Tuesday, December 22, 2009
Research Analyst on 22/12/2009 (Karachi Stock Exchage)
With strong fundamentals, market is giving support at 9,000 levels despite the current grim law and order situation and political chaos. Moving forward, as soon as clarity arrives on the political front immediate positive activities can hit the market in coming weeks. Therefore investors are advised that in the case of decline they can invest in fundamentally strong stocks of banking, oil marketing and fertiliser sectors and then wait for January-end because market would have achieved good levels by then. Approval of IMF tranche, good economic outlook and improving political situation can provide support to the market. Supreme Court's judgment on different petitions would also play a vital role in setting the direction of the market.
Karachi Stock Exchange (KSE) surges on offshorers
Equities at Karachi Stock Exchange (KSE) ended higher on first day of the week mainly due to foreign investors' participation and buying in banking stocks however turnovers remained low due to ongoing political turmoil.
The benchmark KSE 100-Index surged by 0.54 per cent or 49.87 points to close at 9,233.60, KSE 30-Index jumped by 0.54 per cent or 52.51 points to end at 9,705.41, while KSE All Share Index gained value by 0.52 per cent or 34.15 points to finish at 6,554.40 levels.
The day started on a positive note with a gain of 25 points; positive activities then managed to continue as buying continued mainly in the banking stocks however volumes were low as investors were reluctant to take positions due to the ongoing political chaos. Therefore after remaining in green zone during first two hours market witnessed some profit-taking. As a result index then showed some mixed activities for a couple of hours moving in both territories where at one moment it touched an intra-day low of 9,172 points (-ve 11 points). However renewed buying activity at lower levels allowed the bulls to take a comeback and market once again managed to stay in positive where at about 1507 PST it hit the highest level of the day of 9,241 points (+ve 58 points) and finally closed in the green zone.
Some improved activities witnessed by the foreign investors where according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $3.6 million Monday.
He said that LOC unit holders of NIT including NBP and FABL led the rally in banking sector on capital gain expectations. Rise in international oil prices, strong valuations & institutional support in blue chips played a catalyst role in positive activity at the KSE, he added.
Investor participation was depressed throughout the day as 78.7 million shares were traded in the overall market which is 18 million shares less as compared to a turnover of 96.8 million shares Friday. Out of total 400 active issues, 202 advanced and 173 declined while 25 issues remained unchanged.
The benchmark KSE 100-Index surged by 0.54 per cent or 49.87 points to close at 9,233.60, KSE 30-Index jumped by 0.54 per cent or 52.51 points to end at 9,705.41, while KSE All Share Index gained value by 0.52 per cent or 34.15 points to finish at 6,554.40 levels.
The day started on a positive note with a gain of 25 points; positive activities then managed to continue as buying continued mainly in the banking stocks however volumes were low as investors were reluctant to take positions due to the ongoing political chaos. Therefore after remaining in green zone during first two hours market witnessed some profit-taking. As a result index then showed some mixed activities for a couple of hours moving in both territories where at one moment it touched an intra-day low of 9,172 points (-ve 11 points). However renewed buying activity at lower levels allowed the bulls to take a comeback and market once again managed to stay in positive where at about 1507 PST it hit the highest level of the day of 9,241 points (+ve 58 points) and finally closed in the green zone.
Some improved activities witnessed by the foreign investors where according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $3.6 million Monday.
He said that LOC unit holders of NIT including NBP and FABL led the rally in banking sector on capital gain expectations. Rise in international oil prices, strong valuations & institutional support in blue chips played a catalyst role in positive activity at the KSE, he added.
Investor participation was depressed throughout the day as 78.7 million shares were traded in the overall market which is 18 million shares less as compared to a turnover of 96.8 million shares Friday. Out of total 400 active issues, 202 advanced and 173 declined while 25 issues remained unchanged.
Bumbai Stock Exchange (BSE) India Declines to 6-week low
Indian shares fell 0.71 per cent Monday, a third straight fall taking them to a six-week closing low, with Larsen & Toubro and Bharti Airtel leading the losses as fund activity wound down into year-end.
Engineering and construction firm Larsen & Toubro declined 2.4 per cent, contributing most to the fall in the index, and state-run infrastructure firm Bharat heavy Electricals fell 1.35 per cent.
The index, powered by foreign buying of $16.5 billion of stocks up to mid-December, is up 72 per cent this year. But it is about 5 per cent below 17-month highs just under 17,500 hit in October, and has lost momentum as foreigners close their books for the end of the year. The 50-share NSE index closed down 0.7 per cent at 4,952.60.
Engineering and construction firm Larsen & Toubro declined 2.4 per cent, contributing most to the fall in the index, and state-run infrastructure firm Bharat heavy Electricals fell 1.35 per cent.
The index, powered by foreign buying of $16.5 billion of stocks up to mid-December, is up 72 per cent this year. But it is about 5 per cent below 17-month highs just under 17,500 hit in October, and has lost momentum as foreigners close their books for the end of the year. The 50-share NSE index closed down 0.7 per cent at 4,952.60.
Saturday, December 19, 2009
Karachi Stock Exchange (KSE) witnesses bearish Friday
Negativity prevailed at the Karachi Stock Exchange (KSE) on the last day of the week with very low volumes as investors preferred to stay sidelined over political turmoil arising out of the Supreme Court's decision on NRO.
The benchmark KSE 100-Index shed 0.47 per cent or 43.45 points to finish at 9,183.73 levels, KSE 30-Index lost 0.87 per cent or 84.64 points to close at 9,652.90, whereas KSE All Share Index dropped 0.43 per cent or 28.45 points to end at 6,520.25 levels.
He further stated that investors also remained concerned over prevailing security situation in the country.
Trading activities started on a positive note with a gain of 17 points thereafter market saw some mixed activities during the first hour of the session moving in both territories where at one stage index touched an intra-day high of 9,258 points (+ve 31 points). After which some pressure witnessed as investors were worried over the current political situation in the country therefore index went down into the red zone and closed the first session with a loss of 24 points.
Red numbers were increased during the second session due to law and order situation in the country and news of NAB taking action against ministers therefore the key index went down to touch its lowest level of the day of 9,137 points (-ve 89 points). However some buying at lower levels mainly in E&P stocks allowed the index to end with reduced losses.
Though market ended in the negative zone but buying was witnessed by the foreign investors as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $2 million Friday.
Investor participation was much depressed as 96.8 million shares changed hands which are 110 million shares less as compared to a turnover of 206.8 million shares a day earlier.
Out of total 384 active issues, 201 declined and 160 advanced while 23 issues remained unchanged.
The benchmark KSE 100-Index shed 0.47 per cent or 43.45 points to finish at 9,183.73 levels, KSE 30-Index lost 0.87 per cent or 84.64 points to close at 9,652.90, whereas KSE All Share Index dropped 0.43 per cent or 28.45 points to end at 6,520.25 levels.
He further stated that investors also remained concerned over prevailing security situation in the country.
Trading activities started on a positive note with a gain of 17 points thereafter market saw some mixed activities during the first hour of the session moving in both territories where at one stage index touched an intra-day high of 9,258 points (+ve 31 points). After which some pressure witnessed as investors were worried over the current political situation in the country therefore index went down into the red zone and closed the first session with a loss of 24 points.
Red numbers were increased during the second session due to law and order situation in the country and news of NAB taking action against ministers therefore the key index went down to touch its lowest level of the day of 9,137 points (-ve 89 points). However some buying at lower levels mainly in E&P stocks allowed the index to end with reduced losses.
Though market ended in the negative zone but buying was witnessed by the foreign investors as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $2 million Friday.
Investor participation was much depressed as 96.8 million shares changed hands which are 110 million shares less as compared to a turnover of 206.8 million shares a day earlier.
Out of total 384 active issues, 201 declined and 160 advanced while 23 issues remained unchanged.
HK, China hit 3-wk low on banks, estate
Shares in Hong Kong and China fell to three-week low, led by banks and properties, after tough new proposals by banking regulators and Beijing's tighter curbs on buying government land reignited fears about the sectors' outlooks.
Hong Kong's benchmark Hang Seng Index ended down 0.8 per cent or 171.75 points at 21,175.88, retreating for a fourth straight session. For the week, the index has fallen 3.3 per cent on fears of more fund outflows as the US dollar strengthens. Brokers said the market was likely to extend its sell-off.
Turnover rose to HK$69.75 billion ($8.99 billion), from Thursday's HK$66.60 billion.
The China Enterprises Index of top locally listed mainland Chinese stocks closed down 1.33 per cent at 12,334.82.
The Shanghai Composite Index fell 2.05 per cent or 65.192 points to finish at 3,113.886, slipping for a fourth day in a row. The index posted a 4.1 per cent loss this week.
Losing Shanghai A shares far outnumbered gainers by 836 to 55, while turnover slipped to a one-week low of 116 billion yuan from Thursday's 123 billion yuan.
The property sub-index dropped 5.42 per cent. Property issues were hard hit with industry heavyweight China Vanke losing 6.03 per cent, while China Merchants Property sank 8.97 per cent.
The index has been pressured over the past week by concerns about rising share supplies. The index once dropped below its 60-day moving average, now at 3,112 points, for the first time in seven weeks, although it drew some support Friday.
Hong Kong's benchmark Hang Seng Index ended down 0.8 per cent or 171.75 points at 21,175.88, retreating for a fourth straight session. For the week, the index has fallen 3.3 per cent on fears of more fund outflows as the US dollar strengthens. Brokers said the market was likely to extend its sell-off.
Turnover rose to HK$69.75 billion ($8.99 billion), from Thursday's HK$66.60 billion.
The China Enterprises Index of top locally listed mainland Chinese stocks closed down 1.33 per cent at 12,334.82.
The Shanghai Composite Index fell 2.05 per cent or 65.192 points to finish at 3,113.886, slipping for a fourth day in a row. The index posted a 4.1 per cent loss this week.
Losing Shanghai A shares far outnumbered gainers by 836 to 55, while turnover slipped to a one-week low of 116 billion yuan from Thursday's 123 billion yuan.
The property sub-index dropped 5.42 per cent. Property issues were hard hit with industry heavyweight China Vanke losing 6.03 per cent, while China Merchants Property sank 8.97 per cent.
The index has been pressured over the past week by concerns about rising share supplies. The index once dropped below its 60-day moving average, now at 3,112 points, for the first time in seven weeks, although it drew some support Friday.
Friday, December 11, 2009
Research Analyst on 11/12/2009 (Karachi Stock Exchage)
Strong support is likely to remain as long as foreign investors are active while recovery in Dubai markets would also come to rev up stocks. International oil prices may increase and strong valuation in oil, banks and fertiliser sectors are also having good sheen. Investors can invest in banking, fertiliser and power sectors. Rise in international oil prices, resolution of circular debt and arrival of IMF loan tranche would play vital role in market proceedings in the days to come. Market would be mixed to positive today.
Karachi Stock Exchange (KSE) Draws Gains From Moody's
Bulls extended their lead at Karachi Stock Exchange (KSE) Thursday which gained over 1 per cent to close near 9,000 levels with improved investor participation as Moody's maintained country's ratings as stable, while improved security situation and better economic numbers also played catalyst role.
The benchmark KSE 100-Index jumped by 1.06 per cent or 93.96 points to close at 8,999.39, KSE 30-Index climbed by 1.16 per cent or 108.95 points to end at 9467.24 levels, whereas KSE All Share Index surged by 0.99 per cent or 62.62 points to finish the day at 6394.64 levels.
Market started the session with 24 points into the green territory. Gains were then multiplied as investors went on a buying spree at attractive levels mainly on improved law and order situation while news of Moody's report also came to support the rally. Therefore index crossed the 9,000 levels and at about 1308 PST, it touched an intra-day high of 9,029 points (+ve 124 points). However some profit-taking at higher levels reduced some of the gains as the key index failed to sustain 9,000 levels at the end of the day.
Santosh Kumar, analyst at Darson Securities informed TFD that regardless of the negative news that banks face Rs8 billion Sukuk default and Qadirpur Gas Field is on the brink of collapse, market remained green throughout the session led by the usual suspects (MCB, ENGRO, PPL, POL, AICL and NML).
Volumes showed an impressive improvement as 118.9 million shares were traded which are 39.2 million shares more as compared to a turnover of 79.7 million shares a day earlier.
Out of total 391 active issues, 226 advanced and 146 declined while 19 issues remained unchanged.
The benchmark KSE 100-Index jumped by 1.06 per cent or 93.96 points to close at 8,999.39, KSE 30-Index climbed by 1.16 per cent or 108.95 points to end at 9467.24 levels, whereas KSE All Share Index surged by 0.99 per cent or 62.62 points to finish the day at 6394.64 levels.
Market started the session with 24 points into the green territory. Gains were then multiplied as investors went on a buying spree at attractive levels mainly on improved law and order situation while news of Moody's report also came to support the rally. Therefore index crossed the 9,000 levels and at about 1308 PST, it touched an intra-day high of 9,029 points (+ve 124 points). However some profit-taking at higher levels reduced some of the gains as the key index failed to sustain 9,000 levels at the end of the day.
Santosh Kumar, analyst at Darson Securities informed TFD that regardless of the negative news that banks face Rs8 billion Sukuk default and Qadirpur Gas Field is on the brink of collapse, market remained green throughout the session led by the usual suspects (MCB, ENGRO, PPL, POL, AICL and NML).
Volumes showed an impressive improvement as 118.9 million shares were traded which are 39.2 million shares more as compared to a turnover of 79.7 million shares a day earlier.
Out of total 391 active issues, 226 advanced and 146 declined while 19 issues remained unchanged.
Karachi Stock Exchange (KSE) Draws Gains From Moody's
Bulls extended their lead at Karachi Stock Exchange (KSE) Thursday which gained over 1 per cent to close near 9,000 levels with improved investor participation as Moody's maintained country's ratings as stable, while improved security situation and better economic numbers also played catalyst role.
The benchmark KSE 100-Index jumped by 1.06 per cent or 93.96 points to close at 8,999.39, KSE 30-Index climbed by 1.16 per cent or 108.95 points to end at 9467.24 levels, whereas KSE All Share Index surged by 0.99 per cent or 62.62 points to finish the day at 6394.64 levels.
Market started the session with 24 points into the green territory. Gains were then multiplied as investors went on a buying spree at attractive levels mainly on improved law and order situation while news of Moody's report also came to support the rally. Therefore index crossed the 9,000 levels and at about 1308 PST, it touched an intra-day high of 9,029 points (+ve 124 points). However some profit-taking at higher levels reduced some of the gains as the key index failed to sustain 9,000 levels at the end of the day.
Santosh Kumar, analyst at Darson Securities informed TFD that regardless of the negative news that banks face Rs8 billion Sukuk default and Qadirpur Gas Field is on the brink of collapse, market remained green throughout the session led by the usual suspects (MCB, ENGRO, PPL, POL, AICL and NML).
Volumes showed an impressive improvement as 118.9 million shares were traded which are 39.2 million shares more as compared to a turnover of 79.7 million shares a day earlier.
Out of total 391 active issues, 226 advanced and 146 declined while 19 issues remained unchanged.
The benchmark KSE 100-Index jumped by 1.06 per cent or 93.96 points to close at 8,999.39, KSE 30-Index climbed by 1.16 per cent or 108.95 points to end at 9467.24 levels, whereas KSE All Share Index surged by 0.99 per cent or 62.62 points to finish the day at 6394.64 levels.
Market started the session with 24 points into the green territory. Gains were then multiplied as investors went on a buying spree at attractive levels mainly on improved law and order situation while news of Moody's report also came to support the rally. Therefore index crossed the 9,000 levels and at about 1308 PST, it touched an intra-day high of 9,029 points (+ve 124 points). However some profit-taking at higher levels reduced some of the gains as the key index failed to sustain 9,000 levels at the end of the day.
Santosh Kumar, analyst at Darson Securities informed TFD that regardless of the negative news that banks face Rs8 billion Sukuk default and Qadirpur Gas Field is on the brink of collapse, market remained green throughout the session led by the usual suspects (MCB, ENGRO, PPL, POL, AICL and NML).
Volumes showed an impressive improvement as 118.9 million shares were traded which are 39.2 million shares more as compared to a turnover of 79.7 million shares a day earlier.
Out of total 391 active issues, 226 advanced and 146 declined while 19 issues remained unchanged.
Nikkei Falls On Yen, Credit Woes
Japan's Nikkei average fell 1.4 per cent Thursday after a recent sharp rebound, as credit troubles overseas weighed on investor confidence and a stronger yen pressured shares of exporters.
"Credit worries in places like Dubai and Spain are curbing investors' appetite to keep buying stocks, sending the market lower," said Soichiro Monji, a chief strategist at Daiwa SB Investments.
In light trade, the benchmark Nikkei lost 141.90 points to 9,862.82, falling for a third day after having gained nearly 12 per cent in a six-day rally to Monday. The broader Topix retreated 1.3 per cent to 873.90.
Suzuki dropped to 2,215 yen. Among other exporters, Honda Motor Co slipped 1.5 per cent to 2,930 yen and Toyota Motor Corp shed 1.6 per cent to 3,650 yen. But Sanyo Electric surged 10.7 per cent to 176 yen following the closure of Panasonic Corp's tender offer the previous day, with Panasonic expected to take a majority stake, leading to synergies between the two electronics firms.
"Credit worries in places like Dubai and Spain are curbing investors' appetite to keep buying stocks, sending the market lower," said Soichiro Monji, a chief strategist at Daiwa SB Investments.
In light trade, the benchmark Nikkei lost 141.90 points to 9,862.82, falling for a third day after having gained nearly 12 per cent in a six-day rally to Monday. The broader Topix retreated 1.3 per cent to 873.90.
Suzuki dropped to 2,215 yen. Among other exporters, Honda Motor Co slipped 1.5 per cent to 2,930 yen and Toyota Motor Corp shed 1.6 per cent to 3,650 yen. But Sanyo Electric surged 10.7 per cent to 176 yen following the closure of Panasonic Corp's tender offer the previous day, with Panasonic expected to take a majority stake, leading to synergies between the two electronics firms.
Election 2010 - Karachi Stock Exchange BoD
Amin Yusuf
There should be securities-based margin in Deliverable Futures rather than cash-based
Develop system-based leverage product which would be user-friendly Settle investor claims sooner and return them maximum possible portion of their claims Implement sector trading, option trading Steps to increase investor size like road shows etc Launch Margin Trading in the earliest possible time after its approval from SECP Bring more companies through Initial Public Offering (IPOs)
Steps to improve investor confidence.
Haji Ghani Haji Usman
Implement Margin Financing & Margin Trading at the earliest Solve issues between banks and members politely To give maximum possible return to investors against their claims Members’ issue be resolved amicably Would take measures to improve investor confidence.
