KARACHI (December 22 2008): The Karachi share market witnessed heavy selling pressure during the week after removal of price floor, and the KSE-100 index registered a record decline of 1,672.68 points, or 18.2 percent, to close at 7,514.42 points.
"Although this fall was not unexpected, but the surprising thing was high activity in low price stocks, but overall volume remained low", on e analyst said. The index closed the week at 7,514.42 points which was down 47 percent on year-to-date basis.
Market capitalisation declined by Rs 481 billion, or 17 percent, to Rs 2.327 trillion. It was down 58 percent on year-to-date basis and 61 percent from its peak level.
Atif Zafar, an analyst at JS Global Capital, said that due to low activity in high cap stocks, average daily volume in the ready market remained low, at 47.31million shares. "Though significant volumes were witnessed in stocks whose prices were less than Rs 5/share, such as Zeal Pak, Pakistan Cement, TRG, KESC and Dewan Salman Fibre, the volumes in number of share seemed decent. But in terms of value it was down 99 percent from last 12 month (excluding the floor period) average volume of Rs 23 billion".
The market started under heavy selling pressure and the index lost 370 points on Monday. The declining trend continued and the index lost another 372.51 points on Tuesday, 338.96 points on Wednesday, 320.37 points on Thursday and 270.84 points on Friday.
Despite low activity in the ready market, off-market activity still remained relatively high, where average daily volumes were 7.5 million shares. "This high volume in off-market, as compared to ready market, showed that we may see further price erosion in large cap stocks in the coming week", Atif said.
Monday, December 22, 2008
Sunday, December 21, 2008
Offshore investors withdraw $3.805 million from equity market
KARACHI (December 21 2008): The outflow of foreign portfolio investment continued as the offshore investors withdrew $3.805 million from the country's equity market during the outgoing week ended December 18, 2008.
According to National Clearing Company of Pakistan (NCCPL), a cumulative outflow of $12.364 million of foreign portfolio investment was recorded on the first 20 days of the current month while the cumulative figure of this mode of investment was seen at negative $367.876 million in the current year from January 1, 2008 to December 18, 2008.
Analysts said that foreign investors took cautious stance and opted to offload their holdings due to weakening economic indicators and geo-political situation. The imposition of floor at the Karachi Stock Exchange was another reason, which hurt investor confidence, they added.
The week started on a negative note as an outflow of $880,393 was witnessed on Monday while the foreign investors withdrew $1,183,738 on Tuesday. This trend continued as an outflow of $1,245,849 was recorded on Wednesday. On Thursday, the situation slightly improved with a fresh inflow of $98,968, however, the foreign investors withdrew another $594,276 on Friday.
According to National Clearing Company of Pakistan (NCCPL), a cumulative outflow of $12.364 million of foreign portfolio investment was recorded on the first 20 days of the current month while the cumulative figure of this mode of investment was seen at negative $367.876 million in the current year from January 1, 2008 to December 18, 2008.
Analysts said that foreign investors took cautious stance and opted to offload their holdings due to weakening economic indicators and geo-political situation. The imposition of floor at the Karachi Stock Exchange was another reason, which hurt investor confidence, they added.
The week started on a negative note as an outflow of $880,393 was witnessed on Monday while the foreign investors withdrew $1,183,738 on Tuesday. This trend continued as an outflow of $1,245,849 was recorded on Wednesday. On Thursday, the situation slightly improved with a fresh inflow of $98,968, however, the foreign investors withdrew another $594,276 on Friday.
Thursday, December 18, 2008
CFS borrowers' case: SHC resumes hearing today
KARACHI (December 18 2008): The Sindh High Court (SHC) on Wednesday adjourned hearing of CFS borrowers' case till Thursday. The lawsuit was filed by Al-Hoqani Securities and Creative Capital Securities. About 40 other CFS financiers also joined the plaintiffs seeking the same relief from the court.
They requested the court that it should declare void the transactions on the CFS and to direct National Clearing Company of Pakistan Limited to deliver all open CFS contracts containing open positions to the court for cancellation. The defendant, NCCPL requested the court to vacate the stay as it was facing huge losses due to suspension of CFS market. It also said that the investors' confidence could further shrink.
They requested the court that it should declare void the transactions on the CFS and to direct National Clearing Company of Pakistan Limited to deliver all open CFS contracts containing open positions to the court for cancellation. The defendant, NCCPL requested the court to vacate the stay as it was facing huge losses due to suspension of CFS market. It also said that the investors' confidence could further shrink.
