DAILY STOCK MARKET UPDATE: 27.09.2011

Stock

Karachi Stocks Down 345.57 Points:
KARACHI, Sept 26: At close of trading, the KSE-100 index was at 11261.29, down 345.57 points.

September 26, 2011

TOP  5  SCRIPTS GAINERS AND LOOSERS:

Mari Gas	Rs 3.60	UniLever Pak Ltd	Rs (226.96)
Indus Dyeing	Rs 1.83	Nestle Pakistan	Rs (134.60)
Pak Hotels	Rs 1.45	Colgate Palmolive	Rs (15.63)
United Brands	Rs 1.34	Pak Oilfields	Rs (11.99)
Pak Datacom	Rs 1.32	Millat Tractors	Rs (11.25)

KSE 30 – Shares Index	Previous 11,096.16, Monday’s 10,751.66,minus 344.50 points
KSE 100 – Shares Index	Previous 11,606.86, Monday’s 11,265.03, minus 341.83 points
MARKET CAPITALIZATION	Previous Rs.3,060.233bn, Monday’s 2,972.744bn, minus Rs.87.489bn
VOLUME LEADERS	Fauji Fertiliser Bin Qasim 8.452m, Lotte Pakistan 8.129m, Fatima Fertiliser 7.613m, J.S. & Co6.704m, National Bank 5.112m shares.
TOTAL VOLUME	79.813m shares
TOTAL	TONE:easy,totallisted 638,active332,inactive306,plus 43,minus 205,unchanged 84

Stocks plunge by 345.57 points on panic-selling

KARACHI, Sept 26: The share market on Monday plunged by three per cent on panic selling triggered by the prevailing tension and threat of operational steps by the US on some security issues.

What seemed to have further aggravated the situation was a tough stand taken by the government on the US allegations amid fears of an imminent US action, analyst said.
The benchmark suffered a massive single-session fall of 341.83 points at 11,265.03, eroding Rs87.489 billion from the market capital at Rs2,973 billion.
Leading base shares, notably National Bank, Pakistan Oilfields, OGDC, National Refinery, Attock Petroleum, Engro Corporation and some others were in the forefront of losers on active selling.
“Investors should be really worried over the rising tensions with the US on some issues linked to security”, analyst Faisal Abbas said, and added: “But those, who are well aware of the US threats, term it the re-election war of words between the Republicans and the Democrats for the next year`s elections”.
The bulk of selling was confined to oil sector and reflects the temporary exit of foreign investors, of course, after taking profits at the inflated levels owing to last couple of weeks` sustained rise, he said.
“As the media reports go an imminent showdown with the US is around”, said a leading stock analyst Ahsan Mehanti. “But some deeper analysis of the developing situation tells that the things will settle down in the coming weeks”.
He said it may well prove in the final analysis, a psychological depressant as the message from the Pakistan government is clear on the issue Haqqani network.Another leading analyst Samar Iqbal said opinions are, however, divided over the possible US action but investors, notably foreign ones, hastened to liquidate a part of their holdings at the available margins but there were buyers at the dips.
Leading losers were led by Unilever Pakistan and Nestle Pakistan, off Rs226.96 and 134.60, while Mari Gas and Indus Dyeing managed to finish with modest gains of Rs3.60 and 1.83.
Turnover figure was maintained at the weekend level of 79.813m shares but losers held a strong lead over the gainers at 205 to 43, with 84 shares holding on to the last levels.
The active list was topped by Fauji Fertiliser Bin Qasim, lower by Rs1.52 at Rs54.59 on 9m shares followed by Lotte Pakistan, easy by 71 paisa at 11.52 on 8m shares, Fatima Fertiliser, lower by 55 paisa at Rs17.22 also on 8m shares, J.S. & Co, easy 45 paisa at 5.43 on 7m shares, National Bank, off Rs2.28 at Rs43.76 on 5m shares, Azgard Nine, lower 49 paisa at 4.54 on 3m shares, and Hub-Power off 80 paisa at 40.67 on 2m shares.
They were followed by Nishat Mills, lower by Rs1.17 at 46.11 on 2m shares, Bank of Punjab, easy by 33 paisa at 5.80 also on 2m shares and Engro Corporation, sharply lower by Rs5.36 at 128.96 also on 2m shares.
FUTURE CONTRACTS: The notable feature of trading on this counter was large volumes in all the actives on heavy selling under the lead of Fauji Fertiliser and Bank AlFalah but all the sale offers were absorbed at the fall.
Fauji Fertiliser led the list of actives on this counter and was marked down by Rs1.39 at Rs54.71 on a large volume of 2.054m shares, but its October settlement fell by 99 paisa at 55.21, followed by Bank AlFalah, easy by 22 paisa at 10.38, on 2.002m shares, National Bank, sharply lower by Rs2.31 at Rs43 on 1.542m shares.
Bank AlFalah September contract was down by 35 paisa at Rs10.25 on 1.512m shares.
DEFAULTER COS: Japan Power led the list of actives, fractionally down by one paisa at 0.94 on 40,974 shares, followed by Dewan Autos, unchanged at 1.09 on 23,172 shares, Abdullah Sugar, up 99 paisa at 5.45 on 13,638 shares and Ravi Textiles, unchanged at 0.86 on 13,112 shares.

Mohammed Saleem Mansoori