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Sunday, 4 March 2012

DAILY STOCK MARKET UPDATE: 05.03.2011

Stock


Karachi Stocks Up 66.42 Points:
KARACHI, Mar 05: The KSE-100 index was at 13,155.15, up 66.42 points.(today 11.51am)

March 02, 2012
 5 TOP GAINERS  &  LOOSERS:

Nestle Pakistan

Rs 151.96

Unilever Food

Rs (89.41)

Indus Dyeing

Rs 18.04

Bata Pakistan

Rs (30.23)

National Refinery

Rs 7.91

Wyeth Pakistan

Rs (18.99)

Pak Oilfields

Rs 6.77

Faisal Spinning

Rs (2.08)

Colgate Pakistan

Rs 6.50

Fauji Fertiliser

Rs (2.00)

 


Revival of privatisation thru IPOs, SPOs


ISLAMABAD, March 3: The revival of country`s stock market with revision in Capital Gains Tax (CGT) regime from April 2012 is expected to help renew privatisation through initial public offerings (IPOs) and secondary public offerings (SPOs) of state-owned entities.
Local investors, especially small investor are likely to avail investment opportunities as the government is planning to initiate eight IPOs and SPOs.
The finance ministry has already established an Implementation Committee headed by the member FBR-Inland Revenue which will finalise the revised CGT during the month of March.
An official of the finance ministry said that the Privatisation Commission had been authorised to move ahead with the programme to privatise shares of public sector holdings through stock exchanges.
“The Privatization Commission`s Capital Market Transaction Road-Map has been approved by the Cabinet Committee on Privatisation (CCOP) for initiating eight IPOs-SPOs through stock markets,” the official said. “The process is expected to start from next month.”
The main focus of this privatisation programme will be energy sector.
Power sector: In this sector government plans to offer IPOs in the Islamabad Electric Supply Company (IESCO) and the Faisalabad Electric Supply Company (FESCO), and GDR of Kot-Addu Power company.
According to Privatization Commission, IPO plans some 10 per cent shares out of total government owned IESCO shares.
It is estimated that this sale of IESCO shares could generate $30 million for national economy.
Similarly, some 10 per cent shares of the government in Faisalabad Electric Supply Company (FESCO) would be offloaded which is expected to fetch $25 million.
The proposed GDR of the Kot Addu Power Company (KAPCO) is to offer international investor five per cent shares and this transaction will generate around $22 million.
Oil and gas sector: The government plans to offer shares of three public sector entities for sale, including the Pakistan Petroleum Limited (PPL), the Pak-Arab Refinery Company (PARCO) and the Government Holding Private Ltd (GHPL) through stock exchanges.
The PC has plans to offer 2.5 per cent shares out of total 69 per cent owned by the government in the Pakistan Petroleum Limited through secondary public offering (SPO) at local stock exchanges. This SPO is estimated to be worth $70 million for the government.
The government has 60 per cent shares in Pak-Arab Refinery Company (PARCO), and the Government Holding Private Limited (GHPL) is solely government-owned entity, however the number of shares to be sold will be decided at a later stage.
Insurance Sector: The government intends to offer shares of the State Life Insurance Company and National Insurance Company Limited through the IPOs.
This IPO is estimated to enable the government to generate around $5 million.
Banking: The government plans to offer Habib Bank Limited (HBL) shares through Secondary Public Offering (SPO) and Global Depository Receipt (GDR), and GDR of five per cent shares of the National Bank of Pakistan.
The proposal is to offload two per cent HBL shares out of remaining 37 per cent shares held by the government through the Secondary Public Offering (SPO), which is estimated to generate $28 million.
While the proposed GDR of the five per cent HBL shares is estimated to help government generate $72 million, and the proposed GDR of five per cent shares of National Bank is estimated to generate $57 million.

KSE index settles above 13,000-level


KARACHI: The KSE 100-share index on Friday breached through the psychological barrier of 13,000 points and analysts predicted it could well prove the takeoff point for its onward thrust to its pre-reaction level of 15,172.00 points hit a decade earlier.
“The four year high at 13,088.97,touched at the weekend session reflects the terribly changed future share business outlook ”,said a leading stock analyst Samar Iqbal “the main driving force behind the sustained run-up, which pushed the benchmark about six percent during the last couple of weeks is reminiscent of boom conditions of yester years”.
The benchmark hit the 13,000 points mark in June 2,008 and since then it is fluctuating either-way under the cross-current of positive and negative news.
The interesting feature of the trading was that the rally was across the board and was not confined to any sector and reflected that investors perceptions about the future market are terribly positive.
All the leading shares, notably oil, fertiliser, banking and cement shares participated in the rally across the board in large volume of over 250m shares.
Apart from higher corporate announcements by most of the leading companies including bonus shares by some, the perception that the amended Capital Gain Tex regime, which will expected to be enforced by the next month seems to be the chief inspiring factor behind the sustained run-up, analyst Ahsan Mehanti said.
“Massive volumes in half dozen shares on the forward counter indicate that the post-CGT regime stock market could be more attractive than the current one,” he said.
Leading gainers were led by Nestle Pakistan and Indus Dyeing, up by Rs151.96 and Rs18.04, while among the top losers Unilever Foods and Bata Pakistan were leading, off by Rs89.41 and Rs30.23 respectively.
Traded volume rose to 253.003m shares from the previous 182m shares as gainers forced a strong lead over the losers at 183 to 73, with 93 shares holding onto the last levels.
The active list was led by Fauji Cement, steady 56 paisa at Rs5.03 on 45m shares followed by Fatima Fertiliser, up Rs1.21 at Rs25.45 on 19m shares, JS & Co, firm by 19 paisa at Rs9.37 on 15m shares, Arif Habib Corporation, up Rs1.10 at Rs30.97 on 14m shares, D.G. Khan Cement, higher by Rs1.18 at Rs29.74 also on 14m shares, Lafarge Pakistan, steady 35 paisa at Rs2.76 on 13m shares and BankIslami Pakistan, up Re1 at Rs5.93 on 9m shares.
They were followed by National Bank, sharply higher by Rs2.39 at Rs52.85 on 9m shares, Bank Alfalah, higher by Re1 at Rs4.53 also on 9m shares and Lotte Pakistan, steady by 22 paisa at Rs8.91 on 9m shares.
FUTURE CONTRACTS: The active list on this counter was led by D.G. Khan Cement, higher by Rs1.13 at Rs29.91 on a large volume of 2.953m shares followed by Engro Corporation, up Rs2.22 at Rs113.88 on 2.847m shares and National Bank, up Rs2.41 at Rs53.28, closing at its upper limit on 2.454m shares.
They were followed by Arif Habib Corporation, up Rs1.06 at Rs31.18 on 1.998m shares and Attock Refinery, higher by Rs1.94 at Rs129.66 on 0.766m shares.
DEFAULTER COMPANIES: The activity on this counter was slow owing to heavy buying in the ready section on some positive news under the lead of Kohinoor Power, which was traded unchanged at Rs180 on a large volume of 0.277m shares followed by Dost Steels, steady by four paisa at Rs2.30 on 0.133m shares, Genertech Power, unchanged at Rs0.40 on 48,348 shares and Brothers Textiles, lower 12 paisa at Rs1.38 on 13,972m shares.
DIVIDEND: Dawood Lawrence, final cash 10 per cent for the year ended Dec 31, 2011.

MOHAMMED SALEEM MANSOORI



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