14 12 19 Market Report

Corporate Member of the Karachi & Islamabad Stock Exchanges & the Pakistan Mercantile Exchange

Weekly Review 19th December 2014

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Weekly Review 19th December 2014 Week 51 - 2014

________________ Contents

About Askari Securities Ltd ..................................................................................... 2

Dos & Donts of Investments ................................................................................ 3

Market Snapshot........................................................................................................ 4

Corporate Actions ..................................................................................................... 5

Upcoming Board Meetings ...................................................................................... 6

Regional Stock Markets and Commodities Performance Review...................... 6

Stock Market Risk Level .......................................................................................... 7

Stock Market Liquidity Level .................................................................................. 7

Value Basket ............................................................................................................... 7

Sentiment Basket ....................................................................................................... 7

Market Commentary ................................................................................................. 8

Special Feature: Board Meeting Calendar December 2014 ............................. 9

Red List Companies - Sector Wise ....................................................................... 10



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About Askari Securities Ltd Askari Securities Ltd. (ASL) is one of the fastest developing investment houses in Pakistan's Capital market, offering a wide range of investment services for institutions and retail clients. ASL is a member of the Karachi Stock Exchange, the Islamabad Stock Exchange and the Pakistan Mercantile Exchange. ASL is registered as a certified Mutual Fund Distributor with the Mutual Fund Association of Pakistan. ASL is a subsidiary of Askari Bank Ltd and the Army Welfare Trust. Askari Bank Ltd is a leading bank in Pakistan and is owned by the Fauji Foundation and its group of Companies. The Fauji Foundation and the Army Welfare Trust have launched companies, which are among the most renowned in Pakistans corporate arena. Askari Investment Management is a mutual fund management company which is wholly owned by Askari Bank Ltd. ASLs success is built on its expanding presence in the market, service to the client, maturity in dealing with market situations and continuous evolution in services offered. For more information you can visit our office, website or simply contact us.



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Dos & Donts of Investments The following is a list of Dos and Donts that you should go through. It is aimed at helping you gain an insight into what ones mental framework should be in the process of investments. The following have been observed time and again and are also based on empirical evidence.

Dont try to beat the market. You simply cant moving sensibly with the market is good enough.

Explore the idea: Sell when the market is rising, Buy when the market is falling. This is an important way to make the best of price movements.

Dont be greedy. When you are making a profit, book it and become ready to buy at lower levels.

Be ready to engage the market. If you are not ready, that opportunity will pass.

Dont fear. Markets will dip and they will rise.

Be Patient. The market may make movements that are sudden, against your analysis or beyond your expectations in all circumstances remain patient.

Buy good things and dont expect bad things to outperform good things. When you buy a good security, the probability of it giving you a positive return is higher than a bad security.

Avoid deciding in a state of panic. Decisions taken while in a state of panic usually have bad results.

Dont over trade. Avoid trading unnecessarily.

This is a game of averages. Success in investments is a function of averages.



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Market Snapshot 12-Dec-14 19-Dec-14 Change % Change