KSE index loses another 338.96 points
KARACHI (December 18 2008): Selling pressure continued at the Karachi share market on the third consecutive day after the removal of price floor and the benchmark KSE-100 index lost another 338.96 points (4.01 percent) to close at 8,105.63 points level on Wednesday. The index has declined by 1081.47 points (12.26 percent) during the last three trading sessions after the removal of the floor.
Most of the trading was witnessed in the second or the third tier companies while no major trading was seen in the main stocks, as the investors were still confused over the issue of actual price of the share at the moment, analysts said. Various blue chip shares remained available at the KATS throughout the session. However, they failed to attract buyers.
The trading volume improved as the ready market volume increased to 57.820 million shares as compared to 25.360 million shares traded a day earlier. The futures market turnover, however, declined to 1,500 shares against 3,500 shares on Tuesday.
The overall market capitalisation declined by Rs 98 billion to Rs 2.495 trillion. Trading took place in 161 scrips, out of which 142 scrips closed in the negative and only 14 scrips closed in the positive while the value of five scrips remained unchanged.
TRG Pakistan was the overall volume leader of the day with 14.945 million shares. However it declined by Re. 0.52 to close at Rs 1.30. Pakistan Cement lost Re. 1.00 to close at Rs 1.90 with 5.746 million shares. Zeal Pak gained Re. 0.13 to close at Re. 0.63 with 4.981 million shares. KESC increased by Re. 0.04 to close at Rs 1.85 with 4.378 million shares.
Orix Bank lost Re. 0.04 to close at Re. 0.88 with 4.202 million shares. Dewan Salman declined by Re. 0.04 to close at Rs 1.10 with 3.761 million shares. Telecard decreased by Re. 0.28 to close at Rs 1.66 with 2.386 million shares. PIA lost Re. 0.15 to close at Rs 2.10 with 2.202 million shares. Nimir Ind Chemical gained Re. 0.13 to close at Rs 1.31 with 2.199 million shares.
Ismail Industries and Nimir Reinsurance were the highest gainers and gained Rs 2.05 and Re. 0.34 to close at Rs 43.18 and Rs 3.73 respectively while Pak Services and Pak Engineering were the worst losers and lost Rs 26.43 and Rs 15.32 to close at Rs 502.24 and Rs 291.24 respectively.
Hasnain Asghar Ali at Aziz Fidahusein & Co said that the penny stocks, however, continued to address the turnover as the chances of quick buck and management take-over at cheaper rates have kept the liquid opportunity seekers active thereby depicting the short memory participants have, the main board dividend yielding stocks, however, continued to look for buyers as due to the hangover from CFS, threat of heavy selling in the stocks placed with financial institutions as collateral and higher chances that the large cap stocks would be the first to be sacrificed in case of redemption, the potential buyers awaited the last episode of the never ending soap.
Increase in the desired rate of return due to the events in the economy on the other hand have further reduced the fair values of the main board stocks. Upcoming events, such as State Bank's view on the interest rate and the next budget likely to carry increase in the prevailing tax rates and introduction of new taxes, will certainly keep the potential investors indecisive about the future course of actions. The struggling rupee value during the period will most probably influence the decisions.
Most of the trading was witnessed in the second or the third tier companies while no major trading was seen in the main stocks, as the investors were still confused over the issue of actual price of the share at the moment, analysts said. Various blue chip shares remained available at the KATS throughout the session. However, they failed to attract buyers.
The trading volume improved as the ready market volume increased to 57.820 million shares as compared to 25.360 million shares traded a day earlier. The futures market turnover, however, declined to 1,500 shares against 3,500 shares on Tuesday.
The overall market capitalisation declined by Rs 98 billion to Rs 2.495 trillion. Trading took place in 161 scrips, out of which 142 scrips closed in the negative and only 14 scrips closed in the positive while the value of five scrips remained unchanged.
TRG Pakistan was the overall volume leader of the day with 14.945 million shares. However it declined by Re. 0.52 to close at Rs 1.30. Pakistan Cement lost Re. 1.00 to close at Rs 1.90 with 5.746 million shares. Zeal Pak gained Re. 0.13 to close at Re. 0.63 with 4.981 million shares. KESC increased by Re. 0.04 to close at Rs 1.85 with 4.378 million shares.
