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Tuesday, 4 December 2012

STOCK MARKET UPDATE: 04.12.2012



STOCKS
Karachi Stocks Down 36.22 Points:
KARACHI, Dec 03: At the close of trading, the KSE-100 index was at 16537.64, down 36.22 points.

(Today Market is 109.933 Up @ 12.59 pm)

December 3, 2012
 5 TOP GAINERS  &  LOOSERS:

Island Textile
Rs 47.55
Nestle Pakistan
Rs (232.00)
Sanofi-Aventis
Rs 8.97
UniLever Pak
Rs (163.58)
Exide (Pak)
Rs 6.74
Bata (Pak)
Rs (62.00)
Salfi Textile
Rs 5.29
National Foods
Rs (6.99)
Javedan Corp
Rs 4.19
Blessed Textile
Rs (6.15)
Pakistan stocks fall, ending 4-day rally; rupee weakens
KARACHI: Pakistani stocks closed lower on Monday, as traders booked profits after the benchmark index hit record highs in each of the previous four sessions.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.22 per cent, or 35.88 points, lower at 16,537.98 on total volume of 195,57 million shares. The market surged to a record of 16,651.10 on Friday.
Sui Northern Gas fell 0.46 per cent, or 0.11 rupees, to 24.05 per share, while National Bank dropped 1.32 per cent, or 0.66 rupees, to 49.20 per share. Bank Al Falah rose 0.72 per cent, or 0.12 rupees, to 16.86 per share.
The market’s decline was limited by a smaller-than-expected rise in inflation, which traders believe will give the central bank the necessary freedom to ease interest rates later this week.
Pakistan’s consumer price index rose 6.93 per cent in November from a year earlier, the Pakistan Bureau of Statistics said. On a month-on-month basis, inflation declined by 0.39 per cent from October. In the currency market, the Pakistani rupee eased to 96.57/96.62 against the dollar, compared to Friday’s close of 96.49/96.54, on weak demand for the local currency. Overnight rates in the money market ended at 7.00 per cent compared to Friday’s close of 9.50 per cent.
Equity prices fall on profit-selling
KARACHI, Dec 3: Stocks ended lower on Monday as investors opted to book profits after the market was trading at its record high and gained 336 points in the previous week.
Dealers also said there were concerns on the outlook of the economy especially after a tough stance from the International Monetary Fund calling on Pakistan to take some serious structural reforms.
The KSE 100-share index ended 0.22 per cent, or 35.88 points, lower at 16,357.98 points.
Turnover decreased to 195.59 million shares, compared with 312 million shares traded on Friday, as some investors were cautious and preferred to stay on the sidelines as the index breached its previous all-time high last week.
Trading value also fell to Rs5.37 billion from Friday’s value of Rs6.74 billion and market capitalisation stood at Rs4.13 trillion, compared with Rs4.15 trillion on Friday.
“Tough comments by IMF regarding health of the economy and financial imbalances, coupled with tense law and order situation in the city and stern comments by the political participants was seemingly enough ingredients for a bear-run,” said Hasnain Asghar Ali from Escorts Capital Ltd.
Pakistan should reduce subsidies and widen the tax base to tackle the government’s bloated budget deficit, the International Monetary Fund’s board said last week.
The Pakistani government should also reform tax policy and boost tax compliance in the long-term to reduce the fiscal deficit, which is likely to reach 6.5 per cent of national income by June 2013, above the government’s target of 4.7 per cent, Fund directors said.
The board also called on Pakistan to discuss its policies with the Fund.
“In spite of lower than expected inflation number for the month of November no major activity was seen at local bourses.
Investors preferred to book profits in banks amid hope that a further decline in policy rate will affect their margins,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Pakistan’s November inflation numbers dipped to the lowest level of its revised based at 6.9 per cent as against 7.7 per cent in October, which was far below the market consensus which was expecting it in the range of 7.5 to 8 per cent This has also raised expectations of a rate cut when the central bank meets next month to review the monetary policy.
Foreign investors sold equities in the net sum of $1.62 million, compared buying a net $85,333 on Friday. Foreign investors bought shares worth a net $35.62 million in November.
The KSE-30 index ended 0.26 per cent, or 34.71 points, lower at 13,387.10 points and out of the 379 companies traded, the value of 179 increased, 178 decreased while 22 remained unchanged.
Among the 10-top traded stocks, Sui North Gas came into the limelight as the most turnover of 16 million shares on news that the government may increase gas prices, but decreased 3 paisa to Rs24.13.
Bank Alfalah saw investor interest as there are expectations of a better dividend than last year and gained 7 paisa to Rs16.81 on 14.64 million shares and Fauji Cement shed 4 paisa to Rs6.91 on 13 million shares.
Jahangir Siddiqui Co was up 33 paisa to Rs17.56 on 12.05 million shares, National Bank of Pakistan fell 78 paisa at Rs49.08 on 8.26 million shares and Engro Corp rose Rs1.22 to Rs97.33 on 8.09 million shares.
KESC gained two paisa to Rs6.90 on 7.61 million shares, Bank of Punjab ended 17 paisa higher at Rs9.30 on 6.89 million shares and Maple Leaf Cement closed 49 paisa lower at Rs14.44 on 4.66 million shares.
NIB Bank rose marginally by one paisa to Rs2.39 on 4.15 million shares.
Karachi stocks shed last week’s gains : KARACHI: Equities market closed lower on Monday, as traders booked profits after the benchmark index hit record highs in each of the previous four sessions.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 35.88 points, lower at 16,537.98 on total volume of 195,57 million shares.
The market surged to a record of 16,651.10 on Friday.
Sui Northern Gas fell 0.46 percent, or 0.11rupees, to 24.05 per share, while National Bank dropped 1.32 percent, or 0.66 rupees, to 49.20 per share.
Bank Al Falah rose 0.72 percent, or 0.12 rupees, to 16.86 per share.
The market's decline was limited by a smaller-than-expected rise in inflation, which traders believe will give the central bank the necessary freedom to ease interest rates later this week.
Consumer price index rose 6.93 percent in November from a year earlier, the Pakistan Bureau of Statistics said. On a month-on-month basis, inflation declined by 0.39 percent from October. (Reuters)
SECP notifies insurance draft rules
KARACHI, Dec 3: The Securities and Exchange Commission of Pakistan (SECP) notified a draft of accounting rules and regulations for the Life and non-Life Insurance companies, which includes revised accounting formats and regulations to bring in more transparency.
By issuing these accounting formats and regulations, the SECP, as the apex regulator, aims to protect the interests of policyholders and promote the sound development of the insurance industry.
The ‘Revised Accounting Formats and Regulations for Conventional Insurers’ is also available at the SECP website.
The existing SECP insurance rules were introduced in 2002 but since then there have been vast developments and changes in the International Reporting Standards (IFRSs) by International Accounting Standards Board.
MOHAMMED SALEEM MANSOORI

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