KSE 100 Index 31,589.82 31,011.15 -578.67 -1.83

Weekly Total KSE Volume: 1,013,939,400 Daily Avg.: 202,787,880

Daily Avg. KSE Traded Value: 11,940,784,880 Avg. Traded Val/Share:58.88

Admajee Insurance 49.92 49.31 -0.61 -1.22

Allied Bank Ltd. 114.51 112.92 -1.59 -1.39

Arif Habib Corp 23.21 23.27 0.06 0.26

Askari Bank Ltd. 22.39 21.89 -0.50 -2.23

Attock Refinery 189.76 187.33 -2.43 -1.28

Attock Petroleum 525.67 519.28 -6.39 -1.22

Atlas Battery Ltd 854.12 847.01 -7.11 -0.83

Atlas Honda 309.17 302.72 -6.45 -2.09

Attock Cement 193.59 198.55 4.96 2.56

Azgard Nine 6.31 5.93 -0.38 -6.02

Bank Al-Falah 30.63 30.64 0.01 0.03

Bank Al-Habib Ltd 47.00 45.75 -1.25 -2.66

Bank Of Punjab 9.74 9.88 0.14 1.44

Biafo Industries 183.33 186.36 3.03 1.65

Archroma Pakistan Ltd 683.53 616.61 -66.92 -9.79

Colgate-Palmolive (Pakistan) Ltd 1865.43 1885.91 20.48 1.10

Crescent Steels & Allied Products 52.84 50.67 -2.17 -4.11

D.G.K.Cement 109.45 109.06 -0.39 -0.36

Dewan Cement 8.29 7.95 -0.34 -4.10

Dewan Salman 2.07 1.95 -0.12 -5.80

Engro Corp. 213.07 212.49 -0.58 -0.27

Engro Foods 106.28 103.20 -3.08 -2.90

Fatima Fert Co. 32.37 32.80 0.43 1.33

Fauji Cement 24.26 24.29 0.03 0.12

Fauji Fert Bin Qasim 42.66 43.10 0.44 1.03

Fauji Fertilizer Co. 119.10 116.60 -2.50 -2.10

Gatron Industries 161.50 163.00 1.50 0.93

Ghani Glass 65.91 65.10 -0.81 -1.23

Habib Bank Ltd. 207.38 215.13 7.75 3.74

Hub Power Co. 74.86 75.03 0.17 0.23

Jahangir Siddiqui & Co. 14.25 14.30 0.05 0.35

J.D.W. Sugar Mills Ltd 344.83 321.53 -23.30 -6.76

ICI Pakistan 493.00 462.13 -30.87 -6.26

Indus Motor Co. 911.62 870.82 -40.80 -4.48

Karachi Electric Ltd. 8.43 8.74 0.31 3.68

Kot Addu Power Co. 76.13 76.93 0.80 1.05

Lafarge Pakistan 16.85 17.30 0.45 2.67

Lotte Chemical 7.05 6.85 -0.20 -2.84

Lucky Cement Ltd. 504.74 485.12 -19.62 -3.89

Maple Leaf Cement 42.99 41.83 -1.16 -2.70

Mari Gas Co. Ltd 581.36 511.40 -69.96 -12.03

MCB Bank Ltd. 292.20 280.61 -11.59 -3.97

Millat Tractors Ltd 643.53 647.07 3.54 0.55

National Bank 66.79 65.15 -1.64 -2.46

National Refinery Ltd. 190.31 192.81 2.50 1.31

Nestle Pakistan Ltd 8500.00 8500.00 0.00 0.00

NIB Bank 2.12 2.08 -0.04 -1.89

Nishat (Chunian) 46.50 43.39 -3.11 -6.69



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Nishat Chunian Power 49.08 47.96 -1.12 -2.28

Nishat Mills Ltd 131.43 118.10 -13.33 -10.14

Nishat Power Ltd. 45.87 45.75 -0.12 -0.26

OGDC 213.41 204.61 -8.80 -4.12

P.S.O. 364.80 360.59 -4.21 -1.15

P.T.C.L.A 22.24 21.73 -0.51 -2.29

Pak Oilfields 391.77 370.11 -21.66 -5.53

Pak Petroleum Ltd. 177.92 177.38 -0.54 -0.30

Pak Reinsurance Ltd 30.64 30.44 -0.20 -0.65

Rafhan Maize Products 10200.00 10275.00 75.00 0.74

Security Papers Ltd. 76.44 75.43 -1.01 -1.32

Service Industries Ltd. 976.12 927.58 -48.54 -4.97

Shahtaj Sugar Mills Ltd 72.75 72.75 0.00 0.00

Sui North Gas 26.57 28.81 2.24 8.43

Sui South Gas 36.25 38.23 1.98 5.46

TRG Pakistan Ltd. 13.85 13.78 -0.07 -0.51

Tri-Pack Films Ltd. 266.99 251.83 -15.16 -5.68

United Bank Ltd. 172.13 163.09 -9.04 -5.25

Unilever Pakistan Food 8111.00 8111.00 0.00 0.00

Corporate Actions

Company Name Payouts EPS (Rs.) Book Closure

Engro Fertilizers Limited ----- 4.24 ----- Attock Cement Pakistan ----- 4.11 ----- Standard Chartered Bank (Pakistan) Ltd. ----- 1.91 ----- Azgard Nine Limited ----- (0.30) -----

Pakistan Reinsurance Company Limited ----- 3.02 ----- Engro Foods Limited ----- 0.33 ----- Pakistan Oilfields Ltd ----- 17.62 ----- Shell Pakistan Limited ----- 8.37 ----- Maple Leaf Cement Factory ----- 1.03 ----- Hinopak Motors Limited ----- 40.21 ----- The Bank of Khyber ----- 0.83 ----- Pakistan International Airlines Ltd. ----- (4.65) ----- Cherat Cement Co. Ltd. ----- 2.39 ----- Attock Petroleum Ltd ----- 15.17 ----- National Refinery Ltd ----- (10.47) ----- NIB Bank Limited ----- 0.07 ----- Lucky Cement Limited ----- 8.96*, 8.25** ----- National Bank of Pakistan ----- 5.51*, 5.67** ----- Pak Suzuki Motor Co. Limited ----- 19.57 ----- Atlas Honda Limited ----- 10.67 -----