Orix Bank lost Re. 0.04 to close at Re. 0.88 with 4.202 million shares. Dewan Salman declined by Re. 0.04 to close at Rs 1.10 with 3.761 million shares. Telecard decreased by Re. 0.28 to close at Rs 1.66 with 2.386 million shares. PIA lost Re. 0.15 to close at Rs 2.10 with 2.202 million shares. Nimir Ind Chemical gained Re. 0.13 to close at Rs 1.31 with 2.199 million shares.
Ismail Industries and Nimir Reinsurance were the highest gainers and gained Rs 2.05 and Re. 0.34 to close at Rs 43.18 and Rs 3.73 respectively while Pak Services and Pak Engineering were the worst losers and lost Rs 26.43 and Rs 15.32 to close at Rs 502.24 and Rs 291.24 respectively.
Hasnain Asghar Ali at Aziz Fidahusein & Co said that the penny stocks, however, continued to address the turnover as the chances of quick buck and management take-over at cheaper rates have kept the liquid opportunity seekers active thereby depicting the short memory participants have, the main board dividend yielding stocks, however, continued to look for buyers as due to the hangover from CFS, threat of heavy selling in the stocks placed with financial institutions as collateral and higher chances that the large cap stocks would be the first to be sacrificed in case of redemption, the potential buyers awaited the last episode of the never ending soap.
Increase in the desired rate of return due to the events in the economy on the other hand have further reduced the fair values of the main board stocks. Upcoming events, such as State Bank's view on the interest rate and the next budget likely to carry increase in the prevailing tax rates and introduction of new taxes, will certainly keep the potential investors indecisive about the future course of actions. The struggling rupee value during the period will most probably influence the decisions.
Wednesday, December 17, 2008
SBP invites tenders to sell Sukuk
KARACHI (December 17 2008): State Bank of Pakistan on Tuesday invited tenders for sale of 3-Year Government of Pakistan Ijara Sukuk (GIS). The target for this auction is Rs 10 billion. The tenders have been invited in accordance with the provisions of SBP, FSCD circular No 13 dated September 6, 2008, says SBP statement issued here.
The tenders will be received from December 16 to 20, till 1115 hours. The bids will be opened on December 20, 2008 at 1130 hours and the results will be announced on the same day.
The tenders will be received from December 16 to 20, till 1115 hours. The bids will be opened on December 20, 2008 at 1130 hours and the results will be announced on the same day.
Index loses another 372.51 points
KARACHI (December 17 2008): Heavy selling pressure continued at the Karachi share market on the second day after the removal of the price floor and the benchmark KSE-100 index lost another 372.51 points to close at 8,444.59 points level on Tuesday. Over 100 million shares of blue chip stocks remained available for sale at KATS, which, could not traded due to the absence of buyers.
The market started in the negative and the index was down by 307.03 points at the end of the session. After readjustment as per the Karachi Stock Exchange rule, the index was declared down by 372.51 points. Trading volume at the ready market increased to 25.360 million shares as compared to 17.863 million shares traded a day earlier. The future market witnessed an activity of 3,500 shares after many days.
The overall market capitalisation declined by Rs 109 billion to close at Rs 2.593 trillion. Trading took place in 150 scrips, out of which 130 scrips closed in the negative and 17 in the positive while the value of three scrips remained unchanged.
Zeal Pak was the overall volume leader of the day with 9.639 million shares and gained Re 0.11 to close at Re 0.50. KESC closed at Rs 1.81, up by Re 0.01 with 3.208 million shares. Dewan Salman lost Re 0.80 to close at Rs 1.14 with 2.157 million shares.
PIA declined by Re 0.95 to close at Rs 2.25 with 1.344 million shares. Telecard lost Re 0.76 to close at Rs 1.94 with 1.106 million shares. Pak PTA Limited decreased by Re 0.28 to close at Rs 1.90 with 1.046 million shares. IGI Investment Bank lost Re 0.92 to close at Rs 2.08 with 1.027 million shares. Nimir Ind Chemical gained Re 0.03 to close at Rs 1.18 with 0.999 million shares. Flying Cement lost Re 0.99 to close at Rs 2.33 with 0.949 million shares. Unity Modaraba closed at Re 0.25, up by Re 0.01 with 0.568 million shares.
