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Sunday, 5 May 2013

STOCK MARKET UPDATE: 06.05.2013



STOCKS
Karachi Stocks Up 192.10 Points:
KARACHI, May 03: At the close of trading, the KSE-100 index was at 19226.63, up 192.10 points.
(Today 6th April- Market is 204.60 Up@ 11.10 am)


May 03, 2013
 5 TOP GAINERS  &  LOOSERS:

Nestle Pak.
Rs 332.50
Island Textile
Rs (37.00)
Unilever Food
Rs 245.00
Bhanero Tex.
Rs (16.00)
Rafhan Maize
Rs 233.74
Clariant PaK.
Rs (5.91)
Colgate Palmolive
Rs 40.00
Millat Tractors
Rs (5.34)
Siemens Pakistan
Rs 30.60
Abbott Lab. XD
Rs (4.73)
KSE 100-index gains 192 points
KARACHI, May 3: The rally continued full steam ahead on the stock market on Friday, even after the stocks had displayed stellar performance a day ago when the KSE-100 index comfortably crossed the 19,000 points level. On Friday, the benchmark added 192.10 points to close at 19,226.63.
The participation in terms of total volume was 136 million shares on Friday, lower than 147m shares traded a day ago. As the elections were round the corner, investors who considered discretion to be better part of valour stayed on the sideline, lest the law and order situation turned ugly.
However, investors who hoped that a market-friendly government could assume power, were bullish in the hope that long stagnant industrial growth would pick up pace.
Local investors also watched the strong stock performances in global market. By the evening on Friday, the US stocks had hit all-time highs with S&P climbing to record 1,600 points and Dow above the 15,000 points.Yet, at KSE profit taking was also seen on the last session of the week, ahead of two-day closure. The results season which had kept investors focused on company earnings, was also over with most of the popular and big-ticket companies already out with their quarterly numbers.
A significant event for the day was the start of the buy-back of shares by Unilever Overseas from local investors. As a result, on the ready counter, the Unilever share showed trading in unusually high volume of 66,640 shares, which at Rs15,000 a share worked out at Rs1 billion or around $10 million. A fund manager calculated that the Unilever Pakistan was valued at $2bn of which 25 per cent stock held by the outside shareholders was worth $500m.
The foreign funds held $200m worth of stock, which meant that the country would receive around $300 million by the sale of public holding to foreign parent of Unilever Pakistan.
It was due to the huge inflow from buy-back of Unilever stock that the aggregate foreign investment on Friday stood at the lofty sum of $60.30 million. In contrast, the net sell by local participants was also high at $9.25 million by the sale of FMCGs stock held by companies; $11.65m net sale by banks; $16.10m worth stocks sold by mutual funds. Individuals were net sellers of $6.10m and ‘other organisations’ net sellers to the tune of $17.2 million.
Market participants said that such huge figures would be seen also next week as Unilever continues to buy-back the entire public holdings.
The stock market saw brisk trading in several large cap stocks on the fertiliser and energy sector on Friday as investors who took exit from Unilever entered other big ticket stocks.
Although turnover in terms of shares declined, trading value rose by Rs2.6 billion to Rs6.71bn, from Rs4.18bn due to trading in top-tier scrips. Market capitalisation increased by Rs64bn to Rs4.752 trillion, from Rs4.687tr the day earlier.
The gaining stocks at 233, were nearly twice the losers at 138 in a total of 396 stocks that came up for trading on Friday.
Volume leader was TRG Pakistan, with 10m shares, down 14 paisa to Rs10.04. It was followed by Fauji Cement lower by 13 paisa to Rs8.97 on 9m shares, Lotte Chemical up 29 paisa to Rs7.70 on 9m shares, Dawood Hercules hit ‘upper lock’ by addition of Rs2.77 to Rs58.25 on7m shares, Engro Corp was up by Rs1.55 to Rs133.57 on 6m shares and Hub Power Company showed a hefty gain of Rs1.48 to Rs55.47 on5m shares.
Karachi Stock Exchange up by 192 points: KARACHI: The local capital market closed higher on Friday ahead of crucial elections that should mark the first transfer of power from one democratically elected government to another.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.01 percent, or 192.10 points, higher at 19,226.63 points.
Foreign flows had a positive impact on the market. Pakistani investors focused on large cap stocks like Pakistan State Oil and Engro Corporation Ltd., dealers said.
Pakistan State Oil Company Ltd. rose 1.11 percent to 204.37 rupees and Engro Corporation was up 0.97 percent to 133.30 rupees.
In the currency market, the rupee ended at 98.25/98.30 against the dollar, stronger than Thursday's close of 98.34/98.40.
Overnight rates in the money market rose to 9.50 percent from Thursday's close of 9 percent. (Reuters)

Company News:
Meezan Bank profit up: KARACHI, May 3: Meezan Bank posted profit-after-tax of Rs982 million in the first quarter (January-March) of 2013 compared to Rs903m in the corresponding period of 2012, a growth of nine per cent.
The earning per share (eps) increased to Rs0.98 (March 2012: Rs0.90). Deposits grew to Rs235bn as of March 31, 2013 (Dec 2012: Rs230 billion).
The bank’s share capital increased to Rs10bn with the issuance of 11pc bonus shares approved by the shareholders at the 17th Annual General Meeting held on March 28, 2013.
The bank met the SBP minimum capital requirement a year in advance.

MOHAMMED SALEEM MANSOORI

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