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Thursday, 13 September 2012

STOCK MARKET UPDATE: 14.09.2012



STOCK:
Karachi Stocks Up 28.03 Points:
KARACHI, Sept 13: At the close of trading, the KSE-100 index was at 15306.51, up 28.03 points.
Today Market Up>>139.78<<@10.48 am)

September 13, 2012
5 TOP GAINERS  &  LOOSERS:

Bata Pak
Rs 39.00
Island Textile
Rs (13.92)
Indus Dyeing
Rs 14.99
Pak Gum & Chemi
Rs (8.03)
Mitchells Fruit
Rs 7.99
Yousaf Dyeing
Rs (5.11)
EFU General Ins
Rs 3.90
Al Abbas Sugar
Rs (4.75)
Cyan Int’l
Rs 3.88
Pak Services
Rs (4.17)
Stocks extend overnight gains
KARACHI, Sept 13: Stocks continued to consolidate on the Karachi stock market with the tone uncertain. At the close, the KSE-100 index had gained 28.03 points to settle at 15,306.51 points.
Optimists among the market participants thought that the index close above the 15,300 level was a sign of strong support at that level. It emboldened investors to venture into some dormant sectors as the textiles.
In addition to the recent decrease in export re-financing rate, the textile sector was thought to receive some other incentives. The European Union Parliament approval of duty-free import of 75 types of goods including fabrics, garments, lien, ethanol and leather could lead to further interest in the sector, analysts said.
But for all that, the strength of the heavyweight OGDC stock, up by Rs2.75 made a world of difference to the trading trend. The OGDC alone contributed 51 points to the KSE-100 index. The stock has won investors favour as they expect earnings to jump from interest on issue of Term Finance Certificates (TFC) of Rs82 billion to tide over a part of nagging circular debt.
Foreign investors were relatively aggressive buyers on Thursday with purchases of net $1.82 million worth stocks. Local individual and institutional investors were generally less inclined to trade.
Ahsan Mehanti at Arif Habib Corp stated that the Government approval of the issue of Term Finance Certificates worth Rs82 billion to ease circular debt issue and the FBR approval of new Capital Gain Tax rules played a catalyst role in bullish activity. Rise in global stocks and commodities on hopes of stimulus from US also affected sentiments.
Equity Dealer, Samar Iqbal at Topline Securities commented that activity remained range bound.
Telecommunication sector was on investors’ radar after the official confirmation of International Clearing House (ICH) formation by the telecom companies.
Hasnain Asghar Ali, COO at Escorts Capital noted that cautious yet positive momentum was witnessed at the equity market also on account of cotton crop remaining safe from rains and floods.
Stock swapping remained prominent in fertilizer sector. A consistent accumulation in cement stocks triggered short covering in which gains accompanied turnover, representing presence of accumulators even on strength.
Among the 322 active stocks that came up for trading on Thursday, 162 losers were ahead of the 135 gainers with another 25 stocks finishing unchanged. Turnover was down 15 per cent to 149 million shares, from 176 million shares the earlier day.
Trading value decreased by Rs622 million to Rs4.376 trillion, from Rs4.998 trillion.
The biggest gainer for the day was Bata (Pak), up by Rs39 to Rs989, followed by Indus Dyeing firmer by Rs14.99 to Rs414.99.
Stocks across the board lost minor amounts, which was represented by the fact that the biggest loser for the day, Island Textile was down by only Rs13.92 to Rs306.08. The second major laggard, Pak Gum & Chemical declined by Rs8.03 to Rs236.42.
PTCL once again topped the volume leaders’ list with 15 million shares changing hands, up by 27 paisa to Rs18.83. Nishat Mills, coming to life after a long time, saw the second largest turnover of 14m shares, gaining Rs1.04 to Rs58.49.
Dewan Salman Fibre, the dormant scrip, edged up by 14 paisa to Rs2.42 on the third highest turnover at 12m shares. Other telecom scrips also showed high volumes with WorldCall Telecom remaining unchanged at Rs2.94 on 9m shares and Telecard Limited rose by 9 paisa to Rs3.20 on 6m shares.
Among the cement stocks, D.G. Khan on volume of 8m shares, gained Rs1.29 to Rs50.12 and Lafarge Pakistan added 18 paisa to Rs5.43 on 6m shares.
Kot Addu Power shed 10 paisa to Rs48 on 6m shares and Engro Foods lost a sizeable sum of Rs2.32 to Rs69.47 on 5m shares and Pace (Pak) slid by 13 paisa to Rs3.49 on 5m shares.
MOHAMMED SALEEM MANSOORI

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