Jubilee Spinning and Zephyr Textile were the highest gainers and gained Re 1.00 and Re 0.84 to close at Rs 3.00 and Rs 2.39 respectively while Unilever Pak and Pak Engineering were the worst losers and lost Rs 111.15 and Rs 16.13 to close at Rs 2111.85 and Rs 306.56 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that uncertainty prevailed as the rupee lost strength against the dollar on foreign outflow from capital markets and rising economic disorder. Investors remained concerned over Sindh High Court decision with respect to CFS outstanding contracts and fate of CFS Financiers/Financee. Falling Index levels and rising mark to market losses remained a concern for stock brokerage houses.
The market started in the negative and the index was down by 307.03 points at the end of the session. After readjustment as per the Karachi Stock Exchange rule, the index was declared down by 372.51 points. Trading volume at the ready market increased to 25.360 million shares as compared to 17.863 million shares traded a day earlier. The future market witnessed an activity of 3,500 shares after many days.
The overall market capitalisation declined by Rs 109 billion to close at Rs 2.593 trillion. Trading took place in 150 scrips, out of which 130 scrips closed in the negative and 17 in the positive while the value of three scrips remained unchanged.
Zeal Pak was the overall volume leader of the day with 9.639 million shares and gained Re 0.11 to close at Re 0.50. KESC closed at Rs 1.81, up by Re 0.01 with 3.208 million shares. Dewan Salman lost Re 0.80 to close at Rs 1.14 with 2.157 million shares.
PIA declined by Re 0.95 to close at Rs 2.25 with 1.344 million shares. Telecard lost Re 0.76 to close at Rs 1.94 with 1.106 million shares. Pak PTA Limited decreased by Re 0.28 to close at Rs 1.90 with 1.046 million shares. IGI Investment Bank lost Re 0.92 to close at Rs 2.08 with 1.027 million shares. Nimir Ind Chemical gained Re 0.03 to close at Rs 1.18 with 0.999 million shares. Flying Cement lost Re 0.99 to close at Rs 2.33 with 0.949 million shares. Unity Modaraba closed at Re 0.25, up by Re 0.01 with 0.568 million shares.
Jubilee Spinning and Zephyr Textile were the highest gainers and gained Re 1.00 and Re 0.84 to close at Rs 3.00 and Rs 2.39 respectively while Unilever Pak and Pak Engineering were the worst losers and lost Rs 111.15 and Rs 16.13 to close at Rs 2111.85 and Rs 306.56 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that uncertainty prevailed as the rupee lost strength against the dollar on foreign outflow from capital markets and rising economic disorder. Investors remained concerned over Sindh High Court decision with respect to CFS outstanding contracts and fate of CFS Financiers/Financee. Falling Index levels and rising mark to market losses remained a concern for stock brokerage houses.
Saturday, December 6, 2008
KARACHI (December 06 2008): On Friday also, the BRIndex30 remained unchanged, throughout the trading time, as it opened at 8,995.65 and closed at 8,995.65. There was no trading in BRIndex30 companies. The volume of KSE-All Share index was 41,700 shares and that of KSE-100 index was 100 shares.
BR Cement Index closed at 894.26 with a net positive change of 0.31 points or 0.03 percent. The volume was 6,000 shares. BR Power Generation and Distribution Index closed at 1,072.25, with no change. The volume was 4,000 shares. BR Commercial Banks Index closed at 3,073.87, recording no change. BR Technology and Communication Index closed at 978.43, recording no change. BR Oil and Gas Index closed at 1,728.31, recording no change.
BR Cement Index closed at 894.26 with a net positive change of 0.31 points or 0.03 percent. The volume was 6,000 shares. BR Power Generation and Distribution Index closed at 1,072.25, with no change. The volume was 4,000 shares. BR Commercial Banks Index closed at 3,073.87, recording no change. BR Technology and Communication Index closed at 978.43, recording no change. BR Oil and Gas Index closed at 1,728.31, recording no change.
Dull session on KSE
KARACHI (December 06 2008): The Karachi share market witnessed a dull session on Friday and KSE-100 index remained unchanged at 9,187.10 points. The trading volume at ready market amounted to 41,700 shares as compared to 917,900 shares traded a day earlier. No trading was witnessed at future market.
