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Wednesday, 28 November 2012

STOCK MARKET UPDATE: 29.11.2012



STOCK
Karachi Stocks Up 59.26 Points:
KARACHI, Nov 28: At the close of trading, the KSE-100 index was at 16424.03, up 59.26 points.
 (Today Market is 73.12 Up @ 10.58 am)




November 28, 2012
 5 TOP GAINERS  &  LOOSERS:

UniLever Pak
Rs 485.00
Wyeth Pak
Rs (36.00)
Nestle Pak
Rs 201.00
Sanofi Aventis
Rs (17.00)
Rafhan Maize
Rs 99.00
Bhanero Textile
Rs (7.00)
Bata Pak
Rs 72.12
Pak Gum & Chem
Rs (6.27)
Island Textile
Rs 41.15
Atlas Battery
Rs (4.55)
Stocks add 59 points to overnight gains
KARACHI, Nov 28: The Karachi Stock Exchange (KSE) achieved two milestones on Wednesday as it hit a new all-time high of 16,504.09 points and ended at its highest ever level of 16,424.03 points, led by the fertiliser and the FMCG sector.
The KSE 100-share index ended 0.36 per cent, or 59.26 points, to record high of 16,424.03 points. Turnover decreased slightly to 312.7 million shares, compared with 317.8 million traded on Tuesday, as some investors were cautious and preferred to stay on the sidelines as the index breached its previous all-time high.
But trading value rose to Rs7.62 billion from the previous day’s value of Rs6.9 billion and market capitalisation ended at Rs4.13 trillion, compared with Tuesday’s Rs4.1 trillion.
“The buyback announcement from Unilever management brought renewed interest in the stock business as investors anticipating the deal to be struck at a higher level. While investors’ interest was also seen in other consumer stocks like Nestle and Engro Foods,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Engro Corp also remained active in anticipation that the government may soon provide gas to its second plant.”
Unilever Overseas Holding Ltd, which currently holds 75.07 per cent of the issued capital of Unilever Pakistan, said it intends to acquire all of the issued ordinary shares held by other shareholders at Rs9,700 per share.
Unilever was the biggest gainer as it increased by Rs485 to 10,185, followed by Nestle which was up Rs201 to Rs4,900.
“Official stance to do away with CNG in phases, with import of gas substitute for domestic use already in process, kept the fertiliser sector in lime-light,” said Hasnain Asghar Ali from Escorts Capital.
The Pakistani equity market which has already reaped an enviable return of 45 per cent in the current year continues to outperform all major world and regional markets.
Foreign investors bought equities in the net sum of $2.6 million, compared with $0.80 million on Tuesday, taking the current month portfolio investment to $32.3 million. Among the local participants, individuals decided to take profit through sale of $1.71 million worth shares.
The KSE-30 index ended 0.31 per cent, or 59.26 points, higher at 13,301.01 and out of the 394 companies traded, the value of 179 increased, 189 decreased while 26 remained unchanged.
Among the 10-top traded stocks, Fauji Cement charged from the front with volume of 40.18 million shares, up 4 paisa to Rs6.94. The monopoly utility provider KESC saw turnover of 35.1 million shares, up by 6 paisa to Rs6.62. The third and fourth slots were also taken by cement stocks as Dewan Cement with volume of 19.5 million shares gained 30 paisa to Rs5.48 and Lafarge Pakistan settled at Rs5.38 on 15.25 million shares, adding 7 paisa to the stock’s overnight value.
Engro Corporation rose Rs2.26 to Rs97.53 on turnover of 14.5 million shares, followed by Engro Foods which ended up Rs3.91 to Rs84.66 on 13.77 million shares. DG Khan Cement fell 26 paisa to Rs55.14 on 10.24 million shares.
Wateen Telecom Ltd gained 32 paisa to Rs3.13 on 8.81 million shares, Jahangir Siddiqui Co shed 5 paisa to Rs15.68 on 7.11 million shares and Byco Petroleum ended 9 paisa higher at Rs110.1 on 6.23 million shares.
NCCPL collects Rs310m under CGT
KARACHI, Nov 28: The National Clearing Company of Pakistan (NCCPL) has collected a sum of Rs310 million under the Capital Gains Tax (CGT) in little over five months period from April 24 to Sept 30, 2012, a statement released by the NCCPL on Wednesday said.
