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Stock & Commodity market updates covering equities, gold, oil, and other commodities with latest prices, trends, analysis, and financial market insights.

  • Pakistan stocks shed 206 points on profit taking

    Pakistan stocks shed 206 points on profit taking

    KARACHI: Pakistan stocks declined by 206 points on Tuesday as the market witnessed profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,333 points from previous day’s closing of 46,539 points, showing a decline of 206 points.

    READ MORE: Pakistan stocks shed 62 points on profit taking

    Analysts at Arif Habib Limited said that the market witnessed profit taking today, KSE-100 index opened on a positive note but couldn’t sustain in green zone as investor opted for profit selling across the board due to weakening of Pak rupee against US Dollar. Main board activity remained dull but hefty volumes were recorded in 3rd tier stocks.

    READ MORE: Weekly Review: Bullish trend likely to prevail

    Analysts at Topline Securities said that Pakistan equities closed red where benchmark KSE100 Index settled at 46,333 level (down 0.44 per cent). The day kicked off on a positive note where market make an intraday high of 206 points as investors cheered EPCL result announcement and material information’s where the company announced expansions and  its 1Q2022 EPS at Rs5.19 along with DPS of Rs.5 which led the stock to close at its upper cap. However some profit taking has been witnessed in the second half where major laggards were HUBC, PPL, TRG and OGDC cumulatively dented the Index by 134 points.

    READ MORE: KSE-100 index gains 117 points amid positive sentiments

    Sectors contributing to the performance include Banks (-89.2 points), E&P’s (-72.0 points), Technology (-51.0 points), Power (-42.6 points) and Cement (-37.2 points).

    Volumes decreased from 255.6 million shares to 228.6 million shares (-10.6 per cent DoD). Average traded value also decreased by 8.4 per cent to reach US$ 47.9 million as against US$ 52.3 million.

    Stocks that contributed significantly to the volumes are CENERGY, GGL, WTL, TELE and LOTCHEM.

    READ MORE: Pakistan stocks rally on PKR stability

  • Proposals for capital gain on disposal of securities by insurance companies

    Proposals for capital gain on disposal of securities by insurance companies

    KARACHI: The Federal Board of Revenue (FBR) has been proposed to notify rules for computation of capital gain on disposal of securities for insurance companies.

    Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2022/2023, said that as institutional investors, insurance companies are very important participants in the financial market, especially in the capital market.

    READ MORE: FBR urged to align corporate tax rate for banks

    But unfortunately there is no rules exist for computation of capital gain on disposal of Securities for insurance companies as Rule 13E for computation of capital gain on disposal of securities is for Companies that fall under section 37A of Income Tax Ordinance, 2001.

    “Rules 13D for computation of Capital gain on disposal of securities under Section 37 A should also be applicable on Fourth Schedule of the Income tax ordinance, 2001,” it recommended.

    READ MORE: OICCI suggests duty cut on locally manufactured cars

    The OICCI also pointed out personal Lines / micro insurance products of Insurance Companies should be exempted from Federal Excise Duty.

    “The insurance related exemptions provided in Table II of the Third Schedule of the Federal Excise Duty Act 2005 should include the following:

    3) Marine insurance for export, 4) Life insurance, 5) Health insurance, 6) Crop Insurance, 7) Livestock insurance, 8) Personal accident Insurance, 9) Travel Insurance, and 10) Home property/ Household Insurance.”

    READ MORE: Return filing be made mandatory for account holders

    It further noted that through Finance supplementary (Second Amendment) Bill, 2019, a proviso was inserted in section 37A, which states that losses sustained during the tax year 2019 and onwards on the disposal of securities chargeable to tax under the above section if not fully set off during the year, would be allowed to carry forward to the next year and subsequent two tax years, to be offset against capital gain earned in those years chargeable to tax under Fourth schedule of the Ordinance.

    READ MORE: Unjustified audit notices annoy taxpayers

    As the amendments in the supplementary Bill will not be effective for Insurance Companies unless the said amendments will be made in the Fourth Schedule to the Income Tax Ordinance 2000,

    It proposed that similar amendments should be made in the Fourth Schedule by inserting new Clause 6C.

  • Pakistan stocks shed 62 points on profit taking

    Pakistan stocks shed 62 points on profit taking

    KARACHI: Pakistan stocks fell by 62 points on Monday owing to profit taking witnessed during the trading.

    (more…)
  • Weekly Review: Bullish trend likely to prevail

    Weekly Review: Bullish trend likely to prevail

    KARACHI: Bullish trend likely to prevail in the stock market during next week owing to clarity on the political front.

    Analysts at Arif Habib Limited said that the market to remain positive in the upcoming week.

