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Thursday, 25 April 2013

STOCK MARKET UPDATE: 25.04.2013



STOCKS
Karachi Stocks Up 132.37 Points:
KARACHI, Apr 24: At the close of trading, the KSE-100 index was at 18779.66, up 132.37 points.
(Today 25th April- Market is 132.27 Up@ 12.15 pm)

April 24, 2013

 5 TOP GAINERS  &  LOOSERS:

Unilever Food
Rs 230.00
Island Textile
Rs (45.00)
Nestle Pak.
Rs 175.00
Clariant PaK.
Rs (8.41)
Bata (Pak)
Rs 90.00
Abbott Labs.
Rs (6.21)
Wyeth Pak Ltd
Rs 32.37
Pak Refinery
Rs (4.50)
Murree Brewery
Rs 13.96
National Foods
Rs (4.27)

Stocks gain 132 points on foreign buying
KARACHI, April 24: Contrary to market expectations of dull trading all through the current week, the KSE-100 index shot up by 132.37 points or 0.71 per cent to close at its new all time high at 18,779.66 points on Wednesday.
The bulls charged all across the board, but the mid-tier stocks were in heavy demand which saw more than two dozen mid-tier stocks closing at their ‘upper circuit’ representing increase of 5pc over the closing price of the stock a day earlier.
The participation by local institutions and individuals went to buffer volumes by 28pc to 220 million shares on Wednesday, from 172m shares traded the previous day. Trading value also rose by a heavy Rs1.450 billion to Rs6.381bn on Wednesday, from Rs4.930bn the day before.
Market capitalisation was up by Rs33bn to Rs4.596 trillion, from Rs4.563tr. Foreign investors were however seen to have been in the forefront of the rally with an inflow of $2.25m on Wednesday.
Among locals, ‘companies’ followed with net ‘buy’ of $1.33m. On the flip side, banks sold shares valued at $2.43m and ‘individuals’ also booked profit with sale of $1.24m worth stock.

Analyst Ovais Ahsan at JS Global commented: “Engro Corp remained the sentiment driver of the market as news of gas restoration from the Mari network after a cut off due to technical reasons over the weekend propelled the stock higher”. Equity sale manager Samar Iqbal at Topline Securities thought that Engro remained in limelight as investors expected the company to post healthier results after better performance by its fertiliser business. Ovais at JS stated that the power sector rallied led by Hubco and Kapco as investors bought defensive dividend and currency hedged plays. The banking sector gained under the lead of MCB Bank and National Bank as participants bet on a long spell of underperformance to be broken once Pakistan avails further IMF funding post elections and rates move northwards under the funds stringent conditions. Fauji Cement topped the volume leaders list with trading in 46m shares, up by 36 paisa to Rs8.75. PTC bounced back from oversold territory as disappointment over its below expected resulted for first quarter 2013 dissipated.
Ahsan Mehanti at Arif Habib Corporation observed that stocks closed bullish amid higher trades after IMF offered $5bn facility for Pakistan balance of payment support and debt repayment.
Speculations ahead of major corporate quarterly earnings this week resulted in healthy gains in stock prices, regardless of concerns for security situation and strike call in the city.

