Monday, 25 June 2012
KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE: 26.06.2012
KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE: 26.06.2012: STOCK: Karachi Stocks Down 88.63 Points: KARACHI, June 25: At close of trading, the KSE-100 index was at 13642.19, down 88.63 po...
STOCK MARKET UPDATE: 26.06.2012
STOCK:
Karachi Stocks Down 88.63 Points:
KARACHI, June 25: At close of trading, the KSE-100 index was at 13642.19, down 88.63 points.
June 25, 2012
5 TOP GAINERS & LOOSERS:
|
Colgate Palmolive
|
Rs
45.08
|
Nestle Pakistan
|
Rs (66.67)
|
|
Philip Morris
|
Rs
8.45
|
Exide (Pak)
|
Rs
(9.90)
|
|
Clariant Pak
|
Rs
5.75
|
Bata (Pak) Limit
|
Rs
(4.84)
|
|
Linde Pakistan
|
Rs
5.58
|
Clover Pak
|
Rs
(3.84)
|
|
ZIL Limited
|
Rs
4.64
|
Al Ghazi Tractor
|
Rs
(3.59)
|
Pakistan stocks down; rupee slightly stronger
ISLAMABAD: Pakistan’s main stock market ended down on Monday on
investor negativity following a downturn across global markets, dealers said.The Karachi Stock Exchange benchmark 100-share index ended down 0.65 per cent or 88.63 points, at 13642.19 points on volume of 45.67 million shares.
“The market witnessed depressed volume today as investors remained on the sidelines before the June closing. The sell-off in global markets also affected the local stock market,” said Samar Iqbal, a dealer at Topline Securities.
In the currency market the rupee closed slightly stronger at a 94.40/45 to the dollar compared to 94.45/52 on Friday.
Overnight rates in the money market remained unchanged at 11.75 per cent.
Karachi Stocks tumble on low volumes
KARACHI, June 25: After opening on a slightly positive note, the
KSE-100 index slipped back into the red zone, with the pressure on the stocks
all through the day so that the index settled close to the day’s low,
representing a loss of 88.62 points to 13,642.20 points.Volume remained extremely thin.
Most market participants blamed global meltdown in equities and commodity prices, the worries over which were exacerbated by the precarious local economic numbers, as the major reasons for a dull local equity market. There was not much concern over disqualification of Prime Minister Gilani from April 26 and the legality of decisions taken between then and June 19, when the court dismissed the PM from his post.
Over the week-end, President Zardari had issued an Ordinance, providing legal cover to all interim decisions, including the Finance Bill 2012. The Bill had endorsed the Capital Gains Tax (CGT) relief package announced via a Presidential Ordinance in April 2012, which was of utmost importance to the stock market.
However, there were indications that the immunity under Article 248 Constitution of Pakistan could be challenged in the court. Investors were uneasy over the government’s argument over writing to the Swiss authorities, which would effectively mean continued diversion of focus away from macro and geo-political issues.
Analyst Hasnain Asghar Ali said that in spite of opening on low volume, the market faced massive onslaught, thus pushing the benchmark in deep red zone, institutional sell-off in the frontline stocks, coupled with roll-over pressure, kept low volume price erosion a prominent feature.
Investment opportunities in a falling market were seized by savvy investors, thus preventing a greater fall.
The declining trend in regional and international equity markets, and fragile economic and financial situation, rapid decline in the value of Rupee and increasing pressure on fiscal front could keep bears in charge, though syndicated efforts to keep June-end closing still high.
Samar Iqbal, an equity dealer at the Topline Securities said that the market witnessed depressed volumes as investors remained on the sidelines before the June closing. Sell-off in global markets also affected local stock market that closed down by 0.65pc. Engro Foods and DGK Cement remained under limelight; the share price of both the stocks fell in the absence of any positive trigger.
Ahsan Mehanti at Arif Habib Corp stated that the Pakistani stocks closed bearish amid concerns for fall in global stocks and commodities on euro-zone debt crises. Limited foreign interest, uncertain Pakistan-US relations, power shortfall for industrial units and gas shutdown for fertilizer plants were depressants.
The KSE-30 index fell by 91.73 points to 11,774.81 points. Volume of business shrank further to 56.8 million shares on Monday, from 84.9 million shares on Friday with the trading value down to Rs1.863 billion, from Rs2.972 billion. Market capitalisation dipped by Rs22 billion to Rs3.482 trillion, from Rs3.504 trillion.
The biggest fall was noted in Nestle Pakistan which was down by Rs66.67 to Rs3,995.01 while the highest gain was recorded in Colgate Palmolive up by Rs45.08 to Rs948.08.
