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Monday, 18 February 2013

STOCK MARKET UPDATE: 19.02.2013



STOCKS
Karachi Stocks Up 68.39 Points:
KARACHI, Feb 18: At the close of trading, the KSE-100 index was at 17865.61, up 68.39 points.
(Today Market is 4.02 Dawn@ 11.07 am)

February 18, 2013
 5 TOP GAINERS  &  LOOSERS:

UniLever Pak
Rs 100.00
Bata (Pak)
Rs (34.00)
Pak Services
Rs 5.41
Indus Dyeing
Rs (25.97)
Engro Corporation
Rs 4.72
Philip Morris Pak.
Rs (9.00)
Mehmood Textile
Rs 4.63
National Foods
Rs (8.01)
Packages Ltd.
Rs 4.01
Gillette Pak
Rs (7.15)

Stocks manage 69-point gain amid turmoil
KARACHI, Feb 18: Stocks rose to a record high on Monday led by blue-chip Pakistan Telecommunication Co Ltd due to a stellar corporate result along with Engro Corporation and DG Khan Cement despite strike in the country’s financial hub, brokers said.
Demonstrations were held in different cities of the country including Karachi, Lahore, Rawalpindi and Islamabad on Monday over the deadly bombing in Quetta that claimed at least 84 lives.
The KSE 100-share index ended 0.38 per cent, or 68.39 points, higher at 17,865.61 points. It made a fresh all-time high at 17,914.43 points and an intra day low at 17,750.12 points.
Turnover rose to 291.61 million shares, compared with 262.75 million shares traded on Friday and trading value increased to Rs7.18 billion from Rs7.06bn in the previous trading session.
Market capitalisation stood at Rs4.47 trillion from Friday’s Rs4.46tr.
“Led by Engro and DGKC, the KSE 100-index achieved new high. Positive news flow coupled with expectatiosn of smooth transition of power helped equity prices. PTCL with volume of 29m shares remained in limelight due to excellent December quarter earnings. Engro also rallied after news that direct gas from OGDC will help its fertiliser business,” said Samar Iqbal, a dealer at Topline Securities Ltd.
PTCL remained in the limelight after its result which was announced last week, for the fourth quarter ending Dec 31, 2012, was higher than the market expectations.
Ahsan Mehanti from Arif Habib Corp said that positive news flow on the macroeconomic front such as a current account surplus of $62 million for the first seven months of FY13 also boosted local investor sentiment.
Foreigners remained net buyers as they bought shares worth a net $903,203 on Monday, compared with a net buying of $1.84 million on Friday, bringing the total net buying for the month at $13.64m. Mutual Funds were the biggest buyers with equity worth $1.77 million. The total for January stood at net buying of $15.42m.
The biggest gainer was UniLever Pakistan which ended Rs100 higher at Rs10,400, followed by Pakistan Services which closed Rs5.41 higher at Rs187.50. Bata Pakistan witnessed the biggest loss as it shed Rs34 to Rs1,440, followed by Indus Dyeing, which ended Rs25.97 lower at Rs493.53.
The KSE-30 index ended 0.42pc, or 61.51 points, higher at 14,624.29.
Out of the 331 companies traded, the value of 147 increased, 162 decreased while 22 remained unchanged.
The telecom sector along with second and third tier shares once again dominated the 10 most active traded stocks: PTCL topped the list as it rose 82 paisa to Rs22.77 on turnover of 29.23 million shares, Pace Pakistan gained 39 paisa to close at Rs4.32 on 26.6m shares and NIB Bank Ltd closed 15 paisa higher at Rs2.88 on 19.83m shares.
Fauji Cement rose 6 paisa to Rs8.05 on 17.63m shares, Telecard Ltd increased by 7 paisa to Rs5.56 on 17.12m shares and Jahangir Siddiqui Co Ltd ended 24 paisa to Rs18.01 on 14.35m shares.Engro Corp ended at its upper circuit after gaining Rs4.72 to Rs99.16 on 13.02m shares, Maple Leaf Cement increased by 19 paisa to Rs17.84 on 11.27m shares and DG Khan Cement rose Rs2.88 to Rs60.77 on 10.55m shares. Aisha Steel ended 6 paisa higher at Rs9.16 on 8.9m shares.
SECP issues notices to 26 firms
ISLAMABAD, Feb 18 : The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to the directors and auditors of twenty-six companies for failing to comply with corporate laws and accounting standards.
These notices were issued by the enforcement department of the SECP in January 2013. The enforcement department also initiated proceedings against twenty-three companies on complaints received from shareholders.
The complaints were pertaining mainly to jeopardising the shareholders’ right of receiving the dividend warrants, right/bonus shares and non-transfer of right shares.
The SECP, as part of its mandate monitors listed and non-listed companies to safeguard investor interest and takes appropriate punitive action.
These enforcement actions were taken in view of the breaches of statutory requirements noticed during the inspection of audited accounts of listed and non-listed companies.
In January, the enforcement department concluded twenty proceedings against directors and auditors of companies by imposing penalties and issuing the warning letters. On account of recommendations made by the enforcement department, the SECP also initiated an investigation into the affairs of a listed company.
The SECP also granted extension for organising the Annual General Meetings (AGM) to two companies and also allowed a company to change the place of its AGM, while, four companies were directed to hold overdue AGM in due course of time.
Out of these, three companies were allowed to place their quarterly accounts on their website while nine companies were allowed to change their websites addresses.

MOHAMMED SALEEM MANSOORI

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