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KSE-100 index ends up, gains 319 points

Updated at: 1809 PST,  Tuesday, March 01, 2011
 KARACHI: Pakistani stocks ended more than 2.8 percent higher on Tuesday, as investors accumulated banking stocks after the National Bank of Pakistan's (NBP) full year result beat market expectations, dealers said.

The NBP announced a full year net profit for 2010 of 17.56billion rupees ($205 million) and a cash dividend of 7.5 rupees per share. The NBP ended 4.99 percent higher at 71.59 rupees.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 2.83 percent, or 319.21 points, higher at 11,608.43. Turnover rose to 153 million shares, compared with 86.23million shares traded on Monday.

"A higher than expected payout of the National Bank triggered a buying rally across the board," said Samar Iqbal, a dealer at Topline Securities Ltd.

In the currency market, the rupee ended flat at 85.67/71 to the dollar, unchanged from Monday's close, but dealers expect pressure on the local unit because of rising international oil prices.

In the money market, overnight rates also ended flat at between 12.50 percent and 13 percent, unchanged from the previous day's close despite an outflow of 8 billion rupees. Dealers expect rates to be on the higher side in the coming days.(Reuters)

KSE 100-index recovers 65 points

KARACHI, Feb 28: The share market on Monday bounced back from the recent lows on active short-covering by the institutional investors but foreign support remained a bit shy in the presence of some political depressants. The benchmark KSE 100-index recovered 65.71 points at 11,289.23 but ended off the day’s best level.

After having fallen by about eight per cent during the last week on panic-selling triggered by series of local political concerns notably worries over the ties with the US on Raymond Davis immunity issue, bulls fought back and drove bears out at least for the near-term, some analysts said.

The early rise to the session’s peak level at 11,363.64 indicated that the current recovery drive may continue in the coming sessions also as most of the leading shares now ensure a massive capital appreciation, they said.

The weakness (off Rs6.21) of the OGDC, which holds a weightage of 16 per cent in the index, was however overshadowed by steep rise in values of other leading base shares under the lead of Fauji Fertiliser, Engro Corporation and Pakistan Oilfields, which recovered Rs4.92 to Rs8.76.

The benchmark index, which has been moving within its predetermined lows and highs for the last couple of weeks, rebounded as it had already hit the stipulated low and would steadily rise to its high of well over 12,000 points during the current recovery process, they hoped.

“Foreign investors will remain selective buyers in the low-priced oil sector amid strong rumours of sharp increase in the selling prices of petroleum products,” analysts Ahsan Mehanti said “but the continued weakness of the index-heavy weight OGDC worries them”.

Analyst Hasnain Asghar Ali said apart from technical factors in a highly oversold market unofficial announcement about the launch of leverage product for the ready section could also prove one of the in stant stimulant, although it was due to be officially launched by the end of the current month.

But follow-up support remained a bit shy as investors were worried by some of the sensitive issues both on the political and economic front although broad recovery indicated that the worst may now be over, he said.

Analyst Samar Iqbal said apart from technical factors, the market also took a breather after the issue of hanging sword of rollover positions were settled amicably.

Leading gainers were led by Nestle Pakistan and Unilever Pakistan, up by Rs48 and Rs102.78. Prominent los ers were led by OGDC, off Rs6.21, followed by Rafhan Maize and Wyeth Pakistan, lower Rs77.51 and Rs31.26.

Turnover figure fell to 86.234m shares from the 157m shares but gainers held a strong lead over the losers at 190 to 84, with 90 shares holding onto the last levels.

The active list was topped by Lotte Pakistan, firm by 47 paisa at Rs14.53 on 14m shares followed by Arif Habib Corporation, up 93 paisa at Rs19.90 on 9m shares, National Bank, up Rs1.12 at Rs68.19 on 6m shares, Azgard Nine, steady by 66 paisa at Rs8.83 on 5m shares, JS & Co, higher by 77 paisa at Rs8.97 on 4m shares, Bank of Punjab, firm by 41 paisa at Rs7.11 on 3m shares and Fauji Fertiliser Bin Qasim, up 96 paisa at Rs40.33 on 3m shares.

