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Thursday, 10 January 2013

STOCK MARKET UPDATE: 11.01.2013



STOCKS
Karachi Stocks Down 203.55 Points:
KARACHI, Jan 10: At the close of trading, the KSE-100 index was at 16538.67, down 203.55 points.
(Today Market is 20.09 Up@ 11.13 am)

January 10, 2013
 5 TOP GAINERS  &  LOOSERS:

Bata (Pak)
Rs 36.01
Uni Lever Pak
Rs (80.77)
Exide (Pak)
Rs 10.00
Millat Tractors
Rs (10.61)
Clariant Pak
Rs 9.16
Shezan International
Rs (10.00)
Gillette Pak
Rs 5.12
MCB Bank Ltd
Rs (6.38)
Siemens Pakistan
Rs 3.90
Khyber Tobacco
Rs (6.35)
Equities tumble by 212 points
KARACHI, Jan 10: Shares fell like ninepins at the stock market which saw the KSE-100 index plunge by a heavy 212.30 points and close at 16,529.92 points on Thursday.
The market started out in the red and drifted down with a few futile efforts at trying to scramble back to the higher levels.
Market participants said that the worries on the investors’ mind were entirely about the political developments.
Investors speculated on the threatened ‘political drone attack’ and the ‘long march’. As fears took hold, nervous investors started to off-load stocks and limit their positions.
The dip in index was triggered by sell-off in heavy-weight ‘oil and gas’ sector where strong scrips such as Attock Petroleum lost Rs2.53; Pak Oilfields was down by Rs4.64 and OGDC stumbled by Rs4.46.
However, most market participants argued that there was no panic-selling as evident by a lower turnover of 89 million shares on Thursday, compared to 91 million shares the previous day. The traded value declined to Rs2.676 billion, from Rs3.078bn.
Market capitalisation stood trimmed by Rs51 billion to Rs4.142 trillion.
In all, 321 stocks came up for trading with 225 scrips ended in negative against 70 in the positive.
In contrast to the earlier day, when the foreign inflow was noted at huge $5.18 million, foreign investors exacerbated the market downturn on Thursday by net sale of $3.68 million. Among the local investors banks picked up stocks at lower levels, showing net buy of $1.43 million and individuals also bought stocks of the net worth $1.46 million.Equity dealer, Samar Iqbal at Topline Securities observed that local political issues affected equity values at the market. Investors were uncertain about the outcome of the announcement by political parties.
Ahsan Mehanti at Arif Habib Corporation stated that the speculations ahead of key announcements by coalition partners led the volatility in stocks across-the-board despite positive talks with IMF.
Security situation affected the sentiments. Weak global stocks and commodities and concerns for rising circular debt in energy sector played a catalyst role in bearish activity at KSE despite falling T-bill yields and strong earnings outlook.
Hasnain Asghar Ali, at Escorts Capital stated that low volume sell-off that started in the energy stocks soon engulfed the entire market, although selective accumulation in singled out banking, cement and fertiliser stocks restricted the stocks from losing larger values.
Index-heavyweights due to absence of buyers on intervals kept the benchmark under pressure.
“Stocks, unrelated to the present situation, may however continue to offer opportunities in the ongoing low volume sell-off,” analyst believes The biggest fall during the day was noted in UniLever Pak by Rs80.77 to Rs10,000, followed by Millat Tractors lower by Rs10.61 to Rs585.47. On the other side, among the small number of gainers, Bata (Pak) was up by Rs36.01 to Rs1,335 and Exide (Pak) higher by Rs10 to Rs290.
On top of the 10 most active scrips was PTCL with volume of 12m shares, down 52 paisa to Rs16.39. Fauji Cement slipped by seven paisa to Rs6.46 on 11m shares, Maple Leaf Cement shed 45 paisa to Rs15.31 on 5m shares, Jah Sidd Co decreased by 31 paisa to Rs14.74 on 5m shares, Byco Petroleum slid 12 paisa to Rs13.21 on 5m shares and D.G. Khan Cement dipped by Rs1.39 to Rs52.50 on 2m shares.
Fauji Fertiliser Bin Qasim was one of the lone scrips with high volume of 3m shares, gaining two paisa to Rs38.76.
Pakistani shares close lower; rupee firm: KARACHI: Capital market closed lower on Thursday as traders expressed worry over the potential impact of a political demonstration planned in the capital next week.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.27 percent, or 212.30 points, lower at 16,529.92.
Pakistan Telecommunication Corporation Ltd fell 3.37 percent to 16.34 per share and Byco Petroleum was down 0.68 percent to 13.24 per share.
Fauji Cement was up 1.25 percent to 6.47 per share while Fauji Bin Qasim rose 0.28 percent to 38.85 per share.
In the currency market, the rupee strengthened, ending at 97.27/97.32 against the dollar, compared to Wednesday's close of 97.30/97.35.
Overnight rates in the money market remained flat at 9.40 percent. (Reuters)

Company News:
Companies penalized: ISLAMABAD, Jan 10: The Enforcement Department of Securities and Exchange Commission of Pakistan (SECP) has penalised a number of companies, their directors and statutory auditors for non-compliance with the corporate laws and applicable accounting standards in December 2012.
The department initiated 39 show-cause proceedings against directors and auditors of listed and unlisted companies failing to comply with the applicable provisions of the laws.
During the month, the department concluded 24 proceedings against companies either by warning or by penalising identified defaulters.

MOHAMMED SALEEM MANSOORI

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