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Wednesday, 19 December 2012

STOCK MARKET UPDATE: 20.12.2012



STOCKS
Karachi Stocks Up 14.16 Points:
KARACHI, Dec 19: At the close of trading, the KSE-100 index was at 16872.84, up 14.16 points. 
 (Today Market is 19.68 Up@ 11.13am)

December 19, 2012
 5 TOP GAINERS  &  LOOSERS:

Mithchells Fruit
Rs 16.86
Bata Pak
Rs (65.00)
Exide Pak
Rs 9.85
Colgate Palmolive
Rs (50.00)
PICT
Rs 8.17
Al-Ghazi Tractors
Rs (4.77)
Pak Oilfields
Rs 7.42
Premier Sugar
Rs (4.00)
Khyber Tobacco
Rs 5.13
Packages Ltd
Rs (3.84)
Stocks end up in lacklustre trade
KARACHI, Dec 19: Stocks ended marginally higher on Wednesday in cautious trade as investors remained on the sidelines amid concerns about the economy but bargain hunters accumulated fertiliser and energy stocks at lower levels, dealers said.The KSE 100-share index ended 0.07 per cent, or 11.15 points, higher to 16,869.83 points. The index traded in the range of 16,853.13 points to 16,914.44 points. Turnover decreased to 113.95 million shares compared with 118.64m shares traded on Tuesday.
However, trading value rose by Rs600m to Rs4.3 billion from the previous value of Rs3.7bn whereas market capitalisation stood flat at Rs4.22 trillion.
“The equity market gave a deserted look as the benchmark traded in a narrow range with relatively low volumes,” said Hasnain Asghar Ali from Escorts Capital.
“Despite negativity, high volumetric activity in Hubco on dips along with some re-shuffling in cement stocks, yield attraction led buying in selected fertilizer and banking, E&P front liners mainly PPL and POL.”
The market was supported by buying in Pakistan Petroleum Ltd and Pakistan Oilfields which closed up Rs2.72 to Rs177.86 and Rs7.42 to Rs430.24 respectively.
However concerns remained on the macroeconomic front as the country’s current account turned negative, with a deficit of $365m, for the first time during first five months of this fiscal year due to a wide trade gap.
Foreign investors continued to cautiously buy shares this week as they bought shares worth a net $447,808 on Wednesday, compared with a net of $1.42m the previous trading session. However for the month, they remain net sellers of $379,859.
Banks were the major buyers in the market as they bought equities worth $3.78m. The biggest gainer was Mitchell’s Fruit which rose Rs16.86 to Rs354.11, followed by Exide Pakistan which ended Rs9.85 higher at Rs300. Bata Pakistan witnessed the biggest loss for the second consecutive day as it shed Rs65.50 to Rs1,350, followed by Colgate Palmolive, which shed Rs50 to close at Rs1,350. The KSE-30 index ended 0.21pc, or 28.47 points, higher at 13,709.32.
Out of the 372 companies traded, the value of 165 increased, 182 decreased while 25 remained unchanged. Even though the share value of more companies declined than increased, it was the buying in heavyweights that resulted in a positive closing for the market.
The cement and fertilizer sector once again dominated the 10 most active traded stocks: Jahangir Siddiqui Co Ltd rose 22 paisa to Rs16.44 on 7.91m shares, Hub Power Co Ltd fell 18 paisa to Rs43.80 on 7.63m shares, and DG Khan Cement shed 19 paisa to Rs54.74 on 5.65m shares.
Maple Leaf Cement witnessed some buying as it closed 13 paisa higher at Rs14.86 on 5.39m shares, Fauji Fertiliser ended 28 paisa higher at Rs114.31 on 5.35m shares but Fauji Cement closed lower by 9 paisa to Rs6.41 on 4.14m shares.Engro Corporation shed 89 paisa to Rs93.18 on 3.24m shares, Byco Petroleum gained 18 paisa to Rs11.34 on 2.88m shares and Saritow Spinning ended 94 paisa higher at Rs10.88 on 2.81m shares.
Pakgen Power closed 89 paisa lower at Rs21.10 on turnover of 2.69m shares.

