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Monday, 8 October 2012

STOCK MARKET UPDATE: 09.10.2012



STOCK:
Karachi Stocks Down 124.66 Points:
KARACHI, Oct 08: At the close of trading, the KSE-100 index was at 15629.73, down 124.66 points. 



(Today Market is 4.42 Up @ 11.13 am)



October 08, 2012
5 TOP GAINERS  &  LOOSERS:

Colgate palmolive
Rs 30.20
Rafhan Maize Pr
Rs (100.00)
Shezan inter
Rs 18.23
Bata (Pak) Limited
Rs (54.00)
Mithchells Frui
Rs 18.20
Nestle Pakistan
Rs (40.00)
Indus Dyeing
Rs 5.68
Pak Gum & Chemical
Rs (11.08)
Shield Corpor
Rs 5.57
National Foods
Rs (10.28)
KSE 100-index tumbles 102 points
KARACHI, Oct 8: A lower than expected cut in the State Bank of Pakistan’s key policy rate gave way for cautious investors to sell stocks on Monday while bargain hunters accumulated banking stocks following a cut in the cash reserve ratio.
The central bank slashed the interest rate by 50 basis points to 10 per cent, compared with market expectations of one per cent.
The Karachi Stock Exchange (KSE) 100-index ended 0.65 per cent, or 102.39 points, lower at 15,652.01. Volume decreased to 118.94 million shares, compared with 145 million shares traded on Friday.
Trading value fell drastically to Rs3.98 billion, compared with over Rs5 billion in the previous trading session and market capitalisation also fell to Rs3.95 trillion from Rs3.98 trillion on Friday.
“Stocks closed bearish amid institutional profit taking after lower than expected cut in key policy rate announcement on Oct 5,” said Ahsan Mehanti from Arif Habib Corp.
Some dealers said that profit booking was witnessed as the market was hovering around its all-time high.
The KSE-index hit an all-time high for two consecutive sessions with 15,789 points on Thursday and dealers said there is likely to be some selling pressure before the index consolidates around current levels.
However they said the market was likely to be supported by decreasing interest rates because investors were more likely to invest their money into equities when there is a loose monetary policy.
“On the contrary buying interest was seen in banks amid hopes that banking margins will not drop further,” said Samar Iqbal a dealer from Topline Securities.
The SBP cut the CRR by one per cent which is likely to increase the banks’ liquidity. The higher the reserve requirement is set, the less funds banks will have to loan out.
Out of the 23 banks listed on the KSE-index, only two ended in the red zone, while 20 showed an increase and the value of one remained unchanged.
The energy sector came under pressure as international oil prices fell on concerns that slower economic growth would curb oil demand. Oil and Gas Development Co Ltd shed Rs3.03 to Rs175.98, Pakistan Oilfields closed Rs3.15 lower at Rs450.29 and Pakistan Petroleum Ltd decreased by Rs1.95 to end at Rs178.69.
Foreign investors were net buyers on Monday as they bought shares worth $72,090, compared with $4.77 million on Friday, bringing their total to $12.3 this month. Individuals were the major buyers of equity with of almost $3 million.
The market capitalisation based KSE 30-index shed 0.88 per cent, or 116.17 points, to close at 13,097.669 points.
Out of the 326 companies traded, the value of 112 increased, 197 decreased, while 17 remained unchanged.
Colgate Palmolive witnessed the highest increase in share value as it gained Rs30.20 to Rs1,230.20 followed by Shezan International which was up by Rs18.23 to Rs382.87.
Rafhan Maize saw the largest fall as it shed Rs100 to Rs3,800 followed by Bata (Pak) Ltd which shed Rs54 to Rs1,070.
The list of top 10 volume leaders was topped by PTCLA which rose 16 paisa to Rs19.87 on turnover of 17.45 million shares, Nishat Mills fell Rs2.94 to Rs58.46 on 10.04 million shares and DG Khan Cement shed Rs1.52 to Rs48.69 on 8.19 million shares.
KESC ended 32 paisa lower at Rs5.38 on 7.88 million shares, Lafarge Pakistan closed 34 paisa lower at Rs5.58 on 6 million shares and Nishat Chunian also decreased by 5 paisa to Rs24.89 on 3.84 million shares.
However Telecard Ltd gained 15 paisa to Rs3.25 on 3.54 million shares, Worldcall Telecom rose 8 paisa to Rs2.87 on 3.26 million shares, and United Bank ended Rs3.51 higher at Rs75.06 on 3.17 million shares.


MOHAMMED SALEEM MANSOORI

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