STOCK MARKET UPDATE: 27.02.2013

STOCKS

Karachi Stocks Down 105.84 Points:
KARACHI, Feb 26: At the close of trading, the KSE-100 index was at 17914.66, down 105.84 points.

 (Today Market is 28.81 Up@ 11.13 am)

February 26, 2013

 5 TOP GAINERS  &  LOOSERS:

UniLever Pak	Rs 300.00	Shezan Inter.	Rs (21.70)
Nestle Pakistan	Rs 231.82	Sanofi Aventis	Rs (17.74)
Colgate Palmolive	Rs 76.00	Clariant Pak	Rs (9.16)
Indus Dyeing SD	Rs 21.65	Blessed Tex.	Rs (6.15)
Mitchells Fruit	Rs 12.49	Millat Tractors	Rs (5.23)

Stocks extend overnight losses

KARACHI, Feb 26: Stocks extended overnight losses on Tuesday as investors continued to book profits at the technical level of 18,000 points and amid lack of positive triggers as the earning season had almost come to an end, dealers said.
The KSE 100-share index ended 0.70 per cent, or 125.60 points, lower to close below the psychological level of 18,000 points at 17,894.90. It traded in a broad range as it made an intra day high at 18,042.40 points and an intra day low at 17,819.47 points.
Turnover fell further to 312.85 million shares, compared with 322.3m shares traded on Monday and trading value decreased to Rs8.88 billion from Rs9.11bn in the previous trading session. Market capitalisation stood at Rs4.46 trillion from Monday’s Rs4.48tr.
“Market witnessed choppy trading activity today with investors opting for profit taking following healthy gains in CY13TD. Telecom companies again dominated volumes. With the result season at its tail end, we could see consolidation in the near-term,” said Ayub Ansari of AKD Securities Ltd.
Dealers said investors were hesitant to indulge in fresh buying as the index was consolidating at current levels but were confident that the market is expected to make new highs once the market settles above 18,000 points.
“Telecard which has been increasing for last few sessions witnessed heavy selling where stock closed 7 per cent down with 67m shares of volume,” said Samar Libel, a dealer at Topline Securities Ltd.
Oil and Gas Development Co Ltd also added towards the market’s losses, as it shed Rs1.81 to close at Rs204.01.
Foreign investors turned into net buyers as they bought shares worth a net $509,444 on Tuesday, compared with selling a net $1.15m on Monday, bringing the total net buying for the month at $23.72m.
Banks were the biggest buyers with equity worth $2.49m.
The biggest gainers were from the Fast Moving Consumer Goods sector led by UniLever Pakistan which ended Rs300 higher to close at Rs10,850 followed by Nestle Pakistan Ltd, which closed Rs231.82 higher at Rs5,131.82. Shezan International witnessed the biggest loss as it shed Rs21.7 to Rs412.30, followed by Sanofi-Aventis Pakistan, which ended Rs17.74 lower at Rs337.26.
The KSE-30 index ended 0.83pc, or 122.44 points, lower at 14,647.65.
Out of the 357 companies traded, the value of only 86 increased, 252 decreased while 19 remained unchanged. The telecom sector along with second and third tier shares once again dominated the 10 most active traded stocks: Telecard Limited was the volume leader as it fell 54 paisa to Rs7.42 on turnover of 67.36m shares, Azgard Nine shed 30 paisa to Rs8.29 on 19.26m shares and Pakistan Telecommunication Co Ltd ended 26 paisa lower at Rs23.38 on 17.86m shares.Jahangir Siddiqui Co Ltd decreased by 89 paisa to Rs17.85 on 16.33m shares, Engro Corp shed Rs2.24 to Rs111.59 on 16.33m shares and Maple Leaf Cement ended 62 paisa lower at Rs18.34 on 11.24m shares.
Pakistan International Airlines fell 8 paisa to Rs4.32 on 10.63m shares, WorldCall Telecom closed Rs1.10 lower at Rs53.64 on 10.21m shares and National Bank of Pakistan shed Rs1.10 to Rs53.64 on 9.03m shares.
Wateen Telecom Ltd ended 40 paisa lower at Rs3.64 on 8.84m shares.
KSE 100-share index sheds 125 points : KARACHI: The Karachi Stock Exchange's (KSE) benchmark100-share index ended 0.70 percent, or 125.61 points, lower at 17,894.89.

Stock market closed lower on Tuesday, after investors sold shares in a telecom company that had been steadily rising this week.

Telecard, which has been increasing for last few sessions following a court approval of increased international call rates, witnessed heavy selling, said dealer Topline Securities.

In the currency market, the rupee strengthened, closing at 98.12/98.17 against the dollar, compared to Monday's close of 98.15/98.12.

Pakistan made another loan repayment to the International Monetary Fund of $392 million, the State Bank of Pakistan said.

Overnight rates in the money market rose to 9 percent from Monday close of 8.75 percent. (REUTERS)

MOHAMMED SALEEM MANSOORI