Nishat Mills Limited ----- 1.14 ----- Dewan Cement Limited ----- 0.17 ----- Fatima Fertilizer Co. Ltd ----- 3.06 ----- Bank Al-Habib Limited ----- 4.00 ----- Lotte Chemical Pakistan Ltd. ----- (0.71) ----- Pakistan State Oil Co Ltd ----- 19.30 ----- The Hub Power Co. Ltd. ----- 1.81 ----- Askari Bank Limited ----- 2.47 -----



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Jahangir Siddiqui & Co Limited ----- 0.18 ----- Kot Addu Power Co Ltd ----- 2.74 ----- Murree Brewery Co Ltd ----- 11.25 ----- Pakistan Petroleum Ltd ----- 6.94 ----- Engro Polymer & Chemicals ----- (0.05) ----- GlaxoSmithKline Pakistan ----- 3.75 ----- D. G. Khan Cement Co. ----- 2.64 ----- Thal Limited ----- 3.85 ----- MCB-Arif Habib Savings Invest. Limited ----- 0.73 -----

*(Consolidated) ** (Unconsolidated),

Upcoming Board Meetings

Company Name Date / Day Time

Fauji Fertilizer Co. Limited. 22.12.2014 Monday 11:00 a.m.

Al-Noor Sugar Mills Limited 22.12.2014 Monday 11:30 a.m.

Dewan Sugar Mills Limited 22.12.2014 Monday 04:00 p.m.

Mirpurkhas Sugar Mills Ltd 23.12.2014 Tuesday 03:00 p.m.

Ibrahim Fibres Limited 23.12.2014 Tuesday 04:00 p.m.

Hub Power Company Limited 24.12.2014 Wednesday 10:00 a.m.

Askari general insurance Company ltd 24.12.2014 Wednesday 11:00 a.m. Habib Sugar Mills Limited 24.12.2014 Wednesday 12:00 p.m. Mohammad Farooq Textile 24.12.2014 Wednesday 04:00 p.m. Unilever Pakisan Foods Ltd 04.03.2015 Wednesday 02:30 p.m.

Regional Stock Markets and Commodities Performance Review

Regional Markets Country Last Level Daily %

WTD % MTD % CYTD %

KSE-100 Index Pakistan 31,011 0.60 (1.83) (0.60) 22.76

BSE-30 SENSEX Index India 27,372 0.90 0.08 (4.61) 29.29

DSI Index Bangladesh 4,856 0.00 (0.75) 1.82 13.83

CSE All Shares Index Sri Lanka 7,253 0.31 0.22 1.38 22.66

SSE Composite Index China 3,109 1.67 5.80 15.87 46.91

NASDAQ Dubai UAE 20 Index U.A.E 3,558 0.00 5.39 (13.05) 4.74

Commodities

Brent Crude Oil ($/bbl) 60.26 1.67 (2.57) (14.10) (45.61)

Gold ($/oz.) 1,197.30 0.23 (2.03) 1.89 (0.42)

Silver ($/oz.) 15.94 0.03 (6.58) 2.44 (17.73)

In $ Millions

Foreign Investors Portfolio Invest. (FIPI) Pakistan (3.41) (30.24) (56.20) 369.30

Source: Indices Website, Chicago Mercantile Exchange (CME), FIPI as of 18/12/2014, DSI Index & NASDAQ Dubai Closed on Friday.



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Stock Market Risk Level

Low Moderate High Stock Market Liquidity Level

Low Moderate High Value Basket Allied Bank Ltd (ABL)

Attock Cement Pakistan (ACPL)

Adamjee Insurance Co. (AICL)

Attock Petroleum(APL)

Atlas Battery (ATBA)

Atlas Honda (ATLH)

Bank Al-Habib (BAHL)

Biafo Industries (BIFO)

Colgate-Palmolive Pakistan (COLG)

Clariant Pakistan (CPL)

Engro Corporation (ENGRO)

Fauji Fertilizer Co. (FFC)

Fauji Fertilizer Bin Qasim (FFBL)

Gatron Industries (GATI)

Ghani Glass (GHGL)

Habib Bank (HBL)

Hub Power Co. (HUBC)

ICI Pakistan (ICI)

Indus Motor Co. (INDU)

J.D.W. Sugar Mills (JDWS)

KotAddu Power (KAPCO)

Lucky Cement (LUCK)

Mari Petroleum. (MARI)

