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Tuesday, 6 March 2012

DAILY STOCK MARKET UPDATE:07.03.2012

Stock


Karachi Stocks Up 43.81 Points:
KARACHI, Mar 06: At close of trading, the KSE-100 index was at 13322.12, up 43.81 points.

March 06, 2012


 5 TOP GAINERS  &  LOOSERS:

Nestle Pakistan

Rs 177.87

Unilever Pakistan

Rs (43.85)

Indus Dyeing

Rs 9.46

Wyeth Pakistan

Rs (4.71)

PICT

Rs 6.21

Packages

Rs (4.26)

Tri-Pack Films

Rs 3.66

National Refinery

Rs (4.02)

Allied Bank

Rs 2.72

EFU General

Rs (3.61)

Karachi Stocks extend overnight gains

KARACHI, March 6: The share market on Tuesday posted fresh gains aided by well above analyst predictions dividend by the banking sector under the lead of National Bank and some others but instances of profit-selling on the blue chip counters were not wanting.
A cash dividend of Rs7.5 per share or 75 per cent and 10 per cent bonus shares by the National Bank was a pleasant surprise for the investors as well as analysts, Samar Iqbal said.
He said a turnover of 41m shares reflected that investors welcomed the NBP payout and hoped for strong capital gains in the coming sessions.
The KSE 100-index though ended with a fresh moderate gain of 46.03 points at 13,324.34, well below the session’s peak of 13,363.34 despite a lot of selling in the blue chip scrips under the lead of oil shares.
United Bank already announced a higher payout and Bank Alfalah and some other blue chips on the other counters came in for renewed support and ended further higher but some current favourites in cement and fertiliser sectors remained under pressure on stray selling.
“The reaction in a highly overbought market was overdue,” Ahsan Mehanti said, adding but well above market expectations payout by the National Bank plus bonus shares sustained it.
He said the market could go under a technical correction during the next couple of sessions but it could be modest and will be well-absorbed as most of the fundamentals still point to a robust treading.
Prominent gainers were led by Nestle Pakistan and Indus Dyeing, higher by Rs177.87 and Rs9.46 respectively, while among the top losers Unilever Pakistan and Wyeth Pakistan were leading, off Rs43.85 and Rs4.71 respectively.
Traded volume fell from the recent peak level of 295m shares to 250.514m shares but gainers held a comfortable lead over the losers at 154 to 125, with 88 shares holding onto the last levels.
The actives list was topped by National Bank, higher by Rs1.13 at Rs54.95 on 41m shares followed by JS & Co, steady by 43 paisa at Rs10.96 on 32m shares, Bank Alfalah, higher by 45 paisa at Rs15.98 on 20m shares, Lotte Pakistan, firm by nine paisa at Rs8.99 on 10m
shares, Fauji Cement, easy by 17 paisa at Rs4.72 on 9m shares, D.G. Khan Cement, off 67 paisa at Rs29.26 on 8m shares and Lafarge Pakistan, lower five paisa at Rs2.75 on 7m shares.They were followed by Nishat Mills, steady by two paisa at Rs52.01 on 7m shares, United Bank, sharply higher by Rs2.71 at Rs80.07 also on 7m shares and Arif Habib Corporation, off 67 paisa at Rs31.21 also on 7m shares.

FUTURE CONTRACTS: The actives list on this counter was also topped by the National Bank on post-payout buying and ended higher by Rs1.11 at Rs55.23 on a massive activity of 7.677m shares followed by D.G. Khan Cement, lower by 75 paisa at Rs29.50 on 2.240m shares and Bank Alfalah, higher by 57 paisa at Rs16.08 on 1.059m shares.
They were followed by Nishat Mills, steady by 28 paisa at Rs52.61 on 0.899m shares and Attock Refinery, off 87 paisa at Rs135.27 on 0.804m shares.
DEFAULTER COMPANIES: Dost Steels again led the list of actives on this counter, up six paisa at Rs2.30 on 99,192 shares followed by Quice Foods, higher by 19 paisa at Rs3.79 on 13,003 shares and Mukhtar Textiles, lower 10 paisa at Rs0.30 on 10,297 shares.