Market capitalisation declined by Rs 466 million to Rs 2,817.397 billion. Out of 13 active scrips, four closed in positive and four in negative while the value of five scrips remained unchanged. Haydery Const was volume leader with 10,000 shares. However, it remained unchanged at Rs 1.03. Mian Textile closed at Rs 1.39 without any change with 6,000 shares. Gharibwal Cement gained Re. 0.16 to close at Rs 17.37 with 6,000 shares. Bal Glass remained unchanged at Rs 3.90 with 5,000 shares.
Saritow Spinning gained Re. 0.30 to close at Rs 1.36 with 4,500 shares. Pak Com Leasing closed at Re. 0.55, down by Re. 0.01 with 2,000 shares. Southern Electric remained unchanged at Rs 3.60 with 2,000 shares. Sitara Energy gained Re. 0.14 to close at Rs 20.49 with 2,000 shares. National Assets lost Re. 0.03 to close at Re. 0.40 with 2,000 shares. Chashma Sugar declined by Rs 1.02 to close at Rs 5.78 with 1,500 shares.
Saritow Spinning and Al-Noor Modaraba were the highest gainers and gained Re. 0.30 and Re. 0.25 to close at Rs 1.36 and Rs 3.75 respectively while Pak Datacom and Chashma Sugar were the worst losers and lost Rs 2.19 and Re. 0.92 to close at Rs 49.16 and Rs 5.78 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that depressed activity continued as uncertainty increased on force majeure over CFS financing transactions. CFS financiers and financees waited for decision of board of KSE on floor lifting date announcement. Investor remained concerned negative sentiment after IMF declined to allow funding capital market bailout plans.
Market capitalisation declined by Rs 466 million to Rs 2,817.397 billion. Out of 13 active scrips, four closed in positive and four in negative while the value of five scrips remained unchanged. Haydery Const was volume leader with 10,000 shares. However, it remained unchanged at Rs 1.03. Mian Textile closed at Rs 1.39 without any change with 6,000 shares. Gharibwal Cement gained Re. 0.16 to close at Rs 17.37 with 6,000 shares. Bal Glass remained unchanged at Rs 3.90 with 5,000 shares.
Saritow Spinning gained Re. 0.30 to close at Rs 1.36 with 4,500 shares. Pak Com Leasing closed at Re. 0.55, down by Re. 0.01 with 2,000 shares. Southern Electric remained unchanged at Rs 3.60 with 2,000 shares. Sitara Energy gained Re. 0.14 to close at Rs 20.49 with 2,000 shares. National Assets lost Re. 0.03 to close at Re. 0.40 with 2,000 shares. Chashma Sugar declined by Rs 1.02 to close at Rs 5.78 with 1,500 shares.
Saritow Spinning and Al-Noor Modaraba were the highest gainers and gained Re. 0.30 and Re. 0.25 to close at Rs 1.36 and Rs 3.75 respectively while Pak Datacom and Chashma Sugar were the worst losers and lost Rs 2.19 and Re. 0.92 to close at Rs 49.16 and Rs 5.78 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that depressed activity continued as uncertainty increased on force majeure over CFS financing transactions. CFS financiers and financees waited for decision of board of KSE on floor lifting date announcement. Investor remained concerned negative sentiment after IMF declined to allow funding capital market bailout plans.
Friday, December 5, 2008
Trading activity improves slightly on KSE
RECORDER REPORT
KARACHI (December 05 2008): Trading activity at the Karachi share market improved slightly on Thursday, however, the benchmark KSE-100 index once again remained unchanged at 9,187.10 points. The total turnover at the ready market increased to 917,900 shares as compared to 41,200 shares traded a day earlier. No trading was witnessed at the futures market.
The overall market capitalisation declined by one billion rupees to at Rs 2.817 trillion. Out of the total 10 active scrips, two closed in positive and two in negative while the value of six scrips remained unchanged. Saritow Spinning was the overall market volume leader with 896,000 shares. However, it lost Re. 0.38 to close at Rs 1.06. National Assets remained unchanged at Re. 0.43 with 10,500 shares. Sitara Energy Limited declined by Re. 0.17 to close at Rs 20.35 with 5,500 shares.
Habib-ADM Limited gained Re. 0.33 to close at Rs 9.69 with 1,500 shares. Al-Zamin Leasing remained unchanged at Rs 1.75 with 1,000 shares. Gauhar Engg Limited closed at Re. 1.00 without any change with 1,000 shares. Gatron Industries remained unchanged at Rs 44.10 with 900 shares. Askari Bank closed at Rs 27.98 without any change with 500 shares. Pak Datacom Limited gained Re. 0.04 to close at Rs 51.35 with 500 shares. Millat Tractors remained unchanged at Rs 163.92 with 500 shares.
