ended 0.63 per cent, or 103.05 points, higher to record closing high of 16,527.08 points. It also hit a fresh all-time high at 16,556.29 points.
Turnover decreased to 255.98 million shares, compared with 312.7 million shares traded on Wednesday, as some investors were cautious and preferred to stay on the sidelines as the index breached its previous all-time high. Trading value also fell to Rs6.56 billion from the previous day’s value of Rs7.62 billion but market capitalisation rose to Rs4.15 trillion, compared with Rs4.13 trillion on Wednesday.
“The stock market closed at yet another high led by banking and some other blue-chips amid hopes for cut in the SBP policy rate due early next month,” said Ahsan Mehanti from Arif Habib Ltd.
Intention of one of the largest consumer goods company, Unilever Pakistan with market cap of $1.4bn, to de-list from the country’s three bourses was announced yesterday.
Unilever Overseas Holding Ltd, which currently holds 75.07 per cent of the issued capital of Unilever Pakistan, said it intends to acquire all of the issued ordinary shares held by other shareholders at Rs9,700 per share.
Unilever was the once again the biggest gainer, for the second consecutive day, as it increased by Rs509.25 to Rs10,694.25, followed by Unilever Food which was up Rs210 to Rs4,410.
Besides few local and foreign shareholders, this may bode well for selected listed firms like Adamjee Insurance (AICL) and MCB Bank (MCB) who are old minority shareholders of Unilever Pakistan, Topline said in a note.
“In case the price remain as mentioned in the announcement at Rs9,700, the AICL EPS will inch up by Rs1.8 and MCB by Rs0.3 assuming both willing to sell at the agreed price after considering capital gain tax and cost of purchase,” the note added.MCB Bank gained Rs1.82 to Rs189.90 and AICL closed Rs2.54 higher at Rs73.77.
However profit taking was witnessed in the cement stocks as they had been increasing in the past few trading sessions.Foreign investors bought equities in the net sum of $2.24 million, compared with $2.6 million on Wednesday, taking the current month portfolio investment to $34.54 million. Among the local participants, banks were the major buyers as they bought shares worth a net $4.6 million.
The KSE-30 index ended 0.60 per cent, or 80.20 points, higher at 13,381.21 and out of the 382 companies traded, the value of 173 increased, 182 decreased while 27 remained unchanged.
Among the 10-top traded stocks, Jahangir Siddiqui Co charged from the front with volume of 28.09 million shares, up 97 paisa to Rs16.65, DG Khan Cement fell 94 paisa to Rs54.20 on 19.39 million shares and Fauji Cement shed 10 paisa to Rs6.84 on 18.84 million shares.
Maple Leaf Cement ended 87 paisa lower at Rs15.22 on 18.81 million shares, Byco Petroleum rose 31 paisa to Rs10.62 on 9.89 million shares and Engro Foods Ltd increased by Rs2.41 to Rs87.07 on 9.8 million shares.
The monopoly utility provider KESC saw turnover of 9.69 million shares, up by 31 paisa to Rs6.93, Azgard Nine gained 6 paisa to Rs8.60 on 8.2 million shares but Dewan Cement ended 23 paisa lower at Rs5.25 on 6.26 million shares.
Colony Mills Ltd rose 54 paisa to Rs6.57 on 5.97 million shares.
Cement export to India via rail hits snags
LAHORE, Nov 29: Cement export to India through rail has come to a halt owing to the alleged narcotics smuggling from Pakistan via Wagha border.
Seizure of narcotics from freight trains carrying Pakistani goods to India through Wagha during the past four months has forced cement manufacturers to send their dispatches through road, said a Pakistan Railways official on Thursday.
In the first week of October, Indian customs authorities found 105 kilogrammes of heroin from a freight train (its Bogey No 66,938) at Amritsar Railway Station while unloading Pakistani cement.
The seal of the wagon was intact till it reached Atari but was found broken on arrival at Amritsar. This fact was acknowledged by the Indian officials during preliminary investigations, said the railway official.
“Recovery of 105 kg of heroin at Amritsar cannot be blamed on Pakistan as the freight wagon from which the narcotics were seized was sealed after it crossed over to India. The seal was broken inside India and the responsibility lies with them,” he said.
A leading exporter told Dawn that at present, cement was being exported to India through trucks only. Indian authorities allow limited number of trucks carrying cement to cross over, resulting in declining export dispatches.
Cement exports to India declined by 37.51 per cent to 0.158 million tons in October this year. Cement dispatches declined by 5.87 per cent mainly due to a drastic decline of 20.59 per cent in the commodity export to Afghanistan, India and other destinations.
The exporter said that recovery of narcotics a number of times during the last four months from Pakistani cement dispatches has adversely affected exports to India.
The All Pakistan Cement Manufacturers Association (APCMA) approached Pakistani customs and railways authorities who agreed to increase vigilance and take more stringent measures to eliminate the chances of narcotics going into India through Wagha.
“Pakistani authorities did take some measures immediately after the meeting but perhaps owing to lack of staff, the arrangements fizzled out after some time” said the exporter on the condition of anonymity.
He said instead of risking suspension of total cement exports they decided to limit exports through road only as clearance of trucks at the Indian border post at Wagha has been very slow. “One freight wagon of the railways carries more cement across the border than 10 trucks,” he informed.
The exporter said that since cement exports were already on decline, the trend proved to be a big blow not only to the manufacturing sector but also to bilateral trade between India and Pakistan. “Perhaps, it can derail the trade liberalisation process,” he said.
After opening of land route and rail link, it was expected that the industry would be able to export more than five million tons of cement to India, but that never happened. Still, more NTBs from India along with allegations of smuggling of narcotics, is making this option highly unfavorable to Pakistan’s cement industry,” said the exporter.
MOHAMMED SALEEM MANSOORI

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