There should be securities-based margin in Deliverable Futures rather than cash-based
Develop system-based leverage product which would be user-friendly Settle investor claims sooner and return them maximum possible portion of their claims Implement sector trading, option trading Steps to increase investor size like road shows etc Launch Margin Trading in the earliest possible time after its approval from SECP Bring more companies through Initial Public Offering (IPOs)
Steps to improve investor confidence.
Haji Ghani Haji Usman
Implement Margin Financing & Margin Trading at the earliest Solve issues between banks and members politely To give maximum possible return to investors against their claims Members’ issue be resolved amicably Would take measures to improve investor confidence.
Tuesday, December 8, 2009
Research Analyst on 08/12/2009 (Karachi Stock Exchage)
Market would show rangebound activities and index can further lose 200-300 points as there is uncertainty over the National Reconciliation Ordinance issue, lack of institutional activity due to year-end and limited foreign interest due to holidays ahead. Therefore investors are suggested to wait for the market to come down to 8700-8800 levels then invest in stocks in banking, oil and fertilizer sectors with dividend yield and price appreciation. Good corporate results would support the market. Market performance would stay weak today.
Karachi Stock Exchange (KSE) Turnover Hits 5mth Low
Karachi Stock Exchange (KSE) continued to register dull activities on first trading day of the week with volumes reducing to over 5-mth low and index finally going below psychological barrier of 9,000 owing mainly to deteriorating law and order situation and political uncertainty over NRO.
The benchmark KSE 100-Index declined by 16.21 points or 0.18 per cent to close at 8,992.92 levels, KSE 30-Index shed 24.08 points or 0.25 per cent to end at 9,440.05, whereas KSE All Share Index lost 12.74 points or 0.20 per cent to finish the first trading session of the week at 6,396.22 levels.
Market remained lacklustre as volumes were 23-week low. Moreover year-end also restricted institutions to take fresh positions at the trading counter, he added.
Investor participation remained very low right throughout the day as 73.7 million shares were traded in the overall market which is the lowest of over five months as 42.6 million shares were traded on July 3, 2009 while it is 31 million shares less as compared to a turnover of 103.7 million shares traded Friday.
Trading activities started with a gain of 20 points and after remaining in the positive zone for around two hours where during the initial moments it touched an intra-day high of 9,045 points (+ve 36 points). However investor participation was limited as they were reluctant to take positions over current grim political and security situation in the country. Then after the news of bomb blast in Peshawar and Quetta some negative activities witnessed and index went down into the negative zone where at about 1438 PST it touched an intra-day low of 8,979 points (-ve 29 points) and finally closed near those levels.
Foreign investors also showed limited interest as according to the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $0.6 million Monday. However local companies and banks did a net buying of $3.82 and $2.42 million respectively, while NBFC did a net selling of $6.27 million.
Out of total 396 active issues, 202 declined and 164 advanced while 30 issues remained unchanged.
The benchmark KSE 100-Index declined by 16.21 points or 0.18 per cent to close at 8,992.92 levels, KSE 30-Index shed 24.08 points or 0.25 per cent to end at 9,440.05, whereas KSE All Share Index lost 12.74 points or 0.20 per cent to finish the first trading session of the week at 6,396.22 levels.
Market remained lacklustre as volumes were 23-week low. Moreover year-end also restricted institutions to take fresh positions at the trading counter, he added.
Investor participation remained very low right throughout the day as 73.7 million shares were traded in the overall market which is the lowest of over five months as 42.6 million shares were traded on July 3, 2009 while it is 31 million shares less as compared to a turnover of 103.7 million shares traded Friday.
Trading activities started with a gain of 20 points and after remaining in the positive zone for around two hours where during the initial moments it touched an intra-day high of 9,045 points (+ve 36 points). However investor participation was limited as they were reluctant to take positions over current grim political and security situation in the country. Then after the news of bomb blast in Peshawar and Quetta some negative activities witnessed and index went down into the negative zone where at about 1438 PST it touched an intra-day low of 8,979 points (-ve 29 points) and finally closed near those levels.
Foreign investors also showed limited interest as according to the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $0.6 million Monday. However local companies and banks did a net buying of $3.82 and $2.42 million respectively, while NBFC did a net selling of $6.27 million.
Out of total 396 active issues, 202 declined and 164 advanced while 30 issues remained unchanged.
Karachi Stock Exchange (KSE) declares eligible scrips for short selling in 30-Index
The Board of Directors of Karachi Stock Exchange (KSE) has approved KSE 30-Index as eligible securities for short selling under ready market, effective from January 4, 2010.
According to KSE announcement here Monday, these securities include Arif Habib Ltd, Adamjee Insurance, Azgard Nine Ltd, Attock Petroleum Ltd, Attock Refinery Ltd, Bank Al-Habib, Bank Alfalah, DG Khan Cement, Engro Chemical, FFBL, FFC, HBL, HUBCO, ICI Pakistan, Jahangir Siddiqui Co, Kot Addu Power Company Ltd, Lucky Cement, MCB Bank, NBP, Nishat Mills, National Refinery, OGDC, Pakistan Reinsurance, Packages Ltd, POL, PPL, PSO, PTCL, Shell Pakistan Ltd and UBL.
According to KSE announcement here Monday, these securities include Arif Habib Ltd, Adamjee Insurance, Azgard Nine Ltd, Attock Petroleum Ltd, Attock Refinery Ltd, Bank Al-Habib, Bank Alfalah, DG Khan Cement, Engro Chemical, FFBL, FFC, HBL, HUBCO, ICI Pakistan, Jahangir Siddiqui Co, Kot Addu Power Company Ltd, Lucky Cement, MCB Bank, NBP, Nishat Mills, National Refinery, OGDC, Pakistan Reinsurance, Packages Ltd, POL, PPL, PSO, PTCL, Shell Pakistan Ltd and UBL.
Dubai falls to 20-wk low as govt shields assets
Dubai's index slumped to a 20-week low Monday after the emirate's government said it would not sell assets to meet the multi-billion dollar obligations of state-owned Dubai World.
The move to ring-fence Dubai's assets sent the index tumbling 5.8 per cent to its lowest close since July 22. Dubai's woes also shaped trading on regional markets, with the Saudi index slipping to a four-week low as banks declined. Banks lifted Oman's index to a higher close after the country's central bank said Omani lenders did not need to take provisions to cover $77 million combined exposure to Dubai World.
The move to ring-fence Dubai's assets sent the index tumbling 5.8 per cent to its lowest close since July 22. Dubai's woes also shaped trading on regional markets, with the Saudi index slipping to a four-week low as banks declined. Banks lifted Oman's index to a higher close after the country's central bank said Omani lenders did not need to take provisions to cover $77 million combined exposure to Dubai World.
Monday, December 7, 2009
Lahore Stock Exchange (LSE) Sheds Little Value
LAHORE: Lahore Stock Exchange (LSE) witnessed bearish trend here Monday as its benchmark LSE 25-Index lost 7.11 points to close at 2,736.70 points as compared to 2,743.81 points Friday.
Market volumes also witnessed decreasing trend as a turnover of 5.956 million shares were traded as compared to 13.083 million shares traded the other day, depicting a huge decline by 7.127 million shares.
A total of 91 active scrips exchanged hands during the course of the day, out of
which prices of only 16 issues moved up the board, 41 remained in the negative column while rates of other 34 equities remained unchanged.
The Bank of Punjab Limited proved to be the volume leader of the day with 0.877 million shares traded in the scrips, followed by SilkBank Limited with 0.797 million shares and Javed Omer Vohra Limited with 0.701 million shares.
Market volumes also witnessed decreasing trend as a turnover of 5.956 million shares were traded as compared to 13.083 million shares traded the other day, depicting a huge decline by 7.127 million shares.
A total of 91 active scrips exchanged hands during the course of the day, out of
which prices of only 16 issues moved up the board, 41 remained in the negative column while rates of other 34 equities remained unchanged.
The Bank of Punjab Limited proved to be the volume leader of the day with 0.877 million shares traded in the scrips, followed by SilkBank Limited with 0.797 million shares and Javed Omer Vohra Limited with 0.701 million shares.
Thursday, December 3, 2009
Research Analyst on 03/12/2009 (Karachi Stock Exchage)
Lacklustre trading activities are likely to prevail in short term where the main index would move between 8,700 and 9,300 levels till any major development takes place. Investors are suggested to adopt 'Buy on dips' strategy where they can invest in banking and textile sectors. Arrival of IMF loan tranche and major success in Operation Rah-e-Nijat could trigger the market in short term. Market would be rangebound today.
Oils Fuel 100-Index Up
After Dubai debt storm blew away stocks value at the Karachi Stock Exchange (KSE) Tuesday, bulls made a strong come back Wednesday as the main index gained 75 points on buying in oil stocks.
The benchmark KSE 100-Index surged by 74.66 points or 0.83 per cent to close at 9,087.70 levels, KSE 30-Index gained 88.43 points or 0.93 per cent to end at 9,571.35 levels, whereas KSE All Share Index piled up 53.55 points or 0.84 per cent to finish at 6,453.43 levels.
Trading activities started on a positive note with main index piling up 47 points in the beginning. Gains were then gradually increased as investors took positions mainly in oil stocks due to higher international oil prices while some support was also seen in a number of banking and fertiliser stocks. Therefore index at about 1056 PST touched its intraday high of 9,132 points (+ve 119 points). However, some profit-taking witnessed at higher levels which reduced the index gains and it failed to sustain 9,100 levels at the end of the day.
Investor participation saw a marginal improvement as 92.3 million shares were traded Wednesday as compared to a turnover of 89.8 million shares of Tuesday, depicting an increment by 2.5 million shares.
Out of total 363 active issues, 202 advanced and 146 declined while 15 issues remained unchanged.
The benchmark KSE 100-Index surged by 74.66 points or 0.83 per cent to close at 9,087.70 levels, KSE 30-Index gained 88.43 points or 0.93 per cent to end at 9,571.35 levels, whereas KSE All Share Index piled up 53.55 points or 0.84 per cent to finish at 6,453.43 levels.
Trading activities started on a positive note with main index piling up 47 points in the beginning. Gains were then gradually increased as investors took positions mainly in oil stocks due to higher international oil prices while some support was also seen in a number of banking and fertiliser stocks. Therefore index at about 1056 PST touched its intraday high of 9,132 points (+ve 119 points). However, some profit-taking witnessed at higher levels which reduced the index gains and it failed to sustain 9,100 levels at the end of the day.
Investor participation saw a marginal improvement as 92.3 million shares were traded Wednesday as compared to a turnover of 89.8 million shares of Tuesday, depicting an increment by 2.5 million shares.
Out of total 363 active issues, 202 advanced and 146 declined while 15 issues remained unchanged.
Qatar Bucks Gulf’s Negativity
Qatari stocks surged Wednesday as bucking a downward trend in Gulf Arab markets triggered by fears over the fortunes of troubled Dubai World. Qatar Telecom rocketed 7.9 per cent, Industries Qatar surged 6.6 per cent, Qatar National Bank finished up 6.4 per cent and Qatar Gas Transport (Nakilat) increased by 5 per cent.
Kuwaiti Mobile telephone firm Zain was one of the main factors behind Kuwait's decline after news that Indian state-owned telecommunications firm, Bharat Sanchar Nigam Ltd (BSNL) had put its plan to buy into the company on hold. Zain ended down 1 per cent after see-sawing between a gain and a loss of as much as 6 per cent during the session which saw the index end 1.4 per cent lower at 6,651 points.
"Kuwait is following its own fundamentals which are not so good at the moment," said Shakeel Sarwar, head of asset management at Sico Investment Bank in Bahrain.
"The Zain issue has been a major drag on the Kuwait market in the last three months, and there is still downward pressure on its share price".
Bahrain ended marginally lower with only a few stocks traded. The index closed down 0.12 per cent at 1,437 points.
Kuwaiti Mobile telephone firm Zain was one of the main factors behind Kuwait's decline after news that Indian state-owned telecommunications firm, Bharat Sanchar Nigam Ltd (BSNL) had put its plan to buy into the company on hold. Zain ended down 1 per cent after see-sawing between a gain and a loss of as much as 6 per cent during the session which saw the index end 1.4 per cent lower at 6,651 points.
"Kuwait is following its own fundamentals which are not so good at the moment," said Shakeel Sarwar, head of asset management at Sico Investment Bank in Bahrain.
"The Zain issue has been a major drag on the Kuwait market in the last three months, and there is still downward pressure on its share price".
Bahrain ended marginally lower with only a few stocks traded. The index closed down 0.12 per cent at 1,437 points.
Karachi Stock Exchange (KSE) Extends SIND Suspension
Karachi Stock Exchange (KSE) has extended the suspension period of Sind Alkalis Ltd (SIND) for another 60 days upon failing to comply with KSE requirements. According to KSE, the action, effective from December 3 has been taken to protect the interest of traders and public.
Wednesday, December 2, 2009
Research Analyst on 02/12/2009 (Karachi Stock Exchage)
Market is likely to record mixed activities in the short term over uncertainty in the global markets owing to Dubai debacle, security situation in the country and NRO-related developments. Market would show dependency on international stock markets in the near term. However long-term outlook of the market is bullish and investors are advised to invest for a longer period of time. Inflow from Friends of Democratic Pakistan (FoDP) and International Monetary Fund (IMF) would be the supportive factors for the market. It would witness rangebound trading activities today.
Dubai Woes Devastate Karachi Stock Exchange (KSE)
Equities at Karachi Stock Exchange (KSE) declined over 2 per cent after a four-day holiday Tuesday on fears that fallout from the Dubai debt contagion could reignite global financial turmoil, while political uncertainty and grim security situation also hampered the investor confidence.
Although, the benchmark KSE 100-Index slumped by 2.1 per cent or 193.17 points it managed to sustain 9,000 levels and closed at 9,013.17, KSE 30-Index plunged by 2.3 per cent or 223.56 points to finish at 9,482.92 levels, whereas KSE All Share Index declined by 1.98 per cent or 129.56 points to end at 6,399.88 levels.
Dubai last week asked creditors of government-controlled Dubai World and Nakheel for a delay on debt repayments as a first step to restructuring.
He further elaborated that there were fears that the recent credit woes could halt or slowdown the pace of remittances and FDI flows into the country. Moreover, declining Pakistan dollar bond prices also discouraged investors as it could raise the risk premium of the country, he added. Punjani further noted that investors remained cautious over political uncertainty in the backdrop of end of National Reconciliation Ordinance (NRO) tenure.
Market started the day with 91 points into the negative zone; thereafter red numbers accumulated quickly and within just 30 minutes after the opening bells index breached the psychological barrier of 9,000 points and touched its intra-day low of 8,985 points (-ve 220 points) as investors who were worried over the Dubai financial crises preferred to take an exit from the market. Adding to the pressure was the blast in Swat and uncertainty on the political front.
Therefore selling continued mainly in oil, banking and fertiliser sectors and market remained in the negative zone right throughout the day but managed to close just above 9,000 levels.
Volumes were slightly better as 89.8 million shares traded in the market which is 5.2 million shares more as compared to turnover of 84.6 million shares Thursday. Out of total 350 active issues, 227 declined and 105 advanced while 18 issues remained unchanged.
Although, the benchmark KSE 100-Index slumped by 2.1 per cent or 193.17 points it managed to sustain 9,000 levels and closed at 9,013.17, KSE 30-Index plunged by 2.3 per cent or 223.56 points to finish at 9,482.92 levels, whereas KSE All Share Index declined by 1.98 per cent or 129.56 points to end at 6,399.88 levels.
Dubai last week asked creditors of government-controlled Dubai World and Nakheel for a delay on debt repayments as a first step to restructuring.
He further elaborated that there were fears that the recent credit woes could halt or slowdown the pace of remittances and FDI flows into the country. Moreover, declining Pakistan dollar bond prices also discouraged investors as it could raise the risk premium of the country, he added. Punjani further noted that investors remained cautious over political uncertainty in the backdrop of end of National Reconciliation Ordinance (NRO) tenure.
Market started the day with 91 points into the negative zone; thereafter red numbers accumulated quickly and within just 30 minutes after the opening bells index breached the psychological barrier of 9,000 points and touched its intra-day low of 8,985 points (-ve 220 points) as investors who were worried over the Dubai financial crises preferred to take an exit from the market. Adding to the pressure was the blast in Swat and uncertainty on the political front.
Therefore selling continued mainly in oil, banking and fertiliser sectors and market remained in the negative zone right throughout the day but managed to close just above 9,000 levels.
Volumes were slightly better as 89.8 million shares traded in the market which is 5.2 million shares more as compared to turnover of 84.6 million shares Thursday. Out of total 350 active issues, 227 declined and 105 advanced while 18 issues remained unchanged.
UAE Markets Lead Regional Slum
DUBAI: Real estate stocks weighed on Dubai's index Tuesday, pressing it lower a second day on continued uncertainty over debt restructuring at state-owned group Dubai World.
"There was buying in selected stocks, and towards the end of the session we saw buying in Emaar," said Ayman el-Saheb, director of operations at Darahem Financial Brokerage. "The panic is not yet over, but people are becoming aware this is not a catastrophe.
The index declined 5.6 per cent to 1,831 points. In Abu Dhabi, banking stocks fell on growing concern about their possible exposure of UAE banks to the indebted companies. So far, only National Bank of Abu Dhabi has officially disclosed its exposure. Union National Bank, Abu Dhabi Commercial Bank, and First Gulf Bank all fell around 9.8 per cent in the absence of any statement on their exposure.
Financial stocks led declines in Kuwait after the central bank governor said two Kuwaiti lenders had a total exposure of $118 million to Dubai World and Nakheel.
Gulf Bank slumped 8.5 per cent and Kuwait Finance House dropped 5.5 per cent. Similarly, banking stocks took a beating in Qatar, with Qatar National Bank and Doha Bank both tumbling around 9 per cent.
"There was buying in selected stocks, and towards the end of the session we saw buying in Emaar," said Ayman el-Saheb, director of operations at Darahem Financial Brokerage. "The panic is not yet over, but people are becoming aware this is not a catastrophe.
The index declined 5.6 per cent to 1,831 points. In Abu Dhabi, banking stocks fell on growing concern about their possible exposure of UAE banks to the indebted companies. So far, only National Bank of Abu Dhabi has officially disclosed its exposure. Union National Bank, Abu Dhabi Commercial Bank, and First Gulf Bank all fell around 9.8 per cent in the absence of any statement on their exposure.
Financial stocks led declines in Kuwait after the central bank governor said two Kuwaiti lenders had a total exposure of $118 million to Dubai World and Nakheel.
Gulf Bank slumped 8.5 per cent and Kuwait Finance House dropped 5.5 per cent. Similarly, banking stocks took a beating in Qatar, with Qatar National Bank and Doha Bank both tumbling around 9 per cent.
