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Monday, 28 November 2011

DAILY STOCK MARKET UPDATE: 29.11.2011


Stock

Karachi Stock Exchange . (today 11.00 a.m.)



Nov 29, 2011

Market
Symbols
KSE100 Index
AllShare Index
KSE 30 Index
KMI 30 Index
Status
Opened
Advanced
102
Current
11501.01
Current
7965.12
Current
10748.01
Current
21174.15
Volume
10,482,577
Decline
64
High
11620.25
High
8041.25
High
10866.59
High
21408.20
Value
561,521,744.97
Unchanged
8
Low
11494.15
Low
7958.45
Low
10745.34
Low
21172.11
Trades
10,154
Total
174
Change
6.86
Change
6.67
Change
2.67
Change
-14.13




Karachi Stocks Down 115.53 Points:
KARACHI, Nov 25: At close of trading, the KSE-100 index was at 11613.88, down 115.53 points
November 28, 2011

TOP  5  SCRIPTS GAINERS AND LOOSERS:
UniLever Pak Ltd
Rs 53.02
Bata (Pak) Ltd
Rs (39.43)
Sanofi-Aventis
Rs 7.26
Siemens Pak
Rs (26.90)
Shell Pakistan
Rs 3.21
Nestle Pakistan
Rs (19.21)
Linde Pakistan
Rs 2.01
National Refinery
Rs (15.00)
Indus Motors
Rs 1.06
Millat Tractors
Rs (6.74)

KSE 30 – Shares Index
Previous 10,932.00, Monday’s 10,745.34, minus 186.66 points.
KSE 100 – Shares Index
Previous 11,648.14, Monday’s11,494.15, minus 153.99 points.
MARKET CAPITALIZATION
Previous Rs.3,032.141bn, Monday’s 2,993.547bn, minus 38.594bn.
VOLUME LEADERS
Fauji Fertiliser Bin Qasim 4.750m, Lotte Pakistan 2.774m, Fatima Fertiliser 2.691m,Bank AlFalah 2.472m, MCB 2.411m shares.
TOTAL VOLUME
46.243m shares
TOTAL
TONE:easy,total listed 638,actives 313,inactives 325,plus 69,minus 158,unchanged 86

Karachi Stocks lose 154 points on near-panic selling
KARACHI: The KSE 100-share index plunged by 154 points on near-panic selling, triggered by reports of Nato attack on military border posts, killing two dozen armymen.
The perception that relations with the US may not be that cordial as have been before the Abbotabad SEAL attack after Pakistan stopped oil supplies to the Nato forces and directed the US to vacate the airbase, analysts said.
The benchmark early was off about 200 points but after mid-session institutional support at the lower levels on the blue chip counters allowed it to finish with a clipped loss of 153.99 points at 11,494.15 as compared to 11,648.14 at the weekend, eroding about 39 billion from the market capital at 2,993.547bn.
Much of the selling was confined to the blue chip counters under the lead of oils, notably Attock Group of Companies, said to be one of the major suppliers of petroleum products to Nato forces.
“The negative reaction to the Nato attack was natural as it has more than one political implications for the government,” said a leading stock analyst Ahsan Mehanti “but ruled out the possibility of any further major fall as investors would await fresh political moves to defuse the tension.”
But he predicted that the future outlook appears not to be that encouraging as heating up of the political scenario in the form of public meetings will continue to unsettle market in the coming weeks also.
But another leading analyst Ashraf Zakria says investors would await further developments based on proxy talks to end the impasse and may hold on to their unsold positions rather selling in panic.
The sharp fall in the traded volume reflects this phenomenon as leading investors held on to their positions awaiting further developments on the political front before indulging in panic selling, he added.
Minus signs dominated list under the lead of Bata Pakistan and Siemens Pakistan, off by Rs39.43 and 26.90, while Unilever Pakistan and Sanofi-Aventis managed to close with gains of Rs53.02 and 7.26 respectively.
Turnover figure rose to 46.243m shares from the previous 28m shares but losers maintained a strong lead over the gainers at 158 to 69, with 86 shares holding on to the last levels.
The active list was topped by Fauji Fertiliser Bin Qasim, off Rs1.48 at 55.07 on 5m shares followed by Lotte Pakistan, lower 25 paisa at 9.81 on 3m shares, Fatima Fertiliser, easy by 37 paisa at 22.19 also on 3m shares, Bank Al Falah, easy by 14 paisa at 11.87 also on 3m shares, MCB, sharply lower by Rs4.31 at 148.00 on 3m shares, NIB Bank, easy by one paisa at 1.31 on 2m shares and Fauji Fertiliser, shaprly lower by Rs4.68 at 167.68 on 2m shares.
They were followed by Worldcall Telecoms, lower five paisa at 1 on 2m shares, Nimir Chemicals, easy nine paisa at 2.31 on 1,389m shares and Engro Corporation, off 3.37 at 123.09 on 1.888m shares.
FUTURE CONTRACTS: Fauji Fertiliser Bin Qasim came in for renewed selling and was marked down by Rs1.71 on 1.221m shares followed by Fauji Fertiliser, off Rs3.07 at 169.63 on 0.814m shares and Azgard Nine, easy by four paisa at 3.46 on 0.630m shares.They were followed by Engro Corporation, off Rs3.98 at 122.70 0.555m shares and National Bank, lower by Rs1.07 paisa at 41.44 on 0.376m shares.
DEFAULTER COs: The activity on this counter was relatively slow in the absence of leading investors and fall in prices in the ready section.
Dadabhoy Cement was an exception, which rose by 33 paisa at Rs1.60 on 38,781 shares followed by Genertech Power, easy by five paisa at 0.28 on 26,235 shares and SS Oils, up 35 paisa at 4.85 on 12,000 shares. Others lacked buying interest and were held unchanged.

