STOCK:
Karachi Stocks Down 75.27 Points:
KARACHI, Sept 06: At the close of trading, the KSE-100 index was at 15331.97, down 75.27 points.
(TODAY: MARKET PLUS 92.74 …10.52 AM)
September 6, 2012
5 TOP GAINERS & LOOSERS:
|
Exide
Pak
|
Rs
15.90
|
Siemens
Pak
|
Rs
(19.00)
|
|
Island
Textile
|
Rs
13.95
|
Wyeth
Pak
|
Rs
(16.67)
|
|
Pak
Gum & Chem
|
Rs
11.21
|
Pak
Oilfields
|
Rs
(9.04)
|
|
Colgate
Palmolive
|
Rs
10.00
|
Shield
Corp
|
Rs
(8.50)
|
|
Service
Inds
|
Rs
8.16
|
National
Foods
|
Rs
(8.42)
|
KARACHI, Sept 6: Shares weakened at the stock market on Thursday, with the KSE-100 index extending its decline by another 104.86 points or 0.69 per cent. The index closed at 15,188.53 points.
The trading for the day was marked by intense volatility as the benchmark oscillated between the day’s high at 15,418.19 points and low at 15,139 points, reflecting a wide margin of 279.98 points.
With much of the activity concentrated in small and mid-tier stocks, led by the telecom scrips, the punters had a field day. The turnover therefore, increased to 189 million shares on Thursday, from 174 million shares the previous day. Trading value improved by Rs147 million to Rs5.282 billion, from Rs5.135 billion. Market capitalisation saw a drop of Rs25 billion to Rs3.876 trillion, from Rs3.901 trillion.
Ahsan Mehanti at Arif Habib Corp observed that the stocks fell sharply post major corporate earnings announcements.
Concerns for circular debt in the energy sector and slowdown in cement sector dispatches affected the investor sentiments.
Investors booked profits amid consolidation in blue-chip stocks.
Equity dealer, Samar Iqbal at Topline Securities stated that selling pressure was witnessed across the board, mainly led by index-heavyweight oil stocks especially Pakistan Oilfields. Also the unclear political scenario coupled with lack of developments on the economic front also induced investors to book profits.
Buying interest remained in telecom scrips where PTC led the volume.
Hasnain Asghar Ali, COO at Escorts Capital said that stock swapping was quite prominent in E&P sector wherein gains in heavyweight OGDC led to a triple-digit gain in index during early trade. But intense selling pressure in POL, the other stocks of the sector, along with cement and banking shares, dampened the investor sentiments.
The market was also nervous over the deteriorating law and order situation in the city, along with unattended economic and financial woes. The authorities seemed to have focused their attention on political issues.
The decline in various frontline stocks that show consistency in earnings and dividend growth were accumulated mainly due to high dividend yields, thereby allowing the index to consolidate around 15,200 psychological levels.
The revaluations of topline stocks due to recent developments both on macro, micro and international fronts were hoped to attract fresh funds to the local equities.
Among the 329 scrips that came up for trading on Thursday, the losers at 198, were considerably more than the 110 gainers.
Another 21 stocks remained unchanged.
The biggest fall for the day was noted in Siemens Pakistan down by Rs19 to Rs900, followed by Wyeth Pakistan lower by Rs16.67 to Rs983.33. Exide (Pak) recorded the highest increase of Rs15.90 to Rs341.56 and Island Textile gained Rs13.95 to
Rs295.70.On the 10-top volume leaders list, PTCL touched the upper circuit of 5 per cent in value, but later closed with slightly clipped gains of 96 paisa to Rs19.57 on 29m shares as the issue of ICH was reported to have passed through the approvals of concerned government departments, pushing aside the objections raised by the Competition Commission of Pakistan.
For the same reason, WorldCall Telecom saw activity in 11m shares, up by 26 paisa to Rs3.04 and Telecard Limited rose 24 paisa to Rs2.76 on 9m shares.
KESC, which made the first profit in the current reporting period, added 24 paisa to Rs6.49 on 18m shares, with investors unable to decide over the utility would continue to make profit and wipe out the accumulated deficit.
Maple Leaf Cement rose by 31 paisa to Rs8.78 on 9m shares, Treet Corporation (ROL) traded ‘spot’ declined by 55 paisa to Rs2.29 on 8m shares, DG Khan Cement lost 42 paisa to Rs49.31 on 6m shares.
Fauji Cement decreased by 17 paisa to Rs6.43 on 6m shares, Hub Power Company was down by 86 paisa to Rs47.88 on 6m shares and Engro Corporation gathered another Rs1.37 to Rs105.46 on 6m shares.
Company news:
FFC’s wind energy farm: KARACHI, Sept 6: Fauji Fertiliser Company Limited has completed the country’s first Wind Energy Farm at Jhimpir, district Thatta, Sindh.
According to a press release FFC has assured its complete and withstanding commitment to the uplift and well-being of underprivileged communities around the project.
The 50MW wind energy farm has been completed in a record time by FFC Energy Limited (FFCEL).
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