MCB Bank (MCB)

Millat Tractors (MTL)

National Bank of Pakistan (NBP)

Nestle Pakistan (NESTLE)

Nishat Chunian Power (NCPL)

Nishat Mills(NML)

Nishat Power (NPL)

Oil & Gas Dev. Co. (OGDC)

Pak Oil Field ( POL)

Pak Petroleum (PPL)

Pak State Oil (PSO)

Pak Telecommunication (PTC)

Pak Tobacco (PAKT)

Rafhan Maize Product (RMPL)

Security Papers (SEPL)

Sui North Gas (SNGP)

Sui South Gas (SSGC)

Thal Ltd. (THAL)

Tri-Pack Films (TRIPF)

United Bank (UBL)

Unilever Pakistan (ULEVER)

Unilever Food (UPFL)

Sentiment Basket

Arif Habib Corporation (AHCL)

Azgard Nine (ANL)

Attock Refinery (ATRL)

Bank Alfalah (BAFL)

Bank of Punjab (BOP)

Crescent Steel (CSAP)

D.G.K. Cement (DGKC)

Jahangir Siddiqui Co. (JSCL)

Karachi Electric (KESC)

Lafarge Pakistan (LPCL)

Lotte Pak PTA (LOTPTA)

NIB Bank Ltd. (NIB)

National Refinery (NRL)

Service Industries (SRVI)

Shahtaj Sugar Mills (SHJS)

Silk Bank Ltd. (SILK)

TRG Pak Ltd. (TRG)

Note: Ltd. excluded for the sake of brevity



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Market Commentary We pray for the brave souls of the innocents departed from us, a couple of days back. We pray for the early recovery of those injured in that attack. Ameen. The KSE-100 Index ended this week at 31,011 losing 579 points i.e. -1.83% (last week: -1.74%) in this week. Daily total volumes for this week were 203 million shares (last week: 238 million shares). Risk is moderate and liquidity is high. Average traded value per share for this week was Rs. 58.9 (last: Rs. 53.27). The US Federal Reserve is expected to pursue a rate hike despite global growth issues. Oil was at a 5 and a half year low, Asian shares fell to 9 month lows and Chinas factory sector contracted for the first time in 7 months.

The IMF said that it seeks tax reforms in Pakistan. The WB and ADB approved $180 mln for irrigation projects. IMF approved a $1.1 bln EFF loan for Pakistan. Askari Bank Ltd and Sindh bank were allowed to proceed with the due diligence with regards to KASB bank. Agricultural credit disbursement rose to Rs. 167.6 bln for the July to November period (last: Rs. 117.4 bln). Agricultural loans as of June 2014 stood at Rs. 290.35 bln, increasing from Rs. 257 bln. FDI rose 19.2% to $422 mln in the July to November period. SPI inflation increased by 0.05% for the week ending 11 December. Pakistans Forex reserves were at $14.04 bln. The Pakistani Rupee was trading at Rs. 100.75 / $US at the end of the week and Rs. 101.40 / $US in the beginning of the week. Gold was trading at $1196.70 at the end of the week (weeks beginning: $1222.8), Silver was trading at $15.90 at the end of the week (weeks beginning: $17.16) and Crude Oil was trading at $54.84 at the end of the week (weeks beginning: $59.37). Going Forward The market has taken a dip for the second week running with a consolidated dip of approximately 3.5%. The market is behaving sentimentally but multiple options exist at this stage as there is fundamental strength. Clients should build positions in these dips and sell on strength.



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Special Feature: Board Meeting Calendar December 2014

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

1 FRCL,

2 3 DNCC,

4 5 6 UNIC,

7

8 9 10 11 12 MSOT,

13 GHGL,

14 BAFL,

15 GADT, FZTM,

16 STCL, BYCO,

17 NIB, PMPK,

18 KASBSL,

19 SIEM, SHSML

20

21

22 FFC, ALNRS, DWSM,

23 MIRKS, IBFL,

24 HUBC, AGIC, HABSM, MFTM,

25 26 27 28

29 30 31



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Red List Companies - Sector Wise

Automobile & Parts

Company Symbols Company Symbols Ghani Automobile Industries GAIL

Chemicals Mandviwala Mauser Plastic Industries MWMP Pakistan PVC PPVC

United Distributors Pakistan UDPL Commercial Banks

Apna Microfinance Bank AMBL KASB Bank KASBB

Construction & Materials(Cement) Frontier Ceramics FRCL Dadabhoy Cement Industries DBCI

