STOCK MARKET UPDATE: 24.10.2012

STOCK:

Karachi Stocks Up 5.21 Points:
KARACHI, Oct 23: At the close of trading, the KSE-100 index was at 15853.84, up 5.21 points. 

 (Today Market is 50.82Up @ 10.51 am)

October 23, 2012

5 TOP GAINERS  &  LOOSERS:

Bata Pak	Rs 41.77	Colgate Palmolive	Rs (20.45)
Indus Dyeing	Rs 22.70	National Foods	Rs (17.99)
Island Textile	Rs 15.00	Shezan Int’l	Rs (16.91)
Mithchells Fruit	Rs 12.25	Wyeth Pak	Rs (10.00)
Sanofi-Aventis	Rs 11.81	Tri-Pack Films	Rs (9.86)

 Stocks manage modest gains

KARACHI, Oct 23: Stocks ended almost flat on Tuesday as early gains from buying on dips were wiped out after the market crossed the technical level of 15,900 points, where profit booking was seen, dealers said.
The KSE 100-share index ended marginally 0.03 per cent, or 5.21 points higher, at 15,853.84 after making an intra-day high at 15,937.47 points.
Volume fell to 103.33 million shares from 149.12 million shares and trading value also decreased to Rs3.92 billion from Rs4.86 billion the previous day. However market capitalisation was flat at Rs3.96 trillion, unchanged from Monday.
“Profit taking set in during the end of the trading session caused investor sentiment to weaken,” said Ahfaz Mustafa, director at Ismail Iqbal Securities.
“However institutional presence in the market and strong corporate profit expectations from DGKC and Lucky Cement on Thursday should drive the sentiment higher.”
DGKC is expected to post a profit after tax of Rs1,117m (earning per share Rs2.6) in its first quarter of FY13, which is 3.5 times higher than in the same period last year, according to BMA Capital.
The considerable surge in profitability is primarily attributable to strengthening gross margins driven by robust retention levels plus easing coal prices According to Arif Habib Ltd, Lucky Cement is expected to post a net earnings of Rs2.1bn (earning per share of Rs6.44) in the quarter ended Sept 30, which is a 38 per cent rise from a net profit of Rs1.5bn (EPS: Rs4.66) in the same period last year.
“Profit taking at the end of the session caused index to remain flat. In line result announcement by OGDC even failed to bring excitement,” said Samar Iqbal, dealer at Topline Securities.
OGDCL ended 76 paisa lower at Rs176.98.
Dealers also said investors were cautious ahead of a long weekend due to Eidul Azha.
Foreign investors after being active buyers sold shares on Tuesday worth a net $9,711 compared a net buying of $554,670 on Monday bringing the total net buying for this month to $28.65 million.
Individuals were the major sellers of equity with $1.25 million.
The market capitalisation based KSE 30-index fell 0.08 per cent, or 10.98 points, to close at 12,962.72 points.
Out of the 348 companies traded, the value of 176 increased, 150 decreased, while 20 remained unchanged.
Bata (Pak) Ltd witnessed the highest increase in share value as it gained Rs41.77 to Rs1,419.33 followed by Indus Dyeing, which was up Rs22.70 to Rs482.70. But Colgate Palmolive saw the largest fall as it shed Rs20.45 to Rs1,349.55, followed by National Foods which shed Rs17.99 to Rs341.87.
The list of volume leaders was topped by DG Khan Cement, which rose 55 paisa to Rs51.77 on turnover of 7.17 million shares, Jahangir Siddiqui Co fell 44 paisa to Rs14.49 on 6 million shares and Pace Pakistan Ltd ended 25 paisa higher at Rs3.52 on 5.45 million shares.
PTCLA closed six paisa higher at Rs19.20 on 4.52 million shares, Lucky Cement shed 85 paisa to Rs139.33 on 3.93 million shares and Engro Foods shed 32 paisa to Rs70.18 on 3.85 million shares.
National Bank of Pakistan fell 5 paisa to Rs45.17 on 3.29 million shares, Nishat Chunian gained 79 paisa to Rs26 on 3.06 million shares and Fauji Cement ended 5 paisa lower at Rs6.59 on 2.87 million shares.
Lotte PakPTA fell 9 paisa to Rs7.07 on 2.84 million shares.

Earning hopes boost KSE; rupee flat

KARACHI: Local stocks closed higher on Tuesday as expectations of announcements of healthy earnings gave the market a boost, traders said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.03 percent, or 5.21 points, higher at 15,853.84, on total volume of 103.27 million shares.
In the currency market, the rupee ended at 95.53/95.58 to the dollar, compared to Monday's close of 95.42/95.47.
Overnight rates in the money market ended at 7.50 percent compared to Monday's 10 percent. (Reuters)

MOHAMMED SALEEM MANSOORI