Market delegation calls on president
KARACHI, Dec 19: A delegation of the representatives of the country’s capital market called on President Asif Ali Zardari at Chief Minister House on Wednesday. The Federal Finance Minister, Dr Abdul Hafeez Shaikh was also present on the occasion.
The market delegation was led by Securities and Exchange Commission of Pakistan Chairman Muhammad Ali. He was accompanied by the chairmen and MDs of all three stock exchanges; chairmen of demutualisation committees and five senior brokers, Bashir Jan Mohammad, Amin Tai, Arif Habib and Aqeel Karim Dhedhi.
Haji Ghani Haji Usman, who is chairman demutualisation Committee Karachi, said that the talks revolved around various issues, including the process of demutualisation. While it was heartening to note that the Demutualisation Act was passed by the parliament, the capital market representatives said that they were now looking forward to the party that would hold 40 per cent strategic shares of the demutalised exchanges.
The importance of the stock market for the economy was given a serious thought and the official side was said to have recommended convincing sponsors to launch new projects with 100 per cent equity mobilised through the exchanges.
Market development issues and products were also discussed.
Haji Ghani said that the market representatives recommended that profit-making companies be asked to distribute 40 per cent of their earnings in dividends to shareholders so as to encourage greater investor participation.
The KSE or the SECP did not issue a statement regarding the talks with the president and the finance minister. But several representatives present at the meeting said that everyone was in good cheer over the stock exchange index crossing well over its all-time best.
“Enthusiastic market participants even suggested the KSE-100 index to reach as high as 20,000 points level, from current 16,900,” he said.
KSE 100-index gains 11 points: KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,869.83, 0.07 percent higher or 11.15 points.

Stocks closed slightly higher Wednesday, mainly supported by oil stocks.

Investors also booked profit in the Engro Corp as no major decision was taken to overcome gas shortages in the fertilizer sector, said dealer at Topline Securities.

Financial services company Jahangir Siddiqui rose 1.85 percent, or 0.30 rupee, to 16.52 per share while Fauji Fertilizer was up 0.37 percent, or 0.42 rupees, to114.45 per share.

Stocks that fell included Hub Power Co, down 0.41percent to 43.80 per share, and D.G. Khan Cement, which fell 0.51 percent to 54.65 per share.

In the currency market, the rupee strengthened, closing at 97.69/97.73 against the dollar, compared to Tuesday's close of 97.88/97.94.

The rally was a brief interlude in a mainly downward slide. The rupee is under pressure due to import and oil payments and may fall further due to a strong demand for the dollar from importers.

Overnight rates in the money market ended at 9.50 percent compared to Tuesday's close of 9.40 percent. (REUTERS).
 Company News:
Byco Oil announces completion of refinery: KARACHI, Dec 19: Byco Oil Pakistan Limited on Wednesday announced the completion of country’s largest oil refinery at Mouza Kund, District Lasbella, Balochistan.
At present the refinery is in state of pre-commissioning and preparatory activities wherein different plants, equipment and instrumentation are being put to confirmatory checks and tests. Cold circulation of crude oil has already been established and sustained.
Also furnaces of different process units have been test fired and the refinery is ready for hot commissioning and start up, a press release said.
The newly commissioned petroleum refinery will have an installed refining capacity of 120,000 barrels per day. Combined with existing and fully operative smaller refinery, the cumulative capacity shall be over 155,000 barrels per day which is 55 per cent higher than the existing largest refinery in Pakistan.
Thus it will enhance overall crude oil refining capacity in the country from existing 12.25 to 18 million tons per year and will significantly contribute in reducing import of deficit refined petroleum products in the country. This Refinery can be further expanded up to 180,000 bpd.
Byco Oil Pakistan Limited CEO Qaiser Jamal said along with this new refinery, the country’s first Isomerisation Plant is being commissioned.
The introduction of isomerisation technology in Pakistan will not only enable this refinery to produce higher volumes of motor gasoline to meet country’s demand but this will be the first environment friendly motor gasoline, with almost nil content of benzene, he informed.
The first parcel of crude oil for this refinery will be brought to the country’s first single point mooring installed 10km into the Arabian Sea for direct discharge to the refinery storage tanks. This facility can discharge tankers carrying over 100,000 metric tons of crude oil, he said.
With an investment of significantly over $600m and rising, Byco also operates the fast growing petroleum marketing business network comprising of 222 retail outlets.


MOHAMMED SALEEM MANSOORI

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