OGDC sharply lower by Rs6.21 at Rs145.39 on 3m shares followed by Fauji Fertiliser, up Rs4.92 at Rs145.39 on 3m shares and Hub-Power, higher by Rs1.78 at Rs38.74 on 2m shares.

FUTURE CONTRACTS: The active list on this counter was topped by Azgard Nine, firm by 65 paisa at Rs8.88 on 0.978m shares followed by Pakistan Oilfields, higher by Rs8.76 on 0.682m shares and National Bank, up Rs1.12 at Rs68.58 on 0.651m shares.

Engro Corporation sharply higher by Rs5.10 at Rs173.87 on 0.426m shares and Nishat Mills, higher by Rs2.28 at Rs61.20 on 0.347m shares.

DEFAULTER COMPANIES: Japan Power again led the list of actives, up eight paisa at Rs1.38 on 80,009 shares followed by S.S. Oils, higher by 96 paisa at Rs4.56 on 76,000 shares and Ravi Textiles, up 18 paisa at Rs1.19 on 32,251 shares.

Stocks fall on exit of foreign investors

THE share market last week plunged by about eight per cent, eroding Rs222 billion from the market capital as leading base shares in the oil sector fell like house of cards, signaling the exit of foreign investors.

Just on the top of brewing thaw on ties with the United States in the backdrop of divergent opinions, sans legal one, on the immunity of Raymond Davis, the violent turmoil in the Arab world and the parting of ways between PML-N and the PPP, leading to the end of coalition government in Punjab proved to be the last straw on the camel’s back.

And that was well reflected in the virtual crash of the benchmark, steadily holding on to a respectable level of well above 12,000 points for the last couple of weeks, which breached through finishing the week with a massive single week fall of 817.63 points at 11,223.52.

But some analysts hoped the worst may be over and the next week could witness the return of the bull market as many may not miss an attractive bait of handsome capital gains.

The promised launch of the leverage product for the ready section by the end of the current month appears to be a rare possibility as it would be the end of February after the current trading week.

A section of analysts was, however, not worried about the persistent reversal of the benchmark as, in their opinion, it was moving within its pre-determined technical limits of about 400 points.

During the recovery movements it could hit the high mark of 14,000 plus points and in its return journey the level of 10,000 points could be the take-off point for its onward thrust, some others said.

According to their assessment, the next week could well witness a grand recovery in a highly oversold market.

They, however, seemed to have ignored the heating up of the local political scenario in the backdrop of PML-N threat to launch a drive against non-implementation of the agenda of economic reforms after dislodging PPP minister from the Punjab cabinet.

News both from local and foreign sources were highly bearish and the prevailing violent turmoil in the Arab world, notably in Libya amid reports of heavy death toll, seems to have accelerated the pace of sell-off, most analysts believe.

But a leading analyst said the visit of the FBR team had its role in the low volume as tax people were seldom welcomed in the KSE that too asking for return on capital gains tax from the leftover.

The volume, which dropped to a meagre 51 million shares, reflects the plight of the market despite sharply lower levels, which could be an envy of any prospective investors.

“Positive news about the introduction of the leverage product for the ready board appears to be just a couple of days away but investors are not inclined to take even a calculated risk in the backdrop of bad news from global trading centres,” said a leading analyst Ahsan Mehanti.

The market needs some instant dozes of stimulants to keep it in a good shape but even the market trend-setters, having enormous financial resources, are reluctant to aid the falling market,” he said.

Mehanti said local investors were awaiting the return of foreign investors who were worried over the political turmoil in the Arab world and some of them were back at the current lower levels, the market may jolt here and there on slight negative moves.

Analyst Hasnain Asghar Ali said: “The entire activity appeared to be a jobbing affair as the same set of investors liquidated their positions at the rise and sat idle after having earned their pre-determined profit.” Future contracts: Much of the activity remained confined to leading oil shares, partly in sympathy with heavy battering in the ready section followed by exit of foreign investors after global prices soared to new high linked to rise in inflation rate and the ruling prices.