Tuesday, December 1, 2009
Research Analyst on 01/12/2009 (Karachi Stock Exchage)
Market is expected to show negative activities in the short term due to current political situation however medium term outlook of the market is positive where index could touch 9,900 levels by June end. Investors are advised to stay sidelined. Good corporate results would be the next trigger for the market. Market would perform negatively today.
KSE Sheds 1pc in Week on NRO
KARACHI: Dull trading activities witnessed at the Karachi Stock Exchange (KSE) last week which shed over 1 per cent with low investor participation who stayed reluctant to take positions ahead of Eid holidays and uncertain political situation over NRO issue.
The benchmark KSE 100-Index declined by 100 points or 1.08 per cent to close at 9,206 points, KSE 30-Index dropped 119 points or 1.22 per cent to close at 9,706 points while KSE All Share Index lost 64 points or 0.98 per cent to close at 6,529 points.
The week started on a bearish note where on the first day of the week on Monday index shed 84 points due to political turmoil in the country over National Reconciliation Ordinance (NRO) while uncertainty regarding reduction in interest rates also negatively affected the investor sentiments and they preferred to take an exit from the market with volumes reducing to near 5-month low.
However, market showed dull trading activities during the remaining three days of the week as investors opted for staying out of the market proceedings owing to a long weekend ahead. Reduction in interest rates too didn't see any major reaction as market had already discounted a 50bps reduction. Therefore on Tuesday index gained 11 points, on Wednesday it lost 29 points and on Thursday it closed with just 1 point up into the green zone. Index at one stage during intraday trading Thursday touched its lowest level of the day of 9,168 points.
Investor participation was much lower throughout the week as near 318 million shares were traded which are 473 million shares less as compared to a turnover of 791 million shares a week earlier. Average daily volumes reached 79 million shares per day which is near 79 million shares less as compared to a an average daily turnover of 158 million shares a week earlier.
The benchmark KSE 100-Index declined by 100 points or 1.08 per cent to close at 9,206 points, KSE 30-Index dropped 119 points or 1.22 per cent to close at 9,706 points while KSE All Share Index lost 64 points or 0.98 per cent to close at 6,529 points.
The week started on a bearish note where on the first day of the week on Monday index shed 84 points due to political turmoil in the country over National Reconciliation Ordinance (NRO) while uncertainty regarding reduction in interest rates also negatively affected the investor sentiments and they preferred to take an exit from the market with volumes reducing to near 5-month low.
However, market showed dull trading activities during the remaining three days of the week as investors opted for staying out of the market proceedings owing to a long weekend ahead. Reduction in interest rates too didn't see any major reaction as market had already discounted a 50bps reduction. Therefore on Tuesday index gained 11 points, on Wednesday it lost 29 points and on Thursday it closed with just 1 point up into the green zone. Index at one stage during intraday trading Thursday touched its lowest level of the day of 9,168 points.
Investor participation was much lower throughout the week as near 318 million shares were traded which are 473 million shares less as compared to a turnover of 791 million shares a week earlier. Average daily volumes reached 79 million shares per day which is near 79 million shares less as compared to a an average daily turnover of 158 million shares a week earlier.
Banks Push Hong Kong, China Higher
Hong Kong and Shanghai shares rebounded Monday with banks recovering from steep losses as worries about Dubai's debt problems eased and as Chinese authorities reassured investors they would stick with economic stimulus.
Brokers said sentiment remained cautious though worries over Dubai's debt issue had eased. "Since we don't expect the Dubai issue to have much immediate impact, the market's sentiment is very cautious and the focus is now on the US dollar," said Conita Hung, head equity research from Delta Asia Financial.
The index can test the upside at the 22,000 level if dollar weakness remains, she added.
Analysts said the sluggish market debut in Hong Kong signalled a weak investor appetite for a casino gaming company with a high valuation and an uncertain outlook. Its closest rival Wynn Macau rose 3.6 per cent to HK$9.57.
China's key stock index rose 3.2 per cent Monday, posting a third consecutive monthly gain, led by consumer-related and brokerage shares after authorities reassured investors they would stick with economic stimulus, sparking a market rebound after last week's slide.
Brokers said sentiment remained cautious though worries over Dubai's debt issue had eased. "Since we don't expect the Dubai issue to have much immediate impact, the market's sentiment is very cautious and the focus is now on the US dollar," said Conita Hung, head equity research from Delta Asia Financial.
The index can test the upside at the 22,000 level if dollar weakness remains, she added.
Analysts said the sluggish market debut in Hong Kong signalled a weak investor appetite for a casino gaming company with a high valuation and an uncertain outlook. Its closest rival Wynn Macau rose 3.6 per cent to HK$9.57.
China's key stock index rose 3.2 per cent Monday, posting a third consecutive monthly gain, led by consumer-related and brokerage shares after authorities reassured investors they would stick with economic stimulus, sparking a market rebound after last week's slide.
Tuesday, November 24, 2009
Pakistan's Stock Exchange Market to have for 4 Eid Holidyas
Pakistan's Stock Exchange Market to hae for 4 Eid Holidayss, The detail are as under:-
Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) & Islamabad Stock Exchange (ISE)
The abvoe Stock Exchange it will closed from 27/11/09 (Friday) to 30/11/09 (Monday) on account of Eid-ul-Adha. It will reopen on 01/12/09 (Tuesday)it announced.
Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) & Islamabad Stock Exchange (ISE)
The abvoe Stock Exchange it will closed from 27/11/09 (Friday) to 30/11/09 (Monday) on account of Eid-ul-Adha. It will reopen on 01/12/09 (Tuesday)it announced.
Research Analyst on 24/11/2009 (Karachi Stock Exchage)
Market is primarily depending on the monetary policy statement by the central bank and will perform accordingly while political situation would have secondary impact on it. Investors are advised to go for value buying where they can invest in oil marketing and power sectors. Launch of margin financing product and favourable political situation would be positive triggers for the market in coming days. Market might show some recovery today.
NRO, Rate-Move Doubts Dent Karachi Stock Exchange (KSE)
KARACHI: Political turmoil over the National Reconciliation Ordinance (NRO) and uncertainly on reduction in discount rates forced the investors to take an exit from the Karachi Stock Exchange (KSE) at the start of the fresh week as investor participation reduced to near 5-month low.
The benchmark KSE 100-Index declined by 84.40 points or 0.91 per cent to finish at 9,221.96 levels, KSE 30-Index dropped 84.69 points or 0.86 per cent to end at 9,741.21 levels, whereas KSE All Share Index went down by 60.25 points or 0.91 per cent to close at 6,533.68 levels.
Furqan Punjani, analyst at Topline Securities told The Financial Daily here that equity market was evidently dominated by uncertainty over NRO issue which persuaded investors to adopt sell strategy.
He said that investors also remained cautious over monetary policy as less than 100bps cut could further dent investor confidence.The coming long weekend also restricted investors to take fresh positions with overall volumes reduced to almost 5-month low, he added.
Bears were there since the start of the day as market opened 1 point down; red numbers then gradually gained steam as investors, mostly the locals, preferred to offload holdings due to the worrisome political situation in the country over the NRO issue while the uncertainty on reduction in interest rates in the monetary policy due to be announced on November 24, 2009 or Tuesday (today). Therefore selling pressured continued and index at about 1135 PST touched its lowest level of the day of 9,185 points (-ve 120 points). Though market remained in the negative zone but some recovery at the end allowed the index to end with reduced losses above 9,200 levels.
Despite negative activities buying continued by the foreign investors as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $0.86 million.
Investor participation saw a major decline as only 76 million shares exchanged hands during the course of the day; 64 million shares less when compared to a turnover of 140 million shares Friday. It is important to mention here that volumes were reduced to almost 5 months low as the KSE had registered a turnover of 42.6 million shares on July 3, 2009. Out of total 372 active issues, 260 declined and 96 advanced while 16 issues remained unchanged.
The benchmark KSE 100-Index declined by 84.40 points or 0.91 per cent to finish at 9,221.96 levels, KSE 30-Index dropped 84.69 points or 0.86 per cent to end at 9,741.21 levels, whereas KSE All Share Index went down by 60.25 points or 0.91 per cent to close at 6,533.68 levels.
Furqan Punjani, analyst at Topline Securities told The Financial Daily here that equity market was evidently dominated by uncertainty over NRO issue which persuaded investors to adopt sell strategy.
He said that investors also remained cautious over monetary policy as less than 100bps cut could further dent investor confidence.The coming long weekend also restricted investors to take fresh positions with overall volumes reduced to almost 5-month low, he added.
Bears were there since the start of the day as market opened 1 point down; red numbers then gradually gained steam as investors, mostly the locals, preferred to offload holdings due to the worrisome political situation in the country over the NRO issue while the uncertainty on reduction in interest rates in the monetary policy due to be announced on November 24, 2009 or Tuesday (today). Therefore selling pressured continued and index at about 1135 PST touched its lowest level of the day of 9,185 points (-ve 120 points). Though market remained in the negative zone but some recovery at the end allowed the index to end with reduced losses above 9,200 levels.
Despite negative activities buying continued by the foreign investors as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $0.86 million.
Investor participation saw a major decline as only 76 million shares exchanged hands during the course of the day; 64 million shares less when compared to a turnover of 140 million shares Friday. It is important to mention here that volumes were reduced to almost 5 months low as the KSE had registered a turnover of 42.6 million shares on July 3, 2009. Out of total 372 active issues, 260 declined and 96 advanced while 16 issues remained unchanged.
India Shares Gain 0.9pc on Reliance
MUMBAI: Indian shares rose 0.9 per cent Monday, powered by Reliance Industries after the energy major's offer to buy a controlling interest in US-based bankrupt petrochemicals company LyondellBasell.
Investors cheered the bid, which comes when global asset prices are cheap after the financial crisis. A deal would catapult Reliance into the ranks of top petrochemical makers such as Saudi Arabia's SABIC, Germany's BASF and US-based Dow Chemical Co.
Sources have put the value of the cash offer at around $10 billion to $12 billion, which would make it India's second-biggest ever foreign takeover. In 2007, Tata Steel bought Corus for $13 billion.
"In deals like Tata-Corus, the valuations were phenomenally high. But when a company is down and out, it is going to be cheap," said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services, who has bought the stock for his clients. Reliance, which has the heaviest weight in the main index, climbed 3.3 per cent to Rs2,195.50, its highest close in more than five weeks.
Vaibhav Sanghavi, director of Ambit Capital, said Reliance's comfortable balance sheet and synergies also helped the stock.
The 30-share BSE index firmed 0.93 per cent or 158.33 points at 17,180.18 levels, its best close in more than a month. Two-third of its components ended up, while in the broader section gainers led losers in the ratio of 1.3:1 on relatively lower volume of 348 million shares.
The index, which has gained 8.1 per cent this month after shedding 7.2 per cent in October, is up more than 78 per cent in 2009, fuelled by foreign portfolio inflows of more than $15 billion.
Telecom stocks declined as a tariff war in the sector intensified after Tata Teleservices extended its per-second billing scheme to roaming calls. Top mobile operator Bharti Airtel fell 4.5 per cent to Rs275.80, while rival Reliance Communications shed 1 per cent to Rs172.05.
Investors cheered the bid, which comes when global asset prices are cheap after the financial crisis. A deal would catapult Reliance into the ranks of top petrochemical makers such as Saudi Arabia's SABIC, Germany's BASF and US-based Dow Chemical Co.
Sources have put the value of the cash offer at around $10 billion to $12 billion, which would make it India's second-biggest ever foreign takeover. In 2007, Tata Steel bought Corus for $13 billion.
"In deals like Tata-Corus, the valuations were phenomenally high. But when a company is down and out, it is going to be cheap," said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services, who has bought the stock for his clients. Reliance, which has the heaviest weight in the main index, climbed 3.3 per cent to Rs2,195.50, its highest close in more than five weeks.
Vaibhav Sanghavi, director of Ambit Capital, said Reliance's comfortable balance sheet and synergies also helped the stock.
The 30-share BSE index firmed 0.93 per cent or 158.33 points at 17,180.18 levels, its best close in more than a month. Two-third of its components ended up, while in the broader section gainers led losers in the ratio of 1.3:1 on relatively lower volume of 348 million shares.
The index, which has gained 8.1 per cent this month after shedding 7.2 per cent in October, is up more than 78 per cent in 2009, fuelled by foreign portfolio inflows of more than $15 billion.
Telecom stocks declined as a tariff war in the sector intensified after Tata Teleservices extended its per-second billing scheme to roaming calls. Top mobile operator Bharti Airtel fell 4.5 per cent to Rs275.80, while rival Reliance Communications shed 1 per cent to Rs172.05.
LSE Sheds Value on Political Turm
LAHORE: As political deadlock reappeared on the political front following release of NRO beneficiaries' list, Lahore Stock Exchange (LSE) registered bearish trends Monday with its benchmark LSE 25-Index losing 26.48 points to close at 2,861.57 levels as compared to 2,888.05 Friday.
The total turnover also witnessed a decreasing trend as it remained at 6.824 million shares on the day as compared to 11.122 million shares traded the other day.
Out of total 98 active scrips, only 13 moved up the board, 40 remained in the negative column while other 45 remained unchanged.
National Refinery Limited came out as the top gainer of the day with an increase by Rs9.28 in its share price to finish at Rs194.85, while Mari Gas Company Ltd topped major losers with Rs7.13 decrease in its share value to end at Rs137.87.
Bank Alfalah Limited emerged as volume leader of the day with 2.195 million shares traded in the scrip, followed by Arif Habib Securities Limited with 0.589 million shares and Pakistan PTA Limited with 0.555 million shares.
The total turnover also witnessed a decreasing trend as it remained at 6.824 million shares on the day as compared to 11.122 million shares traded the other day.
Out of total 98 active scrips, only 13 moved up the board, 40 remained in the negative column while other 45 remained unchanged.
National Refinery Limited came out as the top gainer of the day with an increase by Rs9.28 in its share price to finish at Rs194.85, while Mari Gas Company Ltd topped major losers with Rs7.13 decrease in its share value to end at Rs137.87.
Bank Alfalah Limited emerged as volume leader of the day with 2.195 million shares traded in the scrip, followed by Arif Habib Securities Limited with 0.589 million shares and Pakistan PTA Limited with 0.555 million shares.
Wall St Up on Weak USD, Strong Home Sales
NEW YORK: Wall Street rallied Monday with the S&P set to reverse a three-day sell-off, as a weak US dollar and better-than-expected home sales data encouraged investors.
The National Association of Realtors said sales of previously owned US homes rose at a faster-than-expected pace to the highest in more than 2-1/2 years. The Dow Jones US Home Construction index gained 0.7 per cent.
"The rise in home sales was primarily driven by the credit for first-time home buyers. But still, given the unemployment rate and the number of foreclosures, you have to be very pleased about the numbers. It's stellar," said Tim Speiss, leader of Personal Wealth Advisors group at Eisner LLP in New York.
The Dow Jones industrial average was up 145.03 points, or 1.41 per cent, at 10,463.19 levels; the Standard & Poor's 500 Index was up 17.62 points, or 1.61 per cent, at 1,109.00 levels; whereas the Nasdaq Composite Index gained 33.53 points or 1.56 per cent to hit 2,179.57 levels.
The US dollar index slid 0.7 per cent on comments by St Louis Federal Reserve President James Bullard that the Fed should extend its mortgage-related assets purchase programme to give policy-makers more flexibility.
Energy shares got a boost as January crude futures gained 2.3 per cent to $79.22, while Dow component Chevron Corp swelled by 2.9 per cent to $79.
On the Nasdaq, News Corp rose 1.6 per cent at $12.17 after sources said Microsoft Corp has talked about a deal in which News would get paid to take its news websites off Google Inc.
.
The National Association of Realtors said sales of previously owned US homes rose at a faster-than-expected pace to the highest in more than 2-1/2 years. The Dow Jones US Home Construction index gained 0.7 per cent.
"The rise in home sales was primarily driven by the credit for first-time home buyers. But still, given the unemployment rate and the number of foreclosures, you have to be very pleased about the numbers. It's stellar," said Tim Speiss, leader of Personal Wealth Advisors group at Eisner LLP in New York.
The Dow Jones industrial average was up 145.03 points, or 1.41 per cent, at 10,463.19 levels; the Standard & Poor's 500 Index was up 17.62 points, or 1.61 per cent, at 1,109.00 levels; whereas the Nasdaq Composite Index gained 33.53 points or 1.56 per cent to hit 2,179.57 levels.
The US dollar index slid 0.7 per cent on comments by St Louis Federal Reserve President James Bullard that the Fed should extend its mortgage-related assets purchase programme to give policy-makers more flexibility.
Energy shares got a boost as January crude futures gained 2.3 per cent to $79.22, while Dow component Chevron Corp swelled by 2.9 per cent to $79.
On the Nasdaq, News Corp rose 1.6 per cent at $12.17 after sources said Microsoft Corp has talked about a deal in which News would get paid to take its news websites off Google Inc.
.
Monday, November 23, 2009
Research Analyst on 23/11/2009 (Karachi Stock Exchage)
Market is likely to show positive activities this week. If index breaches 9,400 levels, then it can touch 9,800 levels before Eid because of expectations of reduction in interest rates and continued foreign buying in the market. Investors are advised to invest in fertiliser, oil and banking sectors. Market would be positive today Monday.
Karachi Stock Exchange (KSE) Stays on the Roll During Oil-Fired Week
KARACHI: Bullish activities were witnessed at Karachi stock market during the week that ended on Friday - pushing the benchmark KSE 100-index up 239.19 points or 2.6 per cent.
The market closed at 9,306.36 points as compared to 9,067.17 points a week ago, mainly due to continued foreign interest in oil and gas exploration sector.
Expectations of reduction in discount rate in the next monetary policy announcement on November 24 and rise in international oil prices near to $80 per barrel helped the market to remain bullish, said analysts.
The turnover was recorded at 140.32 million shares as compared with 153.52 million shares of the previous week, reflecting an increase of 8.59 per cent.
"The increase was predominantly led by improved economic indicators, expected interest rate cut and foreign buying," said an analyst in Karachi. "All eyes are now focused on November 24 monetary policy announcement."
The State Bank of Pakistan had set on Tuesday November 24 as the release date of next monetary policy statement. With a 50-100 basis points decline anticipated by the industry experts supported by 5-31bps reduction in cut off T-bill rates, interest was revived in the market, said the analyst and added that moreover, positive economic news flow such as 22.3 per cent reduction in July-October (2009) trade deficit contributed to the improved investor confidence.
The E&P sector was the predominant performer this week posting returns of 6.4 per cent on the back of news flow regarding the incremental oil and gas production from some of the oil and gas fields.
Renewed interest was witnessed in the textile sector, which was up 3.8 per cent at the back of higher cotton arrivals and improved yarn export numbers. On the contrary, cement, fertiliser and banks underperformed the market.
