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Wednesday, 26 September 2012

STOCK MARKET UPDATE: 27.09.2012



STOCK:
Karachi Stocks up 20.04 Points:
KARACHI, Sept 26: At the close of trading, the KSE-100 index was at 15393.50, up 20.04 points. 
 (Today Market is 28.34 Up @ 11.17 am)

September 25, 2012
5 TOP GAINERS  &  LOOSERS:

Nestle Pak
Rs 50.00
Wyeth Pak
Rs (47.71)
Bata Pak
Rs 35.72
Siemens Pak
Rs (12.00)
Indus Dyeing
Rs 14.75
Pak Gum & Chem
Rs (10.79)
Mithchells Fruit
Rs 13.00
National Foods
Rs (6.25)
Service Ind
Rs 6.52
Indus Motor Co
Rs (4.74)
Stocks manage modest gains on selective buying
KARACHI, Sept 26: Buying in cement scrips helped the stock market to end on a positive note on Wednesday but trading activity was slightly dull as investors were cautious about the outcome of a NRO case hearing and the ongoing meeting with the IMF.
The Karachi Stock Exchange (KSE) 100-share index rose 0.17 per cent, or 25.96 points, to 15,399.42. Turnover fell to 82.69 million shares from 105.35 million shares traded on Tuesday.
Trading value totalled Rs2.25 billion, compared with Tuesday’s value of Rs2.46 billion while market capitalisation was unchanged at Rs3.89 trillion.
“After Tuesday’s handsome result announcement continued buying interest in Maple Leaf Cement kept the stock in limelight,” said Samar Iqbal, a dealer at Topline Securities Ltd. It ended 24 paisa higher at Rs9.02 on 5.49 million shares, the second highest in terms of volume on Wednesday.
Cement companies in FY12 posted a cumulative net profit of Rs16 billion, seven times higher than last year.
However many investors hesitated from taking fresh positions due to political uncertainty.
The Supreme Court, while hearing NRO verdict implementation case on Wednesday, warned the government with contempt proceedings after rejecting a draft letter to Swiss prosecutors.
The apex court said the draft letter prepared by Law Minister Farooq Naek was unsatisfactory and gave him until October 5 to make changes.
Dealers said investors were also cautious due to the ongoing meetings with Pakistan and IMF authorities in Dubai on the technical level, while policy level talks are scheduled to be held in Islamabad next week.
Officials have however denied that the Post Programme Monitoring consultation is to discuss any fresh loan programme with the donor agency. But investors remained skeptical.
However “catalysts such as the upcoming monetary policy will give the market a direction and bring back much needed volume,” said Ahfaz Mustafa, director at Ismail Iqbal Securities.
The monetary policy is due to be announced end of next month and there are expectations of a further cut in the discount rate as inflation has managed to remain in single digit.
However foreign investors were active in the market on Wednesday as they bought shares worth a net $4.09 million, compared to a net outflow of $1.08 million. Companies were the major sellers of equity with $1.89 million.
The market capitalisation based KSE 30-index shed 0.07 per cent, or 8.52 points, to close at 12,958.43 points.
Out of the 326 companies traded, the value of 135 increased, 170 decreased, while 21 remained unchanged.
Nestle Pakistan witnessed the largest increase of Rs50 to Rs4,200 followed by Bata (Pakistan) Ltd gained Rs35.72 to Rs999.25.
The largest decline of Rs47.71 was witnessed in Wyeth Pak Ltd to Rs913 followed by Siemens Pakistan which fell by Rs12 to Rs850.
The 10 most active companies were as follows: PTCL gained 31 paisa to Rs19.67 on 9.39 million shares, DG Khan Cement rose 52 paisa to Rs48.38 on 4.25 million shares, Fauji Cement increased 11 paisa to Rs6.10 on 3.89 million shares.
Tariq Glass rose 98 paisa to Rs19.97 on 2.89 million shares and NIB Bank Ltd gained 4 paisa to Rs2.65 on 2.85 million shares.
Pak Elektron lost 12 paisa to Rs7.99 on 2.34 million shares and KESC decreased by 20 paisa to Rs6.37 on 2.28 million shares.
Jahangir Siddique gained 3 paisa to Rs13.61 on 2.25 million shares and Hub Power ended 76 paisa higher at Rs46.56 on 2.18 million shares.

Company news:
PSO to set up storage facitlity: KARACHI, Sept 26: Pakistan State Oil (PSO) has initiated various long-term projects notably a joint venture with an international oil conglomerate for setting up an oil offloading and sto age facility at Hub, Balochistan.
Speaking at the 36th Annual General Meeting here on Wednesday CEO and Managing Director Naeem Yahya Mir said projects were underway to transform PSO into an integrated oil company.
He said a petroleum refinery was also being established in Khyber Pakhtunkhwa.
He also gave brief details regarding an agreement with Pakistan National Shipping Corporation (PNSC) to utilise their vessels for transporting imported POL products to Pakistan’s shores resulting in substantial savings of foreign exchange.
PSO Board of Management Chairman Sohail Wajahat Siddiqui stressed that the board was an extension of the shareholders and acts in a supervisory role to ensure maximum returns for the stakeholders.
PSO shareholders concerned over low dividend payout:
KARACHI: Pakistan State Oil (PSO) shareholders have expressed concern over the financial charges being borne by the company due to circular debt and its impact on dividend pay-out. The shareholders at the 36th Annual General Meeting (AGM) advocated immediate recovery of outstanding debt and implementation of stringent quality and cost control measures.
PSO’s board of management assured the shareholders that they were working closely with all relevant stakeholders to devise strategies to overcome these concerns.
Naeem Yahya Mir, CEO and managing director of PSO, outlined his plan for developing a secure energy supply chain for Pakistan in the meeting. He envisioned transforming PSO into an integrated oil company and establishing it among the league of international oil giants.
He spoke of various long term projects initiated by the company including the upcoming establishment of a petroleum refinery in Khyber Pakhtunkhwa and a joint venture with an international oil conglomerate for setting up an oil off-loading and storage facility at Hub, Balochistan.
Mir also discussed an agreement with Pakistan National Shipping Corporation (PNSC) to utilise their vessels for transporting imported POL products to Pakistan’s shores. This agreement would result in substantial foreign exchange savings.
The event was chaired by Chairman board of management Sohail Wajahat Siddiqui who congratulated the shareholders on being the proud owners of the nation’s first trillion rupee company.
Speaking on corporate governance and oversight mechanisms in place at PSO, Siddiqui stressed that the board was an extension of the shareholders and acted in a supervisory role to ensure maximum returns for them. He also thanked the employees for their hard work and dedication.

MOHAMMED SALEEM MANSOORI

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