STOCK MARKET UPDATE:08.01.2013

STOCKS

Karachi Stocks Down 146 Points:
KARACHI, Jan 07: At the close of trading, the KSE-100 index was at 16502.65, down 146 points.

(Today Market is 78.60 Up@ 10.48 am)

January 07, 2013

 5 TOP GAINERS  &  LOOSERS:

Pak Int. Con	Rs 10.51	Uni Lever Pak	Rs (225.01)
Al-Ghazi Tractor	Rs 4.86	Wyeth Pak Limited	Rs (45.00)
SFL Limited	Rs 3.57	Indus Dyeing	Rs (20.67)
Linde Pakistan	Rs 2.45	Mithchells Fruit	Rs (8.92)
Noon Pak Non-Vot	Rs 2.01	National Foods	Rs (8.10)

Stocks lose 146 points

KARACHI, Jan 7: Stocks ended almost 150 points lower on Monday and volume remained under 100 million shares as cautious investors stood on the sidelines amid political uncertainty and economic concerns, dealers said.
The KSE 100-share index ended 0.88 per cent, or 146.19 points, lower at 16,502.65 points. It traded in a narrow range as it made an intra-day high and low at 16,651.19 and 16,425.14, respectively.
Turnover decreased further to 95.48 million shares compared with 99.58m shares traded on Friday. Trading value fell to Rs2.41 billion from Rs2.48 bn in the previous trading session, and the market capitalisation stood at Rs4.13 trillion, lower than Friday’s Rs4.17tr.
“Political uncertainty caused investors to trim their positions at local bourses. Volumes also remained on the lower side as investors feel to re-enter the market once the dust settled down on the political front. Small capped again remained in the limelight,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Investors are likely to remain cautious due to the gloomy horizon on the political, economic and financial front said Hasnain Asghar Ali from Escorts Capital Ltd, adding that bargain hunters, however, will continue to accumulate shares on attractive valuations.
According to reports, the International Monetary Fund officials have also arrived in Pakistan for talks. There is some likelihood that Pakistani officials may also discuss an option for another bailout package due to depleting foreign exchange reserves.
Once again, the blue-chip energy stocks came under selling pressure as OGDCL shed Rs1.51 to Rs187.50, Pakistan Oilfields down Rs2.87 to Rs432.22 and Pakistan Petroleum Ltd ended Rs1.15 lower at Rs173.88.
Foreign investors accumulated shares at lower levels as they bought shares worth a net $1.31m on Monday, compared with selling shares worth a net $642,257.58 on Friday. They, however, remain net sellers for January of $1.68m.
Mutual Funds were the major sellers in the market as they sold equities worth $3m. The biggest gainer was Pakistan International Container which ended Rs10.51 higher at Rs220.81, followed by Al-Ghazi Tractors which closed Rs4.86 higher at Rs234.99.
UniLever Pakistan witnessed the biggest loss as it shed Rs251.01 to Rs9974.99 followed by Wyeth Pakistan Ltd, which fell Rs45 to close at Rs910.
The KSE-30 index ended 0.78pc, or 105.96 points, lower at 13,483.71.
Out of the 322 companies traded, the value of only 50 increased, 256 decreased while 16 remained unchanged.
The second and third tier companies dominated the 10 most active traded stocks: Jahangir Siddiqui Company Ltd ended 46 paisa lower at Rs14.88 on turnover of 11.93 million shares, Byco Petroleum decreased by 32 paisa to close at 13.47 on 8.65m shares, but some buying was witnessed in Maple Leaf Cement on hopes of strong corporate profits as it rose 19 paisa higher to Rs14.67 on 7.71m shares.
Fauji Cement decreased by 9 paisa to Rs6.26 on 3.96m shares, Azgard Nine shed 12 paisa to Rs7.34 on 2.92m shares and but Askari Bank of Punjab gained 21 paisa to Rs17.84 o9n 2.39m shares.
Nishat Mills fell Rs1.10 to Rs61.08 on 2.18m shares, NIB Bank Ltd ended marginally lower by 5 paisa to Rs2.4 on 2.11m shares and Pakistan International Airlines decreased by 13 paisa to Rs3.72 on 2.02m shares.
Fauji Fertiliser Bin closed 27 paisa lower at Rs38.22 on 1.99m shares.
Political uncertainty adds to KSE losses : KARACHI: Stocks closed lower on Monday as political uncertainty caused investors to trim their positions at local bourses. Volumes also remained on the lower side.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.88 percent, or 146.19 points, lower at 16,502.65.
In the currency market, the Pakistani rupee ended nearly steady at 97.42/97.48 against the dollar, compared to Friday's close of 97.42/97.47.
Financial Services firm Jahangir Siddiqui fell 3.52 percent to 14.80 per share and Byco Petroleum was down 1.6 percent to 13.57 per share.
Maple Leaf Cement was up 2.56 percent to 14.85 per share while Askari Bank rose 2.1 percent to 18 pershare.
Overnight rates in the money market remained flat at 9.25 percent.

MOHAMMED SALEEM MANSOORI