Haydary Construction Company HADC Emco Industries EMCO

Safe Mix Concrete Products SMCPL

Electricity Japan Power Generation JPGL Kohinoor Power Company KOHP

Southern Electric Power Company SEPCO Tri-Star Power * TSPL

Electronic & Electrical Goods Climax Engineering Company CECL

Engineering Dewan Automotive Engineering DWAE

Equity Investment Instruments Crescent Standard Modaraba* CSM First Fidelity Leasing Modaraba FFLM

First IBL Modaraba FIBLM B.R.R. Guardian Modaraba BRR

First Punjab Modarba FPJM First Prudential Modarba PMI

First Tri-Star Modarba* FTSM Tri-Star Mutual Fund TSMF

First Equity Modarba FEM Modaraba Al Mali MODAM

Financial Services First Dawood Investment Bank FDIBL Trust Securities and Brokerage TSBL

Dawood Capital Management DCM Security Investment Bank SIBL

First Capital Securities Corporation FCSC Security Leasing Corporation SLCL

Grays Leasing GRYL Saudi Pak Leasing Company SPLC

IGI Investment Bank IGIBL Trust Investment Bank TRIBL

Dawood Equities DEL KASB Securities KASBSL

Escorts Investment Bank ESBL Pervez Ahmed Securities PASL

First Credit & Invest Bank FCIBL Sigma Corporation SIGL

Invest Capital Investment Bank ICIBL UNICAP Modarba UCAPM

Food Producers Dewan Sugar Mills DWSM Khairpur Sugar Mills KPUS

Abdullah Shah Ghazi Sugar Mills AGSML Mirza Sugar Mills MZSM

Goodluck Industries * GLIN Pangrio Sugar Mills PNGRS

Hussain Sugar Mills HUSS

General Industrials Baluchistan Particle Board BPBL Ecopack ECOP

Industrial Metals & Mining Metropolitan Steel Corporation MSCL

Life insurance East West Life Assurance Company EWLA



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Non-Life Insurance Asia Insurance Company * ASIC United Insurance Company of Pakistan UNIC

Century Insurance Company CENI Reliance Insurance Company RICL

Crescent Star Insurance Company CSIL Pakistan Guarantee Insurance Company PGIC

East West Insurance Company * EWIC Premier Insurance PINL

Silver Star Insurance Co. SSIC Universal Insurance Company UVIC

Shaheen Insurance Company SHNI

Personal Goods(Textile) Ghazi Fabrics International GFIL Sajjad Textile Mills SJTM

Haji Mohammed Ismail Mills HMIM Kohat Textile Mills KOHTM

Crescent Jute Products CJPL Mian Textile Industries MTIL

DewanFarooque Spinning Mills DFSM S.G. Fiber SGFL

Fateh Industries. FIL Pak Leather Crafts PAKL

I.C.C. Textile ICCT Ravi Textile Mills RAVT

Chenab - Preference Shares CLCPS Salman Noman Enterprises* SANE

Glamour Textile Mills * GLAT Taha Spinning Mills THAS

D.M. Textile Mills DMTX United Brands UBDL

D.S. Industries DSIL Khalid Siraj Textile Mills KSTM

International Knitwear * INKL Mubarak Textile Mills MUBT

Amtex AMTEX Redco Textiles REDCO

Ayesha Textile Mills AYTM Jubilee Spinning and Weaving Mills JUBS

Crescent Cotton Mills CCM Khyber Textile Mills KHYT

Chenab CHBL Kohinoor Industries KOIL

Ishaq Textile Mills ISTM MohummedFarooq Textile Mills MFTM

J.A. Textile Mills JATM Sargodha Spinning Mills * SRSM

Globe (OE) Textile Mills Mills GOEM Yousuf Weaving Mills YOUW

National Silk and Rayon Mills NSRM Zephyr Textile * ZTL

Quality Textile Mills * QUAT Travel And Leisure

Dreamworld Limited DREL

We have identified The Red Companies which are taken from the KSE All companies list and are sorted out on the basis of their past performance as they are not liquid (i.e. having low volumes) and havenot paid dividends in last 3 to 4 years andthey have lesser chances of any capital gain as well. * These are the scrips which have declared dividend at least once or twice in the last four years. For further details and queries please contact Khurshid Ahmed at: +92 51 2894521, [email protected] Disclaimer: This market and expectation review is meant solely for the purpose of information and discussion. Any liability arising of an investor consequent to the consumption of this review is the sole responsibility of the investor and can in no way whatsoever be attributed to this review or Askari Securities Ltd. Expectations and pertinent risks are subject to market conditions and can change, which is outside the view of this review.

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14 12 19 Market Report