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Thursday, 3 January 2013

STOCK MARKET UPDATE: 04.01.2013



STOCKS
Karachi Stocks Up 98.55 Points:
KARACHI, Jan 02: At the close of trading, the KSE-100 index was at 16,588.54, Up 98.55 points.
 (Today Market is Up90.61 @ 11.08 am)


















Stocks recover 98 points
KARACHI, Jan 3: Share values rose on the stock market on Thursday with the KSE-100 index recovering 98.55 points, from the heavy plunge of 304 points witnessed on Wednesday. The index closed at 16,588.54 points.
Most market participants admitted that political headwinds had taken charge of the market where nervous investors ditched stocks on Wednesday, fearful of developments ahead after the call of four-million march was endorsed by the government’s major coalition partner.
Investors took heart and were comforted after signals on Wednesday evening that the proposed long march might be averted.But the panic appeared to linger still in the air, as in spite of a partial recovery in index, the volume of business remained low at 102 million shares on Thursday, against the huge turnover of 241 million shares the earlier day.
After a brief hangover at the start of trading on Thursday with index down by another 38 points, the index turned north and kept its course to close with 222 stocks as gainers, compared to 78 losers. Another 22 of the total 322 shares that came up for trading finished unchanged. Another heartening factor on Thursday was another heartening belying the belief that foreigners were making a dash to the exit door, after their earlier day’s net sale of shares worth a heavy $2.39 million.
On Thursday foreigners bought net $0.143 million worth equity. Gross inflow stood at Rs113 million; gross sale at Rs99 million and net foreign buy at Rs14 million on Equity Dealer Samar Iqbal at Topline Securities said that after a steep fall on Wednesday market gained amid some serenity on political front while volumes remained low.
Activity remained confined towards mid cap stocks with JSCL, BYCO and MLCF topped the volume which together contributed 35% of over all volume. Cherry picking in FFC, IPPs and cement stocks was also seen.
The market capitalisation of KSE amounted to Rs4.158 trillion on Thursday, against Rs4.135 trillion the previous day.
The two major gainers for the day were UniLever Pak, up by Rs129.95 to Rs10,199.33, followed by Shezan International higher by Rs19.10 to Rs401.10. The biggest losers were Unilever Food, down by Rs220 to Rs4180 and Siemens Pakistan down by Rs12.43 to Rs625.
The regain in index value was spearheaded by the heavyweight OGDC, which climbed by Rs1.21. National Refinery also edged higher by Rs1.86.
Yet, Attock Petroleum dipped by Rs3.19 and PSO conceded Rs1.15. Save for Byco Petroleum, none of the energy stocks were lower in the volume leaders’ list.1
Byco which had hit the lower lock on Wednesday was up by 28 paisa to Rs13.38 on the second highest volume at 10 million shares. The top-10 active scrips were led by Jah Sidd Co which almost hit the ‘upper limit’ by addition of 99 paisa to Rs15.76 on 17m shares.
As a matter of fact, about two dozen scrips hit their ‘upper lock’ showing maximum permissible gain for a single day. Other shares evidencing larger turnover included: Maple Leaf Cement with volume of 7m shares, up by 31 paisa to Rs14.36; Azgard Nine higher by 25 paisa to Rs7.52 on 4m shares; Nishat (Chunian) posting strong gains of Rs1.52 to Rs34.92 on 4m shares. Bank of Punjab edged higher by 12 paisa to Rs9.04 on 3m shares; Colony Mills was up by 97 paisa to Rs5.12 on 3m shares; Fauji Fertiliser added Rs1.09 to Rs117.16 on 3m shares; PIA shed one paisa to Rs 3.81 on 2m shares and KESC was up 4 paisa to Rs5.48 on 2m shares.
Stocks recover 98 points at KSE
KARACHI: Stock prices witnessed some recovery at Karachi Stock Exchange (KSE) on Thursday as investors were seen taking positions in blue chips.
The Karachi Stock Exchange's (KSE) benchmark100-share index ended 0.60 percent, or 98.55 points, higher at 16,588.54.
"We expect the market to jump back in to a bullish tone as result season kicks in," said a stock dealer.
Financial services firm Jahangir Siddiqui rose 6.77 percent to 15.77 per share and Byco Petroleum was up 2.75 percent to 13.46 per share.
