Karachi Stocks closes slightly up

With year-end right around the corner, participation remained dull at the bourse. The benchmark index rose by mere 3 points to close at 25370.03 level compared to 25366.69 points of the previous day.
Equity dealer at Topline Securities Asad Siddiqui said positive momentum continued in the cement sector and specially in FCCL, out of 17 listed stocks in the sector 12 closed in the green zone while one remained unchanged.

On the other hand, profit-taking was seen in oil and gas sector while some pressure was seen in fertilizer stocks barring Engro, which closed with gains of 3pc. FCCL, PTC and PAEL made up for the top 3 volume leaders with trade of 16.7m, 10.2m and 9.7m shares, respectively. KSE-Allshare index shed by 30.02 points or 0.16 percent to end the day at 18690.70 points, KSE-30 share index off by 8.19 points or 0.04 percent to close the day at 18941.99 points while KMI-30 share index misplaced 69.59 points or 0.16 percent to end the day at 42739.21 points.

The day turnover of market climbed to 191.970 million shares from 146.610 million shares due to low participation volume settled at Rs 6.331 billion compared to Rs 5.507 billion of a day earlier. Capitalisation of the market stabled at Rs 6.071 trillion after opening at Rs 6.089 trillion.
Analysts said bullish global stocks and renewed institutional interest in cement and textile stocks on strong earnings outlook on EU grant of GSP Plus status and rising local cement prices played a catalyst role in positive close at KSE. Concerns for rising trade deficit, rising government borrowings and limited foreign interest impacted the sentiments.
During the session out of 401 companies 241 closed in positive and 138 in negative while the value of 22 stocks remained intact.

Unilever Foods led the downhill trend decreased by Rs 500 to Rs 9500 followed by Nestle Pak off by Rs 399.99 to Rs 7900.01. Siemens Pakistan and Sanofi-Aventis toped the gainers list up by Rs 37.47 to Rs 1444 and Rs 31.56 to Rs 662.82. With the turnover of 16.664 million shares Fauji Cement led the active list off by Re 0.08 to Rs 15.30. PTCLA was on the seconds position with 10.211 million shares shed by Re 0.43 to Rs 30.87. It was followed by Pak Elektron Ltd with 9.689 million shares as it closed at Rs 20.15 after opening at Rs 19.80, Maple Leaf Cement with 9.535 million shares decreased by Re 0.40 to Rs 26.68 and DGK Cement with 8.248 million shares grew by Re 0.34 to Rs 85.23. (Nation)

Comments

Dewan Motors launch electric cars in a glorious ceremony

By Abdul Qadir Qureshi (Pakistan News and Features Services) Way is paved for assembling and later gradual manufacturing of electric cars and bikes in Pakistan with the launching of electric cars by the Dewan Motors Limited (DML), a reputed name in the automobile sector, at a glorious launch ceremony at the Convention Centre of DHA Golf Club on June 4. The Chairman of Senate, Syed Yusuf Raza Gilani, also a former Prime Minister, was the guest of honour as hundreds of participants from various walks of life celebrated another remarkable achievement by Pakistan. Speaking on the occasion, he acknowledged and applauded the ground breaking initiative undertaken by the Yousuf Dewan Companies (YDC) in the automotive sector. “The establishment of a state-of-the-art vehicle assembly plant equipped with cutting-edge robotics technology, signifies the strength and capabilities of the company,” he remarked. He was confident that, based on its reputation and tra...

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an...

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agre...

Stocks Observer. com

Search This Blog