STOCK MARKET UPDATE: 25.09.2012

STOCK:
Karachi Stocks Down 77.12 Points:
KARACHI, Sept 24: At the close of trading, the KSE-100 index was at 15375.52, down 77.12 points.
 (Today Market is 53.27 Up @ 11.03 am)

September 24, 2012

5 TOP GAINERS  &  LOOSERS:

Island Textile	Rs 14.70	Siemens Pak	Rs (47.74)
Abbott Laboratory	Rs 6.40	Dreamworld	Rs (22.00)
Bata (Pak) Limited	Rs 6.25	Indus Motor Co	Rs (13.22)
Packages Ltd	Rs 5.79	Atlas Battery Ltd	Rs (12.82)
Clover Pak	Rs 4.85	Exide (Pak)	Rs (9.14)

KSE: Index sheds 77 points amid low volume
KARACHI, Sept 24: Pressure in the global economy and oil prices pushed the Karachi Stock Exchange (KSE) 0.50 per cent lower on Monday and volume fell to a six-week low as investors remained cautious awaiting the outcome of a NRO case hearing scheduled for Tuesday.
Last week, the Supreme Court gave the government until Sept 25 to draft the letter to Swiss authorities to reopen a graft case against President Asif Ali Zardari and adjourned the hearing in the show-cause notice for contempt of court against Prime Minister Raja Pervez Ashraf to the said date.
“Investors remained cautious on heavy futures open interest and NRO case hearing on Tuesday,” said Samar Iqbal, a dealer at Topline Securities Ltd.
The KSE-100 share index shed 77.12 points to close at 15,375.52 points. Turnover fell to 52.78 million shares, compared with 159 million shares traded on Thursday.
Trading value decreased Rs2.6 billion, almost Rs2 billion less than Thursday’s trading value of Rs4.3 billion.
Market capitalisation totalled Rs3.89 trillion, compared with Rs3.91 trillion in the previous trading session.
As seen in the previous few trading sessions, activity was limited more towards second to third-tier scrips, rather than the blue chips.
The KSE-index made an intra-day high and low at 15,514.41 and 15,354.05, respectively.
“Stocks ended on a bearish note amid thin trade after global stocks and commodities plunged on concerns of a global economic slowdown and fall in German business climate index,” said Ahsan Mehanti, at Arif Habib Corp.
Global financial markets drifted lower Monday as investors’ growing concerns about the state of the global economy offset any remaining optimism over central banks’ stimulus efforts.
Dealers said the energy sector could see some selling pressure in the coming days due to pressure on international oil prices which fell below $110 a barrel on Monday, dragged down by a firm dollar and worries over weak global economic growth after disappointing German data.
Foreign investors bought shares worth a net $1.85 million, compared with $0.57 million on Thursday while mutual funds were the major sellers of equity with $2.45 million.
The market capitalisation based KSE-30 index lost 0.47 per cent, or 61.46 points, to end at 12,963.11 points, Out of the 319 companies traded, the value of 195 declines, 100 increased, while 24 remained unchanged.
Island textile witnessed the highest increase, with a gain of Rs14.70 to Rs308.70, followed by Abbott Lab which gained Rs6.4 to Rs191.44.
The largest fall of Rs47.74 was witnessed in Siemens Pakistan to Rs907.25 followed by Dreamworld which shed Rs22 to Rs418.In the top 10 most active scrips, KESC topped the list as volume leader again as it lost 30 paisa to close at Rs6.35 on 8.75 million shares, PTCL shed 80 paisa to Rs18.94 on 6 million shares, Nimir Industries fell by 34 paisa to Rs4.08 on 4.32 million shares.
NIB Bank decreased by 5 paisa to Rs2.58 on 2.96 million shares, Fauji Cement shed 10 paisa to Rs5.94 on 2.84 million shares but Engro Corp gained 9 paisa to Rs106.22 on 2.65 million shares.
Bank Al-Habib fell by 3 paisa to Rs28.92 on 2.44 million shares, Lafarge Pakistan rose 3 paisa to Rs5.30 on 2.16 million shares, DG Khan Cement shed 51 paisa to Rs47.54 on 2.13 million shares and Fatima Fertiliser fell 11 paisa to end at Rs23.89 on turnover of 1.98 million shares.
SAB pleads fertiliser industry’s case
HYDERABAD, Sept 24: In a letter sent to President Asif Ali Zardari and Prime Minister Raja Pervez Ashraf, the Sindh Abadgar Board (SAB) has sought implementation of Article 158 in order to help the ailing fertilser industry and agriculture sector in the province.
SAB President Abdul Majeed Nizamani in the letter stated that the agriculture sector was being overlooked by the government and Article 158 must be implemented whereby a province has the first right to use produce of an industry where it is located.
Agriculture is dependent on the availability of fertiliser at proper prices as well as provision of water. Unfortunately, the government has paid no heed towards a steady supply of gas to fertiliser factories with a result that most of the units have come to a standstill, the letter read.
According to the declared policy, this sector is to receive priority over textiles and other industries but this principle has been overlooked, SAB added.
“Consequently, farmers are been hit below belt due to shortage of fertilisers. The government has undergone a heavy financial responsibility of over Rs50 billion which has paid towards subsidy on urea. This is a direct loss to the national exchequer,” the letter read.
Adding that it is imperative that article 158 of Constitution must be implemented, SAB cited the example of Khyber Pakhtunkhwa which has exercised this right.
“The industry moved Sindh High Court which passed an order in its favour. However, the order has not been implemented as yet, causing damage to Sindh. The non provision of gas to this sector is ample proof of casual attitude of government towards the well being of farmers,” the letter said.
SAB stressed that there is a need to immediately revise the policy of gas supply and implementation of Article 158 of Constitution to benefit the agriculture sector of Sindh.
Company news:
BoK assets reach Rs73 billion: PESHAWAR: The Managing Director Bank of Khyber (BoK) Bilal Mustafa said on Saturday that BoK’s assets reached Rs73 billion in August 2012.
He said that Rs717 million profit after tax by the end of August 2012 shows the confidence of general public on BoK policies and its vital role being played
MD of the Bank Bilal Mustafa was addressing the inaugural session of Half Yearly BoK Conventional Branches Conference at Nathiagali. The conference was also attended by BoK’s Executive Director Mir Javed Hashmat, Group Heads Credits Imran Samad, Raast Islamic Banking Kamran Masood Khan HRD Muhammad Tariq Nasim, Divisional Head from Head Office and Chief Managers and Managers from across the country.
Bilal Mustafa appreciated the efforts of branches in achieving the operational targets and advised the field staff to work more dedicatedly to continue these achievements in rest of year and ahead.
He said increase in the profitability was due to team work at all levels and we can get more good results with the collective efforts in all operational areas on regular basis our day by day increasing branches network is also a help in improving our operational results.

MOHAMMED SALEEM MANSOORI