    READ MORE: KSE-100 index gains 117 points amid positive sentiments

    With commencement of the result season and clarity on the political front, certain sectors and scrips are expected to stay under limelight.

    Furthermore, the rollover of Chinese loans worth USD 2.3 billion and IMF negotiations, which will help bolster foreign exchange reserves.

    While any dip in oil prices should also have a positive impact on the equity bourse.

    READ MORE: Pakistan stocks rally on PKR stability

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.0x (2022) compared to Asia Pacific regional average of 11.5x while offering a dividend yield of 8.3 per cent versus 2.6 per cent offered by the region.

    In the outgoing week the market roared back after political clarity emerged. Following Prime Minister Shehbaz Sharif’s oath taking ceremony, the new coalition government has begun work to tackle the economy.

    Moreover, the rupee recovered against the dollar at a rapid pace closing at 181.4, marking a 3.6 per cent appreciation.

    READ MORE: Pakistan stocks slide 242 points in profit taking

    Additionally, the country received record high remittances this month clocking in at $2.8 billion, showing a 28 per cent increase MoM, on account of Ramadan / Eid.

    Although, there was a slight correction mid-week, the market sustained momentum and posted its highest WoW increase since 3rd April 2020. The bourse closed at 46,602 points, (up by 4.9 per cent) WoW.

    Sector-wise positive contributions came from i) Commercial Banks (395 points), ii) Fertilizer (292 points), iii) Technology & Communication (268 points), iv) Cement (241 points), and v) Refinery (129 points).

    Whereas, sectors which contributed negatively i) Real Estate Investment Trust (2.19 points), ii) Vanaspati & Allied Industries (1.55 points). Scrip-wise positive contribution came from ENGRO (152 points), TRG (136 points), MEBL (122 points), HBL (85 points), and SYS (80 points).

    READ MORE: Stocks gain 262 points on political stability

    Meanwhile, scrip-wise negative contributors were COLG (14 points), FABL (10.88 points), Fatima (4.74 points), ABL (3.18 points) and DCR (2.19 points).

    Foreign buying witnessed this week, clocking-in at USD 1.29 million compared to a net sell of USD 3.78 million last week. Major buying was witnessed in Technology (USD 2.21 million) and Fertilizer (USD 1.16 million).

    On the local front, Selling was reported by Mutual Funds (USD 9.89 million) followed by Insurance Companies (USD 7.76 million). Average volumes clocked-in at 477 million shares (up by 213 per cent WoW) while average value traded settled at USD 66.3 million (up by 135.6 per cent WoW).

    READ MORE: Stocks up 1700 points, highest ever single day gain

  • KSE-100 index gains 117 points amid positive sentiments

    KSE-100 index gains 117 points amid positive sentiments

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 117 points on Friday amid positive sentiments prevailed during the day.

    (more…)
  • Pakistan stocks rally on PKR stability

    Pakistan stocks rally on PKR stability

    KARACHI: Pakistan stocks rallied on Thursday owing to to stability in Pakistan Rupee (PKR) against the dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,484 points from last day’s closing of 46,165 points, up by 319 points.

    READ MORE: Pakistan stocks slide 242 points in profit taking

    Analysts at Arif Habib Limited said that positive session was observed at PSX today due to stability in Pak rupee against dollar.

    Rally was witnessed in refinery sector due to expectation of tremendous earnings in the upcoming financial result.

    Main board activity remained dull whereas hefty buying was witnessed in the 3rd tier stocks.

    READ MORE: Stocks gain 262 points on political stability

    Across the board buying was observed in the last trading hour which led the market to close in the green zone.

    Analysts at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 46,484 (up 0.69 per cent).

    During the day, range-bound activity witnessed in the first half however market pick up momentum where KSE-100 index made an intraday high of 344 points. Investors interest mostly witnessed in Fertilizers, Refinery and Cement sector where ENGRO, ATRL, MLCF closed higher.

    READ MORE: Stocks up 1700 points, highest ever single day gain

    Sectors contributing to the performance include Fertilizer (76.2 points), Cement (+58.8 points), Chemicals (+37.9 points), Refinery (+23.3 points) and Inv. Banks (+18.0 points)

    Volumes increased from 474.6 million shares to 494.9 million shares (+4.3 per cent DoD). Average traded value decreased by 5.4 per cent to reach US$ 64.3 million as against US$ 68.0 million.

    Stocks that contributed significantly to the volumes are CNERGY, WTL, FLYING, TELE and MLCF.

    READ MORE: Weekly Review: stock market likely trade in green

  • Pakistan stocks slide 242 points in profit taking

    Pakistan stocks slide 242 points in profit taking

    KARACHI: Pakistan Stocks fell by 242 points on Wednesday as investors opted for profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,165 points from previous day’s closing of 46,407 points, showing an increase of 242 points.

