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Thursday, 5 July 2012

STOCK MARKET UPDATE: 06.07.2012








STOCK:


Karachi Stocks Up 2.89 Points:

KARACHI, July05: At the close of trading, the KSE-100 index was at 14180.99, up 2.89 points.

July 5, 2012
5 TOP GAINERS  &  LOOSERS:

Unilever Food
Rs 122.49
Siemens Pakistan
Rs (31.49)
UniLever Pak
Rs 95.00
Bata Pak
Rs (26.60)
Colgate Palmolive
Rs 48.00
Philip Morris
Rs (5.04)
Sanofi Aventis
Rs 8.82
Exide Pak
Rs (2.16)
Pak Gum & Chem
Rs 6.20
Attock Petroleum
Rs (1.84)
Karachi Stock slightly down; rupee strengthens
ISLAMABAD: Pakistan’s main stock market closed slightly down in slow trade on Thursday with investors staying on the sidelines in the absence of any major triggers, analysts said.
The Karachi Stock Exchange benchmark 100-share index lost 7.19 points, or 0.05 per cent, to close at 14,170.91 on volume of 30.9 million shares.
“There was a lack of triggers in the market today, and most investors chose not to take any risks,” said Atif Zafar, a research analyst at the JS Global financial services company.
In the currency market, the rupee closed stronger at 94.28/32 to the dollar, compared with 94.46/51 on Wednesday.
Overnight rates in the money market closed slightly higher at 9.10 per cent, compared with 9 per cent on Wednesday, due to decreased liquidity.
Karachi Stocks suffer modest losses
KARACHI, July 5: Shares moved sideways again on Thursday with the KSE-100 index reflecting a negligible fall of 7.19 points to close at 14,170.91 points.
The lack of trading interest was manifest in the volume, which stood at six-month low of 39 million shares, depicting 61 per cent drop in terms of 101 million shares traded on Wednesday. Trading value plunged by 62 per cent to Rs1.703 billion, from Rs4.453 billion the day earlier.
Major market participants said that the retail investors remained on the sidelines and even the institutional and foreign investors lacked the will to trade.
Samar Iqbal, equity dealer at Topline Securities, stated that in spite of good news on Pak-US relationship no major activity was seen in the local bourse.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed lower amid thin trade as investors remained cautious ahead of corporate earning announcements.
Index traded in narrow range despite improved Pak-US relations and expectations for early release of $1.5billion US coalition support fund.
Record cement dispatch data and positive sentiments in fertiliser sector on constant GIDC on feedstock supported the index to close above day’s low.
Abdul Azeem at Investcapital believed that the index was still in the positive territory and its rise above 14,320 points would again invite investors to take further position in the market.
The news flow was mostly positive. Pakistan’s decision to open land routes for Nato supplies to Afghanistan helped the rupee gain strength against the dollar after a long spell of steep fall.
The rupee turned stronger in both the inter-bank and open market on hopes that inflows from the US and other sources would start soon.
During the last couple of months, rupee had lost value by 3.5pc against the dollar.
The fall was attributed to market fears that delays in the decision regarding Nato supplies would exhaust foreign exchange reserves of the country.
It was also reported, quoting Ministry of Finance sources that Pakistan would receive $1.5 billion of Coalition Support Fund (CSF) by December 2012 after the government re-opened Nato supply routes. The amount was pending with US for long time, though approved by the US authorities.
Payment to Pakistan was stopped due to suspension after heightened tension between Pakistan and the US. The CSF payment would support the depleting foreign exchange reserves, which fell to $15 billion as on June 22, 2012 due to slow foreign inflows and rising foreign payments. The All Pakistan Cement Manufacturers’ Association announced that the cement industry’s dispatches for the year 2011-12 were the highest ever in the history of the country, with local cement dispatches climbing to a record level of 23.947 million tons.
At the KSE, the 30-share index edged up by 6.67 points to 12,310.44 points. To the market capitalisation was added a billion rupee, which stood at Rs3.609 trillion on Thursday.
A total of 327 issues came up for trading with 114 gainers and 129 losers while 84 scrips remained unchanged.
Among the 10 most active issues, D.G. Khan Cement topped with volume of 7m shares, higher by 66 paisa to Rs41.72. It was followed by Lafarge Pakistan down 6 paisa to Rs4.50 on 2m shares.
The stock in Jah Sidd Co fell 23 paisa to Rs13.10 on 2m shares, Fatima Fertiliser gained 21 paisa to Rs25.26 on 2m shares, Bank Al-Habib slipped by 14 paisa to Rs28.55 on 2m shares and Engro Corporation added 60 paisa to Rs104.61 on 2m shares.
Hub Power Company was higher by 6 paisa to Rs42.33 on 2m shares, Attock Refinery gained Rs1.61 to Rs126.93 on 1m shares, Fauji Fertiliser was down 22 paisa to Rs115.32 on 1m shares and Engro Foods was up by 5 paisa to Rs64.85 on 1m shares.