OGDC, Pakistan Oilfields, Attock Petroleum, MCB, National Bank, Nishat Mills, D. G. Khan Cement, Fauji Fertiliser, and Fauji Fertiliser Bin Qasim being in the front line of falling shares. Forward off-take was on the lower side of the week’s figure despite lower prices. —Muhammad Aslam

Stock market crashes on panic selling

KARACHI, Feb 25: The share market on Friday crashed by another three per cent followed by panic selling originating from all the quarters under the lead of foreigners who targeted high-profile oil shares having a massive weightage in the benchmark.

“It appears to be free for all as everyone was seeking instant exit”, said analyst Ahsan Mehanti, and added: But in the prevailing panic owing to a combination of bad news it was pretty difficult to find ready buyers”.

All bad news both on the economic and political fronts joined hands in the backdrop of fall in global equity markets and the Arab world turmoil, he added.

It was the second fall of three per cent over the week, eroding another Rs83 million from the market capital and 315.74 points in the KSE 100share index at 11,223.52 points, he added.

The brewing turmoil in the Punjab after parting of ways between the PML-N and PPP may take its toll also, leading to fresh panic selling in the coming sessions, he added.

Another leading analyst Hasnain Asghar Ali said, “Bears were in total control right from the opening bell as a syndicate of participants operating both from local and off-shore accounts was billed the major seller.” They were followed by those who were facing threat of redemption and fresh float to meet margin calls, he said, and added: “Weekend considerations seemed to have further aggravated the situation.” Although minus signs dominated the list under the lead of oil shares, some of the leading food shares managed to put up better show and were quoted higher by Rs57.30 and Rs4.09 for Rafhan Maize and Ismail Industries, while losers were led by Unilever Pakistan and Nestle Pakistan, off by Rs239.43 and Rs26.99.

An idea of panic selling may well be had from the fact that the volume figure soared to 156.838 million shares from the previous 80 million shares as losers further intensified their lead over the gainers at 246 to 42, with 75 shares holding on to the last levels.The active list was led by Lotte Pakistan, off 99 paisa at Rs14.08 on 38m shares followed by Arif Habib Corporation, lower by 92 paisa at Rs18.97 on 13m shares, Fauji Fertiliser Bin Qasim, easy by 15 paisa at Rs39.37 on 7m shares, Azgard Nine, lower by 98 paisa at Rs8.17 on 6m shares, National Bank, off Rs2.47 at Rs67.01 on 5m shares, Amtex, lower by 30 paisa at Rs2.57 on 2m shares, and Pakistan Oilfields, sharply lower by Rs9.78 at Rs281.89 on 4m shares.

J.S. & Co followed them, lower by 80 paisa at Rs8.26 on 4m shares, Hub-Power, easy by 24 paisa at Rs36.96 also on 4m shares, and Silk Bank, lower by four paisa at Rs2.11 on 4m shares.

FUTURE CONTRACTS: United Bank Ltd came in for active selling and was marked down by Rs2.01 at Rs58 on a large volume of 1.719m shares followed by its February settlement, off by Rs2.13 at Rs56.88 on 1.698m shares, followed by Pakistan Oilfields, off by Rs10.44 at Rs282.59 on 0.964m share.

Azgard Nine fell by 97 paisa at 8.23 on 0.954m shares and Lucky Cement, off Rs3.11 at 60.60 on 0.850m shares.

Equity prices tumble on fresh foreign selling

short-covering at the lower levels could not be sustained owing to weakness of the oil sector.

The KSE 100-share index opened on a higher note as some of the leading base shares attracted good support lifting the index to

session’s high of 11,693.85 points but the close was well below it.

Unlike the overnight massive decline all was not bad with the broader market as many leading shares managed to finish partly

recovered on active short-covering at the current lows, notable among them being Dawood Hercules, Colgate Pakistan, Millat

Tractors and some others.

But the mid-session again witnessed the return of the bears pushing the index again to finish with a net fall of 125.96 points at

11,523.42 on renewed foreign selling in oil shares.

What next is the question being debated in the trading hall. But the opinions are divided though leading analysts think the worst

may now be over and technical correction is overdue.