The gaining issues were 217, which outnumbered the declining stocks at135 in a total of 370 active shares. After Fauji Cement, the second highest volume was noted in Wateen Telecom with 16m shares, up by 4 paisa to Rs4.72; TRG Pakistan slipped by 31 paisa to Rs9.30 on 15m shares; Engro Corporation rallied by Rs4.23 to Rs139.35 on 11m shares; PTCL added 37 paisa to Rs18.41 on 9m shares; Maple Leaf Cement edged higher by 9 paisa to Rs18.85 on 8m shares; Soneri Bank was up by 49 paisa to Rs6.58 on 7m shares; Lotte Pak PTA was higher 18 paisa to Rs7.43 on 6m shares; D G Khan Cement gained 32 paisa to Rs69.15 on 5m shares and Bank of Punjab rose by 24 paisa to Rs8.83 on 5m 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)
Karachi Stock Exchange:Corporate earnings improve
KARACHI, April 24: As the result season is in full bloom, scores of companies came up with quarterly financial figures on Wednesday. Some of those included the following:
Pakistan Refinery: The Pakistan Refinery Limited for the nine months July-March 2012-13 (9MFY2013) announced profit after tax (PAT) at Rs919 million converting into earnings per share (eps) at Rs26.27.
The refinery thus pulled out of the loss of Rs90 million and loss per share of Rs2.58 suffered in the similar period of the previous year (YoY). Sales increased to Rs116bn from Rs113bn. Sales were subject to sales tax, excise duty and petroleum levy of Rs20bn in the nine months under review and Rs94bn in same period in 2012.
Gross profit rose to Rs2.57bn in the latest nine months, from Rs1.62bn same time last year. “Other operating costs” revealed substantial increase to Rs108m from Rs35m. Yet, the turnaround appears to be due to a huge decline in “finance costs” which stood at Rs801m in latest nine months, down from Rs1.13bn YoY.
Unilever Foods: Unilever Pakistan Foods Limited declared PAT at Rs255m for the first quarter (Jan-Mar) 2013, which translated into eps at Rs41.39. The comparable figures for the first quarter 2012 amounted to Rs188m and eps at Rs30.52. Sales rose to Rs1.74bn, from Rs1.47bn, producing gross profit at Rs734m and Rs570m.
In an accompanying review of the accounts directors stated that sales grew 19 per cent in spite of difficult operating environment. Gross profit improved due to positive change in sales mix. “This helped to fund 35 per cent higher investment in advertisement and promotion to counter high spent levels by competition,” the company observed, adding that the PAT growth by 36pc was also a result of better overhead cost absorption.
Shell Pakistan: The company posted loss of Rs125m and loss per share at Rs1.46 in the first quarter ended March 2013 (1QFY2013), down from loss of Rs224m and loss per share at Rs2.61 in the comparable quarter last year. Sales rose to Rs63.8bn in 1QFY2013, up from Rs57.8bn QoQ. Sales tax increased to Rs8.4bn, from Rs7.7bn. Gross profit slipped to Rs2.13bn from Rs2.27bn QoQ.
Lafarge Pakistan: The cement producing company posted PAT at Rs330m for the (9MFY2013) up from Rs164m in the same time last year. The (eps) worked out at Rs0.25, up from Rs0.13 YoY. Net sales at Rs2.3bn for 9MFY2013, from Rs2.2bn YoY. Gross profit increased to Rs739m, from Rs625m.
Administrative expenses rose to Rs218m, from Rs129m. Operating profit was up to Rs504m, from Rs436m, while ‘finance costs’ fell to Rs133m, from Rs267m.
Kohat Cement: The company posted PAT at Rs1.91bn for the 9MFY2013, translating into eps at Rs14.84, slightly lower than twice the PAT at Rs1bn and eps at Rs7.77 earned in the comparable period last year. Topline grew to Rs8.19bn from Rs6.54bn, returning gross profit at Rs3.17bn and Rs1.84bn.
“Finance cost” also showed steep decline to Rs204m in 9MFY13, from Rs463m YoY. Directors stated in their review that overall growth in sales volume was 4.13pc and the company’s volume increased by 9.96pc. Cement dispatches stood at 1.34m tonnes, up from 1.22m tonnes YoY.Nishat Power Lt: The company declared PAT at Rs2.06bn for 9MFY2013, translating into eps at
Rs5.82, up from PAT at Rs1.42bn and eps at Rs4.02 YoY. Sales jumped to Rs18.6bn, from Rs15.7bn with gross profit rising to Rs3.8bn, from Rs3.6bn. “Finance costs” plunged to Rs1.7bn in 9MFY2013, from Rs2.18bn YoY, which contributed to an improved bottom line.

Ibrahim Fibres: The PAT improved to Rs4.3bn and eps at Rs13.99 for 9MFY2013, from Rs3.3bn and eps at Rs10.69 YoY. Net sales rose to Rs29.2bn for the period, from Rs27.4bn YoY. Gross profit increased to Rs2.3bn, from Rs1.9bn. “Finance costs” declined to Rs489m, from Rs597m.
The bottom line was helped further by the taxation which was in the positive (refund) by Rs204m, against the taxation charges of Rs122m YoY.
National Foods: The board declared PAT at Rs588m for 9MFY2013 and eps at Rs14.19, up from Rs436m and eps at Rs10.51 YoY. Net sales increased to Rs6.1bn, from Rs5.4bn QoQ with local sales contributing Rs5.6m (9MFY2012:Rs4.8bn) and exports Rs558m (560m).
SECP okays draft for pharma industry: ISLAMABAD, April 24: The Securities and Exchange Commission of Pakistan (SECP) has approved draft Pharmaceutical Industry Cost Accounting Records Order, 2013 to standardise the cost accounting procedures in pharma industry as per international requirements.
All the companies involved in production, processing and manufacturing of pharmaceutical products are covered in the new cost accounting records, including all particulars relating to utilisation of material, labour or other input of items of cost to determine total product cost.
The SECP is expected to issue notification for information of all parties on Thursday April 25, and the draft will become effective 30 days after its publication in the official gazette.
Any objection or suggestion which may be received from any person in respect of the said draft before the expiry of the said date will be considered by the commission.
Cost Audit practice was adopted in the Sub-Continent in 1967 and today a number of industries are following this practice.
In Pakistan, “Cost Audit Rules” are applicable to five industries, namely cement, sugar, vegetable ghee, chemical fertilizer, synthetic and rayon.
“The decision has been taken because maintenance of the cost accounting record and cost audit reporting is necessary to improve efficiency and sustainable growth,” said an official of the SECP.
“It will also help determine accurate product cost of medicines and other products.”
The SECP has said that the new cost accounting requirement would help companies to measure the efficiency of its manufacturing processes and devise ways to improve it.
The new standards would also help the auditors to obtain reliable data for comparing costs in different periods, for different volumes of output, in different departments and processes and in different companies.
Meanwhile, the SECP official said that the data obtained through new cost accounting would bring transparency in the sector, and help regulators determine issues like payment of dividends or settlements of disputes.


MOHAMMED SALEEM MANSOORI

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