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Wednesday, 10 April 2013

STOCK MARKET UPDATE: 11.04.2013



STOCKS
Karachi Stocks Up 24.45 Points:
KARACHI, Apr 11: The KSE-100 index was at 18747.80, up 24.45 points. 
 (Today 11th April- Market is 5.56 Dawn@ 11.24 am)

April 10, 2013

 5 TOP GAINERS  &  LOOSERS:

Unilever Food
Rs 243.60
Sunrays Textile
Rs (10.95)
Rafhan Maize
Rs 121.53
Sitara Chemical
Rs (10.50)
Wyeth Pak
Rs 54.17
Indus Motor Co
Rs (8.75)
Bata Pak
Rs 36.25
KSB Pumps
Rs (2.49)
Sanofi Aventis
Rs 19.75
Pak Gum & Chem
Rs (2.12)

Bullish spell sets in on stock market
KARACHI, April 10: The stock market closed with clipped gains on Wednesday. The day saw the 12th consecutive session of bull-run, which has propelled KSE-100 index by more than 830 points to close on Wednesday at new high at 18,723.35 points. The index crawled up by 9.74 points on Wednesday.
The turnover in terms of volume picked up pace with 151 million shares traded, compared with 128m shares on Tuesday. Trading value, however, fell to Rs5.438 billion, from Rs5.494bn, evidencing greater contribution of side board items.
In view of the SBP Monetary Policy Statement to be released on April 12 and the wait for the results of first big ticket companies that would herald the result season, investors remained cautiously bullish, mainly on companies with strong fundamentals.
The market traded in the range of high at 18,790.76 and low at 18,708.97 points offering opportunity to punters to make quick gains. The activity was witnessed mainly in mid-tier stocks.
JS Research team stated that the market was lacklustre for the major part of the day where accumulation was seen in scrips like OGDC, MCB Bank and PTC at lower levels. Market traded flat in the absence of any positive or negative triggers.
Investors’ interest was seen in second and third tier stocks. Textile and cement sector witnessed support on lower levels on the back of upcoming results and cheap valuations of the sector.
Ahsan Mehanti at Arif Habib Corp observed that the stocks were higher amid thin trade led by selected blue chip stocks on strong valuations.
Bullish global stocks with Dow at its peak, easing gas supply issues in fertiliser sector, strong data on urea and cement sales and hopes for early resolution of Competition Commission of Pakistan levy on telecom and fertiliser sectors played a catalyst role in bullish sentiments at KSE amid concerns for rising fiscal deficit and pending circular debt issues in the energy sector.
Hasnain Asghar Ali at Escorts Capital observed that the decent turnover kept day traders busy in various low and mid-tier stocks including various holding companies, the long term investors traded cautiously in growth stocks of the top tier category.
Investors were concerned over the state of economy, which could push policymakers to approach IMF and concede to tough measures. The investors were thus indecisive and waited for the monetary policy announcement. The result season could keep the market on the positive side, dealers said.
Foreign investors were bullishly inclined on the equity market as the foreign fund managers invested $2.01m on Wednesday in addition to the portfolio inflow of a huge $2.79m the previous day.
Most local participants were on the ‘sell’ side, with companies selling $0.35 million worth stocks, banks $1.81m and mutual funds $0.18m.
Market capitalisation increased by Rs6 billion to Rs4.613 trillion, from Rs4.608tr. Among the 367 stocks that came up for trading on Wednesday, 187 finished in the positive territory, 154 in negative and 26 were unchanged.
Engro Polymer, a second-tier stock topped the volume list with 13m shares traded 76 paisa higher at Rs12.17. PTCL was up 9 paisa to Rs21.46 on 8 m shares. Engro Corporation conceded 91 paisa from the earlier days’ gains to close at Rs141.15 on 8m shares; KESC was up
4 paisa to Rs5.82 on 7m shares, Pak Elektron finished ‘limit up’ by Re1 to Rs11.05 on 6m shares.

KSE issues buy-back directive: KARACHI, April 10: The Karachi Stock Exchange on Wednesday directed five companies to “provide to all concerned shareholders an option for selling their shares to them at a price to be fixed by the exchange,” under Sub-Section (7) of Section 9 of the Securities and Exchange Ordinance, 1969 and the Listing Regulations.
The companies include: Pak Leather Crafts Limited; S G Fibre Limited; Transmission Engineering Industries Limited; Dandot Cement Company Limited and Mandviwala Mauser Plastic Industries Limited.
In view of above and as required under the Listing Regulation No.30(2)(b), trading in the shares of the above companies will be suspended from April 11, 2013, in exercise of the powers vested in the Exchange. The buy back would be followed by delisting from the Exchanges.
The bourse has taken the step for failure of companies to pay outstanding listing fee within 90 days up to April 9, 2013.
The KSE stated that in case of failure of the sponsors/majority shareholders of the companies to comply with the compulsory buy-back direction up to Friday, May 24, 2013, the Exchange would proceed to delist such companies under the Listing Regulations. The cases would also be forwarded to the Securities and Exchange Commission of Pakistan for initiating further action under the Companies Ordinance, 1984 against the companies / management as may be deemed appropriate.
Meanwhile, the exchange would shift the following companies from ‘defaulters’ segment to ‘Normal Counter’ with effect from April 11, on rectification of Listing Regulation No.30(1)(e) relating to non-payment of Annual Listing Fee: Gulistan Textile Mills Limited; Gulshan Spinning Mills Limited; Chenab Limited, Gammon Pakistan Limited and (Colony) Thal Textile Mills Limited.
MOHAMMED SALEEM MANSOORI

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