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Thursday, 22 November 2012

STOCK MARKET UPDATE:23.11.2012



STOCK:
Karachi Stocks Up 30.85 Points:
KARACHI, Nov 22: At the close of trading, the KSE-100 index was at 16264.04, up 30.85 points.
 (Today Market is 2.82 Down @ 11.35 am)

November 22, 2012
 5 TOP GAINERS  &  LOOSERS:

Unilever Pak
Rs 53.33
IGI Insurance
Rs (6.02)
Bhanero Textile
Rs 11.86
Island Textile
Rs (4.73)
Sanofi Aventis
Rs 9.99
Allied Rent
Rs (1.87)
Indus Motor Co
Rs 9.50
American Life
Rs (1.65)
Sunrays Textile
Rs 7.84
Millat Tractors
Rs (1.56)
Equity market enters consolidation phase
KARACHI, Nov 22: Shares at the stock market continued to consolidate at the current high levels on Thursday.
The KSE-100 index saw minor gain of 17.82 points to 16,251.01 points in cautious trade with investors spooked by the law and order situation and fearful of a possibility of gory incidents on 9th and 10th Muharram, when the market would be closed.
As institutional investors kept watch from the sidelines, retail investors leapt from one to the other low-priced stock in the hope of making day trading gains. Thus, the index moved in a narrow band between the day’s lowest 16,220 points and highest 16,283 points; the latter far below the all-time best touched a day earlier at 16,339 points.
The turnover improved to 231 million shares on Thursday, from 205 million shares traded the day earlier; but record of 330 million shares that changed hands on Tuesday would continue to remain intact for sometime, traders said.
Trading value on Thursday increased to Rs4.157 billion, from Rs3.564 billion. Market capitalisation edged higher to Rs4.071 trillion, from Rs4.062 trillion.
Foreign investors bought net $1.36 million worth equity, up from net purchases at $0.183 million the day earlier. Aggregate foreign portfolio investment during the month rose to $27.3 million.
Among local players, banks made $2.24 million worth equity investment on Thursday.
Most traders said that the market lacked interest in main board stocks, though side board (second and third tier) stocks continued to lure interest.
Noticeable on the news flow front was the payment by Pakistan, the seventh installment worth $394.3 million of Stand-By Arrangement (SBA) programme to the International Monetary Fund (IMF).
The World Bank has estimated the flow of remittances to Pakistan at $14 billion in 2012—one of the top ten recipients in the world.
According to the Pakistan Bureau of Statistics, Pakistan’s trade deficit declined by a marginal 6.79 per cent to $6.44 billion in the first four months of current fiscal year from $6.90 billion in the corresponding period last fiscal year.
Equity dealer Samar Iqbal stated that the activity on Thursday was confined towards mid cap cement and textile stocks as investors remained cautious on account of deteriorating law and order situation.
Major auto stocks closed at their upper cap after ECC decreased imported car age limit. Engro Corp also rose by Rs1.25 amid hope of restoration of gas supply.
Analyst, Ahsan Mehanti observed that the stocks closed higher in the lead of second tier stocks in cement, textile and oil sectors on strong valuations. The textile sector, which was in the limelight following record exports again, saw some strong gains.
Yet the investor sentiment was affected by uncertainty in global stocks.
Out of the 370 stocks that came up for trading, 263 were gainers; 83 losers and 24 finished unchanged.
The biggest gain for the day was noted in Unilever Pak, up by Rs53.33 to Rs9,650, followed by Bhanero Textile, which added Rs11.86 to close at Rs249.16.
The declining issues were led by IGI Insurance, down Rs6.02 to Rs114.55. Island Textile conceded Rs4.73 on Thursday to end at Rs716.97.
On the 10-top volume leaders’ list Fauji Cement saw turnover in 35m shares with the stock up by 27 paisa to Rs6.97. Maple Leaf Cement rose 99 paisa to Rs15.24 on16m shares; Jah.Sidd.Co was down by 44 paisa to Rs15.64 on 14m shares.
Byco Petroleum hit the maximum Re 1 to Rs10.52 on 14m shares; Azgard Nine added 40 paisa to Rs8.68 on 10m shares; Nishat Mills rose by Rs1.55 to Rs63.27 on 6m shares; Amtex Limited edged higher by 34 paisa to Rs2.86 on 5m shares; Engro Corporation recovered 92 paisa to Rs95.05 on 5m shares; Quice Food was up by 58 paisa to Rs11 on 5m shares and Colony Mills hit the upper circuit of Re1 to Rs4.95 on 5m shares.
MOHAMMED SALEEM MANSOORI

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