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Thursday, 9 May 2013

STOCK MARKET UPDATE: 10.05.2013



STOCKS
Karachi Stocks Up 188.91 Points:
KARACHI, May 09: At the close of trading, the KSE-100 index was at 19661.46, up 188.91 points. 

 (Today 10th April- Market is 219.75 Up@ 11.32 am)


May 09, 2013

5 TOP GAINERS  &  LOOSERS:

Shezan Int’l
Rs 32.13
Rafhan Maize
Rs (232.50)
Exide Pak
Rs 22.83
Bata Pak
Rs (104.50)
Indus Dyeing
Rs 21.97
Wyeth Pak
Rs (27.71)
Murree Brewery
Rs 16.87
Island Textile
Rs (24.00)
MCB Bank
Rs 11.31
Siemens Pak
Rs (15.46)

Stocks gain 188 points on foreign buying
KARACHI, May 9: Stocks moved full steam ahead on Thursday with the KSE-100 index posting staggering gains of 188.91 points or one per cent to close at new record best at 19,661.46 points.
Foreign investors led the rally on Thursday just as the day earlier. Foreign funds inflow in the equity market amounted to a tall order of $8.04 million, which saw some of the heavyweights record
substantial gains. MCB Bank was in the forefront of gainers which shot up by Rs11.31 to hit its ‘upper circuit’ of 5 per cent increase from the opening price.

Local institutional and individual investors decided to seize the opportunity by offloading stocks at record high prices.
As a result, ‘companies’ were net sellers for the day at $0.36 million, banks posted net sales at $2.14m, mutual funds net sales at $1.8m, ‘other organisations’ net sales at $1.58m and individuals also deciding to take profit through sale of $2.15m worth equity.
The benchmark movement was one way, northwardly all through the session which was why the KSE-100 index ‘low’ was previous day’s close at 19472.55 points, while the ‘high’ was 19,736.25 points.
Market participants said that with elections only a day ahead, local investors were making calculated moves, lest their assessment of election results go awry.
Several stock brokers said that a thumping majority by a market-friendly government could give big boost to investor sentiments and the country’s capital markets, but in case of a loose coalition,
risk of uncertainty would rise. Until the close of trading session, it wasn’t abundantly clear whether the stock market would open on Friday, for lack of Federal government announcement of a holiday, but most believed that it would be a working day, which made investors decide to hold on to their blue-chip stocks for another day in the hope that if foreign buy materialises also on Friday, they could reap some more gains before opting to sell and trim their portfolio.

The turnover, both in terms of volume and value was, however, heavy with 234 million shares of the trading value of Rs8.137 billion changing hands on Thursday, compared with 252m shares valued at Rs9.248bn traded the day earlier.
Some market participants also pointed to the rise in global equity markets. The S&P on Wall Street closed at record highs. Over the past five sessions, the S&P has closed at repeated record highs.
Regarding KSE performance on Thursday, analyst Ovais Ahsan at JS Global observed that Pakistan Petroleum was the second largest positive contributor to the index after MCB Bank. PPL rallied by 1.5pc as investors seemed to appreciate the company’s first mover’s advantage of exploring tight and shale gas potential in Pakistan.
National Bank of Pakistan was up 2.9pc, which also being the government’s treasury bank, invited investor interest due to attractive valuations.
Market capitalisation rose by Rs33bn to Rs4.836 trillion on Thursday, from Rs4.803 trillion a day earlier.
Among the 381 stocks that came up for trading on Thursday, 205 shares ended in positive and 142 in negative territory.
The top ten active list showed mix of first and second-tier stocks. Jah Sidd Co rose by 95 paisa to Rs11.45 on 22m shares, Lotte Chemical was up by 3 paisa to Rs7.80 on 16m shares, TRG Pakistan gained 68 paisa to Rs9.46 on 15m shares, Bankislami Pakistan edged higher by 4 paisa to Rs6.26 on15m shares, Fauji Cement shed 12 paisa to Rs9.93 on 11m shares, Wateen Telecom was up 9 paisa to Rs4.84 on 10m shares, Engro Corporation continued the gaining spree with addition of Rs1.91 to Rs138.92 on 9m shares; and NBP rallied by Rs1.12 to Rs40.15 on 7m shares.
Company News:
SECP actions against firms: ISLAMABAD, May 9: The Securities and Exchange Commission of Pakistan (SECP) has adopted an aggressive approach for prevalence of a fair market.
The Securities Market Division during the month of April, issued 10 orders, 34 showcause notices, and 12 warning letters tovarious companies and individuals for contravening various provisions of the Securities and Corporate Laws.
The order was passed against the CEO of Cyan Ltd who was also a director in Dawood Hercules Corporation Ltd, an associated listed concern, for indulging in a scheme of insider trading, and a penalty of Rs1m was imposed.
Further, in the same context, an order was passed against Cyan Ltd for insider trading in the scrip of Dawood Hercules, and a penalty of Rs2m was imposed.
Moreover, an order was issued against Cyan Ltd for trading in the shares of its associated concern in the closed period.
Based on the findings of on-site inspections, orders were issued against Axis Global Ltd, Al-Hoqani Securities, Shajar Capital Ltd, First Equity Modaraba, Muniff Ziauddin Junaidy and Co, Nasir Javaid Maqsood Imran Ashfaq Chartered Accountants and Riaz Ahmad Saqib Gohar and Company Chartered Accountants.

During April, five show-cause notices were served for insider trading to various entities and individuals.
Moreover, three show-cause notices were issued to listed companies for violation of the Listing Regulations.
Six showcause notices were issued to KSE, brokers and their auditors for violation of the Securities and Exchange Ordinance, 1969.

In addition, 16 showcause notices were issued to directors and beneficial owners of listed companies for late filing of the returns of beneficial ownership, and four showcause notices were issued to beneficial owners and issuers of the listed securities for recovery of the tenderable gain under Section 224 of the Companies Ordinance, 1984.
Warning letters were issued to Ashfaq Textile Mills, KSB Pumps Company, and Prudential Capital Management for not abiding by the listing regulations of the KSE.
Moreover, nine warning letters were issued to the beneficial owners of Bank of Khyber, Murree Brewery and Pak Gum and Chemical Ltd for late filing of returns of beneficial ownership.—APP

MOHAMMED SALEEM MANSOORI

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