Karachi Stock Exchange invites claims

KARACHI, March 6: The Karachi Stock Exchange has invited claims against an expelled member/broker, United Capital Securities (Pvt) Ltd.
“All the members of exchange and investors/clients of the above referred brokerage house are requested to submit claims arising out of the transactions made subject to the regulations of the Exchange, if any,” the KSE said in a notice on Tuesday.
The last date for submission of claims/complaints against the expelled broker has been set at Friday (April 6), “after that no claim shall be entertained by the exchange.”


ANNOUCEMENTS/COMPANIES NEWS:

1.General Tyre to invest Rs500m

KARACHI, March 6: General Tyre and Rubber Company (GTR) will invest approximately Rs500 million this year in new motorcycle tyre production and balancing modernisation and renovation (BMR).
GTR Chief Executive Shahid Hussain told Dawn that the investment this year would be double than last year. The company will manufacture two- wheeler tyres due to its huge market, with 16-17 per cent growth in bike production every year.
He added that trial production of two wheeler tyres will commence in the last quarter of 2012.
He, however, said that the company’s overall production of various kinds of tyres may see a slight growth to 1.6 million tyres by the end of current fiscal year as compared to 1.50 million tyres produced in 2010-2011.
The company has the capacity to produce 2.25 million tyres per annum.
He said that a sharp drop in tractor production made an adverse impact on tractor tyre production target otherwise company’s overall production of tyres should have reached 1.7-1.8 million tyres in the current fiscal year.
He added that the company maintained direct and indirect employment of 1,800 despite tractor industry crisis. Now farm machinery making industry is on a recovery path after cut in GST rate to five from 16 per cent.
The company, he said, exported tyres worth Rs105 million in the last seven months of the current fiscal year to Syria, Afghanistan and Yemen mainly. The company’s total tyres exports stood at Rs126.5 million during 2010-2011 to the same countries.
“Efforts are underway to capture new global markets and talks are underway with buyers of many countries for cars, light trucks and tractors tyres, he added.
The company has also introduced a new tyre, named Chief for CNG rickshaws after successful road tests. This new tyre saves up to 20 per cent of gas as against currently competing tyres due to its special customised design and rolling resistance, he said, adding that despite CNG
crisis, the CNG rickshaw production will carry on.

Pak-Suzuki Motor Company had also discontinued booking of Mehran, Alto and Bolan (CNG variants) from middle of February and the
company used to produce 80 per cent CNG fitted vehicles in total production.

Shahid did not see any negative impact on tyre industry and said tyres supply orders from Pak Suzuki had been going at normal pace.

2.Foreign acquisition of stake in PICT

KARACHI, March 6: ICTSL Mauritius Limited–a wholly-owned indirect subsidiary of International Container Terminal Services, Inc, a company organised under the laws of Mauritius — intends to acquire 35 to 55pc voting shares in Pakistan International Container Terminal Limited (PICTL), a company listed on the KSE.
The information was provided by the company to the bourse on Tuesday to comply with the “Listed Companies (Substantial Acquisition of voting shares and Take-overs) Ordinance.

3.NBP earns Rs17.6bn profit

KARACHI, March 6: National Bank of Pakistan (NBP) posted a profit of Rs17.6 billion in 2011 almost similar to last year’s earnings making the earning per share (EPS) at Rs10.5.
The NBP on Tuesday also announced cash dividend of Rs7.5 per share along with 10 per cent bonus payout.
The bank in its press release said the total assets increased to Rs1.15 trillion at the year end, up by 10.8 per cent from year end 2010.
It said pre-tax profit increased by 7 per cent from Rs24.4 billion to Rs26 billion. The increase is owing to higher core revenues.
However, the bank’s provisioning remained slightly lower by 7 per cent to Rs9.4 billion. On the other hand, operating expenses grew
by 16 per cent to Rs31.4 billion.


   MOHAMMED SALEEM MANSOORI

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