Foreigners and mutual funds were among the major buyers as they bought shares worth $35.4 million and $32.5 million, while offloading shares worth $17.5 million and $28.1 million, respectively. Resultantly, they were net buyers of $17.9 million and $4.4 million, respectively. On the contrary, individuals and banks came out as net sellers, with cumulative net selling of $19 million.
"Positive activity was witnessed on stability in political situation, early introduction of leverage products in the market and impact of stronger valuations in the telecom sector," said another analyst.
The market closed at 9,306.36 points as compared to 9,067.17 points a week ago, mainly due to continued foreign interest in oil and gas exploration sector.
Expectations of reduction in discount rate in the next monetary policy announcement on November 24 and rise in international oil prices near to $80 per barrel helped the market to remain bullish, said analysts.
The turnover was recorded at 140.32 million shares as compared with 153.52 million shares of the previous week, reflecting an increase of 8.59 per cent.
"The increase was predominantly led by improved economic indicators, expected interest rate cut and foreign buying," said an analyst in Karachi. "All eyes are now focused on November 24 monetary policy announcement."
The State Bank of Pakistan had set on Tuesday November 24 as the release date of next monetary policy statement. With a 50-100 basis points decline anticipated by the industry experts supported by 5-31bps reduction in cut off T-bill rates, interest was revived in the market, said the analyst and added that moreover, positive economic news flow such as 22.3 per cent reduction in July-October (2009) trade deficit contributed to the improved investor confidence.
The E&P sector was the predominant performer this week posting returns of 6.4 per cent on the back of news flow regarding the incremental oil and gas production from some of the oil and gas fields.
Renewed interest was witnessed in the textile sector, which was up 3.8 per cent at the back of higher cotton arrivals and improved yarn export numbers. On the contrary, cement, fertiliser and banks underperformed the market.
Foreigners and mutual funds were among the major buyers as they bought shares worth $35.4 million and $32.5 million, while offloading shares worth $17.5 million and $28.1 million, respectively. Resultantly, they were net buyers of $17.9 million and $4.4 million, respectively. On the contrary, individuals and banks came out as net sellers, with cumulative net selling of $19 million.
"Positive activity was witnessed on stability in political situation, early introduction of leverage products in the market and impact of stronger valuations in the telecom sector," said another analyst.
UAE Falls on Uppish USD, Global markets
DUBAI: United Arab Emirates bourses suffered their largest declines since early November on Sunday as most other Middle East markets also retreated, tracking end-of-week losses on global exchanges.
Dubai's index fell 2.6 per cent as volumes slumped to a three-month low, Abu Dhabi lost 2 per cent and Oman and Qatar also declined.
Kuwait rose for a second straight session, trimming its losses since the end of September to 13 per cent, and Saudi Arabia edged higher.
"Middle East equities are reflecting the stronger dollar, which implies that investors are taking risk off the table and this will probably continue until year-end," said Robert McKinnon, Al Mal Capital managing director.
"We should see a sell off in equities, a rise in the dollar and maybe weaker pricing in commodities -- people want to book gains."
UAE property stocks were hammered amid dampened expectations for the sector. Emaar Properties plunged 4.4 per cent -- its biggest one-day drop since November 3 -- Deyaar lost 2.8 per cent and Arabtec tumbled 3.5 per cent.
Abu Dhabi's Aldar Properties and Sorouh Real Estate also tumbled, each falling more than 4 per cent.
Mobile telephone and banking stocks helped Kuwait's index end higher for a second session. Kuwait Finance House climbed 3.9 per cent and National Bank of Kuwait (NBK) 3.8 per cent.
A late banking sector rally enabled Saudi Arabia's index to rise 0.2 per cent although volumes hit an 11-week low.
Bahrain's measure rose for a second day, climbing 0.5 per cent to 1,450 points, its largest gain for a month.
Dubai's index fell 2.6 per cent as volumes slumped to a three-month low, Abu Dhabi lost 2 per cent and Oman and Qatar also declined.
Kuwait rose for a second straight session, trimming its losses since the end of September to 13 per cent, and Saudi Arabia edged higher.
"Middle East equities are reflecting the stronger dollar, which implies that investors are taking risk off the table and this will probably continue until year-end," said Robert McKinnon, Al Mal Capital managing director.
"We should see a sell off in equities, a rise in the dollar and maybe weaker pricing in commodities -- people want to book gains."
UAE property stocks were hammered amid dampened expectations for the sector. Emaar Properties plunged 4.4 per cent -- its biggest one-day drop since November 3 -- Deyaar lost 2.8 per cent and Arabtec tumbled 3.5 per cent.
Abu Dhabi's Aldar Properties and Sorouh Real Estate also tumbled, each falling more than 4 per cent.
Mobile telephone and banking stocks helped Kuwait's index end higher for a second session. Kuwait Finance House climbed 3.9 per cent and National Bank of Kuwait (NBK) 3.8 per cent.
A late banking sector rally enabled Saudi Arabia's index to rise 0.2 per cent although volumes hit an 11-week low.
Bahrain's measure rose for a second day, climbing 0.5 per cent to 1,450 points, its largest gain for a month.
Stocks could sputter with Black Friday eyed
Data has largely shown an economy that is recovering slowly but is still weak in areas like employment.
NEW YORK: US stocks could sputter this week as volumes dry up in holiday-shortened trading and with a slew of economic reports likely to illustrate the recovery is still fragile.
Investors will also get a glimpse of how holiday shopping could shape up with Black Friday, which traditionally marks the start of the season as retailers slash prices to tempt shoppers. It will be difficult for the economic recovery to make much headway without a pick-up in consumer spending as it accounts for two-thirds of the economy.
A raft of data is squeezed into the first half of the week, shortened by Thursday's Thanksgiving holiday. The delicate nature of the recovery has analysts split on whether the economy will advance from here or still faces another leg down.
The debate has plagued the rally throughout its run but now that the S&P 500 is up more than 60 per cent from March's 12-year lows, investors are more wary of taking risks. With just six trading weeks left in the year, market watchers are keen to hold onto profits.
Data has largely shown an economy that is recovering slowly but is still weak, particularly in areas like employment. Reports include home sales, consumer confidence, durable goods and the second reading of gross domestic product.
As well, the Federal Open Market Committee will release the minutes from November's rate-setting meeting. Investors will be looking for insight as to how the central bank will eventually start to remove its extraordinary stimulus measures and its view on the health of the economy.
The Dow and S&P 500 made 13-month highs last week before easing off, and recent sessions suggest the market is struggling to justify more gains.
For the week, the Dow rose 0.5 per cent, the S&P 500 fell 0.2 per cent and the Nasdaq shed 1 per cent. The S&P failed to hold above the key 1,100 level and will continue to face resistance there.
Volume is expected to be light throughout the week with US markets closed on Thursday for Thanksgiving and shutting early on Friday. Low volume can make stocks more volatile as fewer participants make it easier to move prices.
Black Friday, the day after Thanksgiving, will be watched closely with analysts anxious for signs consumers will be opening up their wallets. The phrase Black Friday is used by retailers to refer to the start of the holiday period when their business moves into the black, or turns a profit.
Early data on shopper traffic and anecdotal evidence will give the first snapshot of the day's performance and a clearer picture will emerge the following week when stores report November retail sales.
Third quarter preliminary gross domestic product is expected to come in at 2.9 per cent, revised down from an advance reading of 3.5 per cent last month, according to Reuters data. Analysts have been scaling back expectations for economic growth after data last week showed a larger-than-expected trade deficit.
Weekly initial claims for jobless benefits will be released on Wednesday, a day earlier than usual. Analysts expect first time claims to dip slightly to 500,000.
Likewise, the FOMC minutes will be released on Tuesday, a day earlier than previously scheduled. Other data includes new and existing home sales, consumer confidence for November and durable goods for October.
NEW YORK: US stocks could sputter this week as volumes dry up in holiday-shortened trading and with a slew of economic reports likely to illustrate the recovery is still fragile.
Investors will also get a glimpse of how holiday shopping could shape up with Black Friday, which traditionally marks the start of the season as retailers slash prices to tempt shoppers. It will be difficult for the economic recovery to make much headway without a pick-up in consumer spending as it accounts for two-thirds of the economy.
A raft of data is squeezed into the first half of the week, shortened by Thursday's Thanksgiving holiday. The delicate nature of the recovery has analysts split on whether the economy will advance from here or still faces another leg down.
The debate has plagued the rally throughout its run but now that the S&P 500 is up more than 60 per cent from March's 12-year lows, investors are more wary of taking risks. With just six trading weeks left in the year, market watchers are keen to hold onto profits.
Data has largely shown an economy that is recovering slowly but is still weak, particularly in areas like employment. Reports include home sales, consumer confidence, durable goods and the second reading of gross domestic product.
As well, the Federal Open Market Committee will release the minutes from November's rate-setting meeting. Investors will be looking for insight as to how the central bank will eventually start to remove its extraordinary stimulus measures and its view on the health of the economy.
The Dow and S&P 500 made 13-month highs last week before easing off, and recent sessions suggest the market is struggling to justify more gains.
For the week, the Dow rose 0.5 per cent, the S&P 500 fell 0.2 per cent and the Nasdaq shed 1 per cent. The S&P failed to hold above the key 1,100 level and will continue to face resistance there.
Volume is expected to be light throughout the week with US markets closed on Thursday for Thanksgiving and shutting early on Friday. Low volume can make stocks more volatile as fewer participants make it easier to move prices.
Black Friday, the day after Thanksgiving, will be watched closely with analysts anxious for signs consumers will be opening up their wallets. The phrase Black Friday is used by retailers to refer to the start of the holiday period when their business moves into the black, or turns a profit.
Early data on shopper traffic and anecdotal evidence will give the first snapshot of the day's performance and a clearer picture will emerge the following week when stores report November retail sales.
Third quarter preliminary gross domestic product is expected to come in at 2.9 per cent, revised down from an advance reading of 3.5 per cent last month, according to Reuters data. Analysts have been scaling back expectations for economic growth after data last week showed a larger-than-expected trade deficit.
Weekly initial claims for jobless benefits will be released on Wednesday, a day earlier than usual. Analysts expect first time claims to dip slightly to 500,000.
Likewise, the FOMC minutes will be released on Tuesday, a day earlier than previously scheduled. Other data includes new and existing home sales, consumer confidence for November and durable goods for October.
Saturday, November 21, 2009
Swiss companies keen to invest in Pakistan
KARACHI: Consul General of Switzerland Martin Benz has said that some large Swiss companies have shown interest in investing in Pakistan, especially in Karachi.
He was speaking at a lunch hosted by the honorary Consul General of Mozambique, Khalid Tawab, here on Friday. A large number of leading businessmen attended the lunch.He said that a large number of Swiss companies were successfully operating in Pakistan, especially in pharmaceutical business and made huge investments.
He informed the businessmen that Switzerland has already started issuing Schengen visas for European countries. This visa is valid for three years, he added.Khalid Tawab urged the Swiss Consul General to remove hurdles in the way of issuing visa to Pakistani businessmen and industrialists to further strengthen bilateral ties amongst the private sector and promote investment.He also urged him to encourage Swiss businessmen to invest in energy sector projects, especially coal based projects in Pakistan, to end power shortages.
He was speaking at a lunch hosted by the honorary Consul General of Mozambique, Khalid Tawab, here on Friday. A large number of leading businessmen attended the lunch.He said that a large number of Swiss companies were successfully operating in Pakistan, especially in pharmaceutical business and made huge investments.
He informed the businessmen that Switzerland has already started issuing Schengen visas for European countries. This visa is valid for three years, he added.Khalid Tawab urged the Swiss Consul General to remove hurdles in the way of issuing visa to Pakistani businessmen and industrialists to further strengthen bilateral ties amongst the private sector and promote investment.He also urged him to encourage Swiss businessmen to invest in energy sector projects, especially coal based projects in Pakistan, to end power shortages.
Foreign Buying Adds to Karachi Stock Exchange
KARACHI: Bulls continued to stay at Karachi Stock Exchange on Friday as its key index ended above 9,300 levels on continued buying by the foreign investors and expectations of reduction in interest rates; however, some profit-taking at the end reduced the green numbers.
The benchmark KSE 100-Index jumped up by 55 points or 0.6 per cent to close at 9,306 points. KSE 30-Index jumped by 51 points or 0.52 per cent to close at 9,825 points while KSE All-Share Index grew by 38 points or 0.58 per cent to close at 6,593 points.
"Attractive foreign inflows in the week pursued investors to remain on buying side," said Mohammad Sohail, Chief Executive of Topline Securities.
Furthermore, news regarding earlier than expected commencement of additional oil and gas from Nashpa pulled E&P stock prices. Speculation of Warid-Telenor deal again attracted investors' attention in Bank Alfalah which stood as volume leader of the day. Volumes remained dull due to weekend effect, he added.
Trading activities started on a positive note with a gain of 35 points. Thereafter, continued buying by the investors mainly in oil, fertiliser and banking sectors on expectations of reduction in interest rates further supported the market.
Foreign investors did buying worth $0.498 million, according to the data released by National Clearing Company of Pakistan Limited (NCCPL).
Rumors of Warid-Telenor deal and positive news from the oil sector also invited buying interest. Therefore, market closed the first session with a gain of 82 points at 9,334 points.
Bulls then managed to stay during the second session too where at about 2:59pm index touched its intraday high of 9,381 points (+ve 130 points). However, due to last-day-phobia, the investors preferred to book profits at higher levels which affected the gains.
Investor participation saw some improvement as 140 million shares traded hands which is 32 million shares more as compared to a turnover of 108 million shares a day earlier. Out of total 372 active issues, 193 advanced and 161 declined while 18 issues remained unchanged.
The benchmark KSE 100-Index jumped up by 55 points or 0.6 per cent to close at 9,306 points. KSE 30-Index jumped by 51 points or 0.52 per cent to close at 9,825 points while KSE All-Share Index grew by 38 points or 0.58 per cent to close at 6,593 points.
"Attractive foreign inflows in the week pursued investors to remain on buying side," said Mohammad Sohail, Chief Executive of Topline Securities.
Furthermore, news regarding earlier than expected commencement of additional oil and gas from Nashpa pulled E&P stock prices. Speculation of Warid-Telenor deal again attracted investors' attention in Bank Alfalah which stood as volume leader of the day. Volumes remained dull due to weekend effect, he added.
Trading activities started on a positive note with a gain of 35 points. Thereafter, continued buying by the investors mainly in oil, fertiliser and banking sectors on expectations of reduction in interest rates further supported the market.
Foreign investors did buying worth $0.498 million, according to the data released by National Clearing Company of Pakistan Limited (NCCPL).
Rumors of Warid-Telenor deal and positive news from the oil sector also invited buying interest. Therefore, market closed the first session with a gain of 82 points at 9,334 points.
Bulls then managed to stay during the second session too where at about 2:59pm index touched its intraday high of 9,381 points (+ve 130 points). However, due to last-day-phobia, the investors preferred to book profits at higher levels which affected the gains.
Investor participation saw some improvement as 140 million shares traded hands which is 32 million shares more as compared to a turnover of 108 million shares a day earlier. Out of total 372 active issues, 193 advanced and 161 declined while 18 issues remained unchanged.
Nikkei Falters; 1st 4-wk Losing Streak in a year
TOKYO: Japan's Nikkei stock average fell 0.5 per cent on Friday and logged its first four-week losing streak in over a year, with Sony sliding after its new growth strategy failed to reassure investors. Helping to temper the Nikkei's decline were gains in banking stocks, battered recently by concerns about fundraising after top lender Mitsubishi UFJ Financial Group announced a massive share sale this week.
The Nikkei slid 2.8 per cent on the week for its fourth straight weekly drop, the first such losing streak since a four-week period during September-October 2008, when equities tumbled globally on a wave of deleveraging and the unwinding of risky carry trades.
The Nikkei extended its declines this week, hurt by a recent flurry of equity financing, uncertainty about the economic policies of the new Democratic Party-led government and the yen's rise against the dollar.
Adding to the selling pressure was loss-cut selling by Japanese retail investors in margin trading, and there was also some talk of selling by overseas investors during the week.
"When you think about why shares have been falling, one reason is that with the change in the government, it has become hard to get a good read on economic policy," said Tsutomu Yamada, market analyst at Kabu.com Securities.
"The key is whether they can come up with a strategy that will convince people that there won't be a double-dip in the economy next year or in the next fiscal year," Yamada said. The Nikkei fell 51.79 points to a four-month closing low of 9,497.68.
The Nikkei slid 2.8 per cent on the week for its fourth straight weekly drop, the first such losing streak since a four-week period during September-October 2008, when equities tumbled globally on a wave of deleveraging and the unwinding of risky carry trades.
The Nikkei extended its declines this week, hurt by a recent flurry of equity financing, uncertainty about the economic policies of the new Democratic Party-led government and the yen's rise against the dollar.
Adding to the selling pressure was loss-cut selling by Japanese retail investors in margin trading, and there was also some talk of selling by overseas investors during the week.
"When you think about why shares have been falling, one reason is that with the change in the government, it has become hard to get a good read on economic policy," said Tsutomu Yamada, market analyst at Kabu.com Securities.
"The key is whether they can come up with a strategy that will convince people that there won't be a double-dip in the economy next year or in the next fiscal year," Yamada said. The Nikkei fell 51.79 points to a four-month closing low of 9,497.68.
Topline Securities 2nd Best in Pakistan
KARACHI: Topline Securities has been ranked amongst the top brokerage firms in Pakistan, according to a survey conducted by Asiamoney magazine. In its November 2009 issue, Asiamoney, according to its 20th annual Brokers Poll 2009, has ranked Topline Securities as the second Best Local Brokerage House in Pakistan.
The poll is based on an extensive survey of leading fund managers from around the world. Since its launch in 1989, Asiamoney has been providing extensive reporting and analysis of financial markets in Asia Pacific countries. Their polls and ranking are well-recognised globally as it fulfills the needs of leading fund managers, bankers, etc. More than 2300 investors from 1300 different institutions have contributed this year making it one of the largest polls so far.
"We thank all our clients here in Pakistan and abroad for showing trust in us," says Mohammed Sohail, Chief Executive of Topline Securities.
Topline Securities is an active player in Pakistan stock market and is being managed by a young and energetic team.
The poll is based on an extensive survey of leading fund managers from around the world. Since its launch in 1989, Asiamoney has been providing extensive reporting and analysis of financial markets in Asia Pacific countries. Their polls and ranking are well-recognised globally as it fulfills the needs of leading fund managers, bankers, etc. More than 2300 investors from 1300 different institutions have contributed this year making it one of the largest polls so far.
"We thank all our clients here in Pakistan and abroad for showing trust in us," says Mohammed Sohail, Chief Executive of Topline Securities.
Topline Securities is an active player in Pakistan stock market and is being managed by a young and energetic team.
FTSE Ends Lower for 4th Day
LONDON: Britain's top share index ended in negative territory for a fourth consecutive session on Friday as weakness in commodity stocks and banks outweighed gains from defensive pharmaceuticals.
