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Wednesday, 16 January 2013

STOCK MARKET UPDATE: 17.01.2013



STOCKS
Karachi Stocks Up 185.45 Points:
KARACHI, Jan 17: The KSE-100 index was at 16366.95, up 185.45 points. (Today Market @ 11.37 am)


January 16, 2013

5 TOP GAINERS  &  LOOSERS:

Abbott Lab
Rs 9.20
Bata Pak
Rs (10.00)
Siemens Pak
Rs 7.00
Khyber Tobacco
Rs (6.19)
Attock Petroleum
Rs 6.60
Gatron Industries
Rs (5.90)
Unilever Pak
Rs 6.54
Pak Gum & Chem
Rs (5.57)
Ismail Industries
Rs 5.98
Gillette Pak
Rs (4.41)
Equities recover 73 points
KARACHI, Jan 16: Stocks witnessed a slight recovery on Wednesday after falling by 525 points the previous day as bargain hunters accumulated shares on cheaper prices. But volume fell drastically as investors remained cautious awaiting clarity on the political front.
After a steep fall on Tuesday following issuance of arrest orders of the prime minister in a corruption case by the apex court, some recovery was seen today. Though many questions still remained unanswered on the political front but investors took some position amid hope that issues would be resolved.
“Buying interest in leading sectors like oil, cements and fertiliser helped the benchmark index to gain 73 points. Volumes however remained low as activity confined to mid-cap stocks,” said Samar Iqbal, a dealer at Topline Securities Ltd.
The KSE 100-share index ended 0.46 per cent, or 73.58 points, higher at 16,181.47 points. It traded in a broad range as it made an intra-day high and low at 16,224.54 and 16,036.04, respectively.
Turnover decreased to 96 million shares, compared with 239.4m shares traded on Tuesday and trading value fell by over Rs2.5 billion to Rs2.72 billion, from Rs5.28 in the previous trading session. The market capitalisation stood at Rs4.06 trillion, slightly higher than Tuesday’s Rs4.04tr.
Although volatile political events still pose threats in view of ongoing sit-in in the capital, a relatively calm approach certainly restricted any major fall, however issues on financial and economic front ongoing discussions with IMF, and relatively tense border situation, and its repercussions on the trade relations with India have certainly made the checklist much lengthier for the investors thus making the local equity market more vulnerable.
Buying in the energy sector also helped the market achieve gains as OGDCL rose Rs1.60 to Rs185.55, Pakistan Oilfields increased by Rs1.87 to Rs426.80 and Pakistan Petroleum Ltd ended Rs1.01 higher at Rs172.15.
Foreign investors remained net sellers on Wednesday as they sold shares worth a net $3.09 million after selling a net $124,456.97 on Tuesday, bringing the total for this month at $3.17m.
Dealers said foreigners were likely to stay on the sidelines or square their positions amid the current political scenario.
Individuals were the major buyers with equity worth $1.83m.
The biggest gainer was Abbott Lab which ended Rs9.2 higher at Rs207.43, followed by Siemens Pakistan Ltd which closed Rs7 higher at Rs610. Bata Pakistan witnessed the biggest loss as it shed Rs10 to Rs1,260 followed by Khyber Tobacco, which ended Rs6.19 lower at Rs117.8.
The KSE-30 index ended 0.36pc, or 47.38 points, higher at 13,244.14.
Out of the 327 companies traded, the value of 196 increased, 114 decreased while 17 remained unchanged.
The second and third tier companies dominated the 10 most active traded stocks, whereas the cement sector remained in the limelight: TRG Pakistan topped the list as it ended 36 paisa higher at Rs6.27 on turnover of 8.04 million shares, Fauji Cement gained marginally 8 paisa to Rs6.74 on 7.44m shares and Jahangir Siddiqui Company Ltd fell 2 paisa to close at Rs14.11 on 6.62million shares.
Byco Petroleum gained 45 paisa to close at 12.98 on 6.52m shares, Maple Leaf Cement fell 2 paisa to Rs14.30 on 4.71m shares and NIB Bank ended 12 paisa higher to Rs2.24 on 4.48m shares.
DG Khan Cement rose 35 paisa to end at Rs51.38 on 3.55m shares, Engro Corp posted significant gains as it rose Rs1.88 to Rs83.80 on 2.9m shares and Bank of Punjab ended 10 paisa higher at Rs7.93 on 2.64m shares. KESC closed flat at Rs4.91 on 2.49m shares.
KSE 100-share index gains 73 points : KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.46 percent, or 73.58 points, higher at 16,181.47.
The stock market closed higher on Wednesday after a steep fall the previous day.
Investors bought cautiously although uncertainty remained over the resolution of an anti-corruption demonstration in the capital.
Investors who bought stocks in oil, cement and fertilizer helped the index to gain 73 points. Volumes remained low with activity remained confined towards mid cap stocks, said dealer at Topline Securities.
"We expect the market to be politically driven in the upcoming days and better than expected results in the upcoming result season should also provide support to the index," said a dealer at JS Global Capital Ltd.
Fauji Cement rose 1.8 percent to 6.78 per share while Byco Petroleum was up 3.67 percent to 12.99 per share.
Maple Leaf Cement dropped 0.28 percent to 14.28 per share and Askari Bank fell 0.34 percent to 17.76per share.
In the currency market, the rupee ended weaker at 97.58/97.64 against the dollar, compared to Tuesday's close of 97.40/97.45.
Overnight rates in the money market remained flat at 9.40 percent. (Reuters)

MOHAMMED SALEEM MANSOORI

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