On the active list, KESC showed the highest volume of 8.3 million shares, down 35 paisa to Rs3.18; Engro Foods plunged by Rs2.98 to Rs65.11 on 7m shares, DG Khan Cement slipped 98 paisa to Rs39.18 on 6m shares, Bank Al-Falah down by 7 paisa to Rs17.01 on 3m shares, Jah. Sidd. Co. shed 19 paisa to Rs12.98 on 2m shares, Byco Petroleum added 30 paisa to Rs8.83 on 2m shares, Lotte PakPTA declined 15 paisa to Rs7.26 on 2m shares, Engro Corporation lost 86 paisa to Rs 103.62 on 1m shares, Arif Habib Corp easy by 92 paisa to Rs31.05 on 1m shares and Lucky Cement down by Rs1.11 to Rs113.21 on 1m shares.
PPL was competing as a bidder for corporate acquisition of MND Exploration and Production Limited.
MND Exploration and Production Limited is a wholly-owned subsidiary of KKCG SE and incorporated in the United Kingdom. Its non-operated assets in Pakistan include: Sawan Development and Production lease (7.8947 per cent) and Exploration Licenses in Ziarat Block (40 per cent) and Barkhan (50 per cent).
Additionally, MND holds 20 per cent non-operated participating interest of Block-3 in Yemen.
Mubasshar Siddiqui, company Secretary, had said earlier on May 17, that the Board of PPL had decided to participate in bidding for corporate acquisition of MND Exploration and Production Limited.
Accordingly PPL proceeded to submit the bid for acquisition by the bid date, ie May 18, 2012.
Independent Power Plant
Linde Pakistan Limited (formerly BOC Pakistan Limited) plans to install an independent power plant.
M Ashraf Bawany, the Deputy Managing Director of the company, said that the board of directors had approved an investment plan of about Rs556 million for a power generation of 4MW to be installed at the company’s Port Qasim facility.
The company announced its plan on Monday in accordance with Clause (XXIII) of Listing Regulation No 35 under the Code of Corporate Governance, which requires disclosure of ‘material information’ to the Exchanges and shareholders.
Linde Pakistan stated that the investment in the power plant would be funded with a mix of company’s internal resources and external borrowings.
Sunday, 24 June 2012
KARACHI STOCK EXCHANGE-DAILY MARKET TREND:
STOCK:
Karachi Stocks Up 158.90 Points:
KARACHI, June 22: At close of trading, the KSE-100 index was at
13759.50, up 158.90 points.
June 22, 2012
5 TOP GAINERS & LOOSERS:
Karachi Stocks Up 158.90 Points:
KARACHI, June 22: At close of trading, the KSE-100 index was at 13759.50, up 158.90 points.
|
Siemens Pak
|
Rs
14.87
|
Nestle Pak
|
Rs
(23.73)
|
|
Indus Dyeing
|
Rs
9.18
|
UniLever Pak
|
Rs
(17.43)
|
|
Attock Petroleum
|
Rs
8.00
|
Philip Morris
|
Rs
(3.76)
|
|
Linde Pakistan
|
Rs
5.25
|
EFU General Ins
|
Rs
(3.88)
|
|
Gatron Ind
|
Rs
4.45
|
Biafo Industries
|
Rs
(2.85)
|
SECP to introduce e-IPO
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP)
has decided to introduce the concept of e-IPO in the upcoming Initial Public
Offering (IPO) of shares and Corporate Bonds (CB) by companies.The concept will enable the investors to make application for subscription of shares and CB via internet. The e-IPO aims to facilitate simultaneously both the companies that intend to raise fund from the capital market through IPO and the general public applying for subscription of shares and CB offered by the companies to the public.
The decision has been taken in consultation with various stakeholders including representatives from the State Bank, Karachi Stock Exchange (KSE), Central Depository Company, issuers and banks, brokerage companies and the share registrars and the ballotters to the issue to seek their views and discuss the technical, legal and operational modalities in the new initiative.
The e-IPO will help reduce the time and efforts required for subscription of shares and CB by the investors. It will also help the issuer to efficiently raise the funds from the market.
Thursday, 21 June 2012
KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE:22.06.2012
KARACHI STOCK EXCHANGE-DAILY MARKET TREND: STOCK MARKET UPDATE:22.06.2012: STOCK: Karachi Stocks Down 66.58 Points: KARACHI, June 21: At close of trading, the KSE-100 index was at 13600.60, down 66.58 po...
STOCK MARKET UPDATE:22.06.2012
STOCK:
Karachi Stocks Down 66.58 Points:
KARACHI, June 21: At close of trading, the KSE-100 index was at 13600.60, down 66.58 points.