The FTSE 100 ended down 16.29 points, or 0.3 per cent, at 5,251.41 points, the lowest close since November 10. It ended down 1.4 per cent on Thursday, its biggest one-day fall for three weeks. The index is still up 52 per cent from a March low.
"Sentiment appears to have started to shift slightly away from further gains, and towards a possible rebound in the US dollar, as investors start to take money off the table and become slightly more risk averse," Michael Hewson, analyst at CMC Markets.
The FTSE 100 ended down 16.29 points, or 0.3 per cent, at 5,251.41 points, the lowest close since November 10. It ended down 1.4 per cent on Thursday, its biggest one-day fall for three weeks. The index is still up 52 per cent from a March low.
"Sentiment appears to have started to shift slightly away from further gains, and towards a possible rebound in the US dollar, as investors start to take money off the table and become slightly more risk averse," Michael Hewson, analyst at CMC Markets.
Lahore Stock Exchange (LSE) Gains 25.28 Points
LAHORE: Lahore Stock Exchange (LSE) on Friday witnessed bullish trend as LSE-25 Index gained 25.28 points to close at 2,888.05 points as compared to 2862.77 points a day before. Total turnover, however, witnessed a slight decrease as it remained 11.122 million shares on the day as compared to previous day's turnover of 8.734 million shares. Of the total 101 active scrips, 36 moved up the board, 20 remained in the negative column while another 45 remained unchanged.
HK, China Shares FA
China shares snap five-session rally HONG KONG/SHANGHAI: Shares in Hong Kong and Shanghai fell on Friday, tracking losses in other Asian markets, while Chinese lenders dropped on reports Beijing may adjust their reserve requirements.
In China, the Shanghai Composite Index ended down 0.37 per cent at 3,308.346 points, snapping a five-session winning streak. For the week, the index rose 3.8 per cent, its third consecutive weekly rise.
The benchmark Hang Seng Index closed down 0.83 per cent, or 187.32 points, at 22,455.84, the lowest in more than a week. The index was down 0.43 per cent for the week, reversing a 3.3 per cent gain in the previous week.
Turnover fell to HK$60.5 billion ($7.8 billion), the lowest since November 4, from HK$69.3 billion on Thursday.
"People are staying on the sidelines right now, after yesterday's correction in the US," said Alex Wong, director at Ample Finance Group. "We will probably continue to trade in a narrow range until next week."
"In early December, we will have a new set of data from the US and China that could provide direction in the market."
The market is consolidating after the index hit 23,000 points twice this week, a level not seen since July 2008.
Chinese lenders ICBC slid 1.46 per cent and Bank of Communications slipped 1.34 per cent. In Shanghai, Bank of China shed 0.69 per cent to 4.34 yuan, while ICBC lost 1.26 per cent to 5.48 yuan.
China may adjust bank reserve requirement ratios next year as the country's economy steadies, a former Chinese central bank official was quoted as saying in the Shanghai Securities News.
In China, the Shanghai Composite Index ended down 0.37 per cent at 3,308.346 points, snapping a five-session winning streak. For the week, the index rose 3.8 per cent, its third consecutive weekly rise.
The benchmark Hang Seng Index closed down 0.83 per cent, or 187.32 points, at 22,455.84, the lowest in more than a week. The index was down 0.43 per cent for the week, reversing a 3.3 per cent gain in the previous week.
Turnover fell to HK$60.5 billion ($7.8 billion), the lowest since November 4, from HK$69.3 billion on Thursday.
"People are staying on the sidelines right now, after yesterday's correction in the US," said Alex Wong, director at Ample Finance Group. "We will probably continue to trade in a narrow range until next week."
"In early December, we will have a new set of data from the US and China that could provide direction in the market."
The market is consolidating after the index hit 23,000 points twice this week, a level not seen since July 2008.
Chinese lenders ICBC slid 1.46 per cent and Bank of Communications slipped 1.34 per cent. In Shanghai, Bank of China shed 0.69 per cent to 4.34 yuan, while ICBC lost 1.26 per cent to 5.48 yuan.
China may adjust bank reserve requirement ratios next year as the country's economy steadies, a former Chinese central bank official was quoted as saying in the Shanghai Securities News.
Thursday, November 19, 2009
Research Analyst on 20/11/2009 (Karachi Stock Exchage)
Karachi Stock Exchage market is likely to consolidate before the announcement of monetary policy where if the central bank decides to cut rate by 50bps then market would sustain at current levels. However, this would invite deep correction, but on the other hand, if SBP slashes rate by at least 100bps then the main index would march towards the 10000-mark. Investors are advised that on 50bps reduction they should invest in those companies which give consistent dividends and if interest rates are reduced by 100bps then along with these companies they can invest in highly leveraged blue chip companies. They can also invest in second tier banking stocks. Market would be rangebound today.
Hope ‘Oils up’ KSE Wheels
KARACHI: Karachi Stock Exchange (KSE) witnessed bullish activities Thursday as its main index gained over 1 per cent above 9,200 levels on continued foreign buying mainly in oil stocks and expectations of reduction in key discount rates after decline in T-bill yield.
The benchmark KSE 100-Index increased by 106 points - 1.16 per cent to close at 9,251 points, KSE 30-Index jumped by 130 points - 1.35 per cent to close at 9,774 points and KSE All Share Index grew by 70 points - 1.09 per cent to close at 6,555 points.
The Financial Daily, "Buying activity was recorded on continued foreign interest in oil and gas sector". The added that investors remained bullish as T-Bill yield reduced by 31bps in 12-month paper increasing expectations of discount rate cut.
Rise in international oil prices near $80, expectation of early approval of leverage products by the Securities and Exchange Commission of Pakistan (SECP) played a catalyst role in positive activity despite Peshawar blast, he added.
The day started on a positive note with a gain of 58 points, bulls then managed to sustain and green numbers gradually increased as buying continued mainly in oil and gas and banking stocks. The major reasons for the bullish activities were the expectations of reduction in interest rates as its chances have increased after decline in cut off yield of T-bills. On the other hand, continued buying by foreign investors also came to support market big time therefore index at about 1404 PST touched its intraday high of 9,283 points (+ve 138 points) and at the end closed near it highest levels.
Furqan Punjani told TFD that handsome foreign buying during last 3 sessions and expected decline in discount rate continued to be the positive triggers for the market. Furthermore encouraging oil & gas production numbers from Manzalai field triggered E&P stocks, especially POL.
According to the figures released by the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $2.2 million. However local individual investors did a net selling of $4 million.
Despite a bull run, investor participation was much depressed throughout the day as 108.2 million shares were traded which are 53.7 million shares less as compared to a turnover of 161.9 million shares a day earlier.
The benchmark KSE 100-Index increased by 106 points - 1.16 per cent to close at 9,251 points, KSE 30-Index jumped by 130 points - 1.35 per cent to close at 9,774 points and KSE All Share Index grew by 70 points - 1.09 per cent to close at 6,555 points.
The Financial Daily, "Buying activity was recorded on continued foreign interest in oil and gas sector". The added that investors remained bullish as T-Bill yield reduced by 31bps in 12-month paper increasing expectations of discount rate cut.
Rise in international oil prices near $80, expectation of early approval of leverage products by the Securities and Exchange Commission of Pakistan (SECP) played a catalyst role in positive activity despite Peshawar blast, he added.
The day started on a positive note with a gain of 58 points, bulls then managed to sustain and green numbers gradually increased as buying continued mainly in oil and gas and banking stocks. The major reasons for the bullish activities were the expectations of reduction in interest rates as its chances have increased after decline in cut off yield of T-bills. On the other hand, continued buying by foreign investors also came to support market big time therefore index at about 1404 PST touched its intraday high of 9,283 points (+ve 138 points) and at the end closed near it highest levels.
Furqan Punjani told TFD that handsome foreign buying during last 3 sessions and expected decline in discount rate continued to be the positive triggers for the market. Furthermore encouraging oil & gas production numbers from Manzalai field triggered E&P stocks, especially POL.
According to the figures released by the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $2.2 million. However local individual investors did a net selling of $4 million.
Despite a bull run, investor participation was much depressed throughout the day as 108.2 million shares were traded which are 53.7 million shares less as compared to a turnover of 161.9 million shares a day earlier.
FTSE Falls 1.4pc on Banks, Commodities
LONDON: Britain's top share index fell 1.4 per cent on Thursday as sagging commodity prices dented miners and energy stocks, while reduced risk appetite hurt banks.
The FTSE 100 ended down 74.43 points at 5267.70, its biggest daily fall for three weeks, after closing 0.1 per cent lower on Wednesday.
Miners were the biggest drag on the index as metal prices were pressured by a stronger dollar as the demand outlook darkened. Eurasian Natural Resources, Xstrata, Rio Tinto, Antofagasta, Anglo American and Vedanta Resources fell 3.1-5.1 per cent.
"There's been a correlation of strength in metal prices as the dollar weakens and that is now reversing," said Grahame Exton, fund manager at Tilney Investment Management in Liverpool.
The FTSE 100 ended down 74.43 points at 5267.70, its biggest daily fall for three weeks, after closing 0.1 per cent lower on Wednesday.
Miners were the biggest drag on the index as metal prices were pressured by a stronger dollar as the demand outlook darkened. Eurasian Natural Resources, Xstrata, Rio Tinto, Antofagasta, Anglo American and Vedanta Resources fell 3.1-5.1 per cent.
"There's been a correlation of strength in metal prices as the dollar weakens and that is now reversing," said Grahame Exton, fund manager at Tilney Investment Management in Liverpool.
Hong Kong shares down; China at 3-mth
HONG KONG/SHANGHAI: Hong Kong shares fell to profit-taking for a third session on Thursday, but China Mobile outperformed after it said its business had rebounded to pre-crisis levels.
China's key stock index edged up 0.53 per cent to its highest close in three months with energy counters sharply higher as demand may rise as a result of harsh winter weather.
The benchmark Hang Seng Index closed down 0.86 per cent, or 197.71 points, at 22,643.16. The index had lost 1.3 per cent since Tuesday, when it closed at a 16-month high.
Turnover fell to HK$69.3 billion ($8.94 billion) from HK$76.7 billion on Wednesday, the highest since October 29. "Some weakness in economic data in the US resulted in more profit-taking," said Steven Lam, vice-president at Karl-Thomson Securities. "The market is not yet convinced that the global economy has really recovered. Investors need more data."
Developer Sino Land advanced 1.72 per cent and Cheung Kong gained 0.62 per cent. Hong Kong will auction two residential sites in December, the first large-scale sales in two years, to boost land supply.
China's key stock index edged up 0.53 per cent to its highest close in three months with energy counters sharply higher as demand may rise as a result of harsh winter weather.
The benchmark Hang Seng Index closed down 0.86 per cent, or 197.71 points, at 22,643.16. The index had lost 1.3 per cent since Tuesday, when it closed at a 16-month high.
Turnover fell to HK$69.3 billion ($8.94 billion) from HK$76.7 billion on Wednesday, the highest since October 29. "Some weakness in economic data in the US resulted in more profit-taking," said Steven Lam, vice-president at Karl-Thomson Securities. "The market is not yet convinced that the global economy has really recovered. Investors need more data."
Developer Sino Land advanced 1.72 per cent and Cheung Kong gained 0.62 per cent. Hong Kong will auction two residential sites in December, the first large-scale sales in two years, to boost land supply.
Indian shares slip on fears, firmer USD
MUMBAI: Indian shares fell 1.25 per cent to their lowest close in a week on Thursday, as doubts about the pace of global recovery spooked world markets and a stronger dollar pushed investors away from riskier equities.
ICICI Bank, the country's No. 2 lender, and energy major Reliance Industries, which together account for more than a fifth of the main index, led the fall.
"Global economic doubts and the strengthening dollar are not good news for stocks globally and India is no exception," Jayesh Shroff, a fund manager at SBI Mutual Fund, said.
He expected market to stay volatile in the short-term but remained bullish in the mid- to long-term as liquidity, which has been driving markets, is still flush.
The 30-share BSE index fell
213.13 points to 16,785.65, its lowest close since November 12. All but three components fell.
The benchmark has risen about three-quarters this year, boosted by foreign portfolio inflows of $15.3 billion, but fresh doubts about the global economic recovery and a reviving dollar could push investors to other assets.
The dollar climbed further away from 15-month lows, forcing gold prices lower while global equities slipped from the top of their recent range. The dollar index, which tracks the currency against major currencies, was up nearly half a per cent.
A six-month low in US housing construction in October and news that Mitsubishi UFJ Financial Group, Japan's largest bank, will have to raise $11 billion in new shares to meet stricter capital requirements have underscored how the climb back from the worst economic crisis in generations will be slow.
ICICI Bank, the country's No. 2 lender, and energy major Reliance Industries, which together account for more than a fifth of the main index, led the fall.
"Global economic doubts and the strengthening dollar are not good news for stocks globally and India is no exception," Jayesh Shroff, a fund manager at SBI Mutual Fund, said.
He expected market to stay volatile in the short-term but remained bullish in the mid- to long-term as liquidity, which has been driving markets, is still flush.
The 30-share BSE index fell
213.13 points to 16,785.65, its lowest close since November 12. All but three components fell.
The benchmark has risen about three-quarters this year, boosted by foreign portfolio inflows of $15.3 billion, but fresh doubts about the global economic recovery and a reviving dollar could push investors to other assets.
The dollar climbed further away from 15-month lows, forcing gold prices lower while global equities slipped from the top of their recent range. The dollar index, which tracks the currency against major currencies, was up nearly half a per cent.
A six-month low in US housing construction in October and news that Mitsubishi UFJ Financial Group, Japan's largest bank, will have to raise $11 billion in new shares to meet stricter capital requirements have underscored how the climb back from the worst economic crisis in generations will be slow.
Capital Stocks up Amid Thin Volume ISLAMABAD: Islamabad Stock Exchange (ISE)
ISLAMABAD: Islamabad Stock Exchange (ISE) witnessed bullish trends here Thursday but with limited investor participation as the ISE 10-Index gained 31.85 points to close at 2,163.29 levels.
A total of 824,271 shares were traded, which were down by 151,984 shares when compared with previous day's trading of 976,255 shares.
Out of 144 active scrips, share prices of 84 companies increased, 60 decreased, while that of zero company remained stable.
Pakistan State Oil surged by Rs9.93 to lead the major gainers while Unilever Pakistan dipped Rs49.94 to top the major decliners.
Attock Refineries Limited, Arif Habib Securities Limited and Lucky Cement Limited emerged as the top traded companies in Thursday's trading with turnovers of 90,549, 87,575 and 82,000 respectively.
A total of 824,271 shares were traded, which were down by 151,984 shares when compared with previous day's trading of 976,255 shares.
Out of 144 active scrips, share prices of 84 companies increased, 60 decreased, while that of zero company remained stable.
Pakistan State Oil surged by Rs9.93 to lead the major gainers while Unilever Pakistan dipped Rs49.94 to top the major decliners.
Attock Refineries Limited, Arif Habib Securities Limited and Lucky Cement Limited emerged as the top traded companies in Thursday's trading with turnovers of 90,549, 87,575 and 82,000 respectively.
Wednesday, November 18, 2009
Research Analyst on 19/11/2009 (Karachi Stock Exchage)
All the fundamentals of the market are positive whether it is hope of reduction in interest rates on Nov 24, launch of margin financing product, above expectation results of December-end by oil and banking sectors or inflow from IMF and FoDP. But the only thing that is hurting the market is political instability that is why investors are reluctant from aggressive buying and in the coming days would prefer to book profits. However, once the political situation is controlled, we would see a sharp recovery of 25-30 per cent in the market; but in the short-term it would be rangebound. Therefore investors are advised to invest with a 2-month timeline, focusing on December ending results build portfolio in oil-related sectors and in 1st tier banks. However they should avoid intraday short-term trading.
Karachi Stock Exchange (KSE) Sheds 0.65pc Despite OGDC Swell
Shares at Karachi Stock Exchange ended lower Wednesday below 9,200 levels as after some intraday bullish activities on continued foreign buying; profit booking by local funds and companies in index heavy weights turned the index red however buying in OGDC restricted the index losses.
The benchmark KSE 100-Index declined 60.22 points to close at 9,144.76 levels, KSE 30-Index shed 59.71 points to end at 9,644.53, whereas KSE All Share Index dropped 41.70 points to finish at 6,485.07 levels.
Khurram Shehzad, Senior Research analyst at Invest Cap informed The Financial Daily, "Market was bullish in the beginning due to buying by foreign investors mainly in Oil and Gas Development Company Limited (OGDCL) but towards the end local funds went for booking profits which resulted in negative closing at the market".
Market is likely to show mixed trading activities in the coming days, he added.
Trading activities started on a positive note with a gain of 27 points; thereafter within half an hour after the opening bells index touched its intraday high of 9,328 points (+ve 123 points). Continued buying by the foreign investors then allowed the green numbers to sustain till around the mid-day. But then some pressure witnessed in the market as investors went for booking profits therefore after showing some resistance index finally went down into the red zone where at about 1510 PST it touched its lowest level of the day of 9,137 points (-ve 67 points) and closed just near those levels. Buying activity in the oil giant OGDC gave a major support to the index as it ended Rs1.89 up at Rs107.97 contributing 19 points to the index.
Though market ended on a negative note, but foreign players continued their buying activity as according to the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $6.18 million.
On the other hand, local mutual funds did a net selling of $4.98 million, it added. Volumes were further reduced as 161.9 million shares traded in the overall market which is 22 million shares less as compared to a turnover of 184 million shares a day earlier. Out of total 392 active issues, 235 declined and 139 advanced while 18 issues remained unchanged.
The benchmark KSE 100-Index declined 60.22 points to close at 9,144.76 levels, KSE 30-Index shed 59.71 points to end at 9,644.53, whereas KSE All Share Index dropped 41.70 points to finish at 6,485.07 levels.
Khurram Shehzad, Senior Research analyst at Invest Cap informed The Financial Daily, "Market was bullish in the beginning due to buying by foreign investors mainly in Oil and Gas Development Company Limited (OGDCL) but towards the end local funds went for booking profits which resulted in negative closing at the market".
Market is likely to show mixed trading activities in the coming days, he added.
Trading activities started on a positive note with a gain of 27 points; thereafter within half an hour after the opening bells index touched its intraday high of 9,328 points (+ve 123 points). Continued buying by the foreign investors then allowed the green numbers to sustain till around the mid-day. But then some pressure witnessed in the market as investors went for booking profits therefore after showing some resistance index finally went down into the red zone where at about 1510 PST it touched its lowest level of the day of 9,137 points (-ve 67 points) and closed just near those levels. Buying activity in the oil giant OGDC gave a major support to the index as it ended Rs1.89 up at Rs107.97 contributing 19 points to the index.
Though market ended on a negative note, but foreign players continued their buying activity as according to the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $6.18 million.
