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Monday, 4 June 2012

STOCK MARKET UPDATE:05.06.2012


STOCK:


Karachi Stocks Down 119.06 Points:
KARACHI, June 04: At close of trading, the KSE-100 index was at 13757.91, down 119.06 points.
June 4, 2012
5 TOP GAINERS  &  LOOSERS:

Bata (Pak) Limited
Rs 21.91
National Refinery
Rs (7.81)
UniLever PakXD
Rs 10.11
Mithchells Fruit
Rs (7.72)
Indus Dyeing
Rs 9.60
Philip Morris
Rs (7.39)
Island Textile
Rs 8.76
Pak Refinery
Rs (6.57)
Pak Services
Rs 5.01
Attock Petroleum
Rs (5.63)

Stocks rise on ‘budget optimism’ while rupee hits new record low
ISLAMABAD: Karachi stocks rallied on Friday with investors optimistic ahead of the Pakistan government’s budget announcement, dealers said.
Finance Minister Abdul Hafeez Shaikh is scheduled to announce the country’s budget for fiscal 2012/13 during an evening session of parliament on Friday.
The Karachi Stock Exchange benchmark 100-share index rose 0.66 per cent, or 90.35 points, to close at 13,876.97 on volume of 78.168 million shares, compared to Thursday’s close of 13,786.62 points.
“There was positive sentiment about the budget, which helped lift the market,” said Shuja Rizvi, a dealer at Al-Hoqqani Securities.
The Pakistani rupee closed at 93.63/68, a fifth record low against the US dollar in as many days, compared to Thursday’s close of 93.57/63.
The rupee has faced sustained pressure in the last two weeks because of increased import payments, especially for oil.
Overnight rates in the interbank market closed at 11.50 per cent, down from 11.90 per cent on Thursday, because of increased liquidity in the market.
ANNOUCEMENTS/COMPANY NEWS:
1)Pakistan State Oil cuts spot gasoline import volumes:
SINGAPORE: Pakistan State Oil has purchased less gasoline spot volumes than what it had tendered for due to high prices, industry sources said on Monday.
The company bought only five out of the six 35,000-tonne 87-octane gasoline cargoes it was seeking for delivery in July and August, one of the sources familiar with the matter said.
It skipped buying a July-August delivery cargo, for which Total had the best offer at a premium of $135 a tonne to Middle East naphtha quotes.
“The premium was not in line with those for the other cargoes,” the source added.
The company might instead procure more spot gasoline cargoes next month instead.
PSO bought five of the six gasoline cargoes from Total, Swiss Singapore and Gunvor at premiums ranging from $111.80 to $119.28 a tonne over Middle East naphtha quotes, traders said.
It also bought two 0.5 per cent sulphur gasoil cargoes for delivery over June 14-16 and June-July from Vitol and Glencore at premiums of $5.69 and $4.88 a barrel respectively to Middle East gasoil quotes.
MOHAMMED SALEEM MANSOORI

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