June 21, 2012
5 TOP GAINERS & LOOSERS:
|
UniLever Pak
|
Rs
67.43
|
Unilever Food
|
Rs
(58.50)
|
|
Siemens Pak
|
Rs
30.63
|
Mithchells Fruit
|
Rs
(14.15)
|
|
Nestle Pak
|
Rs
5.84
|
Indus Motor Com
|
Rs
(13.12)
|
|
Ismail Industries
|
Rs
3.92
|
Philip Morris
|
Rs
(8.82)
|
|
Mari Gas Co
|
Rs
3.49
|
Linde Pak
|
Rs
(3.93)
|
Karachi Stocks accelerate fall by 66 points
KARACHI, June 21: Shares at the Karachi Stock market accelerated the
fall on Thursday with the KSE-100 index down 66.58 points to close at 13,600.60
points.It was difficult to say whether the sell-off was a result of deepening crisis on the political front, particularly in the Punjab or the question mark over the successor to the ousted Prime Minister Gilani. And whether the tussle between the two pillars of State would continue, if, as is likely to be the case, the incumbent also refuses to write to the Swiss government. The only consolation is perhaps the fact that the Parliament is intact, which dispels fears over the validity of Finance Bill 2012. Any adverse movement on that account, could send the market spiraling down because the immunity of non-disclosure of source of funds invested in stock market for two years, granted by the Presidential Ordinance of April and incorporated in the Finance Bill, was of utmost importance for keeping a floor under the market fall.
Liquidity was running dry in the market evident by another day of insignificant turnover.
On Thursday, the ‘companies’ group of stockholder came in for rescue with huge purchases of net $8.41million.
Others were major sellers: Mutual Funds offloading equity worth $6.41 million and foreign investors pulling back $1.73 million from the Pakistani stocks.
Hasnain Asghar Ali, a market expert, observed that low volumes and stagnation kept prices under pressure though panic was averted during initial trade mainly due to ‘syndicated’ efforts.
Absence of buyers forced the short-term players to stay on the sidelines after initial sell-off. Short covering just before the close of the session, followed by bottom fishing supported the benchmark from sinking below 13,500 levels. He thought that ‘syndicated’ attempt for portfolio dressing ahead of June closing was keeping hopes alive for a rebound led by strength in various high priced stocks.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed bearish on concerns over rising political noise.
Investors remained cautious ahead of nomination for new PM. Uncertain global stocks and commodities on worries over the global economic slowdown and limited foreign interest affected the sentiments. Power shortfall for industrial units and gas shutdown for fertilizer plants played a catalyst role in bearish activity at KSE.
Turnover though slightly higher at 57 million shares valued at Rs2,197 billion over Wednesday’s 47 million shares of the value of Rs1,735 billion was also extremely low.
Market capitalisation declined by Rs17 billion to Rs3.471 trillion, from Rs3.488 trillion the previous day.
Among the 346 active stocks, 157 were losers compared with 93 gainers. Another 96 issues finished unchanged. The major fall was noted in UniLever Food, down by Rs58.50 to Rs2,714, followed by Mitchells Fruit Farms down by Rs14.15 to Rs271.64.
The biggest gainers for the day included UniLever Pak up by Rs67.43 to Rs7,367.43 and Siemens Pakistan higher by Rs30.63 to Rs718.69.
On the 10 top traded stock list, PTCL on Thursday posted the highest turnover of 5 million shares, down 68 paisa to Rs14. Hub Power Company saw volume of 4m shares up by 13 paisa to Rs41.93; DG Khan Cement lost 95 paisa to Rs39.08 on 4m shares, Jah.Sidd.Co, which had stood at the top slot for several days, fell to the fourth place with trading in 3m shares, down 20 paisa to Rs13.12, Nishat Chunian Power slid 13 paisa to Rs15.05 on 3m shares; Fauji Fertilizer declined by Rs1.81 on 3m shares over the news of arrival of imported urea; Engro Corporation, short of gas supplies, lost another Rs1.24 to Rs103.85 on 2m shares; Quice Foods added 98 paisa to Rs9.10 on 2m shares; Engro Foods dipped by Rs1.88 to Rs65.18 on 2m shares and Adamjee Insurance sank Rs2.98 to Rs59.50 on 2m shares.
Karachi stocks fall : KARACHI: Country’s apex bourse closed lower on Thursday amid fresh political uncertainty ahead of a vote to elect a new prime minister due on Friday.
The Karachi Stock Exchange benchmark 100-share index ended down 0.49 percent, or 66.58 points, at 13,600.60 points on volume of 44.86 million shares.
"Investors remained on the sidelines as uncertainty prevailed on the political front. Subdued sentiment in the regional stocks market and international commodity markets also dampened sentiment in the market," said a dealer.