Habib-ADM Limited and Pak Datacom Limited were the highest gainers and gained Re. 0.33 and Re. 0.04 to close at Rs 9.69 and Rs 51.35 respectively while Saritow Spinning and Sitara Energy Limited were the worst losers and lost Re. 0.38 and Re. 0.17 to close at Rs 1.06 and Rs 20.35 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the selling activity continued as IMF has disallowed bailout funds to ease the capital market turmoil. Investors remained concerned over the fate of CFS financiers and CFS financees after the market floor is set to open soon without the injection of funds.
The overall market capitalisation declined by one billion rupees to at Rs 2.817 trillion. Out of the total 10 active scrips, two closed in positive and two in negative while the value of six scrips remained unchanged. Saritow Spinning was the overall market volume leader with 896,000 shares. However, it lost Re. 0.38 to close at Rs 1.06. National Assets remained unchanged at Re. 0.43 with 10,500 shares. Sitara Energy Limited declined by Re. 0.17 to close at Rs 20.35 with 5,500 shares.
Habib-ADM Limited gained Re. 0.33 to close at Rs 9.69 with 1,500 shares. Al-Zamin Leasing remained unchanged at Rs 1.75 with 1,000 shares. Gauhar Engg Limited closed at Re. 1.00 without any change with 1,000 shares. Gatron Industries remained unchanged at Rs 44.10 with 900 shares. Askari Bank closed at Rs 27.98 without any change with 500 shares. Pak Datacom Limited gained Re. 0.04 to close at Rs 51.35 with 500 shares. Millat Tractors remained unchanged at Rs 163.92 with 500 shares.
Habib-ADM Limited and Pak Datacom Limited were the highest gainers and gained Re. 0.33 and Re. 0.04 to close at Rs 9.69 and Rs 51.35 respectively while Saritow Spinning and Sitara Energy Limited were the worst losers and lost Re. 0.38 and Re. 0.17 to close at Rs 1.06 and Rs 20.35 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the selling activity continued as IMF has disallowed bailout funds to ease the capital market turmoil. Investors remained concerned over the fate of CFS financiers and CFS financees after the market floor is set to open soon without the injection of funds.
Wednesday, December 3, 2008
KSE-100 index unchanged
KARACHI (December 03 2008): Trading at Karachi share market improved further on Tuesday. However, KSE-100 index remained unchanged. Some activity in second-tier stocks supported the all share index to close in positive at 6,641.75 points, up by 0.08 points. Trading volume at ready market increased to 197,300 shares as compared to 102,900 shares traded a day earlier. No trading was witnessed at the futures counter.
Out of the total 11 active scrips, five closed in positive and one in negative while the value of five scrips remained unchanged. "Some positive signals regarding availability of market stabilisation fund and removal of floor invited some buying in second-tier stocks. However, majority of market players stayed on sidelines, opting 'wait and see' policy", analysts said.
National Assets was the volume leader with 159,000 shares and gained Re. 0.04 to close at Re. 0.44. Pak Com Leasing closed at Re. 0.56, up by Re. 0.01 with 28,500 shares. Pak Datacom increased by Rs 2.44 to close at Rs 51.41 with 3,200 shares.
Sitara Energy gained Re. 0.97 to close at Rs 19.62 with 2,000 shares. Mod Al-Mali lost Re. 0.50 to close at Rs 2.25 with 1,500 shares. Southern Electric increased by Re. 0.05 to close at Rs 3.65 with 1,000 shares. KESC remained unchanged at Rs 3.80 with 500 shares. Chashma Sugar closed at Rs 5.70 without any change, with 500 shares.
Japan Power remained unchanged at Rs 4.50 with 500 shares. Millat Tractors closed at Rs 163.92 without any change with 400 shares. Pak Datacom was the highest gainer and gained Rs 2.44 to close at Rs 51.41, while Mod Al-Mali was the worst loser and lost Re 0.50 to close at Rs 2.25.
Out of the total 11 active scrips, five closed in positive and one in negative while the value of five scrips remained unchanged. "Some positive signals regarding availability of market stabilisation fund and removal of floor invited some buying in second-tier stocks. However, majority of market players stayed on sidelines, opting 'wait and see' policy", analysts said.