Company news:

1) NIT to distributeRs4,798m: KARACHI, July 5: National Investment Trust Limited (NITL), the largest mutual fund in the country, announced distribution of Rs4,798 million to the unit holders in dividend at Rs3.50 per unit for the year ended on June 30.
NIT chairman and MD Wazir Ali Khoja chaired the meeting of the board on Thursday, which approved annual accounts of all funds under management.
“NIT is managing five funds with net assets under management of around Rs74,152 million”, Khoja said in a statement issued after the meeting.
The NI(U)T Fund had paid Rs4 per unit last year.
The chairman said that during the year NIT repaid Rs5.0 billion to one of the lenders of NIT-SEF from its internally generated cash, thereby reducing the financing facility from Rs17.2 billion to Rs12.2 billion and hence reducing government guarantee from earlier Rs20 billion to Rs12.2 billion.
He further informed that the government had extended its guarantee for two years.
As regards performance, NIT showed growth of 69.6pc in realised capital gains which increased to Rs1,439 million during the year ended on June 30, 2012, from Rs848 million last year.
During the year, the Fund earned net income of Rs5,664 million translating into an earning per unit of Rs4.13.
The net asset value (NAV) per unit increased from Rs28.14 (ex-dividend) to Rs30.27 as on June 30, 2012.
It represented total return of around 7.6pc against the benchmark (KSE-100) return of 10.45pc.
NIT State Enterprise Fund (NIT-SEF) declared bonus at 9.30pc.
During the year, the Fund realised capital gains of Rs1,658 million as compared to Rs1,252 million last year, showing growth of 32pc.
The net asset value of units of NIT-SEF increased by 6.1pc YoY to Rs89.32. NIT-EMOF declared a bonus of Rs6.75 per unit for the year under review.
The fund’s net profit grew by 42.2pc YoY to Rs831 million from Rs584 million last year, translating into an earning per unit of Rs17.50 and Rs12.44, respectively.
NIT-EMOF has outperformed its benchmark by margin of 7.59pc during FY12.
During the year 10pc redemption of unit holding were offered and a redemption amount of Rs551 million was paid to unit holders.
Thus, so far unit holders have been offered 50pc  redemptions of their respective unit holding since inception of the fund.
NIT declared per unit distribution of Rs1.1094 on NIT-GBF. Those who have opted for growth units with the option to receive bonus will be
allocated 11.1241 units per 100 units at the ex-dividend NAV.

The NAV of NIT-GBF stood at Rs11.0823 at year end, thus yielding an annualised return of 9.76pc.
For NIT-IF, the Fund declared per unit distribution of Rs1.1065 for FY12. Those who have opted for growth units with the option to receive bonus will be allocated 10.7531 number of units per 100 units at the ex-dividend NAV.
The NAV of NIT-IF increased to Rs11.3966 at year end, yielding an annualised return of 12.34pc compared to the benchmark return of 12.38pc.
The NIT chairman stated that during the last 15 months, the Fund had opened three new branches, two in Lahore and one in Karachi, increasing the nationwide distribution of branches to 22.
The Fund would be completing 50 years of its asset management services on Nov 12, 2012.
“In mutual fund industry, NIT maintains the largest equity portfolio not only in terms of size but also in terms of number of companies.
As on June 30, 2012, the number of unit holders of NIT stood at 57,000,” NIT stated.
2) Atlas Asset Management: Karachi, The Board of Directors of Atlas Asset Management Limited, an Atlas Group Company, managing mutual funds, pension funds and various investment plans, approved the final distribution for the financial year ended June 30, 2012 for the funds under its management in their meeting held on Thursday.
3) JS Bank declared No 1 PDs: LAHORE - The State Bank of Pakistan recently, 2nd year in a row, has declared JS Bank as the Number 1 Primary Dealer of Government Securities for the year 2011-12. JS Bank was also the Number 1 Primary Dealer of Government Securities for the year 2010-2011. JS Bank is one of only 11 State Bank of Pa
4) MCB named bank of the year: KARACHI - Chartered Financial Analyst Association Pakistan has awarded Muslim Commercial Bank as the bank of the year for second consecutive year.Ninth Annual Excellence Awards by CFA Association Pakistan for the year 2011 recognized MCB Bank as the top performer in large banks category and also awa
MOHAMMED SALEEM MANSOORI

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