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Thursday, 31 January 2013

STOCK MARKET UPDATE: 01.02.2013



STOCKS
Karachi Stocks Up 22.17 Points:
KARACHI, Jan 31: At the close of trading, the KSE-100 index was at 17227.44, up 22.17 points. 

 (Today Market is 2.90 Down@ 10.20 am)

January 30, 2013
5 TOP GAINERS  &  LOOSERS:

Nestle Pak
Rs 235.68
Bata Pak
Rs (35.00)
Mitchell’s Fruit
Rs 13.00
Siemens Pak
Rs (20.00)
Sitara Peroxide
Rs 8.12
Shezan Int’l
Rs (10.94)
Gatron Inds
Rs 7.50
Indus Dyeing
Rs (7.40)
Philip Morris
Rs 6.78
Javedan Corp
Rs (4.33)
KSE 100-index gains 22.17 points
KARACHI, Jan 31: Stocks were firm at the stock market on Thursday, with the KSE-100 index up by 22.17 points to close at 17,227.44 points. The index, however, moved in a narrow band of 70 points as investors tread cautiously ahead of major political events.
The market was driven mainly by the foreign investors, who were major buyers for the third day running; the foreign inflow on Thursday stood at $3.78 million, bigger than overseas portfolio investment of $2.74 million on Wednesday, taking the total for the month of January to $11.64 million. Among the locals, mutual funds sold equity worth $1.72 million and individual sale of shares was valued at $1.81 million.
KASB Securities Research commented that there were subtle signs of a relapse, gauged from advance-to-decline ratio tilting the scales in favour of corrective forces. Nonetheless chart structure in medium term were said to continue to favour bulls.
Analysts said that prices of penny stocks which have multiplied during the recent run have started to attract selling.
Equity dealer, Samar Iqbal said that the local bourse closed at new high, mainly due to investor interest in banking stocks. Investors also remained active in telecom and cement sectors.
After increasing for last few sessions, profit taking was seen in Telecom sector while result expectations kept cement sector on investors’ radar. Maple Leaf Cement closed 4pc down after announcing its December results.
Ahsan Mehanti, analysts observed that stocks had closed higher, with trading led by second and third tier stocks on strong valuations. Consolidation was witnessed in blue chip stocks, while the SBP Report on Economy, released on Wednesday, which talked about public sector debt trap and economic growth below target, caused a degree of unease.
Hasnain Asghar Ali stated that the Oil and Gas sector stocks stayed under pressure, while the banking stocks on healthy results expectations, moved the index ahead.
Stocks stayed under pressure on several issues including the offloading at dips; increasing noise on the political front, deteriorating law and order situation, high profile judicial hearings and SBP concerns on high debt to GDP.
Some views and analysis suggesting possibility of increase in interest rate in the upcoming policy review, called for caution. Although the index moved higher, losing stocks at 171, outnumbered gainers at 144 in a total of 335 shares traded on Thursday. Volume was lightly down to 273 million shares traded on Thursday, from 278 million shares the previous day.
However, trading value rose to Rs6.046 billion, from Rs5.746 billion. Market capitalisation increased to Rs4.326 trillion on Thursday, from Rs4.307 trillion the day before.Nestle Pakistan was the biggest gainer of Rs241.57 to Rs5170, followed by Rafhan Maize up by Rs65 to Rs3,550. On the losing side, Indus Dyeing fell by Rs8.20 to Rs662 and Gillette Pak was down by Rs7 to Rs143.
On the top 10 traded stocks, Maple Leaf Cement with business in 44m shares was down by 73 paisa to Rs17.05. Fauji Cement gained 19 paisa to Rs8.01 on 28m shares, Telecard Limited decreased by 36 paisa to Rs3.66 on 23m shares and KESC added 19 paisa to Rs6.07 on 18m shares.
Lotte PakPTA firmed up by 34 paisa to Rs7.46 on 18m shares, PTCL slipped by 10 paisa to Rs18.62 on 14m shares, Jah Sidd Co lost 37 paisa to Rs16.37 on 11m shares, Pace (Pak) Ltd added 8 paisa to Rs3.07 on 11m shares, Bank Alfalah was up by 37 paisa to Rs18.49 on 8m shares and WorldCall Telecom shed 24 paisa to Rs2.68 on 7m shares.
KSE banks on cements to scale a new peak: KARACHI: Mainly supported by banks the local stocks took to a new high on Thursday.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 37.47 points, higher at 17,242.74.
Expectations of imminent results kept cement on the radar.
The cement sector drew strong interest with some investors buying on results and some taking profits, dealers said Thursday.
Maple Leaf Cement closed 4 percent down after announcing its
December results. Fauji Cement was up 2.43 percent at 8.01 rupees.
Karachi Electric rose 3.23 percent to 6.07 rupees.
Pakistan Telecommunication Corporation Ltd fell 0.96 percent to 18.54 rupees.
In the currency market, the rupee ended weaker at 97.70/97.76 against the dollar, compared to Wednesday's close of 97.64/97.69.
Overnight rates in the money market fell to 6.50 percent compared to Wednesday's close of 9.40 percent. (Reuters)

MOHAMMED SALEEM MANSOORI

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