On the other hand, local mutual funds did a net selling of $4.98 million, it added. Volumes were further reduced as 161.9 million shares traded in the overall market which is 22 million shares less as compared to a turnover of 184 million shares a day earlier. Out of total 392 active issues, 235 declined and 139 advanced while 18 issues remained unchanged.
Equities at Capital Finish Flat
ISLAMABAD: Islamabad Stock Exchange (ISE) witnessed mixed trends here Wednesday as the ISE 10-Index increased slightly by 0.34 points to close at 2,131.44.A total of 976,255 shares were traded, which were down by 373,647 shares when compared with previous day's trading of 1,349,902 shares. Out of 147 companies, prices of 56 companies increased, 91 decreased, while that of zero company remained stable.
The share prices of BoC Pakistan gained the most with Rs5.58 increase in its share price, while Unilever Pakistan dipped by Rs118.00 per share to lead the major losers.
Attock Refineries Limited, Arif Habib Securities Limited and National Bank of Pakistan emerged as the top traded companies in Wednesday's trading with turnovers of 204,630, 112,835 and 103,450 shares, respectively.
The share prices of BoC Pakistan gained the most with Rs5.58 increase in its share price, while Unilever Pakistan dipped by Rs118.00 per share to lead the major losers.
Attock Refineries Limited, Arif Habib Securities Limited and National Bank of Pakistan emerged as the top traded companies in Wednesday's trading with turnovers of 204,630, 112,835 and 103,450 shares, respectively.
Lahore Stock Exchange (LSE) Sheds 15pts on Profit-Booking
LAHORE: Bearish trading activities were witnessed at the Lahore Stock Exchange (LSE) here Wednesday as profit-bookers ejected another 15.24 points from the benchmark LSE 25-Index that closed at 2,821.71 as compared to 2836.95 Tuesday. Market volumes decreased by 3.065 million shares to 10.271 million shares on the day as compared to 13.336 million shares traded the other day. Out of total 94 active scrips traded on the day, only 17 moved up the board, 45 remained in the negative column while another 32 remained unchanged.
Mari Gas Company Limited emerged as top gainer of the day with an increase by Rs4.59 in its share price to close at Rs151.70, while Attock Refinery Limited led the major losers with Rs3.94 decline to close at Rs151.70 per share. Pakistan PTA Limited came out as volume leader of the day with 1.517 million shares, followed by Arif Habib Securities Limited with 1.087 million shares and Bank of Punjab with 0.986 million shares.
Mari Gas Company Limited emerged as top gainer of the day with an increase by Rs4.59 in its share price to close at Rs151.70, while Attock Refinery Limited led the major losers with Rs3.94 decline to close at Rs151.70 per share. Pakistan PTA Limited came out as volume leader of the day with 1.517 million shares, followed by Arif Habib Securities Limited with 1.087 million shares and Bank of Punjab with 0.986 million shares.
CDC Revokes 4 Scrips’ Eligibility
KARACHI: Central Depository Company (CDC) has revoked CDC eligibility of four securities from November 17, 2009 for want of documents.
According to CDC communiqué for KSE here Wednesday, the securities include Unity Modaraba, Investec Securities Ltd, Usman Textile Mills Ltd and Al Mal Securities & Services Ltd. CDC said that these securities have failed to comply with CDC regulations.
According to CDC communiqué for KSE here Wednesday, the securities include Unity Modaraba, Investec Securities Ltd, Usman Textile Mills Ltd and Al Mal Securities & Services Ltd. CDC said that these securities have failed to comply with CDC regulations.
Indian Shares Snap 3-Day Rally
MUMBAI: Indian shares snapped a three-day winning streak and shed 0.3 per cent on Wednesday as investors took profits after the market had climbed nearly 11 per cent in two weeks.
Energy major Reliance Industries led the losses, falling 1.5 per cent to 2,102.45 rupees, on disappointment there were no announcements on acquisitions or specific project plans at its annual meeting of shareholders on Tuesday.
The 30-share BSE index dropped 51.87 points to 16,998.78, with 18 components closing in the red.
The index had retreated after hitting nearly 17,500 in October. The benchmark -- which fell by more than half last year -- is up about 76 per cent in 2009 and has more than doubled from a March low. Heavy foreign fund investments of $15.3 billion in 2009 have propelled the market higher and traders are optimistic that a weak dollar will encourage more inflows even as valuations looked expensive.
Energy major Reliance Industries led the losses, falling 1.5 per cent to 2,102.45 rupees, on disappointment there were no announcements on acquisitions or specific project plans at its annual meeting of shareholders on Tuesday.
The 30-share BSE index dropped 51.87 points to 16,998.78, with 18 components closing in the red.
The index had retreated after hitting nearly 17,500 in October. The benchmark -- which fell by more than half last year -- is up about 76 per cent in 2009 and has more than doubled from a March low. Heavy foreign fund investments of $15.3 billion in 2009 have propelled the market higher and traders are optimistic that a weak dollar will encourage more inflows even as valuations looked expensive.
Nikkei weakens amid capital-raising rush
TOKYO: Japan's Nikkei stock average fell 0.6 per cent on Wednesday to its lowest close in six weeks, as concerns about banks and property firms joining a rush to tap the equity market for capital weighed on shares in those sectors.
Japan Airlines Corp's stock tumbled to its lowest level since the firm's 2002 re-listing after the nation's transport minister declined to rule out a court-led bankruptcy for the troubled airline.
The 1 trillion yen share issue is a record for a Japanese financial firm and is Japan's biggest fund-raising in at least nine years.
The benchmark Nikkei lost 53.13 points to 9,676.80, its lowest close since October 5. The broader Topix lost 0.8 per cent to 850.06, its lowest close since May.
Japan Airlines Corp's stock tumbled to its lowest level since the firm's 2002 re-listing after the nation's transport minister declined to rule out a court-led bankruptcy for the troubled airline.
The 1 trillion yen share issue is a record for a Japanese financial firm and is Japan's biggest fund-raising in at least nine years.
The benchmark Nikkei lost 53.13 points to 9,676.80, its lowest close since October 5. The broader Topix lost 0.8 per cent to 850.06, its lowest close since May.
Wall St falters on home data, tech
US stocks at mid-day NEW YORK: US stocks fell on Wednesday on worrisome outlooks from major software makers and as a surprise drop in new home construction last month prompted concern about the strength of an economic recovery.
The technology sector was the hardest hit after Autodesk Inc forecast fourth-quarter earnings below expectations, and Salesforce.com Inc reported a slowdown in new business.
Autodesk slid 11.3 per cent to $23.95 and was among the Nasdaq's top drags, while Salesforce tumbled 3.6 per cent to $63.22 on the New York Stock Exchange.
The technology sector was the hardest hit after Autodesk Inc forecast fourth-quarter earnings below expectations, and Salesforce.com Inc reported a slowdown in new business.
Autodesk slid 11.3 per cent to $23.95 and was among the Nasdaq's top drags, while Salesforce tumbled 3.6 per cent to $63.22 on the New York Stock Exchange.
China shares climb to 3-mth high; HK falls
HONG KONG/SHANGHAI: China's key stock index rose 0.62 per cent to a three-month closing high on Wednesday as investors bought energy stocks on optimism over rising demand for power to fuel the country's economic recovery.
In Hong Kong, stocks weakened after hitting the 23,000 level for a second consecutive session earlier in the day, as investors took profits on HSBC shares and other lenders.
The Shanghai Composite Index touched a three-month intraday high of 3,315.872 before finishing at 3,303.234 points, with Changchun Gas the biggest gainer, jumping its 10 per cent daily limit to 8.75 yuan.
The 14-day Relative Strength Index, at 73, has surged well into an "overbought" range. That follows from an "oversold" level under 30 in mid-August, when the market was in a steep downtrend due in part to pressure from high share valuations.
Top lender Industrial and Commercial Bank of China was one of Wednesday's most active stocks, closing up 1.27 per cent at 5.57 yuan, partly buoyed by recently resurfaced expectations of yuan appreciation against the dollar.
In Hong Kong, stocks weakened after hitting the 23,000 level for a second consecutive session earlier in the day, as investors took profits on HSBC shares and other lenders.
The Shanghai Composite Index touched a three-month intraday high of 3,315.872 before finishing at 3,303.234 points, with Changchun Gas the biggest gainer, jumping its 10 per cent daily limit to 8.75 yuan.
The 14-day Relative Strength Index, at 73, has surged well into an "overbought" range. That follows from an "oversold" level under 30 in mid-August, when the market was in a steep downtrend due in part to pressure from high share valuations.
Top lender Industrial and Commercial Bank of China was one of Wednesday's most active stocks, closing up 1.27 per cent at 5.57 yuan, partly buoyed by recently resurfaced expectations of yuan appreciation against the dollar.
Tuesday, November 17, 2009
Research Analyst on 18/11/2009 (Karachi Stock Exchage)
Short-term is shrewd: Though market fundamentals are strong but due to the security issues overall market outlook is negative where index could come down to 8,700 levels in the short term. Therefore any resolution of the war in South Waziristan would result in a rebound in the market while decline in cut-off yield in today's auction would also trigger the market. Investors are advised to invest in low beta stocks, i.e. HUBC. Market would perform better today in anticipation of decline in cut-off yield.
Profit-Takers Tear Over 1pc off Karachi Stock Exchange (KSE)
KARACHI: Profit-booking by the local investors recalled bears at Karachi Stock Exchange (KSE) Tuesday which lost over 1 per cent despite buying by the foreign investors while uncertainty on the political front intensified the selling pressure.
The benchmark KSE 100-Index declined by 99.33 points or 1.07 per cent to close at 9,204.98 levels, KSE 30-Index plunged by 117.31 points or 1.19 per cent to end at 9,704.24 levels, whereas KSE All Share Index dropped 69.14 points or 1.05 per cent to finish the day at 6,526.77 levels.
The Financial Daily here that the stock prices after appreciating 4 per cent in previous two trading sessions plunged mainly due to profit-taking by investors. Uncertainty on the political front forced institutions and individual investors to remain on the selling side while an anticipated cut in discount rate failed to change the mood of investors.
The day started on a positive note with a gain of 45 points; then till around the mid-day market showed volatile activities moving in both the territories where at about 0951 PST it touched its highest level of the day of 9,360 points (+ve 55 points). But then due to the fact that market was witnessing a continuous upward movement; local investors went for booking profits with worrisome political situation over the NRO issue increased the pressure therefore selling mainly in oil, banking and fertiliser sectors finally took the market into the red-zone. Therefore despite foreign buying, index during the last minute of the session touched its lowest level of the day of 9,187 points (-ve 116 points).
Though market ended on a negative note, but foreign investors remained on the buying side as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $4.48 million. On the other hand local companies, banking and individuals did a net selling of $3.10, $1.16 and $1.42 million respectively while mutual funds did a net buying of $1.36 million.
Volumes also remained low as 184 million shares were traded in the overall market which is 16.6 million shares less as compared to a turnover of 196.6 million shares Monday.
Experts are of the view that political stability, peaceful law and order situation and reduction in interest rates would be the factors that could trigger the market in the coming days. It should be noted that State Bank of Pakistan would announce its monetary policy on November 24, 2009.
The benchmark KSE 100-Index declined by 99.33 points or 1.07 per cent to close at 9,204.98 levels, KSE 30-Index plunged by 117.31 points or 1.19 per cent to end at 9,704.24 levels, whereas KSE All Share Index dropped 69.14 points or 1.05 per cent to finish the day at 6,526.77 levels.
The Financial Daily here that the stock prices after appreciating 4 per cent in previous two trading sessions plunged mainly due to profit-taking by investors. Uncertainty on the political front forced institutions and individual investors to remain on the selling side while an anticipated cut in discount rate failed to change the mood of investors.
The day started on a positive note with a gain of 45 points; then till around the mid-day market showed volatile activities moving in both the territories where at about 0951 PST it touched its highest level of the day of 9,360 points (+ve 55 points). But then due to the fact that market was witnessing a continuous upward movement; local investors went for booking profits with worrisome political situation over the NRO issue increased the pressure therefore selling mainly in oil, banking and fertiliser sectors finally took the market into the red-zone. Therefore despite foreign buying, index during the last minute of the session touched its lowest level of the day of 9,187 points (-ve 116 points).
Though market ended on a negative note, but foreign investors remained on the buying side as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $4.48 million. On the other hand local companies, banking and individuals did a net selling of $3.10, $1.16 and $1.42 million respectively while mutual funds did a net buying of $1.36 million.
Volumes also remained low as 184 million shares were traded in the overall market which is 16.6 million shares less as compared to a turnover of 196.6 million shares Monday.
Experts are of the view that political stability, peaceful law and order situation and reduction in interest rates would be the factors that could trigger the market in the coming days. It should be noted that State Bank of Pakistan would announce its monetary policy on November 24, 2009.
FTSE Edges Down; Banks, Miners Retreat
LONDON: A retreat in miners and banks offset strength in defensive utilities and food retailers, pushing Britain's leading shares 0.7 per cent lower on Tuesday, ending four consecutive sessions of gains.
The FTSE 100 closed 36.74 points lower at 5,345.93, giving back some gains from the previous session when shares hit a 14-month closing high. Mining stocks were under pressure as metals prices fell off their recent highs after the dollar recovered from previous losses. Anglo American, Eurasian Natural Resources, Lonmin and Xstrata shed 1.6 to 3.3 per cent.
"Today we're seeing a bit of a realisation that yesterday we may have gone a bit too far," said Angus Campbell, head of sales at Capital Spreads. The UK benchmark broke through the 5,300 level on Monday for the first time since September 2008, and has so far regained 55 per cent since hitting a low in March. "...confidence is very much apparent but we have to see whether these levels can be sustained," Campbell said.
The FTSE 100 closed 36.74 points lower at 5,345.93, giving back some gains from the previous session when shares hit a 14-month closing high. Mining stocks were under pressure as metals prices fell off their recent highs after the dollar recovered from previous losses. Anglo American, Eurasian Natural Resources, Lonmin and Xstrata shed 1.6 to 3.3 per cent.
"Today we're seeing a bit of a realisation that yesterday we may have gone a bit too far," said Angus Campbell, head of sales at Capital Spreads. The UK benchmark broke through the 5,300 level on Monday for the first time since September 2008, and has so far regained 55 per cent since hitting a low in March. "...confidence is very much apparent but we have to see whether these levels can be sustained," Campbell said.
Nikkei Slips on Economic Concerns
Japan's Nikkei stock average edged down 0.6 per cent on Tuesday, with exporters such as Sony Corp weighed by a strong yen and investors locking in profits in the face of long-term uncertainty about the economy. Bucking the trend, Canon Inc climbed 3 per cent after it said on Monday it plans to buy Dutch copier and printer maker Oce for 730 million euros ($1.1 billion), in a challenge to rivals Ricoh and Xerox.
US stocks rose to fresh 13-month closing highs after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.
But Tokyo market players said a host of domestic factors, including economic uncertainty amid renewed talk of deflation and the sense that government initiative on this is lacking, were keeping Japanese shares under pressure.
"There's talk about government references to deflation, but we're not seeing a lot of concrete plans from them in response to this," said Hiroaki Kuramochi, head of the equity division at Tokai Tokyo Securities.
National Strategy Minister Naoto Kan, when asked about his remark on Monday that Japan was edging toward deflation, said it was not just his general impression but was based on objective data.
In thin trade, the benchmark Nikkei lost 61.25 points to 9,729.93 per cent, while the broader Topix shed 0.4 per cent to 857.00, its lowest close since mid-July.
The Democrat-led government, which took office in mid-September, is caught between a rock and a hard place in its economic management. Bond yields have risen this month as investors fret over a surge in issuance as tax revenues slide, but government stimulus is driving economic growth so a cut in state spending could send the economy back into recession.
US stocks rose to fresh 13-month closing highs after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.
But Tokyo market players said a host of domestic factors, including economic uncertainty amid renewed talk of deflation and the sense that government initiative on this is lacking, were keeping Japanese shares under pressure.
"There's talk about government references to deflation, but we're not seeing a lot of concrete plans from them in response to this," said Hiroaki Kuramochi, head of the equity division at Tokai Tokyo Securities.
National Strategy Minister Naoto Kan, when asked about his remark on Monday that Japan was edging toward deflation, said it was not just his general impression but was based on objective data.
In thin trade, the benchmark Nikkei lost 61.25 points to 9,729.93 per cent, while the broader Topix shed 0.4 per cent to 857.00, its lowest close since mid-July.
The Democrat-led government, which took office in mid-September, is caught between a rock and a hard place in its economic management. Bond yields have risen this month as investors fret over a surge in issuance as tax revenues slide, but government stimulus is driving economic growth so a cut in state spending could send the economy back into recession.
Indian Shares Edge Up (Mumbai)
MUMBAI: Outsourcer Infosys Technologies and private sector lender HDFC Bank helped Indian shares stretch a winning run into a third day on Tuesday, after the market spent most of the day in negative territory.
Investors took profits in many stocks following a more than 7 per cent rally this month in tandem with world markets that retreated from the previous day's 2009 highs. US stock futures indicated a lower opening on Wall Street.
Infosys, the country's second-largest software services firm, climbed 2 per cent to 2,396.75 rupees on improving prospects.
ICICI Securities said the current utilisation rate at 67 per cent and composition of employees with less than three years experience at a historic low of around 53 per cent, earnings visibility for Infosys was likely to remain superior versus peers.
The brokerage maintained a buy rating on the stock and raised its target price to 2,515 rupees.
Sector leader Tata Consultancy climbed 3.7 per cent to 690.45 rupees while rival Wipro closed nearly 1 per cent higher at 642.30 rupees. Reliance Industries shed 0.7 per cent to 2,133.75 rupees, as the energy major did not make any major announcement at its annual general meeting.
"Most people were expecting a big announcement in terms of an acquisition or a discovery. That didn't happen and the excitement came off," said Jigar Shah, senior vice-president of Kim Eng Securities.
The main 30-share BSE index closed up 0.1 per cent, or 18.14 points, at 17,050.65 points, with half of its components rising. It had fallen as much as 0.9 per cent during trade.
Investors took profits in many stocks following a more than 7 per cent rally this month in tandem with world markets that retreated from the previous day's 2009 highs. US stock futures indicated a lower opening on Wall Street.
Infosys, the country's second-largest software services firm, climbed 2 per cent to 2,396.75 rupees on improving prospects.
ICICI Securities said the current utilisation rate at 67 per cent and composition of employees with less than three years experience at a historic low of around 53 per cent, earnings visibility for Infosys was likely to remain superior versus peers.
The brokerage maintained a buy rating on the stock and raised its target price to 2,515 rupees.
Sector leader Tata Consultancy climbed 3.7 per cent to 690.45 rupees while rival Wipro closed nearly 1 per cent higher at 642.30 rupees. Reliance Industries shed 0.7 per cent to 2,133.75 rupees, as the energy major did not make any major announcement at its annual general meeting.