Stocks fall hoped to freeze in Dec
KARACHI, Nov 28: The KSE-100 index plunged 154 points or 1.32 per cent on the first trading day this week, which some analysts thought was a clear sign of a sinking cycle. Yet, others were hoping for a rebound in December.
Analysts at brokerage AKD Securities observed that over the last 10 years, the KSE-100 Index had gained 0.73 per cent on average in the month of December. Keeping aside the year 2008 (post price floor), the KSE-100 on average had gained 4.83 per cent in the last month of the year. So could the incessant fall in equity values this year freeze in December?
“While the KSE trades at very attractive standalone valuations, represented by low price-to-earning (PER) multiple of 6.3 times and dividend yield of 8.6 times, the KSE discount to the region (on PER) stands at 42 per cent,” said the analysts, “price performance in December could remain subdued if foreign relations remain choppy.” Nevertheless, strong corporate profitability and already compressed valuations should provide some cushion on the downside while any sustainable improvement in global economic dynamics and/or OGDC-spurred rally may unleash latent re-rating potential at the KSE.
One of the worrisome factor for investors has been the outflow of foreign portfolio investment.
The foreign sell-off was comparatively heavier at $3.84million last week, up from net foreign sell of $1.3 million the week ago.
On Monday again gross foreign sell at $5.37 million was much larger than the inflow of $3.65 million, resulting into net foreign sell of $1.72 million. But many market participants said that emerging and frontier markets were experiencing the same and the exit was as fast as the entry. Mumbai market which had seen an envious overseas investment in equities was looking at the outflow at the same pace.

Imtiaz Gadar, at KASB Securities in his report earlier contended that the year 2011 was likely to end as the “dullest year in KSE history.” Not because of the minus 3.2 per cent return, for the market has seen even more dismal return than that, but due to “frustrating range bound behaviour which limited opportunities for investors.”
AKD research calculated that up until the end of November, the KSE index had shed 3.1 per cent on relatively thin activity of average daily volume of 83 million shares and average daily turnover of Rs3.7 billion, despite resumption of monetary easing and strong corporate earnings.
Analysts said that the broad sell off in equities globally was surely a contributing factor, but the country’s own local and political issues had scared off investors. On Monday evening, some excited analysts were exchanging text on their cell phones about the US equity bounce back, with an initial upswing in Dow by 2.5 per cent and FTSE up 2.6 per cent.
Mohammed Saleem Mansoori

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