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Tuesday, 23 April 2013

STOCK MARKET UPDATE: 24.04.2013



STOCKS
Karachi Stocks Up 41.74 Points:
KARACHI, Apr 23: At the close of trading, the KSE-100 index was at 18647.29, up 41.74 points. 
(Today 24th April- Market is 122.20 Up@ 11.29 am)

April 23, 2013

 5 TOP GAINERS  &  LOOSERS:

Unilever Food
Rs 150.00
Wyeth Pak Ltd
Rs (65.37)
Nestle Pak
Rs 45.00
Colgate Palmolive
Rs (58.00)
Bhanero Tex.
Rs 15.75
Sanofi-Aventis
Rs (14.99)
Murree Brewery
Rs 13.29
Mithchells Fruit
Rs (14.00)
Gillette Pak
Rs 12.44
AL-Ghazi Tract.
Rs (8.55)

KSE 100-index gains 41 points
KARACHI, April 23: The stock market seems to defy gravity, the KSE-100 index rising by 41.74 points to close at 18,647.29 points on Tuesday. Most dealers were recommending clients to remain ‘long’ since a great deal of uncertainty had crept into the short term outlook.
The benchmark oscillated in a band of 122 points where during the day the index touched high of 18,710.55 points, revealing an intra-day addition of 105 points. The index, however, failed to lure enough interest to hold its ground and closed with a net addition of 41 points, after hitting low of 18,588.63 points.
“This behaviour signals that looming resistance ahead is casting confusion and unless index level of 18,800 is taken out decisively, ambiguity will prevail,” commented KASB Securities.
Moreover, the analysts thought that the indicators were giving divergent signals, which made it difficult to reach a conclusion.
Like Monday, Engro Corporation attracted investor attention depicted in high volumes. Yet the stock managed to swing upwards by Rs4.54 or 3.4 per cent in the half hour before market close. The stock recouped much of the losses suffered on Monday.
“Engro moved from one extreme to the other. It was trading around the lows of Rs129.8 depressed by the uncertainty regarding the gas supply and jumped to high of Rs137.10 on expectations about the resumption of supply and production,” equity sales at Arif Habib noted.
The results of several companies came pouring in on Tuesday.
The PSO announced earning per share (eps) at Rs37.72 for the 9MFY13 up 4 per cent YoY, but the figures were released after the close of market. During day’s trading PSO stock failed to extend the initial rally and closed marginally down by 0.2pc. UBL announced its 1Q2013 results, posting eps at Rs3.23 down 19pc YoY with an interim cash dividend of Rs2 per share. KAPCO also announced its 9MFY13 results with a strong eps of Rs4.95 up 30pc YoY.
Analysts at M.M. Securities stated that in accordance with expectations, the market showed range bound activity. The participation was moderate with total volume of 102 million shares.
According to figures released by the National Clearing Company of Pakistan, foreign investors sold equity worth $0.29 million on Tuesday. ‘Banks’ also offloaded shares of the value of $0.19 million and ‘Individuals’ recorded net sale of $1.51 million.
The ‘mutual funds’ bought stocks in small sum of $0.12 million and the ‘companies’ retained the bullish posture, with a net buy of equities worth $2.08 million.
The turnover on Tuesday stood at 172 million shares, down by 38 million shares from 134 million shares the earlier day.
Trading value declined by Rs888 million to Rs4.930 billion, compared with Rs5.818 billion the earlier day. Market capitalisation was up by Rs6 billion to Rs4.563 trillion, from Rs4.557tr.
In all, 354 stocks came up for trading on Tuesday, representing 216 gainers and 120 losers.
The top traded stock on Tuesday was TRG Pakistan which gained 97 paisa to Rs9.61 on 45m shares. Byco Petroleum added 70 paisa to Rs11.05 on 14m shares, Wateen Telecom was up 35 paisa to Rs4.68 on 14m shares, Engro saw volume of 12m shares up by Rs4.54 to Rs135.12.
Maple Leaf Cement was up by 56 paisa to Rs18.76 on 9m shares, Quice Food gained 68 paisa to Rs10.17 on 5m shares. Jah Sidd Co was up by 20 paisa to Rs12.09 on 4m shares, IGI Investment Bank edged higher by 9 paisa to Rs2.20 on 3m shares, International Steel slipped by 4 paisa to Rs14.23 on 3m shares and Pak Elektron gained 74 paisa to Rs11.64 on 3m shares.
