STOCK MARKET UPDATE: 15.04.2013

STOCKS

Karachi Stocks down -50.27 Points:
KARACHI, Apr 12: At the close of trading, the KSE-100 index was at 18714.28, down -50.27 points. 

 (Today 15^th April- Market is 10.50 Down@ 11.10 am)

April 12, 2013

 5 TOP GAINERS  &  LOOSERS:

Unilever Food	Rs 175.00	Colgate Palmolive	Rs (49.00)
Bata Pak	Rs 67.00	Philip Morris	Rs (17.07)
Wyeth Pak	Rs 54.95	Premium Textile	Rs (7.25)
Sanofi Aventis	Rs 21.75	Pak Oilfields	Rs (6.91)
Clariant Pak	Rs 12.59	Mitchells Fruit	Rs (6.00)

Equity prices falter on economic uncertainty

KARACHI, April 12: After a 13-day bull-run, the stock market pulled back by 50.27 points on institutional profit-taking on Friday on reports of removal of the chairman Securities and Exchange Commission of Pakistan by the apex court, dealers said.
Ahsan Mehanti at Arif Habib Corp observed that the economic uncertainty amid falling foreign exchange reserves after IMF repayments, circular debt issues in the energy sector and security concerns affected the sentiments.
“Furthermore, the index remained in narrow range during the quarter-end earning announcement session at KSE. Investors awaited outcome of the SBP monetary policy statement as concerns for gas supply issues in fertiliser sector marred activity to an extent,” he added.Meanwhile, Fahad Ali, analyst at JS Global Capital, said that after a positive opening for the day, the index plunged into the red zone as media reported news of removal of the chairman SECP.
“The index traded in the negative zone for most of day, where investors chose to square their positions and have a wait and watch approach. Shell Pakistan Limited witnessed strong buying up by 5 per cent at Rs152.44 on market rumours regarding its share buyback. Institutional buying however was witnessed at dips supporting the market and specific stocks with healthy fundamental values.”
He expected the market to remain volatile for the next few sessions, adding that investors should have a strategy of accumulating stocks with high payouts and superior fundamental valuations at lower levels.
Market capitalization fell by Rs14.55bn to Rs4,601.4 trillion.
Trading value dipped for the second day to Rs4.509bn from Rs4.701 billion the previous day.
Foreign investment portfolio net selling was $1.21m while companies net buying stood at $0.15m. Mutual funds sold were worth $0.58m while individual bet buying was worth $2.48m.
Of the 331 stocks that were traded on Friday, 138 were positive, 172 in negative while 21 showed no change.
Unilever Food increased by Rs175 to Rs5,175, followed by Bata Pak up Rs67 to 1,840. Wyeth Pak gained Rs54.95 to Rs1,249, Sanofi Aventis closed at Rs427.23 after gaining Rs21.75 while Clariant Pakistan rose by Rs12.59 to Rs264.
Colgate Palmolive lost Rs49 to Rs1,950 followed by Philip Morris which shed Rs17.07 to Rs3,24.38. Premium Textile shed Rs7.25 to Rs137.75, Pak Oilfields Rs6.91 fell to Rs475.16 and Mitchell’s Fruit dipped Rs6 to Rs379.00
TRG Pak gained 98 paisa on a turnover of 35m shares, Pak Elektron up Re1 to Rs13.04 on 14m shares, followed by Jah Sidd Co up 41 paisa to Rs12.84 on 14m shares.
BankIslami added 64 paisa to Rs6.94 on 10m shares, followed by PIAC which firmed up by three paisa to Rs6.48 on 8m shares.
Maple Leaf Cement lost 33 paisa on 8m shares, followed by Engro Corp lost Rs2.30 on 8m shares. Engro Polymer also shed 13 paisa to Rs12.13 with a turnover of 6m shares, followed by Fauji Cement and PTCL which lost 11 paisa and two paisa on 5m and 4m shares respectively.

Pakistani stocks close lower, rupee steady

KARACHI: Pakistani stocks closed lower on Friday, pushed down by unconfirmed media reports that the head of the Securities and Exchange Commission had been removed from his post, dealers said.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.27 per cent, or 50.27 points, lower at 18,714.28 points.
Pakistan’s central bank said on Friday it was leaving its key policy rate unchanged at 9.5 per cent.
The State Bank of Pakistan said it faced two main challenges in reaching a policy decision: “to manage the balance of payment position and to contain the possible increase in inflation.”
In the currency market, the rupee ended almost steady at 98.21/98.26 against the dollar.
Overnight rates in the money market remained flat at 9.40 per cent.

MOHAMMED SALEEM MANSOORI