    READ MORE: Stocks gain 262 points on political stability

    Analysts at Arif Habib Limited said that volatile session was observed at PSX today.

    Market opened on a bleak note but value buying was witnessed in the first trading hour.

    Main board activity remained dull but market witnessed hefty volumes in the 3rd tier stocks.

    In the last trading hour, investor opted for profit taking across the board which led the index to close in red zone.

    READ MORE: Stocks up 1700 points, highest ever single day gain

    Analysts at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE100 Index settled at 46,166 level (down 0.52 per cent).

    Market witnessed a range bound trading session where market make an intraday high of 235 points and low of 344 points. Profit taking has been witnessed across the board where major decliner were Cements, Banks and Technology sectors, as LUCK, UBL, MLCF , and TRG closed lower.

    READ MORE: Weekly Review: stock market likely trade in green

    Sectors contributing to the performance include Cement (-93.0 points), Banks (-62.9 points), Inv. Banks (-15.7 points), Engineering (-15.5 points) and Textile (-15.5 points)

    Volumes decreased from 493.6 million shares to 474.6 million shares (-3.9 per cent DoD). Average traded value also decreased by 10.9 per cent to reach US$ 67.9 million as against US$ 76.2 million.

    Stocks that contributed significantly to the volumes are Flying, WTL, GGL, TELE and TPLP.

    READ MORE: Stocks jump up 658 points on Supreme Court decision

  • Supernet scrip receives overwhelming response

    Supernet scrip receives overwhelming response

    KARACHI: Supernet Limited, the first IT company to be listed at GEM Board of PSX, has received overwhelming response by investors on first day of its book building on April 12, 2022. The book buying is continued on April 13, 2022 (today) too.

    (more…)
  • Stocks gain 262 points on political stability

    Stocks gain 262 points on political stability

    KARACHI: Pakistan stocks gained 262 points on Tuesday owing to political stability and appreciation in rupee against the dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,407 points from previous day’s closing of 46,145 points, up by 262 points.

    READ MORE: Stocks up 1700 points, highest ever single day gain

    Analysts at Arif Habib Limited said that another positive session witnessed today due to political stability and appreciation of Pak Rupee against US Dollar.

    Across the board rally was witnessed regardless of foreign selling spree, main board activity remained healthy. Moreover, market even witnessed hefty volumes in the 3rd tier stocks.

    READ MORE: Weekly Review: stock market likely trade in green

    Sectors contributing to the performance include Technology (+96.7 points), Cement (+55.7 points), Banks (+52.2 points), Engineering (+24.9 points) and Refinery (+20.0 points).

    READ MORE: Stocks jump up 658 points on Supreme Court decision

    Volumes decreased from 557.7 million shares to 493.6 million shares (-11.5 per cent DoD). Average traded value increased by 3.7 per cent to reach US$ 76.1 million as against US$ 73.4 million.

    Stocks that contributed significantly to the volumes are WTL, TELE, FLYING, CNERGY and UNITY.

    READ MORE: Pakistan stocks shed 324 points on political uncertainty

  • Stocks up 1700 points, highest ever single day gain

    Stocks up 1700 points, highest ever single day gain

    KARACHI: Pakistan stocks on Monday posted ever highest single day gain of 1700 points on change in political setup.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,145 points from last Friday’s closing of 44,445 points, showing an increase of 1,700 points.

    READ MORE: Weekly Review: stock market likely trade in green

    Analysts at Topline Securities said that it was a historic day at Pakistan Equities where the KSE-100 index posted an ever highest gain of 1,700 points in a given day and closed at 46,145 (+1700 points; up 3.83 per cent) for the day.

    The aforesaid rally is attributed to the change in political setup of the country over the last weekend where PM Imran Khan resigned as a result of successful “Vote of No Confidence” against him.

    READ MORE: Stocks jump up 658 points on Supreme Court decision

    During the trading hours, bullish sentiment hit the roof as massive buying was seen across the board where investors celebrated some resolution of the highly uncertain political environment over the last few days.

    READ MORE: Pakistan stocks shed 324 points on political uncertainty

    Tech, Cements, Banks and Power sector’s stocks contributed positively today to the benchmark index where SYS, LUCK, TRG, HBL & HUBC added 425 points, cumulatively. On the flip side, INDU, FHAM & ABL have seen some profit taking today.

    About 557 million shares traded today at the bourse while total value clocked in at Rs13.6 billion. WTL was the volume leader of the day with the trading of 40.7 million shares in it, today.

    READ MORE: Stocks gain 183 points despite political uncertainty