However, a prominent analyst fears a chain of negative reaction of the current massive fall which may end in the shape of default

and margin calls on some.

“The global political and local situation may not be the same as it has been a couple of weeks earlier, investors have to operate

within the prevailing framework including higher commodities and oil prices and political tension and have to confine themselves

within the limits,” most analysts believe.

Prominent gainers were led by Colgate Pakistan and Dawood Hercules, up Rs34.58 and Rs11.84 followed by Millat Tractors,

Island Textiles and Rafhan Maize, which rose by Rs5.87 to Rs6.38.

Major losers included Wyeth Pakistan and Siemens Pakistan, off Rs53.15 and Rs37.01. They were followed by the leading oil

shares, notably Attock Petroleum, Attock Refinery, Shell and PSO, but the largest fall of Rs7.07 was noted in Pakistan Oilfields.

Bata Pakistan Unilever Pakistan and Exide Pakistan followed them, off by Rs9.73 to Rs28.73.

Turnover figure was maintained at the overnight level of over 100m shares at 101m shares but losers maintained a fair lead over

the gainers at 172 to 92, with 91 shares holding on to the last levels.

The active list was led by Bank of Punjab, steady by 43 paisa at Rs7.08 on 12m shares followed by Lotte Pakistan, easy by 38

paisa at Rs15.02 on 10m shares, Fauji Fertiliser Bin Qasim, lower by 62 paisa at Rs39.35 on 6m shares, Askari Bank, lower by

94 paisa at Rs13.09 on 5m shares, Fauji Fertiliser, sharply lower by Rs4.12 at Rs111.21 on 5m shares, Azgard Nine, easy by 20

paisa at Rs9.63 on 4m shares and NIB Bank, firm by six paisa at Rs2.57 on 4m shares.

They were followed by Arif Habib Corporation, up 93 paisa at Rs20.84 on 4m shares, National Bank, off Rs1.44 at Rs68.97 on

3m shares and Nishat Chunian, easy by 25 paisa at Rs24.36 also on 3m shares.

FUTURES CONTRACTS: Fauji Fertiliser Bin Qasim suf fered fresh fall of 54 paisa at Rs39.49 on 0.899m shares followed by

Azgard Nine, easy by nine paisa at Rs9.82 on 0.590m shares and Pakistan Oilfields, sharply lower by Rs6.96 at Rs290.77 on

0.689m shares and its March contract, lower by Rs7.14 at Rs291.37 on 0.499m shares and Azgard Nine, easy by 22 paisa at

Rs9.62 on 0.488m shares.

DEFAULTER COMPANIES: The activity on this counter was slow as only a few shares came in for alternate bouts of buying and

selling under the lead of Japan Power, which was quoted nominally higher by one paisa at Rs1.40 on 0.138m shares followed by

Ravi Textiles, easy by four paisa at Rs1.05 on 0.250m shares and Gauhar Engineering, easy by five paisa at Rs0.70 on 45,000

shares. Others were traded fractionally.

Courtsy Dawn News

KARACHI, Feb 23: The share market on Wednesday extended the overnight losses as the initial rally aided by active selective

Karachi Stock Exchange

KARACHI: Pakistani stocks tumbled by more than two per cent on Tuesday, on foreign selling that took cues from falling Asian markets responding to the unfolding crisis in Libya.

The Karachi Stock Exchange’s benchmark 100-share index was 2.13 per cent, or 254.59 points, lower at 11711.29 on turnover of 61.15 million shares by 1:17 pm. (0917 GMT).
Sajid Bhanji, director of Arif Habib Ltd brokers, pointed to nervousness in the market.
“There is foreign selling because of the situation in North Africa and the Middle East, and then local investors are cautious due to the Raymond Davis case.”
A US consulate worker, Raymond Davis, is being held in prison after shooting and killing two Pakistanis in the city of Lahore last month, in what he said was an attempted robbery.
The United States says Davis is protected by diplomatic immunity, while Pakistan says the courts must decide. The case has inflamed anti-American sentiment in Pakistan.
Dealers said the market is likely to face selling pressure in the coming days.