Pakistan stocks close higher; rupee weakens: KARACHI: Pakistani stocks closed higher on Tuesday, following better results announcements from companies and renewed buying interest in Engro Corporation stocks.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 41.74 points, higher at 18,647.29 points.
United Bank Ltd and Pakistan State Oil were among the companies that announced strong results. Engro Corporation Ltd rose 4.91 percent to 136.99 rupees.
In the currency market, the rupee ended weaker at 98.36/98.42 against the dollar compared to Monday's close of 98.32/98.37.
Overnight rates in the money market remained flat at 9.50 percent.(Reuters)
Company News:
PSO posts Rs9.31bn profit in 9 months: KARACHI, April 23: Pakistan State Oil (PSO) posted an after-tax-profit of Rs9.31 billion in the first nine months of this fiscal year, from Rs8.97bn in the corresponding period last year, registering an increase of 3.8 per cent.
PSO revenue rose by 7.8 per cent to Rs930bn in July-March 2012-13 from Rs862bn in same period last fiscal year.
Industry volume for black oil remained stable while white oil grew by one per cent reflecting an increase in Mogas consumption.
PSO’s share of Mogas and diesel segments also grew to 51 and 57.6 per cent as compared to 49.6 and 54.8 per cent respectively.
The company continued to hold the lion’s share of the market with its White Oil segment growing to 56 per cent of the overall market followed by 74 per cent in the black oil segment, thereby contributing a total market share of 64.3 per cent.
These figures were reviewed in the Board of Management of PSO held on Tuesday at PSO House to review the company’s performance during the period under review.
The board expressed concern over the balance of receivables, including price differential claims, which stood at over Rs142.8bn as on March 31, 2013. The financial costs of this debt coupled with the continuously increasing receivables from the power sector continued to hurt the overall profitability of the company.
Keeping in view the financial constraints the board did not approve any dividends for the period under review.
During the period, PSO signed MoU with Engro PowerGen Limited (EPL) to review the technical and economical feasibility of the Thar coal project.
Additionally a second MoU has been signed with the Government of Khyber Pakhtunkhwa (GoKP) for the establishment of a state-of-the-art oil refinery with a capacity of 40,000barrels per day in District Kohat, KP.
Abbott Lab
The board of directors of Abbott Laboratories Limited announced profit after tax (PAT) at Rs459 million for the Jan-March first quarter 2013 (1QFY13) translating into earnings per share (eps) at Rs4.69.
It compared with PAT at Rs472m and eps at Rs4.82 in the same quarter of 2012. Domestic sales rose to Rs3.70 billion, from Rs3.40bn in the 1QFY12. Exports decreased to Rs132m, from Rs136m. Gross profit improved to Rs1.40bn, from Rs1.34bn.
Due to strong balance sheet, finance costs were negligible at Rs0.724m in 1QFY13 and also in the same quarter earlier year at Rs0.419m.
Kapco
Kot Addu Power Company, a major independent power producer (IPP), announced nine months (9MFY13) financial results on Tuesday, posting profit after tax (PAT) at Rs5.65bn, up 30 per cent over the PAT at Rs4.356bn in the comparable period of the previous year.
The earnings per share (eps) worked out at Rs6.42 and Rs4.95, respectively.
Earnings were largely in line with analysts’ expectations. For third quarter (3QFY13) alone, the company announced earnings of Rs1.97bn (eps at Rs2.24) up 19pc over PAT at Rs1.65bn and eps at Rs1.88 in same quarter of 2012.
Al-Ghazi Tractors
The company posted PAT at Rs228m and eps at Rs5.31 for 1Q2013, down from Rs424m and eps at Rs9.88 in the similar quarter of 2012. Sales dipped to Rs1.51bn, from Rs3.33bn.
MOHAMMED SALEEM MANSOORI

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