The Supreme Court on Tuesday declared Prime Minister Yusuf Raza Gilani ineligible for office for refusing to re-open corruption cases against President Asif Ali Zardari, triggering a new crisis in the nuclear-armed country. (Reuters)
Pakistan’s stocks down; rupee weakens; o/n rates stagnant
ISLAMABAD: Pakistan’s main stock market closed lower on Thursday
amid fresh political uncertainty ahead of a vote to elect a new prime minister
due on Friday.The Karachi Stock Exchange benchmark 100-share index ended down 0.49 per cent, or 66.58 points, at 13,600.60 points on volume of 44.86 million shares.
“Investors remained on the sidelines as uncertainty prevailed on the political front. Subdued sentiment in the regional stocks market and international commodity markets also dampened sentiment in the market,” said Mohammad Rizwan, a dealer at Topline Securities.
The Supreme Court on Tuesday declared Prime Minister Yousuf Raza Gilani ineligible for office for refusing to re-open corruption cases against President Asif Ali Zardari, triggering a new crisis in the nuclear-armed country.
In the currency market, the rupee weakened to close at 94.36/41 to the dollar, compared to 94.21/26 on Wednesday. Overnight rates in the money market closed unchanged at 11.90 per cent.
The government of KP, PSO and a private investor would form a joint venture company to share 20 per cent equity while the remaining 80 per cent funds would be arranged through commercial banks, according to PSO’s managing director Naeem Yahya Mir.
The country’s largest oil supplier will operate and manage the new refinery, he said.
But some quarters in the federal government disagree with the economic viability of the new refining venture to be called “Northern Refinery.”
They argue that a region that produces less than 8,000 barrels per day and that too with existing long-term contracts could not make commercially viable a new refinery with 36,000 barrels per day of capacity.
An official at the Ministry of Petroleum and Natural Resources said it was interesting to note that the state-run oil company was participating in a Rs45 billion plus refinery at a time when it was finding difficult to ensure smooth supplies of furnace oil and other petroleum products.
Similarly, it was also strange that refinery has been proposed to be set up in area where total crude production was more than four times lower than the capacity planned for a new refinery.
The total oil production in KP stood at 7,843 barrels per day during financial year 2010-11 while PSO is planning a refinery with a total capacity of 36,000 barrels per day.
He said the Attock Refinery Limited in Rawalpindi already has a long-term contract for about 7,000 barrels per day.
But Mr Mir who completes his six-month probation this week questions such critics.
“They (critics) are wrong. KP has a potential to produce 30,000-40,000 of crude very soon and the refinery would take two-three years to come into production. Therefore, the planned refinery is not only commercially feasible but very profitable too,” he told Dawn, adding those questioning the refinery are non-technical people.
Mr Naeem said the refinery seemed profitable in view of the fact that entire range of refined products would be marketed by PSO itself. He said while it would be premature to accurately estimate the cost of refinery at this stage but it would range somewhere between $500 million and $750 million.
He explained that the exact costing would become clear when quality of the crude was known that would determine the number of refining units to be installed.
Nonetheless, he said the company was now entering into the analytical phase after having finalised a business strategy that a refinery was required to meet local product supplies in the north and secure a market even in across the border (Afghanistan).
The PSO chief said the government was currently in the process of issuing Term Finance Certificates to ease circular debt that would resolve major problems for the PSO.
Even otherwise it was not an issue for the country’s only trillion rupee company to spare about $40 billion (Rs3.7 billion) for a strategic venture.
The joint venture of KP, PSO and a private investment firm would have to put together at least $100 million (about Rs10 billion) equity while the remaining funds would be raised through commercial banks.
Official data suggests KP has remaining recoverable crude reserves of about 82 million barrels, against country’s total estimated reserves of about 264 million barrels.
Sindh has remaining crude reserves of about 102 million barrels while Punjab has 78 million barrels, according to estimates of Directorate General of Petroleum Concessions (DGPC).
Against total estimated reserves of about 964 million barrels, the country is reported to have already consumed 680 million barrels.
The existing refineries in Pakistan have two major draw backs. Firstly, they are not of economy of scale size and secondly produce 25-35 per cent of furnace oil that has remained $400-850 per ton more expensive than input that is crude oil ($350-700 per ton).
This is the reason these refineries resort to getting higher than international price at the cost of consumers.
Pakistan has currently five refineries with a total crude oil processing capacity of around 13.15 million tons per annum.
The refineries currently process 9.77 million tons crude oil, of which approximately 30 per cent is produced locally, while the rest is imported.
Out of these refineries, one is located at Morgah near Rawalpindi, one at Multan (mid-country) while the other three are located at Karachi.
The government had approved establishment of five new refineries way back in 2005, to come into production in 2010, 2011 and FY2014. These could not materialise due to financial instability arising out of geopolitical situation and political unrest.
PSO’s previous attempts to buy out major stakes in Pakistan Refinery Limited were thwarted by competing forces.
to mid-country region would provide additional benefits to the end consumers.
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