"Most people were expecting a big announcement in terms of an acquisition or a discovery. That didn't happen and the excitement came off," said Jigar Shah, senior vice-president of Kim Eng Securities.
The main 30-share BSE index closed up 0.1 per cent, or 18.14 points, at 17,050.65 points, with half of its components rising. It had fallen as much as 0.9 per cent during trade.
Islamabad stock exchange (ISB) shed 20 points
Islamabad Stock Exchange (ISE) witnessed bearish trends Tuesday as its benchmark ISE 10-Index declined by 19.74 points to close at 2,131.10. A total of 1,349,902 shares were traded, which were 139,400 shares more when compared with previous day's trading of 1,210,502 shares.
Out of 163 active issues, share prices of 52 increased, 111 decreased, while that of zero company remained stable. Attock Refinery Limited increased the most by Rs3.03 per share to top the major gainers, while top losers were led by Siemens Engineering that lost Rs58.17 per share.
Arif Habib Securities Limited, DG Khan Cement Limited and Attock Refinery Limited emerged as the top traded companies with turnovers of 201,100, 158,300 and 102,744 shares.
Out of 163 active issues, share prices of 52 increased, 111 decreased, while that of zero company remained stable. Attock Refinery Limited increased the most by Rs3.03 per share to top the major gainers, while top losers were led by Siemens Engineering that lost Rs58.17 per share.
Arif Habib Securities Limited, DG Khan Cement Limited and Attock Refinery Limited emerged as the top traded companies with turnovers of 201,100, 158,300 and 102,744 shares.
Monday, November 16, 2009
Research Analyst on 17/11/2009 (Karachi Stock Exchage)
Market would remain healthy this week where the main index could touch 9,500 levels with expectation of reduction in interest rates and successful military operation in Waziristan being the main drivers. On the other hand, economic side is also showing improved numbers which is a heartening sign for the market. Investors are suggested to invest in those stocks which are sensitive to interest rates because in case of reduction in the interest rates these stocks would outperform the market, especially ENGRO and cement sector. They can also invest in technology sector. Market would be positive today.
Rate cut hopes inject 2.6pc in Karachi Stock Exchange (KSE)
KARACHI: Bulls remained dominant at Karachi Stock Exchange (KSE) at the start of the week gaining over 2.6 per cent to end above 9,300 levels on expectations of reduction in interest rates, favourable political situation which forces local funds and foreign investors to pour in their money mainly in oil and banking sectors.
The benchmark KSE 100-Index bolstered by 237.14 points or 2.62 per cent to end at 9,304.31 levels, KSE 30-Index increased by 259.22 points or 2.71 per cent to close at 9,821.55, whereas KSE All Share Index gained 157.49 points or 2.45 per cent to finish the day at 6,606.05 levels here.
Stability in political situation, rise in international oil prices, and expectation of reduction in discount rates in monetary policy announcement this month played a catalyst role in positive activity at the KSE, he added.
Foreigners were on the buying side as according to the figures released by the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $4.45 million Monday while local funds did a net buying of $6.2 million.
Bulls were there since the start of the day as market opened eyes with 2 points up into the green zone. Gains were then increased as buying continued mainly in index heavyweights of oil and banking sectors on expectations of reduction in interest rates while the attractive valuations too made them to go for shopping at the Exchange. Therefore market continued its upward movement and at about 1509 PST it touched an intraday high of 9,314 points (+ve 247 points) and finally closed just near its highest level.
Santosh Kumar, analyst at Darson Securities told TFD that the positive news flow from the International Monetary Fund (IMF) meeting and MSCI Barra maintained the country's status in the MSCI Frontier Market that restored investor confidence helping the equities to record bullish spell.
Investor participation was improved by 43 million shares as 196 million shares were traded during the course of the day as against a turnover of 153 million shares Friday.
The benchmark KSE 100-Index bolstered by 237.14 points or 2.62 per cent to end at 9,304.31 levels, KSE 30-Index increased by 259.22 points or 2.71 per cent to close at 9,821.55, whereas KSE All Share Index gained 157.49 points or 2.45 per cent to finish the day at 6,606.05 levels here.
Stability in political situation, rise in international oil prices, and expectation of reduction in discount rates in monetary policy announcement this month played a catalyst role in positive activity at the KSE, he added.
Foreigners were on the buying side as according to the figures released by the National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying of $4.45 million Monday while local funds did a net buying of $6.2 million.
Bulls were there since the start of the day as market opened eyes with 2 points up into the green zone. Gains were then increased as buying continued mainly in index heavyweights of oil and banking sectors on expectations of reduction in interest rates while the attractive valuations too made them to go for shopping at the Exchange. Therefore market continued its upward movement and at about 1509 PST it touched an intraday high of 9,314 points (+ve 247 points) and finally closed just near its highest level.
Santosh Kumar, analyst at Darson Securities told TFD that the positive news flow from the International Monetary Fund (IMF) meeting and MSCI Barra maintained the country's status in the MSCI Frontier Market that restored investor confidence helping the equities to record bullish spell.
Investor participation was improved by 43 million shares as 196 million shares were traded during the course of the day as against a turnover of 153 million shares Friday.
Islamabad stocks gain on fresh buying
ISLAMABAD: Fresh buying at Islamabad Stock Exchange (ISE) helped the main index to grow beyond 2,100 levels Monday as its benchmark ISE 10-Index surged by 69.55 points to close at 2,150.84 levels.
A total of 1,210,502 shares were traded, which were up by 253,906 shares when compared with previous day's trading of 956,596 shares.
Out of total 156 companies traded during the day, share prices of 95 companies increased, 61 decreased, while prices of zero company remained stable.
Siemens Engineering was the major gainer of the day with Rs51.29 increase in its share price while Fazal Textile topped the major decliners with Rs4.00 decline in its share value.
DG Khan Cement Limited, Arif Habib Securities Limited and National Bank of Pakistan Limited emerged as the top traded companies in Monday's trading with turnovers of 209,630, 184,615 and 124,600 shares respectively.
A total of 1,210,502 shares were traded, which were up by 253,906 shares when compared with previous day's trading of 956,596 shares.
Out of total 156 companies traded during the day, share prices of 95 companies increased, 61 decreased, while prices of zero company remained stable.
Siemens Engineering was the major gainer of the day with Rs51.29 increase in its share price while Fazal Textile topped the major decliners with Rs4.00 decline in its share value.
DG Khan Cement Limited, Arif Habib Securities Limited and National Bank of Pakistan Limited emerged as the top traded companies in Monday's trading with turnovers of 209,630, 184,615 and 124,600 shares respectively.
Nikkei up, but banks and Hitachi weigh
Seesaws in thin trade, GDP has little impact TOKYO: Japan's Nikkei stock average rose 0.2 per cent on Monday, buoyed by retailers and other defensive shares, but weighed by banks and companies including Hitachi Ltd that sank on fundraising concerns.
In moderate trade that flipped from positive to negative and back again, the benchmark Nikkei gained 20.87 points to 9,791.18. The broader Topix lost 0.7 per cent to 860.42.
Hitachi sank 8.5 per cent to 269 yen and Mitsui Chemicals Inc lost 13.2 per cent to 243 yen after the chemicals manufacturer said on Friday it would rise up to $713 million in a public share offering to fund its expansion into the Chinese market.
Marui Group, which operates department stores and credit card operations, rose 6.9 per cent to 539 yen after Nomura Securities raised its rating on the company to "neutral" from "reduce", citing a more stable earnings structure.
Fast Retailing gained 5.2 per cent on the perennial popularity of Uniqlo, its discount clothing chain, while FamilyMart Co edged up 0.4 per cent after saying on Friday it would buy smaller rival am/pm.
Trade was moderate, with 1.8 billion shares changing hands on the Tokyo exchange's first section compared with last week's daily average of 1.73 per cent.
In moderate trade that flipped from positive to negative and back again, the benchmark Nikkei gained 20.87 points to 9,791.18. The broader Topix lost 0.7 per cent to 860.42.
Hitachi sank 8.5 per cent to 269 yen and Mitsui Chemicals Inc lost 13.2 per cent to 243 yen after the chemicals manufacturer said on Friday it would rise up to $713 million in a public share offering to fund its expansion into the Chinese market.
Marui Group, which operates department stores and credit card operations, rose 6.9 per cent to 539 yen after Nomura Securities raised its rating on the company to "neutral" from "reduce", citing a more stable earnings structure.
Fast Retailing gained 5.2 per cent on the perennial popularity of Uniqlo, its discount clothing chain, while FamilyMart Co edged up 0.4 per cent after saying on Friday it would buy smaller rival am/pm.
Trade was moderate, with 1.8 billion shares changing hands on the Tokyo exchange's first section compared with last week's daily average of 1.73 per cent.
UK socks rally to 14-month high; lonmin, mining shares rally
LONDON: The FTSE 100 Index rose to a 14- month high as mining companies climbed with metal prices and Asia Pacific leaders pledged to maintain stimulus measures.
Antofagasta Plc, Rio Tinto Group and Xstrata Plc rallied more than 5 per cent as copper jumped in London and New York and gold reached to a record. Lonmin Plc surged 9.3 per cent as the platinum producer said it sees signs of improvement in the industry and the price of the precious metal rose.
The benchmark FTSE 100 Index added 86.29, or 1.6 per cent, to 5,382.67 in London, extending last week's 3 per cent advance. That's the highest level since Sept. 12, 2008, the last trading session before Lehman Brothers Holding Inc. filed for the world's biggest bankruptcy three days later. The FTSE All-Share Index rose 1.6 per cent, while Ireland's ISEQ Index lost 1.4 per cent.
Antofagasta Plc, Rio Tinto Group and Xstrata Plc rallied more than 5 per cent as copper jumped in London and New York and gold reached to a record. Lonmin Plc surged 9.3 per cent as the platinum producer said it sees signs of improvement in the industry and the price of the precious metal rose.
The benchmark FTSE 100 Index added 86.29, or 1.6 per cent, to 5,382.67 in London, extending last week's 3 per cent advance. That's the highest level since Sept. 12, 2008, the last trading session before Lehman Brothers Holding Inc. filed for the world's biggest bankruptcy three days later. The FTSE All-Share Index rose 1.6 per cent, while Ireland's ISEQ Index lost 1.4 per cent.
Indian shares rise to near 1-mth high
Foreign fund buying nears $15bn in 2009, MUMBAI: Indian shares climbed more than a per cent on Monday to their highest close in nearly a month, with energy giant Reliance Industries and banks such as State Bank of India and ICICI Bank powering the rise on optimism about the economy.
Asia's third-largest economy could expand between 6 and 7 per cent in the year to March 2010 despite a bad monsoon, the finance minister said on Saturday.
State Bank, the country's largest lender, rose 2 per cent to 2,344.65 rupees while rival ICICI gained 1 per cent to 918.85 rupees.
The benchmark rose above 17,000 for the first time since Oct. 23 and is up more than 7 per cent this month, after shedding 7.2 per cent in October in its worst monthly performance in a year.
Metals producer Sterlite Industries added 3.6 per cent to 867 rupees after a US federal judge issued a ruling supporting a bid by rival Group Mexico for Asarco LLC.
Top vehicle maker Tata Motors climbed 2.3 per cent to 633.90 rupees after the Financial Times said Jaguar Land Rover was expected to announce it secured a 170 million pound working capital facility from GE Capital.
Leading carmaker Maruti Suzuki firmed 5.5 per cent to 1,560.40 rupees on robust volume outlook.
In the broader market, gainers outnumbered losers in a ratio of 1.8:1 on relatively lower volume of 342 million shares. The 50-share NSE index closed 1.2 per cent higher at 5,058.05.
Asia's third-largest economy could expand between 6 and 7 per cent in the year to March 2010 despite a bad monsoon, the finance minister said on Saturday.
State Bank, the country's largest lender, rose 2 per cent to 2,344.65 rupees while rival ICICI gained 1 per cent to 918.85 rupees.
The benchmark rose above 17,000 for the first time since Oct. 23 and is up more than 7 per cent this month, after shedding 7.2 per cent in October in its worst monthly performance in a year.
Metals producer Sterlite Industries added 3.6 per cent to 867 rupees after a US federal judge issued a ruling supporting a bid by rival Group Mexico for Asarco LLC.
Top vehicle maker Tata Motors climbed 2.3 per cent to 633.90 rupees after the Financial Times said Jaguar Land Rover was expected to announce it secured a 170 million pound working capital facility from GE Capital.
Leading carmaker Maruti Suzuki firmed 5.5 per cent to 1,560.40 rupees on robust volume outlook.
In the broader market, gainers outnumbered losers in a ratio of 1.8:1 on relatively lower volume of 342 million shares. The 50-share NSE index closed 1.2 per cent higher at 5,058.05.
Sunday, November 15, 2009
Research Analyst on 16/11/2009 (Karachi Stock Exchage)
Market would show mix activities this week -- moving between a level of 9,200 and 8,800 points. Investors are advised to remain sidelined as at present risk is high. Upcoming triggers for the market would be reduction in interest rates, foreign buying and inflow through International Monetary Fund (IMF) and Friends of Democratic Pakistan (FoDP). Market would be range-bound today.
Bulls run KSE up through the week
KARACHI: Bulls returned to the stock market during the week that ended on Friday as investors took positions on attractive levels while expectations of reduction in interest rates, decline in inflation and report by Credit Suisse played a major role in bullish activities.
The benchmark KSE 100-Index gained 130 points or 1.46 per cent to close at the level of 9,067 points. KSE 30-Index jumped by 165 points or 1.77 per cent to close at 9,562 points while KSE All-Share Index grew by 85 points or 1.35 per cent to close at 6,438 points.
He said market witnessed some depression at the beginning of the week because of worrisome law and order situation but was revived later. For the time being market would consolidate between 8,800 and 9,200 points before going to new levels, he added.
Though market saw bullish activities, foreign investors were the net sellers.
They sold shares worth $19.58 million and bought share valuing $12.08 million, thus emerging as net sellers of shares worth $7.5 million, according to the data released by National Clearing Company of Pakistan Limited (NCCPL).
The market took a bearish beginning of the week on Tuesday by losing 174 points to close at its lowest level of the last two months mainly due to deteriorating law and order and political situation. Rumours that Pakistan may not be included in MSCI Emerging Markets Index besides foreign selling also added to the pressure. The market remained closed on Monday due to a public holiday on account of Iqbal Day.
However, bulls returned to the market on Wednesday with decline in inflation and report by Credit Suisse on stock market which set a target of 11,200 points for the index by June 2010. The market ended 153 points up. Though market closed positive but there were some negative activities in the beginning where at a moment during intra-day trading the benchmark index touched its lowest level of the week of 8,685 points.
On Thursday, market ended with limited gains after volatile activities as investors went for booking profits at higher levels which lessened the green numbers; however, renewed foreign buying supported the market.
On Friday, last trading day of the week, buying by the local funds and banks at attractive levels let the index gain 142 points to close above its psychological barrier of 9,000 points.
Expectations of inflow from Friends of Democratic Pakistan (FoDP) and the International Monetary Fund (IMF) next month and hopes of reduction in discount rates too supported the rally. The key index, during intra-day trading, touched its highest level of the week of 9,078 points.
Investor participation was low as the trading week comprised of four days; 526 million shares were treaded which is 132 million shares less as compared to a turnover of 658 million shares a week earlier.
The benchmark KSE 100-Index gained 130 points or 1.46 per cent to close at the level of 9,067 points. KSE 30-Index jumped by 165 points or 1.77 per cent to close at 9,562 points while KSE All-Share Index grew by 85 points or 1.35 per cent to close at 6,438 points.
He said market witnessed some depression at the beginning of the week because of worrisome law and order situation but was revived later. For the time being market would consolidate between 8,800 and 9,200 points before going to new levels, he added.
Though market saw bullish activities, foreign investors were the net sellers.
They sold shares worth $19.58 million and bought share valuing $12.08 million, thus emerging as net sellers of shares worth $7.5 million, according to the data released by National Clearing Company of Pakistan Limited (NCCPL).
The market took a bearish beginning of the week on Tuesday by losing 174 points to close at its lowest level of the last two months mainly due to deteriorating law and order and political situation. Rumours that Pakistan may not be included in MSCI Emerging Markets Index besides foreign selling also added to the pressure. The market remained closed on Monday due to a public holiday on account of Iqbal Day.
However, bulls returned to the market on Wednesday with decline in inflation and report by Credit Suisse on stock market which set a target of 11,200 points for the index by June 2010. The market ended 153 points up. Though market closed positive but there were some negative activities in the beginning where at a moment during intra-day trading the benchmark index touched its lowest level of the week of 8,685 points.
On Thursday, market ended with limited gains after volatile activities as investors went for booking profits at higher levels which lessened the green numbers; however, renewed foreign buying supported the market.
On Friday, last trading day of the week, buying by the local funds and banks at attractive levels let the index gain 142 points to close above its psychological barrier of 9,000 points.
Expectations of inflow from Friends of Democratic Pakistan (FoDP) and the International Monetary Fund (IMF) next month and hopes of reduction in discount rates too supported the rally. The key index, during intra-day trading, touched its highest level of the week of 9,078 points.
Investor participation was low as the trading week comprised of four days; 526 million shares were treaded which is 132 million shares less as compared to a turnover of 658 million shares a week earlier.
Kuwaiti shares shrink; Abu Dhabi surges
Gulf Stocks: National Investments Co slid to its lowest since Aug 6
DUBAI: Kuwaiti shares tumbled to their lowest level since April after Burgan Bank SAK became the country's latest company to report lower third-quarter earnings.
The Kuwait Stock Exchange Index fell 2 per cent to 6,918.40. The measure, which was down for a sixth day, has declined 5.7 per cent since Nov. 5 and 11 per cent this year.
"Recently index heavyweight Agility announced pretty flat third-quarter numbers and given that it was trading near a high, it's not surprising the stock is correcting," said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. There are no strong catalysts to push the index higher, he said, and there isn't a lot of analyst coverage to give investors the opportunity to "take advantage of any possible attractive valuations."
Agility tumbled 3.6 per cent to 1,080 fils, bringing its losses to 13 per cent since it reported a third-quarter profit of 40.5 million dinars ($141.9 million) on Nov. 10.
Burgan Bank SAK said its third-quarter profit slumped 91 per cent to 1.7 million dinars, without giving a reason. The shares fell 4.1 per cent to 355 fils, the lowest level since Sept. 15.
National Investments Co. slid to its lowest since Aug. 6, retreating 6.2 per cent to 380 fils. The company posted a net loss of 6.5 million dinars on Nov. 10.
Qatar's DSM 20 Index lost 1.2 per cent, the Dubai Financial Market General Index slipped 0.1 per cent and Bahrain's measure fell 0.6 per cent. Saudi Arabia's Tadawul All Share Index declined 0.6 per cent to 6,255.75 at 1:41 p.m. in the kingdom.
