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Sunday, 28 April 2013

STOCK MARKET UPDATE: 29.04.2013



STOCKS
Karachi Stocks Up 32.10 Points:
KARACHI, Apr 26: At the close of trading, the KSE-100 index was at 18917.71, up 32.10 points.

(Today 29th April- Market is 35.92 Down@ 11.24 am)


April 26, 2013


 5 TOP GAINERS  &  LOOSERS:

Rafhan Maize
Rs 200.00
Sanofi Aventis
Rs (18.32)
Bata Pak
Rs 92.22
Mitchells Fruit
Rs (9.00)
Unilever Food
Rs 90.00
Mehmood Textile
Rs (4.77)
Shezan Int’l
Rs 21.75
Searle Company
Rs (4.10)
Indus Dyeing
Rs 19.04
Thal Ltd
Rs (2.51)

Index hits highest-ever level
Led by a spate of better corporate results, Karachi Stock Exchange (KSE) bounced back this week and the KSE-100 share index hit highest-ever level of 18,917.71 against 18,631.21 points previous week. It gained 286.50 points with average trading volumes also rising by 15 percent WoW to 189 million shares.

Commenting on the market performance, Farrah Marwat, Head of JS Global (Research) said that the week started on a tepid note given concern on key macro variables (SBP's FX reserves at a 10-year low of $6.64 billion; fiscal deficit at 4.5 percent of GDP in 9MFY13 and likely to cross 7 percent of GDP in FY13E).

However, she added that the Finance Minister's statement mid-week that Pakistan could approach IMF for a $5.0 billion loan post elections went some way towards soothing investor jitters.

"Overall, the benchmark KSE-100 Index clocked a return of +1.5 percent WoW (up 287 points) with average trading volumes at the local bourse also rising by 15 percent WoW to 189 million shares," she said.

Amongst listed sectors, Farrah said fertilisers (+1.5 percent WoW) remained in the limelight on ST gas supply concerns at Engro's plant (resolved mid-week); above-expected 1Q2013 result announcements by Fatima Fertilizer and Engro Fertilizer and Engro's revelation of plans to list the fertilizer company before end-2013.

She said cements (+2.4 percent WoW) also garnered a fair share of investor focus, as mid-sized companies within the sector (MLCF, CHCC) announced strong 9MFY13 earnings.

Above-expected results, rupee softness and a steady stream of news flow on plans to address circular debt kept the power sector (+2.6 percent WoW) ticking as well. Meanwhile, banks underperformed the KSE-100 by 0.5 percent this week as soft 1Q2013 earnings came hand-in-hand with further spread compression eyed in April 2013, Marwat said.

Weekly average volume witnessed improvement of 15.5 percent to Rs189.01 million shares compared to Rs163.65 million a week earlier. The market capitalisation also remained on the higher side. Up by 2.1 percent, it closed at Rs4.649 trillion from Rs4.555 trillion.

On the contrary, average daily value was on the lower side. It decreased by 6.7 percent to close at Rs5.79 billion compared to Rs6.21 billion registered during the previous trading week.

Universal top performers during the week were Pak Suzuki Motor Co, Adamjee Insurance, Pakistan State Oil, Fatima Fertilizer, ICI Pakistan, Nishat (Chunian), Attock Petroleum, National Refinery, Pakistan Telecom and Lotte Pakistan PTA.

According to details of last week, bears defeated bulls at Karachi share market on the beginning of the week as the benchmark-100 index lost 25.66 points to close at 18,605.55 points against 18,631.21 points on last trading-day.

KSE witnessed renewed buying in various sectors on Tuesday due to better results and the benchmark-100 index gained 41.74 points to close at 18,647.29 points against 18,605.55 points. Karachi share market witnessed an all-time-high trend on Wednesday as the benchmark-100 index gained 132.37 points to close at highest- ever level of 18,779.66 points against 18,647.29 points.

"All-time-high" trend continued at the local bourse as the benchmark-100 index breached psychological barrier of 18,850 on Thursday. The index gained 105.95 points to close at ever highest-ever level of 18,885.61 points against 18,779.66 points.

On Friday, though it was the mourning day on the call of MQM, Karachi Stock Exchange witnessed one more "all-time-high" session as the benchmark-100 index remained up with 32.10 points to close at highest-ever level of 18,917.71 points.


MOHAMMED SALEEM MANSOORI

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