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Tuesday, 18 December 2012

STOCK MARKET UPDATE: 19.12.2012



STOCKS
Karachi Stocks Up 66.38 Points:
KARACHI, Dec 18: At the close of trading, the KSE-100 index was at 16867.40, up 66.38 points. 
(Today Market is 17.68 Up@ 11.28am)

December 18, 2012
 5 TOP GAINERS  &  LOOSERS:

Wyeth Pak Ltd
Rs 44.76
Bata (Pak)
Rs (74.50)
Khyber Tobacco
Rs 4.89
Colgate Palmolive
Rs (27.00)
MCB Bank Ltd
Rs 3.91
UniLever Pak
Rs (24.44)
Millat Tractors
Rs 3.49
Mitchell’s Fruit
Rs (17.75)
Liberty Mills
Rs 3.15
PICT
Rs (13.77)
Stocks rally on strong corporate earnings
KARACHI, Dec 18: Stocks ended higher with the cement, fertiliser and banking sector in the limelight as investors accumulated these stocks on hopes of strong corporate profits and on expectations of Coalition Support Fund (CSF) likely to be released soon, dealers said.
The KSE 100-share index ended 0.34 per cent, or 57.66 points, higher to 16,858.68 points. Turnover increased to 118.64 million shares compared with 91.59m shares on Monday. Trading value also rose by Rs1.2 billion to Rs3.7 billion from the previous value of Rs2.58bn.
Market capitalisation stood at Rs4.22 trillion from Rs4.21tr on Monday.
“Likely release of $700m under CFS, improvement in rupee value, came as a confidence building measure, thereby allowing the benchmark to consolidate further, the benchmark index despite restricted activity managed yet another historic session registering ever highest closing at 16,858,” said Hasnain Asghar Ali from Escorts Capital Ltd.
According to reports, the Pentagon quietly notified Congress this month that it would reimburse Pakistan nearly $700 million for the cost of stationing 140,000 troops on the border with Afghanistan, an effort to normalise support for the Pakistani military after nearly two years.
This would also take off some pressure from the rupee which made a record low amid the country’s depleting foreign exchange reserves.
“Fertiliser stocks remained under limelight after news of better than expected sales during this month. Institutional buying was again seen in heavyweight MCB Bank while some profit-taking was seen in Hubco,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Amongst the top gainers in the banking sector, MCB Bank rose Rs3.91 to Rs214.60, while Habib Bank Ltd gained Rs1.05 to Rs118.01.
Energy stock and the heaviest weighted company on the index, Oil and Gas Development Co Ltd also supported the market as it ended Rs1.64 higher at Rs189.60.
Banks are due to announce their year-end results in the coming weeks.
Foreign investors continued to cautiously buy shares this week as they bought shares worth a net $1.42m on Tuesday, compared with a net of $734,417 the previous trading session. However for the month, they remain net sellers of $827,667.
Individuals were the major buyers in the market as they bought equities worth $2.37m.
The biggest gainer was Wyeth Pakistan Ltd which rose Rs44.76 to Rs944.76, followed by Khyber Tobacco which ended Rs4.89 higher at Rs102.71.
Bata Pakistan witnessed the biggest loss for the day as it shed Rs74.50 to Rs1,451.50, followed by Colgate Palmolive, which shed Rs27 to close at Rs1,400.00.
The KSE-30 index ended 0.52pc, or 70.79 points, higher at 13,680.85.
Out of the 362 companies traded, the value of 167 increased, 175 decreased while 20 remained unchanged. Even though the share value of more companies declined than increased, it was the buying in heavyweights that resulted in a positive closing for the market.The cement and fertilizer sector dominated the 10 most active traded stocks: Hub Power Co Ltd fell 52 paisa to Rs43.98 on 10.35m shares, Jahangir Siddiqui Co Ltd shed 48 paisa to Rs16.22 on 9.53m shares and Byco Petroleum rose 15 paisa to Rs11.16 on 8.4m shares.
DG Khan Cement ended 57 paisa higher at Rs54.93 on 5.95m shares but Maple Leaf Cement witnessed some profit taking as it closed 10 paisa lower at Rs14.73 on 5.69m shares.
KESC fell 28 paisa to Rs6.06 on 4.45m shares, Fauji cement ended marginally lower by 10 paisa to Rs6.50 on 4.14m shares but Fauji Fertiliser Bin Qasim gained 44 paisa to Rs38.30 on 3.44m shares.
Engro Corporation rose 93 paisa to Rs94.07 on 3.42m shares and Pakistan Telecommunication Co Ltd ended 2 paisa lower at Rs17 on 3.11m shares.
Karachi stocks rise in cautious trading: KARACHI: Stocks rose on Friday, but the market remained dull as investors waited for a monetary policy announcement.
There was trading in banking stocks amid expectations of expected payouts and activity in cement stocks as traders anticipated a cut in interest rates from the state bank of Pakistan, said dealer Nausheen Kiran at Al-Hoqain Securities.
Around 174 companies closed higher while 158 closed lower, said a trader.
The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,845.09, up 0.23 percent or 38.51 points from the previous session.
Maple Leaf Cement rose 6.59 percent, or 0.93 rupee, to 15.05 per share while D.G. Khan Cement was up 0.29 percent, or 0.16 rupees, to 54.40 per share.
Stocks that fell included Jahangir Siddiqui, down 2.07 percent to 16.99 per share, and Engro Corp, which dropped 1.2 percent to 94.00 per share. (REuters)
KSE broker fined: LAHORE, Dec 18: The Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of Rs100,000 on Live Securities Limited, a broker of the Karachi Stock Exchange (KSE), for refusing to cooperate with its inspectors conducting inspection of the broker’s books of accounts and other documents.
The SECP order said the broker was being penalised for non-provision of required information to the inspection team in contravention of sub-section 3 of Section 6 of the Securities and Exchange Ordinance, 1969 and Rule 8 of the Brokers and Agents Registration Rules, 2001.
The order says the Live Securities did not cooperate with the inspectors by not providing information and documents as required by them. “The non-cooperation placed limitation over the inspectors’ ability to conclude their report in respect of the broker’s compliance status with applicable regulatory framework,” it added.
The broker had also not submitted any written statement in response to the show-cause notice from the commission. But its representatives during the course of hearing apologised for the delay in providing information and reiterated that the delay was not intentional and repeatedly explained the circumstances causing the delay.
The representatives committed to providing the required documents and information within short time and also assured the commission to fully cooperate in completing the inspection.
They also promised to provide any information and data as required by the commission in fulfilment of its regulatory obligations.

 Company News:
MCB Bank gets new CEO: KARACHI, Dec 18: The State Bank has granted, in principle, approval for the appointment of Imran Maqbool as President/CEO of MCB Bank Limited, with effect from December 22, 2012, says a press release.
Maqbool has been a part of MCB for the last eight years.
United Bank Limited (UBL): KARACHI: United Bank Limited (UBL) was awarded ‘Bank of the Year 2012 Pakistan’ by the international publication ‘The Banker’ in a ceremony held last month in London, says a press release.

MOHAMMED SALEEM MANSOORI

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