National Assets was the volume leader with 159,000 shares and gained Re. 0.04 to close at Re. 0.44. Pak Com Leasing closed at Re. 0.56, up by Re. 0.01 with 28,500 shares. Pak Datacom increased by Rs 2.44 to close at Rs 51.41 with 3,200 shares.
Sitara Energy gained Re. 0.97 to close at Rs 19.62 with 2,000 shares. Mod Al-Mali lost Re. 0.50 to close at Rs 2.25 with 1,500 shares. Southern Electric increased by Re. 0.05 to close at Rs 3.65 with 1,000 shares. KESC remained unchanged at Rs 3.80 with 500 shares. Chashma Sugar closed at Rs 5.70 without any change, with 500 shares.
Japan Power remained unchanged at Rs 4.50 with 500 shares. Millat Tractors closed at Rs 163.92 without any change with 400 shares. Pak Datacom was the highest gainer and gained Rs 2.44 to close at Rs 51.41, while Mod Al-Mali was the worst loser and lost Re 0.50 to close at Rs 2.25.
Tuesday, December 2, 2008
Trading improves slightly
KARACHI (December 02 2008): Trading volume at Karachi Stock Exchange increased slightly on Monday mainly due to some activity in a few second-tier stocks. However, the KSE-100 index once still remained unchanged at 9,187.10 points. The trading volume in ready market increased to 102,900 shares as compared to the lowest level of 3,700 shares of last Friday. However, no trading was recorded at the futures counter.
Out of the total 11 active scrips, two closed in positive and one in negative while the value of eight scrips remained unchanged. National Assets was volume leader with 83,000 shares. However, it lost Re. 0.05 to close at Re. 0.40. Pak Datacom gained Re. 0.27 to close at Rs 48.97 with 9,700 shares. Habib-ADM increased by Re. 0.37 to close at Rs 9.74 with 3,500 shares.
Millat Tractors remained unchanged at Rs 163.92 with 2,700 shares. Redco Textile closed at Re. 1.00 without any change with 2,000 shares. Zeal Pak remained unchanged at Rs 1.16 without any change with 500 shares. Trust Modaraba closed at Rs 1.35 without any change with 500 shares.
Mukhtar Textile remained unchanged at Re. 0.55 with 500 shares. Unilever Pak Limited closed at Rs 2340.00 without any change with 300 shares. Pak Petroleum remained unchanged at Rs 193.65 with 100 shares. Pak Datacom was the highest gainers and gained Rs 1.27 to close at Rs 48.97 while National Assets was the worst loser and lost Re. 0.05 to close at Re. 0.40.
Hasnain Asghar Ali of Aziz Fidahusein Securities said that with Indian reaction on Mumbai incident, blaming Pakistan and heightening tension with the country, and the disturbed law and order situation in the city has certainly added to the pressure being built to give a welcome to the bears as and when the local equity markets resume normal trading.
Keeping in view the negative developments, almost on all the fronts, economic, law and order and geo-political the prospective investors who were weighing options to invest at extreme discounts in the fundamentally strong stocks having a history of consistent pay outs, suddenly opted to stay indoors, thus leaving the desperate sellers searching for buyers.
Although the latest events, such as Indian reaction to Mumbai incident and deteriorating law and order situation in the city, have started to ease off, the latest events have, however, alerted the investors of the risk attached to investment in the local assets.
Out of the total 11 active scrips, two closed in positive and one in negative while the value of eight scrips remained unchanged. National Assets was volume leader with 83,000 shares. However, it lost Re. 0.05 to close at Re. 0.40. Pak Datacom gained Re. 0.27 to close at Rs 48.97 with 9,700 shares. Habib-ADM increased by Re. 0.37 to close at Rs 9.74 with 3,500 shares.
Millat Tractors remained unchanged at Rs 163.92 with 2,700 shares. Redco Textile closed at Re. 1.00 without any change with 2,000 shares. Zeal Pak remained unchanged at Rs 1.16 without any change with 500 shares. Trust Modaraba closed at Rs 1.35 without any change with 500 shares.
Mukhtar Textile remained unchanged at Re. 0.55 with 500 shares. Unilever Pak Limited closed at Rs 2340.00 without any change with 300 shares. Pak Petroleum remained unchanged at Rs 193.65 with 100 shares. Pak Datacom was the highest gainers and gained Rs 1.27 to close at Rs 48.97 while National Assets was the worst loser and lost Re. 0.05 to close at Re. 0.40.