Engro Corp fell 0.05 percent to 88.70 per share.
In the currency market, the Pakistani rupee ended steady at 97.35/97.40 against the dollar, compared to Wednesday's close of 97.34/97.39.
Overnight rates in the money market ended at 6.75 percent compared to Wednesday's close of 6.50 percent. (Reuters)
KSE recovers on hopes for early resolution of political issues
KARACHI: The Karachi Stock Exchange’s benchmark 100-index improved by 98.55 points to 16,588.54 on Thursday on the hopes for early resolution of political issues, said dealers.
Ahsan Mehanti, analyst at Arif Habib Corp, said that the stocks showed recovery at the KSE led by oil, fertiliser and cement sectors amid thin activity on the hopes for early resolution of political issues over implementation of the constitution.
Higher international oil prices and strong earnings outlook played a catalyst role in the bullish sentiment in the oversold market amid concerns over the energy crisis and falling foreign interest, he said.
The KSE-100 index surged by 98.55 points, or 0.60 percent, to 16,588.54 points against 16,489.99 points recorded in the last session. The index, at one time, reached the high of 16,601.80 points, while the low level of the day was recorded at 16,452.30 points.
The KSE-30 index increased by 73.34 points, or 0.54 percent, to 13,549.08 points in the session.
Contrary to the index, turnover and value both declined in the market. Turnover fell by a massive 139 million shares to 102.48 million shares from 241.22 million shares, whereas value declined to Rs2.42 billion against Rs5.56 billion recorded in the last session.
Ovais Ahsan, analyst at JS Research, said that the market reclaimed some lost ground after Wednesday’s selloff as institutional buying in the blue-chips such as MCB Bank up by 0.9 percent and Fauji Fertilizer, which increased by 0.9 percent helped the index in the green zone.
“Volumes remained confined to third-tier stocks as Jahangir Siddiqui Company Limited (JSCL) went up by 6.7 percent on a turnover of 17.3 million shares and Azgard Nine Limited went up by 3.4 percent on a turnover of four million shares, respectively,” he said.
A pre-result rally was witnessed in Fauji Fertilizer Bin Qasim, which rose by 1.3 percent as expectations of a final cash payout of Rs2 invited dividend hunters. “Yesterday’s selloff was mostly driven by local mutual funds, taking a first movers advantage as a correction was long overdue. We expect the market to jump back to a bullish tone as results season kicks in,” he said.
Samar Iqbal, equity dealer at Topline Securities (Pvt) Ltd, said that after a steep fall on Wednesday, the market gained 100 points on Thursday amid some serenity on the political front, while volumes remained low.
“The activity remained confined towards mid-cap stocks with JSCL, Byco and MLCF topped the volume, which together contributed 35 percent to the overall volume. Cherry picking in FFC, IPPs and cement stocks was also seen,” she said.
Highest increase was recorded in the shares of Unilever Pakistan, which increased by Rs129.95 to Rs10,199.33 per share followed by Shezan International, which rose by Rs19.10 to Rs401.10 per share.
Major decline was witnessed in the shares of Unilever Food, which fell by Rs220 to Rs4,180 per share followed by Siemens Pakistan-XD that declined by Rs12.43 to Rs625 per share.
Stocks that recorded significant turnover included Jahangir Siddiqui Co, Byco Petroleum, Maple Leaf Cement, Azgard Nine and Nishat (Chunian).
Jahangir Siddiqui Co was the volume leader with a turnover of 17.32 million shares as it increased by 99 paisas to close at Rs15.76 per share, followed by Byco Petroleum with a turnover of 10.48 million shares. It registered a gain of 28 paisas to end at Rs13.38 per share.
Shares turnover in the futures market increased to 129.95 million from 19.10 million shares traded in the previous session. Of 322 companies’ shares traded, 222 advanced, 78 declined and 22 remained unchanged.
Unilever PakRs129.95
Closing Rs10,199.33
Shezan InterRs19.10
Closing Rs401.10
Mithchells FruitRs17.27
Closing Rs364.99
Unilever FoodRs220.00
Closing Rs4,180.00
Siemens PakRs12.43
Closing Rs625.00
Pak ServicesRs8.00
Closing Rs152.00


MOHAMMED SALEEM MANSOORI

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