STOCK:
Karachi Stocks Down 82.10 Points:
KARACHI, May 24: At close of trading, the KSE-100 index was at 13950.72, down 82.10 points.
May 24, 2012
5 TOP GAINERS & LOOSERS:
|
Unilever Pak
|
Rs
77.54
|
Nestle Pak
|
Rs
(35.70)
|
|
Mithchells Fruit
|
Rs
12.42
|
Indus Dyeing
|
Rs
(20.23)
|
|
Bhanero Tex
|
Rs
10.47
|
Wyeth Pak
|
Rs
(12.57)
|
|
Sanofi-Aventis
|
Rs
8.52
|
Attock Petroleum
|
Rs
(6.53)
|
|
Phillip Morris
|
Rs
6.77
|
Fauji Fertiliser
|
Rs
(5.82)
|
Bearish spell sets in
on stock market
KARACHI, May 24: Shares extended the decline at the Karachi Stock
Exchange on Monday, losing 95.90 points to close at 13,936.92 points.The figures released by the National Clearing Company of Pakistan Limited (NCCPL) showed that the ‘banks’ were the spoilers of day’s trading as they flooded the market by offloading stocks of the massive value of $9.89 million.
It completely drowned the huge foreign net buy of $6.41 million worth stock on Thursday. “It is the heaviest purchases by foreign investors in the recent days,” said an equity dealer, pointing out that the purchases of overseas investors on Thursday, pulled back the entire outflow of $6.01million in all of the previous week.
Samar Iqbal, equity dealer at Topline Securities, said that the selling in fertiliser sector caused index to drop by 0.5pc. News regarding increase in cement prices helped increase in cement stocks while major cement stocks saw decent volumes.
Most of the retail investors stayed on the sidelines due to strong volatility in global and currency markets, the analyst contended.
Yet, global stocks were seen to have clawed higher on Thursday despite disturbing economic data from Europe, China and US. The US stocks were little changed in volatile trading and European markets scored gains, though ongoing concerns about Greece’s possible exit from eurozone continued to haunt the markets. India’s main index rose by 1.7 per cent, the biggest gain in two months after hike in petrol prices boosted oil stocks.
On the local front the news flow included surge in fiscal deficit to Rs1.286 trillion for the nine months (July-March) of the current year.
National Electric Power Regulatory Authority (Nepra) moving to a possible hike in power tariff by Rs2 per unit. On the positive side were the reports of government contemplating abolishing FED on 5-6 different kinds of oils vide the upcoming
budget, reducing total number of excisable commodities from 21 to 16.
The announcement by The Karachi Electric Supply Company (KESC) that it had launched Term Finance Certificate worth Rs2 billion to generate short and medium-term funds.
The KSE-30 index slipped lower by 106.42 points to 12,081.21 points and market capitalisation declined by Rs22 billion to Rs3.563 trillion, from Rs3.585 trillion.
Business for the day was seen in 178 million shares on Thursday, just slightly short of the 176 million shares traded the previous day. Traded value, however, improved by Rs858 million to Rs6.617 billion, from Rs5.759 billion on Wednesday.
Considerably higher number of 345 stocks was seen active on Thursday, with 179 losers and 112 gainers. Another 54 remained unchanged.
Nestle Pakistan posted the biggest loss of Rs35.70 to Rs3,955, followed by Indus Dyeing down Rs20.23 to Rs388.53.
Among the major gainers, UniLever Pakistan shot up by Rs77.54 to Rs7,190.83 and Mitchell’s Fruit Farm gained Rs12.42 to
Rs260.88.
On the active list Bank Alfalah edged higher by 12 paisa to Rs17.89 on 18m shares. TRG Pakistan added 18 paisa to Rs4.40 on 16m shares. D.G. Khan Cement firmed up by 71 paisa to Rs42.08 on 15m shares and Fauji Fertiliser took heavy beating,
down by Rs5.82 to Rs111.08 on 15m shares.
Jah Sidd Co declined by 54 paisa to Rs15.95 on 8m shares, Fauji Fertiliser Bin Qasim shrank by Rs1.97 to Rs39.66 on 7m shares and Fatima Fertiliser also was down by 89 paisa to Rs23.74 on 7m shares.
Bankislami Pakistan was sliced off its previous gains by 13 paisa to Rs10.20 on 7m shares, Lucky Cement scored gains of Rs2.32 to Rs128.07 on 6m shares and Nimir Ind Chemicals was firmer by 20 paisa to Rs3.95 on 6m shares.
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