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Wednesday, 9 May 2012

STOCK MARKET UPDATE: 10.05.2012



Stock


Karachi Stocks Down 140.33 Points:
KARACHI, May 10: The KSE-100 index was at 14473.26, down 140.33 points.(today11.20PM).


May 9, 2012
 5 TOP GAINERS  &  LOOSERS:


Unilever Food

Rs 148.95

Siemens Pakistan

Rs (33.40)

Rafhan Maize

Rs 145.00

Indus Dyeing

Rs (21.81)

National Foods

Rs 77.44

Island Textile

Rs (11.43)

Colgate Palmolive

Rs 14.00

Shezan Int’l

Rs (7.25)

Sanofi-Aventis

Rs 8.12

Pak Oilfields

Rs (2.50)


KSE 100 index gains 99.63 points
KARACHI, May 9: Stocks continued to climb on Wednesday with the KSE-100 index gaining 99.63 points to close at 14,613.59 points. Volatility was high but indicators reflected a bullish tone with most scrips adding value on higher turnover.
The market took the detailed verdict on the contempt of court case against the Prime Minister in stride. There was not much of nervousness over the fallout of the verdict on political atmosphere. The positive news flow on the economic side also gave boost to investor sentiments.
Those included upward revision of gross domestic product (GDP) by the government for the current financial year from 3.2 to 3.67 per cent, which came closer to the Finance Minister’s indication to IMF and World Bank of GDP growth of about four per cent.
The chairman Securities and Exchange Commission of Pakistan was reported to have said that KSE and Mumbai Stock Exchange were to sign an agreement for cross border listing of stocks within a month.
Samar Iqbal, equity dealer at Topline Securities, stated that selected buying by foreigners helped increase share prices in spite of the fact that regional markets were in a correction phase.
Engro Chemical, Engro Foods, Fatima Fertilizer closed at upper limit while huge volume was witnessed in PTC and LOTPTA. The analyst thought that foreign flows would keep dictating the market direction going forward.
On Wednesday, however, foreign investors decided to take profit with net sale of $3.69m worth equity.
Most market participants were sanguine that due to a low price-to-earnings ratio and high yield, the Pakistani stocks would remain on the radar of foreign investors.
Ahsan Mehanti at Arif Habib Corp observed that stocks closed higher on Wed-nesday as investors continued to speculate on favo-urable federal budget anno-uncements for corporate sector.
Investor interest was witnessed in blue chip stocks in oversold fertiliser, cement, telecom sectors despite fall in global stocks and commodities on uncertain future of Eurozone debt crises, he said.
Positive outlook for urea sales, higher cotton yields data and expected double digit increase in Public Sector Development Pro-gramme (PSDP) allocations in the upcoming federal budget played a catalyst role in bullish sentiments at the market.
The KSE-30 index gained 73.08 points to 12,746.43 points with the market capitalisation up by Rs27 to Rs3.733 trillion, from Rs3.706 trillion.
In a total of 387 active scrips, 199 stood as gainers for day, while 129 were losers with another 59 remained unchanged.
Turnover on Wednesday stood at 319milion shares, up by 41 per cent from 226million shares the earlier day.
Trading value improved four per cent to Rs9,991 billion, from Rs9,629 billion on Tuesday.
Major gainers on Wednesday included Unlived Foods up by Rs148.95 to Rs3,139.01 and Rafhan Maize climbing by Rs145 to Rs3,047.
The declining issues were led by Siemens Pakistan down by Rs33.40 to Rs685.57 and Indus Dyeing lower by Rs21.81 to Rs416.29.
The bullish undertone was represented by the fact that all ten top trading scraps finished with added value on Wednesday.
PTCL, the volume leader with 47m shares, was up by 15 paisa to Rs16.20, followed by Lotte Pak PTA gaining 82 paisa to Rs9.94 on 39m shares. The cement stock DG Khan rose by 38 paisa to Rs46.22 on 25m shares due to higher despatch figures as well as the fall in price of coal to around $99 per ton. Jah Sidd Co, the punters’ favourite, closed limit up, adding Re1 to Rs17.46 on 22m shares. Another of its kind, Arif Habib Corp increased by Rs1.69 to Rs35.95 on 12m shares. Bank AL-Habib gained Rs1.24 to Rs29.24 on 16m shares, Nishat Mills gained Rs2.54 to Rs56.04 on 15m shares, Telecard Limited was up 16 paisa to Rs2.28 on 12m shares, Fatima Fertilizer Co closed at the upper circuit gaining Rs1.28 to Rs26.89 on 11m shares and Engro Corporation also finished at its upper limit gain of Rs5.66 to Rs118.93 on 10m shares.
MOHAMMED SALEEM MANSOORI

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