STOCK MARKET UPDATE: 02-05.2013

STOCKS

Karachi Stocks Up 159.57 Points:
KARACHI, Apr 30: At the close of trading, the KSE-100 index was at 18982.42, up 159.57 points. 

(Today 2^nd  April- Market is 111.59 Up@ 11.04 am)

April 30, 2013

 5 TOP GAINERS  &  LOOSERS:

Bata Pak	Rs 108.10	Island Textile	Rs (29.83)
Colgate Palmolive	Rs 92.62	Sanofi Aventis	Rs (16.09)
Rafhan Maize	Rs 77.54	Premium Textile	Rs (7.19)
Wyeth Pak	Rs 76.33	Indus Motor Co	Rs (6.63)
Nestle Pak	Rs 50.00	Blessed Textile	Rs (4.50)

Pakistani stocks close higher, rupee steady

KARACHI: Pakistani stocks closed higher on Tuesday amid expectations that the landmark May 11 general elections will be held on time and the economic situation will improve after the change of government.
Heavyweights Oil and Gas Development Corporation and Muslim Commercial Bank Limited rallied due to institutional buying.
Fauji Fertiliser Company also performed well after its excellent payout.  Fauji Cement Company Limited remained the volume leader after its march result attracted some interest.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.85 percent, or 159.57 points, higher at 18,982.42 points.
Fauji Cement Company Ltd rose 2.08 percent to 8.85 rupees and Pakistan Telecommunication Company Ltd fell 2.19 percent to 17.90 rupees.
In the currency market, the rupee ended steady at 98.39/98.44 against the dollar.
Overnight rates in the money market fell to 9 percent from Monday’s close of 9.40 percent.

Company News:

Hubco seeks Rs5bn to run 225MW plant: LAHORE, May 1: Hubco wants the government to make an upfront payment of Rs3-5 billion to enable it to resume power generation from its 225MW plant in Narowal.
A senior Hubco official told Dawn on Wednesday that the company had shut down its Narowal plant on March 26, 2013 after operating it partially since Jan 4 because of non-payment of its dues by the government. The resumption the plant can reduce power cuts in Punjab by 40-50 minutes, he said.
He said the overdue amount for Narowal plant had exceeded Rs19bn, causing the company to default on its payment of Rs3.2bn to its Saudi oil supplier, Bakri. The last payment of Rs3bn was made by the government in early March.
On March 26, the company was given Rs8 million. “How a private sector oil supplier can continue to provide oil without getting its dues and how can we run the plant unless we have cash to meet the daily expense of Rs80m? he asked.
He also demanded equitable treatment to all the independent power producers (IPPs) with regard to repayment of their dues. “At the moment some IPPs that went to Supreme Court last year against non-payment by the government have been receiving partial payments on the court orders and are able to operate while others are either running partially or are shut down owing to huge unpaid dues.
The receivables of the Narowal plant are thrice the receivable of other similar IPPs,” he said.
He was hopeful that the petroleum and water and power ministers would take notice of this discriminatory practice against the company and take immediate actions to solve this problem to bring this efficient power plant of 225MW on line.
He claimed that the reduced fuel supply had also affected the operations of the Hub power plant in Balochistan during the third quarter of this fiscal year to March.
“The fuel supplier has reduced supply below the requirements for daily operations and fuel stock is at alarming level. The supplier has also warned us of encashing the company’s guarantees due to non-payment of dues of fuel supplied to the Narowal plant. And if such a thing
happens it will affect our other generation operations,” he added.

MOHAMMED SALEEM MANSOORI