Category: Stock & Commodity

KARACHI: The local share market collapsed by another 1,068 points on Tuesday after following slippage in global financial markets on coronavirus spread.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,617 points as against 33,684 points showing a decline of 1068 points.

Analysts at Arif Habib Limited said that the market opened on a negative note today with 319 points and 1.4 million shares traded at the opening bell.

Yesterday’s negative close of world financial markets, especially US Markets caused damage to investor sentiment and positive opening of US Futures Indices and rebound of international crude oil prices failed to stem the selling pressure.

Banks and E&P stocks traded at and near lower circuit breakers. Cement sector traded positive in the early session, however, news of abrupt cancellation of PSL (Pakistan Super League) due to fear of spread of Corona virus reversed the gains in Cement sector.

Hope of a major rate cut by Central Bank seems to fade away with Indian Central Bank’s decision to maintain status quo, which also resulted in selling pressure.

Cement sector posted trading volumes of 63.3 million shares followed by Banks (45.9 million) and O&GMCs (20.8 million). Among scrips, BOP led the volumes with 24.6 million shares, followed by PIOC (20 million) and MLCF (15.5 million).

Sectors contributing to the performance include Banks (-531 points), E&P (-147 points), Cement (-85 points), O&GMCs (-65 points), Textile (-63 points) and Fertilizer (+23 points).

Volumes increased further from 215.4 million shares to 240.4 million shares (+12 percent DoD). Average traded value, on the contrary, increased by 40 percent to reach US$ 71.3 million as against US$ 50.9 million.

Stocks that contributed significantly to the volumes include BOP, PIOC, MLCF, HASCOL and UNITY, which formed 43 percent of total volumes.

Stocks that contributed positively include ENGRO (+13 points), FFC (+13 points), EPCL (+10 points), HMB (+7 points) and DGKC (+6 points). Stocks that contributed negatively include HBL (-156 points), UBL (106 points), MCB (-102 points), LUCK (-80 points) and PPL (-63 points).

KARACHI: The stock market ran into bear market on Monday after slipping another 2,376 points and witnessed forth lower lock since last week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,685 points as against 36,061 points showing a decline of 2,376 points.

Analysts at Arif Habib Limited said that the index marked the 4th halt since last week and since the circuit breakers moved up, the downside came with KSE-30 dropping 5 percent.

The 100-index sustained a loss of 1651 points at the time of halt, but continued the downtrend ultimately posting a total loss of 2442 points during the session and registering a small recovery by end of session showing a loss of 2376 points.

Market did not take any positive cue from the upcoming monetary policy, to be announced tomorrow, whereby street anticipates a cut of 50-100bps.

Fears of coronavirus spread have also caused significant damage to investor sentiment and generally investors were seen sidelined. Index heavy weights in Banking, Cement, Fertilizer, E&P sectors were observed at or near lower circuits.

Banking sector realized trading volumes of 56.4 million shares, followed by Cement (37.6 million) and Technology (14 million). Among scrips, BOP topped the volumes with 31.1 million shares, followed by MLCF (25.7 million) and FCCL (20.9 million).

Sectors contributing to the performance include Banks (-689 points), E&P (-326 points), Fertilizer (-281 points), Cement (-220 points), Power (-155 points).

Volumes declined from 290.5 million shares to 215.4 million shares (-26 percent DoD). Average traded value also declined by 42 percent to reach US$50.9 million to US$ 88.2 million.

Stocks that contributed significantly to the volumes include BOP, MLCF, UNITY, PPL and TRG, which formed 38 percent of total volumes.

Stocks that contributed negatively include HBL (-169 points), ENGRO (-140 points), HUBC (-126 points), MCB (-124 points), and UBL (-115 points).

KARACHI: The trading activities at Pakistan Stock Exchange (PSX) have been halted after indices fell below five percent.

Experts said that the detection of new coronavirus cases in the country negatively impacted the stock market.

While the expansion of this epidemic in the world especially the number of deaths increased substantially also discouraged the investors.

The KSE-100 index fell by 1651 points and was at 34,410 at the time of halt. The market shall resume after 45 minutes.

The trading has been halted during the past eight days following massive decline in indices.