Oman's MSM30 Index advanced 0.5 per cent and Abu Dhabi's gauge gained 0.2 per cent. -Agencies
DUBAI: Kuwaiti shares tumbled to their lowest level since April after Burgan Bank SAK became the country's latest company to report lower third-quarter earnings.
The Kuwait Stock Exchange Index fell 2 per cent to 6,918.40. The measure, which was down for a sixth day, has declined 5.7 per cent since Nov. 5 and 11 per cent this year.
"Recently index heavyweight Agility announced pretty flat third-quarter numbers and given that it was trading near a high, it's not surprising the stock is correcting," said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. There are no strong catalysts to push the index higher, he said, and there isn't a lot of analyst coverage to give investors the opportunity to "take advantage of any possible attractive valuations."
Agility tumbled 3.6 per cent to 1,080 fils, bringing its losses to 13 per cent since it reported a third-quarter profit of 40.5 million dinars ($141.9 million) on Nov. 10.
Burgan Bank SAK said its third-quarter profit slumped 91 per cent to 1.7 million dinars, without giving a reason. The shares fell 4.1 per cent to 355 fils, the lowest level since Sept. 15.
National Investments Co. slid to its lowest since Aug. 6, retreating 6.2 per cent to 380 fils. The company posted a net loss of 6.5 million dinars on Nov. 10.
Qatar's DSM 20 Index lost 1.2 per cent, the Dubai Financial Market General Index slipped 0.1 per cent and Bahrain's measure fell 0.6 per cent. Saudi Arabia's Tadawul All Share Index declined 0.6 per cent to 6,255.75 at 1:41 p.m. in the kingdom.
Oman's MSM30 Index advanced 0.5 per cent and Abu Dhabi's gauge gained 0.2 per cent. -Agencies
Friday, November 13, 2009
Research Analyst on 14/11/2009 (Karachi Stock Exchage)
Head of Research Invest & Finance
Market seems to consolidate between 8,700 and 9,000 levels therefore investors are advised to accumulate for long term between these levels especially in oil exploration, fertiliser and power sectors. A 100bps reduction in interest rates would be positive for the market while a 50bps or below decline would negatively affect the investor confidence. Market would be rangebound today.
Market seems to consolidate between 8,700 and 9,000 levels therefore investors are advised to accumulate for long term between these levels especially in oil exploration, fertiliser and power sectors. A 100bps reduction in interest rates would be positive for the market while a 50bps or below decline would negatively affect the investor confidence. Market would be rangebound today.
Islamabad Stock Exchange ISE gains 28pts ahead of weekend
ISLAMABAD: Islamabad Stock Exchange (ISE) witnessed bullish trends here Friday as the benchmark ISE 10-Index gained 28.26 points to close at 2,081.29 levels.
A total of 956,596 shares were traded, which were 110,708 shares lower when compared with previous day's trading of 1,067,304 shares.
Out of 150 active scrips, share prices of 109 companies recorded increase, 41 decreased, while that of zero company remained stable.
Unilever Pakistan gained
the most by Rs24.00 to emerge as the top gainer of the day while Pakistan Engineering led the losers with Rs3.00 decline in its share price. Arif Habib Securities Limited, Adamjee Insurance Limited and Attock Refinery Limited came out as the top traded companies in Friday's trading with turnovers of 242,100, 112,450 and 79,938 shares respectively.
A total of 956,596 shares were traded, which were 110,708 shares lower when compared with previous day's trading of 1,067,304 shares.
Out of 150 active scrips, share prices of 109 companies recorded increase, 41 decreased, while that of zero company remained stable.
Unilever Pakistan gained
the most by Rs24.00 to emerge as the top gainer of the day while Pakistan Engineering led the losers with Rs3.00 decline in its share price. Arif Habib Securities Limited, Adamjee Insurance Limited and Attock Refinery Limited came out as the top traded companies in Friday's trading with turnovers of 242,100, 112,450 and 79,938 shares respectively.
Lahore Stock Exchange (LSE) gains over 50pts on fresh buying
LAHORE: Lahore Stock Exchange (LSE) received fresh buying in last trading session of the week Friday as LSE 25-Index gained 57.10 points to close at 2,774.97 points as compared to 2717.87 points Thursday.
Market volumes however witnessed a slight decrease of 0.455 million shares as a turnover of 10.178 million shares was recorded as compared to previous day's turnover of 10.633 million shares.
Out of total 92 active scrips traded on the day, 47 moved up the board, 11 remained in the negative column while another 34 remained unchanged. Attock Refinery Limited was the top gainer of the day with an increase of Rs6.96 in its share price to close at Rs146.19, while Pakistan State Oil remained the major loser as its share price witnessed a decrease of Rs0.77 per share to close at Rs294.92. Pakistan PTA Limited emerged as volume leader of the day with 1.952 million shares traded in the scrip, followed by Arif Habib Securities Limited with 1.838 million shares and Bank Alfalah Limited with 0.639 million shares.
Market volumes however witnessed a slight decrease of 0.455 million shares as a turnover of 10.178 million shares was recorded as compared to previous day's turnover of 10.633 million shares.
Out of total 92 active scrips traded on the day, 47 moved up the board, 11 remained in the negative column while another 34 remained unchanged. Attock Refinery Limited was the top gainer of the day with an increase of Rs6.96 in its share price to close at Rs146.19, while Pakistan State Oil remained the major loser as its share price witnessed a decrease of Rs0.77 per share to close at Rs294.92. Pakistan PTA Limited emerged as volume leader of the day with 1.952 million shares traded in the scrip, followed by Arif Habib Securities Limited with 1.838 million shares and Bank Alfalah Limited with 0.639 million shares.
Indian shares post best weekly rise in 11wks
Main index gains 0.9pc on day, up 4.5pc on week MUMBAI: Indian shares climbed 0.9 per cent on Friday led by banks and outsourcers and propelled the main index to its best weekly gain in 11 weeks, supported by rising foreign portfolio investment.
The 30-share BSE index rose 4.5 per cent on the week, taking gains this month to 6 per cent after sliding 7.2 per cent in October, which was its worst performance in a year.
Foreign funds have moved $14.8 billion into Indian stocks this year, lifting the BSE index nearly 75 per cent. In 2008, they had pulled out more than $13 billion and the benchmark fell over half.
Private lenders ICICI Bank and HDFC Bank were among the gainers on hopes rising industrial activity will boost demand for loans and the long-term outlook.
"We expect bank credit growth to rise to 16 per cent year-on-year by March 2010," Morgan Stanley said, adding it will accelerate to 22 per cent by end-2010 as capital expenditure also begins to recover next year. The BSE index closed up 0.92 per cent, or 152.80 points, at 16,848.83. Twenty-five of its components advanced. ICICI Bank and HDFC Bank rose 1.6 per cent and 0.4 per cent respectively while SBI gained 0.1 per cent.
The 30-share BSE index rose 4.5 per cent on the week, taking gains this month to 6 per cent after sliding 7.2 per cent in October, which was its worst performance in a year.
Foreign funds have moved $14.8 billion into Indian stocks this year, lifting the BSE index nearly 75 per cent. In 2008, they had pulled out more than $13 billion and the benchmark fell over half.
Private lenders ICICI Bank and HDFC Bank were among the gainers on hopes rising industrial activity will boost demand for loans and the long-term outlook.
"We expect bank credit growth to rise to 16 per cent year-on-year by March 2010," Morgan Stanley said, adding it will accelerate to 22 per cent by end-2010 as capital expenditure also begins to recover next year. The BSE index closed up 0.92 per cent, or 152.80 points, at 16,848.83. Twenty-five of its components advanced. ICICI Bank and HDFC Bank rose 1.6 per cent and 0.4 per cent respectively while SBI gained 0.1 per cent.
Hong Kong shares up on bullish bank outlook; China ups
HONG KONG/SHANGHAI: Hong Kong stocks rose on Friday, buoyed by a bullish outlook from Industrial and Commercial Bank of China and a spurt of corporate takeover talk in the financial sector, while foreign-currency-denominated B shares jumped to an 18-month high in China on speculative trade.
ICBC rose 2 per cent to HK$6.80 after its chairman said he expected the non-performing loan situation in China's banking sector to improve next year as Chinese companies climbed out of the global economic crisis.
Taifook Securities gained 6.59 per cent to HK$4.85 after rising as much as 9.9 per cent to its highest since January 2008. Reuters reported on Thursday that China Construction Bank was in talks to buy control of the brokerage to give it a solid footing in Hong Kong's lucrative retail securities market.
Bank of East Asia, Hong Kong's No.5 bank, was the top loser among index heavyweights after the lender said it was not in talks on a potential acquisition.
The stock fell 3.67 per cent to HK$32.80.
Rumours that Malaysian conglomerate Guoco Group could be interested in BEA had sent the bank's shares up 26 per cent in the last two days.
The Shanghai Composite Index ended at 3,187,647 points, reversing losses early in the session and securing a 0.7 per cent gain for the week. Gaining Shanghai A shares outnumbered losers by 601 to 270 while turnover rose to 163 billion yuan ($23.88 billion) from Wednesday's 144 billion yuan. Shanghai's index of US dollar-denominated B shares ended up 9.42 per cent at 251.192 points, close to its 10 per cent daily limit, while volume nearly tripled from the previous day to $326.5 million on the thinly traded market. Changlin Co advanced 3.29 per cent to 6.60 yuan while Qingdao Soda Ash Industrial climbed 5.47 per cent to 7.13 yuan.
ICBC rose 2 per cent to HK$6.80 after its chairman said he expected the non-performing loan situation in China's banking sector to improve next year as Chinese companies climbed out of the global economic crisis.
Taifook Securities gained 6.59 per cent to HK$4.85 after rising as much as 9.9 per cent to its highest since January 2008. Reuters reported on Thursday that China Construction Bank was in talks to buy control of the brokerage to give it a solid footing in Hong Kong's lucrative retail securities market.
Bank of East Asia, Hong Kong's No.5 bank, was the top loser among index heavyweights after the lender said it was not in talks on a potential acquisition.
The stock fell 3.67 per cent to HK$32.80.
Rumours that Malaysian conglomerate Guoco Group could be interested in BEA had sent the bank's shares up 26 per cent in the last two days.
The Shanghai Composite Index ended at 3,187,647 points, reversing losses early in the session and securing a 0.7 per cent gain for the week. Gaining Shanghai A shares outnumbered losers by 601 to 270 while turnover rose to 163 billion yuan ($23.88 billion) from Wednesday's 144 billion yuan. Shanghai's index of US dollar-denominated B shares ended up 9.42 per cent at 251.192 points, close to its 10 per cent daily limit, while volume nearly tripled from the previous day to $326.5 million on the thinly traded market. Changlin Co advanced 3.29 per cent to 6.60 yuan while Qingdao Soda Ash Industrial climbed 5.47 per cent to 7.13 yuan.
FTSE hits 14-month closing high; HSBC advances
LONDON: Britain's FTSE 100 share index hit a 14-month closing high on Friday as gains in HSBC and commodity stocks outpaced weaker defensives, with British Airways also up after agreeing to merger terms with Iberia.
The FTSE 100 ended up 19.88 points, or 0.4 per cent, at 5,296.38 points -- the highest close since September 2008. The index is up 2.9 per cent this week and has rebounded 53 per cent since hitting a six-year trough in March.
Heavyweight bank HSBC, up 1.2 per cent, added the most points to the index, with traders citing market talk that it may increase its dividend. The stock
is up 8.5 per cent this week, with investors cheered by strong results released on Tuesday.
The FTSE 100 ended up 19.88 points, or 0.4 per cent, at 5,296.38 points -- the highest close since September 2008. The index is up 2.9 per cent this week and has rebounded 53 per cent since hitting a six-year trough in March.
Heavyweight bank HSBC, up 1.2 per cent, added the most points to the index, with traders citing market talk that it may increase its dividend. The stock
is up 8.5 per cent this week, with investors cheered by strong results released on Tuesday.
Nikkei slips; metals, economic worries weigh
Nikkei has third consecutive negative week TOKYO: Japan's Nikkei stock average lost 0.4 per cent on Friday, weighed down by selling of smelters after non-ferrous metals prices fell, with concerns about consumer spending and Wall Street's performance leading to broad selling.
But buying of a range of defensive shares such as Seafood Company Nippon Suisan, which surged after a brokerage upgrade, kept the fall in check. A brokerage upgrade also boosted Sharp Corp.
US stocks fell on Thursday as a stronger dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about consumer spending.
The Nikkei lost 0.2 per cent on the week for its third straight week of losses, the first such negative stretch since the three weeks end Oct. 2. In thin trade, it lost 34.18 points on the day to close at 9,770.31.
Should the Nikkei touch this level it could fall rapidly, Fujito said, with the next key level being 9,000.
Banks edged up, with Mizuho Financial Group up 1.7 per cent at 179 yen and Sumitomo Mitsui Financial Group up 0.6 per cent at 3,240 yen. But Mitsubishi UFJ Financial Group, which announces results next week, fell 0.8 per cent to 508 yen.
But buying of a range of defensive shares such as Seafood Company Nippon Suisan, which surged after a brokerage upgrade, kept the fall in check. A brokerage upgrade also boosted Sharp Corp.
US stocks fell on Thursday as a stronger dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about consumer spending.
The Nikkei lost 0.2 per cent on the week for its third straight week of losses, the first such negative stretch since the three weeks end Oct. 2. In thin trade, it lost 34.18 points on the day to close at 9,770.31.
Should the Nikkei touch this level it could fall rapidly, Fujito said, with the next key level being 9,000.
Banks edged up, with Mizuho Financial Group up 1.7 per cent at 179 yen and Sumitomo Mitsui Financial Group up 0.6 per cent at 3,240 yen. But Mitsubishi UFJ Financial Group, which announces results next week, fell 0.8 per cent to 508 yen.
Wall Street gains as retailers lift holiday sales hopes
US stocks at late-morning, US stocks rose on Friday as robust commentary from some retailer's reinforced hopes of an uptick in consumer spending in the holiday season, even as an early November gauge of consumer confidence fell.
The Dow Jones industrial average gained 81.62 points, or 0.80 per cent, to 10,279.09. The Standard & Poor's 500 Index gained 6.77 points, or 0.62 per cent, to 1,094.01.
The Nasdaq Composite Index gained 11.95 points, or 0.56 per cent, to 2,160.97.
The US dollar, pressured by a surprise jump in the US trade deficit, resumed its decline against other currencies; supporting stocks a day after a rebound in the greenback helped end the Dow's six-day winning streak.
Optimism in retail spending made the S&P consumer discretionary index the top sector in the broad S&P 500. The S&P's index of six leading US department stores rose 1.6 per cent.
The Dow Jones industrial average gained 81.62 points, or 0.80 per cent, to 10,279.09. The Standard & Poor's 500 Index gained 6.77 points, or 0.62 per cent, to 1,094.01.
The Nasdaq Composite Index gained 11.95 points, or 0.56 per cent, to 2,160.97.
The US dollar, pressured by a surprise jump in the US trade deficit, resumed its decline against other currencies; supporting stocks a day after a rebound in the greenback helped end the Dow's six-day winning streak.
Optimism in retail spending made the S&P consumer discretionary index the top sector in the broad S&P 500. The S&P's index of six leading US department stores rose 1.6 per cent.
Friday, October 30, 2009
Dismal weekend for Karachi Stocks (Pakistan)
Mixed activities witnessed at Karachi Stock Exchange (KSE) on the last trading day of the week as it ended with minor losses as investors went for booking profits owing to deteriorating security situation in the country.
The benchmark KSE 100 Index inched down 9.82 points or 0.11% to close at 9,59.18 levels, KSE 30-Index lost 20.48 points to finish the day at 9,662.87, wheareas KSE All Share Index marginally went down by 4.05 points to end at 6,513.12 levels.
Further eleborated that limited foreign interest, global equity markets uncertainties, high leverage cost and limited availabilty of leverage financing remained major concerns for investors througout the session despite strong results announcements in insurance, banking & cement sectors.
Trading activities started in the green zone with 32 points up, thereafter marekt remained in the positive zone throughout the first session but investors participation remained on the lower side. Index at one stage touoched its intraday high of 9,256 points plus 87 points , however some profit booking witnesed during the last one hour of the first session as investors were worried over the law and order situation in the country. Second session was not different story as index managed to stay in the positive zone increasing its gains and stayed positive during the major part of the session.
The benchmark KSE 100 Index inched down 9.82 points or 0.11% to close at 9,59.18 levels, KSE 30-Index lost 20.48 points to finish the day at 9,662.87, wheareas KSE All Share Index marginally went down by 4.05 points to end at 6,513.12 levels.
Further eleborated that limited foreign interest, global equity markets uncertainties, high leverage cost and limited availabilty of leverage financing remained major concerns for investors througout the session despite strong results announcements in insurance, banking & cement sectors.
Trading activities started in the green zone with 32 points up, thereafter marekt remained in the positive zone throughout the first session but investors participation remained on the lower side. Index at one stage touoched its intraday high of 9,256 points plus 87 points , however some profit booking witnesed during the last one hour of the first session as investors were worried over the law and order situation in the country. Second session was not different story as index managed to stay in the positive zone increasing its gains and stayed positive during the major part of the session.
EU shares log biggest monthly drop in 8 months
London Eupropean share sharply fell on Friday with a key index recording its biggest monthly decline in eight months as financial stocks lost heavily on mixed US economic data a day after better than expected GDP numbers. The pan European FTS Eurofirst 300 index of top shares provisinally closed down 2.3% at 974.45 points.
The index, which is up more than 51% from its lifetime low in early March, fell 2.3% in October. The index had gained in the previous three months.
The index, which is up more than 51% from its lifetime low in early March, fell 2.3% in October. The index had gained in the previous three months.
Nikkei up 1.5pc on US data
Japan's Nikkei average rose 1.5% on Friday buyoed by shares of tech companies with improved earnings prospects such as Pioneer Corporation, while exporetrs climbed on data showing the US economy had returned to growth.
The close of the Nikkei and the broader Topix was delayed due to probelsm with the close of one share - Fasting Retailing operator of the Uniqlo casual closthing chain and one of the most popular stocks on the main board.
In moderate trade, the benchmark Nikkei climbed 143 points to 10,034.75 a day after it finished at a three week low below 10,000. The index's close was priced more than 40 minutes after the regular closing time.
The close of the Nikkei and the broader Topix was delayed due to probelsm with the close of one share - Fasting Retailing operator of the Uniqlo casual closthing chain and one of the most popular stocks on the main board.
In moderate trade, the benchmark Nikkei climbed 143 points to 10,034.75 a day after it finished at a three week low below 10,000. The index's close was priced more than 40 minutes after the regular closing time.
Subscribe to:
Posts (Atom)