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Monday, 5 March 2012

DAILY STOCK MARKET UPDATE: 06.03.2012


Stock


Karachi Stocks Up 190.38 Points:
KARACHI, Mar 05: At close of trading, the KSE-100 index was at 13279.35, up 190.38 points. 

March 05, 2012

 5 TOP GAINERS  &  LOOSERS:

Nestle Pakistan

Rs 190.09

Pakistan Services

Rs (6.00)

Colgate Pakistan

Rs 26.73

EFU General

Rs (3.63)

Wyeth Pakistan

Rs 12.15

ZIL

Rs (2.28))

Tri-Pack Films

Rs 9.51

Clover Pakistan

Rs (2.10)

National Refinery

Rs 7.59

National Foods

Rs (2.00)

 

Index gains 189 points on robust payouts

KARACHI, March 5: The KSE 100-share index on Monday maintained its upward thrust aided by fresh strong support linked to higher payouts by some of the leading banks under the lead of National Bank and speculative buying on some other counters.
The benchmark KSE 100-index posted a fresh sharp rise of 189.34 points or 1.45 per cent at 13,276.31 points, pushing the total market capital to a record high of Rs3,441.127bn surpassing its previous high of Rs3,345 billion hit a decade earlier.
The persistent rise in the benchmark to well over 13,000-level may not be totally speculative as higher volume of about 300m
shares reflected that the market was on a sound footing ahead of new capital gains tax regime from April 1.

Much of the support remained confined to the banking sector where low-priced ones, notably Bank Alfalah, NIB and some others came in for sympathetic support with the National Bank and ended higher.
“It appears to be the day of National Bank as all roads lead to it on market talk of terribly higher earnings and payout,” said analyst Ahsan Mehanti.
Ahead of the board meeting of the National Bank on Tuesday rumours of exceptionally higher payout flooded the market and investors hastened to cover positions for quick capital gains, he added.
He said bulk of support, however, remained confined mostly to the low-priced bank, cement and fertiliser shares and reflected that investors were still in no mind to test the general health of the market sans the leading base shares.
Analyst Samar Iqbal said National Bank had been in strong demand last week also on reports of higher earnings but all eyes remained focused on its share amid conflicting reports of the size of the payout.
But the reaction of the session’s peak level of Rs55.19 reflects that all the rumours were speculative and an increase of only 97 paisa discounted the wild speculation about real investor return on investment.
Gainers again dominated the list under the lead of Nestle Pakistan and Colgate Pakistan, up Rs190.09 and Rs26.73, while losers were led by Pakistan Services and EFU General, off Rs6.00 and Rs3.63 respectively.
Traded volume soared to a sustainable level of 300m shares welcomed by the investors as well as brokers as it ensures fair commission income. The actives list was topped by Fauji Cement, easy by 14 paisa at Rs4.89 on 33m shares followed by J.S. &
Co, up Re1 at Rs10.37 on 28m shares, Bank Alfalah, higher also by Re1 at Rs15.53 on 23m shares, Arif Habib Corporation, up 91 paisa at Rs31.88 on 22m shares, National Bank, up 97 paisa at Rs53.82 on 19m shares, Azgard Nine, higher by 83 paisa at
Rs6.84 on 17m shares and D.G. Khan Cement, firm by 19 paisa at Rs29.93 on 11m shares.

They were followed by NIB Bank, steady 14 paisa at Rs1.94 on 11m shares, Lafarge Pakistan, firm by four paisa at Rs2.80 on 10m shares and Fatima Fertiliser, firm by 12 paisa at Rs25.57 on 8m shares.
FUTURE CONTRACTS: The active list on this counter was led by National Bank, up 84 paisa at Rs54.12 on a large volume of 4.710m shares followed by D.G. Khan Cement, steady 34 paisa at Rs30.25 on 3.286m shares and Arif Habib Corpn, higher by 98
paisa at Rs32.16 on 2.353m shares.

They were followed by Engro Corporation, lower 19 paisa a Rs113.69 on 1.285m shares and Bank Alfalah, higher 92 paisa at Rs15.51 on 0.818m shares.
DEFAULTER COMPANIES: The active list was led by Dost Steels, easy six paisa at Rs2.24 on 70,622 shares, Genertech Power, unchanged at Rs0.40 on 67,255 shares, Kohinoor Power, up 18 paisa at Rs1.98 on 65,038 shares and Redco Textiles, lower 20
paisa at Rs0.40 on 26,000 shares.

DIVIDEND: Bank Alfalah, cash (final) 17.5 per cent and Pakistan Gum and Chemicals (final) 80 per cent.

 

 

Engro gas supply resumes

KARACHI, March 5: Engro Corporation Limited announced on Monday that “the gas supply by Sui Northern Gas Pipelines Limited (SNGPL) to the new urea fertilizer plant of the company’s 100 per cent subsidiary, Engro Fertilizers Limited has been resumed.”
The company also stated that the urea production was “expected by March 7.”
Engro informed the stock exchange through a notice “as required by the material information disclosure provisions of the listing rules.”
The rumour was, however, already doing the rounds in the market last week, which had sent the price of the share in Fertilizer giant scurrying up from Rs138.48 at the start of trading on Monday last (Feb 27) to close at Rs148.35 on Friday, a jump of Rs9.87
or 7 per cent.

The Engro stock, however, stepped down by 23 paisa on Monday’s trading to end at Rs148.12. The trend of the price performance reflected a classic case of time-tested stock market rule: ”Buy on rumour, sell on news.”


MOHAMMED SALEEM MANSOORI

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