The new CGT System came into effect from Sept 13 according to which the collection of CGT was handed over to the NCCPL. The press release stated that the investors put their trust in the new CGT regime developed by NCCPL and fulfilled their CGT obligation in a transparent manner through automated collection process without any human intervention.
NCCPL had collected CGT amounting Rs103.27 million and Rs206.35 million in respect of trades/transactions executed and settled during the period April 24, 2012 to June 30, 2012 and July 1, 2012 to September 30, 2012 respectively, whereas collection of October was said to be in progress.
The new system of collection by NCCPL had received wide acceptability by investors and brokerage houses due to the accuracy of typical and complex calculations involved in determination of CGT on each and every trade/transaction of the capital market, NCCPL said in the note.
The CEO of NCCPL, Muhammad Lukman appreciated the initiative taken by the Chairman Securities and Exchange Commission of Pakistan to revive entire CGT regime so as to achieve the government’s objectives to generate additional revenues as well as to relieve investors from the complex calculation and record retention.
Company news:
PIA to buy eight aircraft next year: ISLAMABAD, Nov 28: Pakistan International Airlines (PIA) will add eight Airbus aircraft to its fleet in 2013, with the first aircraft joining the operation in February next year.
PIA Managing Director Junaid Yunus, leading the new management, informed Prime Minister Raja Pervez Ashraf here on Wednesday that five Airbus aircrafts will be added to the PIA fleet during the first half of 2013, while three such aircrafts will be acquired during the second half of the year.
The PIA official informed the prime minister that the narrow-body aircraft will be fuel-efficient and lead to massive savings in fuel cost which presently constitutes 55 per cent of total revenue earned by the airlines.
PIA is actively considering a proposal to outsource non-core operations in order to reduce employee-to-aircraft ratio which is presently 485 employees per aircraft, MD PIA informed the prime minister.
“A business plan of the airline is being firmed up with emphasis on facilitating the passenger so that business can be attracted. The business plan being worked out is being prepared with the objective of attaining a break even by 2013,” he added.
The present share of PIA in the international passenger business generating from Pakistan is 32 per cent while PIA has a share of 71 per cent in the domestic market, he informed.
The national airline has earned operational profit in September and October this year which sets the tone and pace of recovery, he said.
It was also shared that PIA will start flights on Quetta-Kandhar route from December 25 this year. This is the first time that a new destination has been initiated in years, he said.
The prime minister directed the PIA management to consider feasibility of running more flights to Gilgit-Baltistan and Chitral.
He expressed the confidence that the new management of PIA will turnaround the airline with a new passenger-friendly face. He asked the management that all grey areas must be addressed and loopholes plugged and economic viability of PIA ensured.
Siemens to buy Invensys Rail: FRANKFURT, Nov 28: German industrial giant Siemens said on Wednesday it had reached an agreement to buy Invensys Rail from the British technology company Invensys for about 2.2 billion euros ($2.8 billion).
Siemens also announced it planned to divest its baggage handling, postal and parcel sorting activities.
“Today’s moves are important measures to focus our core activities,” Roland Busch, chief executive of Siemens Infrastructure & Cities said in a written statement.
“We are exiting a non-core business with limited synergy potential while strengthening a resilient and high return business by combining two organisations with similar cultures and attractive synergy potential,” he added.
Invensys Rail, which has revenues of about £800 million (991 million euros), is a leading software based rail signalling and control company and will expand Siemens’ presence in the growing global rail automation market, it added.
The deal is subject to approval by Invensys shareholders and regulatory clearances, Siemens said.—AFP

MOHAMMED SALEEM MANSOORI

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