Hasnain Asghar Ali of Aziz Fidahusein Securities said that with Indian reaction on Mumbai incident, blaming Pakistan and heightening tension with the country, and the disturbed law and order situation in the city has certainly added to the pressure being built to give a welcome to the bears as and when the local equity markets resume normal trading.
Keeping in view the negative developments, almost on all the fronts, economic, law and order and geo-political the prospective investors who were weighing options to invest at extreme discounts in the fundamentally strong stocks having a history of consistent pay outs, suddenly opted to stay indoors, thus leaving the desperate sellers searching for buyers.
Although the latest events, such as Indian reaction to Mumbai incident and deteriorating law and order situation in the city, have started to ease off, the latest events have, however, alerted the investors of the risk attached to investment in the local assets.
Monday, December 1, 2008
KSE trading volume touches new low
KARACHI (December 01 2008): The Karachi share market witnessed lowest ever trading during the week ended on November 30, due to prevailing uncertainty over the removal of price floor and the KSE-100 index remained unchanged at 9,187.10 points.
"The prevailing uncertainty over the removal of price floor and unavailability of market stabilisation fund did not allow the investors to take fresh positions", analysts said, adding that law and order and geopolitical situation in the region further deepened investors' concerns.
The market witnessed lowest ever trading volume of only 3,700 shares on Friday. The average daily turnover declined to 64,920 shares as compared to previous week's average of 95,972 shares. No trading was recorded at the futures counter during the week.
Market capitalisation declined by Rs 6 billion to Rs 2.820 trillion. Atif Zafar, an analyst at JS Global Capital, said that the mood of the market remained dismal with the continuing uncertainty regarding the lifting of the price floor mechanism. Even the Karachi Stock Exchange's board of directors meeting ended without any breakthrough on removal of price floor.
Despite the uncertainty, average daily volume in the off-market increased. However, average discount sought by investors in the off-market remained almost the same. The absence of buyers at the share market forced the trapped investors to offload their holdings at off-market counter with high discounts.
The average trading volume at the off-market counter increased by 21 percent to 9.7 million shares as compared to previous week's 8.0 million shares, with an average discount at around 30 percent, he added.
Romessa Mirza, an analyst at Invest Capital & Securities, said: "Although the 9,144 points floor has been in place for over three months now, no official date has been announced to release the market. In fact, efforts are still underway to solicit the required amount for the stabilisation fund. The meagre volumes were unable to nudge the market as the KSE-100 index stood dead still at 9,187 points throughout the week. The prevalent off-market transactions are undermining investors' confidence further still." The average daily volume declined by 32 percent while futures volume has now been nil for past seven weeks.
"The prevailing uncertainty over the removal of price floor and unavailability of market stabilisation fund did not allow the investors to take fresh positions", analysts said, adding that law and order and geopolitical situation in the region further deepened investors' concerns.
The market witnessed lowest ever trading volume of only 3,700 shares on Friday. The average daily turnover declined to 64,920 shares as compared to previous week's average of 95,972 shares. No trading was recorded at the futures counter during the week.
Market capitalisation declined by Rs 6 billion to Rs 2.820 trillion. Atif Zafar, an analyst at JS Global Capital, said that the mood of the market remained dismal with the continuing uncertainty regarding the lifting of the price floor mechanism. Even the Karachi Stock Exchange's board of directors meeting ended without any breakthrough on removal of price floor.
Despite the uncertainty, average daily volume in the off-market increased. However, average discount sought by investors in the off-market remained almost the same. The absence of buyers at the share market forced the trapped investors to offload their holdings at off-market counter with high discounts.
The average trading volume at the off-market counter increased by 21 percent to 9.7 million shares as compared to previous week's 8.0 million shares, with an average discount at around 30 percent, he added.
Romessa Mirza, an analyst at Invest Capital & Securities, said: "Although the 9,144 points floor has been in place for over three months now, no official date has been announced to release the market. In fact, efforts are still underway to solicit the required amount for the stabilisation fund. The meagre volumes were unable to nudge the market as the KSE-100 index stood dead still at 9,187 points throughout the week. The prevalent off-market transactions are undermining investors' confidence further still." The average daily volume declined by 32 percent while futures volume has now been nil for past seven weeks.
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