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Sunday, 13 November 2011

DAILY STOCK MARKET UPDATE:14.11.2011




KSE 100-share index rises by 11.75 points

KARACHI, Nov 10: The post-Eid holiday traded session on the stock market was relatively dull as investors seemed to be sill in holiday mood and did not opt for big hunt even at the attractively lower levels.
But analysts said essentially it appears to be the extension of strong weekend rally and indicated that the next week activity could possibly push the benchmark to its near-term target of 10,000 points.
The investor perception about the future share business outlook appears to be optimistic on the strength of higher corporate earnings but much would depend how investors behave after having attained the target of 10,000 points.
The leading among them believe that on the strength of rumoured earnings by some of the leading companies under the lead of fertiliser, followed by reports of sharp increase in the selling prices of urea, could take the entire market along with them, adding significantly to the index beyond the 10,000 level.
The heating of political scenario and the talk of a change at the higher level was watched by investors with interest, although it did not influence the underlying sentiment as dealings were mostly guided by the market fundamentals, analyst Ahsan Mehanti said.
That the market maintained its pre-Eid holiday trading pattern which indicates a general optimism for the nearby positive trend, he added.
Another leading analyst Samar Iqbal said the direction of the market appears to be on the higher side but there could be technical interruptions here and there on the blue chip counters. However, much of the time was consumed in exchanging Eid greetings among members of KSE, brokers and some leading investors.
A section of investors resumed normal trading and covered positions on selected counters, notably those whose interim board meetings are due and a strong market talk of higher payouts.
Although the modest rise of 11.75 at 11,969.05 in the benchmark index reflects the strength of some heavyweights under the lead of OGDC, which rose by Rs1.01 followed by Fauji Fertiliser.
The weakness of Engro Fertiliser, another index heavyweight, however, intercepted the early rally.
Leading gainers were led by Unilever Pakistan and Unilever Foods, up Rs21.33 and 16.67, respectively, while Attock Petroleum and Rafhan Maize were among the top losers of Rs9.06 and Rs4.70.
Traded volume fell to 48.732m shares owing partly to a short session as compared to 56m shares at the last weekend as losers held a modest lead over gainers at 108 to 96, with 109 shares holding on to the last levels.
The actives list was topped by Bank Al Flah, firm by 27 paisa at Rs11.74 on 7m shares followed by National Bank, easy by 28 paisa at 44.89 on 4m shares, Engro Corporation, off Rs4.35 at 131.49 also on 4m shares, Arif Habib Corporation, lower 41 paisa at 31.10 also on 4m shares, Fauji Fertiliser, up 71 paisa at 182.64 on 3m shares, Fatima Fertiliser, easy 13 paisa at 24.04 on 2m shares, OGDC, higher by Rs1.01 at 154.62 on 2m shares, JS & Co, lower 20 paisa at 5.88 also on 2m shares and Lotte
Pakistan, up 19 paisa at 11.24 also on 2m shares.
FUTURE CONTRACTS: Active selling in Engro Corporation featured trading on this counter as it suffered a sharp setback at Rs131.94 on 1.193m shares followed by National Bank, which fell by 35 paisa a 45.10 on 1.056m shares.
Both the settlements of Fauji Fertiliser rose by 68 paisa and Rs1.89 at 182.93 and 178.64, respectively, on 0.920m and 0.441m shares and DG Khan Cement, lower 44 paisa at 21.51 on 0.362m shares.
DIVIDEND: The directors of Zeal Pak Cement, Escorts Investment Bank and Hajra Textiles have omitted the dividend for their last financial year ended June 30, 2011.
DEFAFAULTER COs: The activity on this counter was light in the absence of investors and barring Redco Textiles, which came in for stray support and rose by three paisa at 0.33 on 17,000 shares, all others lacked normal interest and ended unchanged at the previous levels.

Mohammed Saleem Mansoori

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