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Monday, 22 April 2013

STOCK MARKET UPDATE: 23.04.2013



STOCKS
Karachi Stocks down 25.66 Points:
KARACHI, Apr 22: At the close of trading, the KSE-100 index was at 18605.55, down 25.66 points.

 (Today 23rd  April- Market is 41.18 Up@ 11.12 am)


April 22, 2013


 5 TOP GAINERS  &  LOOSERS:

Colgate Palmolive
Rs 97.00
Philip Morris Pak.
Rs (14.72)
Unilever Food
Rs 50.00
Fazal Textile
Rs (12.65)
Clariant PaK.
Rs 13.85
Pak Services
Rs (12.58)
Gillette Pak
Rs 11.85
Attock Petroleum Ltd
Rs (8.75)
Abbot Labs
Rs 11.22
Sunrays Textile
Rs (8.07)

Choppy conditions on stock market
KARACHI, April 22: Investors remained sidelined on the stock market on the first trading day of the week, where after an initial dip the shares recovered major portion of losses and moved sideways.
The market seemed to tremble as the much awaited reporting season was producing generally depressing corporate results. A huge impact was caused by the negative sentiments in the Engro Corporation stock as bleak news did the round, some saying that the gas supply to Engro was diverted to the power sector and others espousing the theory that one of the company’s plant was not working properly.
As Engro was in the forefront of the previous rally, it had assumed significance to set market direction. The KSE-100 index lost 25.66 points to close at 18,605.55 points on Monday. The index low was 18,523.06 points reflecting a huge fall of 174 points; its high was at 18,696.79 points, up by 66 points over the earlier day’s close.
After a long time PSO saw a rapid rise to touch its ‘upper circuit’, which was a redeeming feature in the face of Engro decline. The turnover stood at 134 million shares, down from 159 shares last Friday and the trading value also declined to Rs5.818 billion, from Rs6.371 billion.
Market capitalisation was up by Rs1 billion to Rs4.557 trillion on Monday, from Rs4.556 trillion last Friday.
According to the figures of National Clearing Company of Pakistan, the stock market saw net foreign portfolio inflow of $0.43 million on Monday and mutual funds, who have been major sellers year to-date, bought stocks worth $1.38 million.
‘Other organisations’ were the principal buyers, picking up at dips, shares of $2.18 million. ‘Companies’ offloaded equity worth $2.26 million; banks sold $1.02 million shares; and individuals also sold stocks of the value of $0.72 million.
The news flow was mixed: The federal tax collection target of Rs2.381 trillion projected for 2012-13 was revised down to Rs2.193tr and there were reports suggesting that further revision could be in the offing, the federal government released Rs162.9 billion by April 19, 2013 against the total annual allocation of Rs360 billion under the Public Sector Development Programme of 2012-13.
On the positive side, textile exports grew by 7.09 per cent during the first nine months of this fiscal year compared to exports of textiles in the same period of last year, the customs duty collection witnessed 14 per cent growth in the first nine months (July-March) from a year ago owing to additional revenue and administrative measures.
Among the 337 active stocks, 172 were losers, 145 gainers and 20 remained unchanged.
The 10 volume leaders were TRG Pakistan with 24m shares, up by 58 paisa to Rs8.64 followed by Engro Corporation which saw business in 13m shares, pulling the stock down by Rs6.87 to Rs130.58. Wateen Telecom edged higher by 7 paisa to Rs4.33 on 11m shares, PTCL closed unchanged at Rs18.08, after oscillating between the high and low at Rs18.37 and Rs17.65, respectively.
Engro Foods rose as high as Rs148.37 before dipping to Rs141.32 at close showing a fall of Rs4.08 in sympathy with losses in Engro Corporation, the volume was 7m shares.
Maple Leaf Cement, like other cement stocks, was under pressure on Monday; the stock declined 44 paisa to Rs18.20 on 6m shares, Engro Polymer fell 67 paisa to Rs11.10 on 4m shares and NBP was down 66 paisa to Rs41.11 on 4m shares.
Karachi Stock Exchange ends tad lower: KARACHI: Pakistani stocks closed tad lower on Monday, as pressure in Engro Corporation dampened sentiments across the board.
Engro Corporation closed at its lower limit amid speculation that one of its plants was not working properly.
On the contrary, there was renewed buying interest in Pakistan State Oil, which helped the stock close at its upper cap, dealers said.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.14 percent, or 25.66 points, lower at 18,605.55 points.
Engro Corporation Ltd fell 5 percent to Rs130.58 while Pakistan State Oil Company Ltd rose 5 percent to Rs198.04 rupees.
In the currency market, the rupee ended steady at 98.32/98.37 against the dollar. Overnight rates in the money market rose to 9.50 percent from Friday's close of 9.40 percent.

Company News:
IGI Bank: Intention to buy stake in IGI Bank: KARACHI, April 22: Dalia Securities Private Limited announced intention to acquire 48.89 per cent shares in stock market listed IGI Investment Bank Limited.
Dalia Securities is a stock brokerage firm with a seat on the Islamabad bourse. That makes the deal significant since investors have come to believe that big brokerages are based only in Karachi.
An acquisition, if and when it materialises, would be a good omen for the Pakistan capital market as it would be an indication that the other two stock exchanges in the country (Lahore and Islamabad) have come of age.
IGI Investment Bank Limited is in the fold of the Packages group and the owners are thought to have pre-qualified the acquirers before giving the Dalia a nod.
The notice to the stock exchange of the intention of acquiring 48.89pc shares by Dalia Securities was under the ‘listed companies (substantial acquisition of voting shares and take-overs) Regulations, 2008. The final sale/purchase is of course a little distant since due diligence would be conducted and regulatory approvals would be required, before the change of hands. The notice to the stock exchange was released by the Next Capital Limited, which has been appointed Manager to the Offer.

MOHAMMED SALEEM MANSOORI

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