KARACHI: The spread of coronavirus likely to haunt the stock market in the coming week as it had already dented massively.

Analysts at Arif Habib Limited said that with panic and uncertainty looming over the extension of Coronavirus, global markets are yet to ascertain long term impact.

“We do highlight that international markets have fallen significantly from their all-time high levels whereas the local index had already undergone major correction prior to spread of the virus.”

Announcement of Monetary Policy in the coming week remains a key event for the market, where we expect the SBP to cut the benchmark rate by 50-100 basis points, which can be a positive trigger for the bourse.

With that said, valuations across the board particularly in blue-chip scrips have reached attractive levels.

The market commenced on a negative note on Monday amid sharp decline in oil prices (Arab Light down by 27 percent DoD) after OPEC and Russia failed to agree upon oil production cut and Saudi Arabia engaged in an oil price war, consequentially, the market nose-dived by 2,302 points during the intraday.

The following day, the equity bourse displayed a swift rebound owed to expectations of a cut in interest rate, keeping in view decline in inflation.

However, the sentiment was short lived as Pak Rupee depreciated against USD by 3 percent WoW. Furthermore, the US President imposed a travel ban on most European countries which led to a meltdown in Global Markets given classification confirmation by WHO of Corona as a pandemic.

Following suit, panic was also witnessed at the KSE-100 Index (market halt enforced thrice during the week). The benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) closed at 36,061 points, down 2,159 points WoW (-5.65 percent).

Sector-wise negative contributions came from i) Commercial Banks (706 points), ii) Oil & Gas Exploration Companies (650 points) and iii) Fertilizers (317 points).

Positive contributions came from Pharmaceuticals (35 points). Scrip-wise negative contributions were led by PPL (262 points), HBL (177 points), and ENGRO (167 points) while positive contributions were led by SEARL (30 points), and INDU (20 points).

Foreign selling continued this week clocking-in at USD 23.0 million compared to a net sell of USD 16.7 million last week.

Selling was witnessed in Cements (USD 8.2 million) and Exploration & Production (USD 6.2 million). On the domestic front, major buying was reported by Insurance Companies (USD 25.2 million) and Banks/DFIs (USD 6.0 million). Average Volumes settled at 264 million shares (up by 9 percent WoW) while average value traded clocked-in at USD 81 million (up by 25 percent WoW).

KARACHI: The stock market gained 104 points on Friday despite third market halt in the week was witnessed.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) Index closed at 36,060 points as against 35,957 points showing an increase of 104 points.

Analysts at Arif Habib Limited said that third consecutive market halt was met by one of the largest pull backs in recent times at the bourse.

Initially market opened on a negative note with -614 points and 0.86 million traded at opening bell.

Situation worsened and caused the halt at -1683 points by 9:25 AM and 25 million shares traded on KSE100.

Market re-opened at -1267 points, registering a recovery of 416 points and continued the path of recovery by the close of first session.

Second session opened -347 points, which showed a recovery of 1336 points, however, the index swung back into negative territory and yet again managed to post a recovery in MoC when the index posted gain.

Recovery was mainly seen in Oil & Gas, Banking and Cement sectors which have heavy weightage on Index.

Market recovery largely banked on improving sentiments in regional and global markets, whereby India and South Korea were seen banning short sale.

In addition, international crude price also posted an intra-day gain of around 5 percent that helped investors make a positive view on pertinent stocks.

Sectors contributing to the performance include E&P (+117 points), Pharma (+35 points), O&GMCs (+28 points), Chemical (+23 points), Banks (-63 points), Cement (-40 points), Tobacco (-37 points).

Volumes increased from 230.7 million shares to 290.1 million shares (+26 percent DoD). Average traded value also increased by 42 percent to reach US$ 87.8 million as against US$ 61.9 million.

Stocks that contributed significantly to the volumes include BOP, MLCF, FCCL, HASCOL DGKC, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+57 points), PSO (+32 points), POL (+26 points), HBL (+25 points) and ENGRO (+25 points).

Stocks that contributed negatively include LUCK (-51 points), UBL (-48 points), MCB (-42 points), PAKT (-37 points), and FFC (-16 points).