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Category: Stock & Commodity

  • Pakistan Stock Exchange declares 132% surge in net profit for first half

    Pakistan Stock Exchange declares 132% surge in net profit for first half

    KARACHI: The net profit of Pakistan Stock Exchange (PSX) has surged by 132 percent during six-month period ended December 31, 2019.

    The stock exchange announced its half year results for the period ended December 31, 2019 on Wednesday.

    The net profit of the market increased to Rs120.5 million during July – December 2019 as compared with Rs51.88 million in the corresponding period of the last year.

    It declared basic and diluted earnings per share at Re0.15 for the first half under review as compared with EPS of Re0.06 in the same half of the last year.

    Revenue under licensing fee increased to Rs201 million during July – December 2019 as compared with Rs169.87 million in the same period of the last year.

    Mark-up/interest income of the market increased to Rs78.66 million as compared with Rs62.82 million in the same period of the last year.

    Administrative expenses of the stock market slightly reduced to Rs559.21 million in first half of the current fiscal year as compared with Rs578 million in the corresponding half of the last fiscal year.

    The PSX received Rs185.83 million as income from share of profit from associates during six months period ended December 31, 2019.

  • Coronavirus fear grips stock market traders

    Coronavirus fear grips stock market traders

    KARACHI: The stock market was remained under pressure during the course of the day as concerns over coronavirus in neighboring country Iran continued to weigh down on investor sentiment.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,858 points as against 39,144 points showing a decline of 285 points.

    Analysts at Topline Securities said that KSE 100 index remained under pressure during the course of the day as concerns over coronavirus in neighboring country Iran continued to weigh down on investor sentiment.

    Result announcement of main board companies that clocked in lower than the street consensus didn`t offer any respite to the market.

    Analysts at Arif Habib Limited said that the market opened 105 points down but quickly went green with 104 points for a short while, only falling back in to red zone for the rest of the session.

    During the session, index lost 451 points and closed the session -285 points. E&P, Banks, and OMCs largely faced selling pressure, whereas Cement and Steel sectors showed price gains.

    PPL announced financial results today and failed to impress the investors that resulted in further selling in the stock. Cement sector led the table with 17.7 million shares, followed by Banks (17.6 million) and Technology (12.4 million).

    Among scrips, UNITY topped the chart with 10 million shares, followed by BOP (9.2 million) and HASCOL (8.6 million).

    Sectors contributing to the performance include Banks (-116 points), E&P (-81 points), Fertilizer (-47 points), Tobacco (-34 points), Power (-28 points) and Cement (+25 points).

    Volumes declined from 144.2 million shares to 124.3 million shares (-14 percent DoD). Average traded value however, increased from US$ 35.7 million to US$ 386 million (+8 percent DoD).

    Stocks that contributed significantly to the volumes include UNITY, BOP, HASCOL, KEL and MLCF, which formed 33 percent of total volumes.

    Stocks that contributed positively include MEBL (+20 points), NBP (+13 points), EFERT (+12 points), KOHC (+7 points) and MARI (+7 points). Stocks that contributed negatively include UBL (-54 points), PPL (-52 points), ENGRO (-49 points), HBL (-42 points), and MCB (-36 points).

  • Centralized repository to facilitate effective settlement of insurance claims: SECP

    Centralized repository to facilitate effective settlement of insurance claims: SECP

    KARACHI: Pakistan’s first ever centralized information repository has been launched on Monday for life insurance sector.

    This will complement government’s objectives of providing ease of doing business and enhanced consumer protection.

    Aamir Khan, Chairman, Securities and Exchange Commission of Pakistan (SECP) in his keynote address said that the initiative would augment technological advancement in the insurance industry while ensure facilitation and protection of policyholders.

    He hoped that it would facilitate effective settlement of insurance claims and cause reduction in mis-selling and policy churning.

    “We, at the SECP are very mindful of our responsibilities as a progressive regulator that needs to help the industry to develop and grow, and simultaneously, create linkages between its regulated sectors and the real economy”, Khan said and underlined that the centralized documentation of data in digitalized form is critical to achieving transparency, speed and cost effectiveness.

    He informed participants that the SECP has already embarked upon a transformational journey of digitalization through its recently launched initiative – ‘Leading Efficiency through Automated Prowess (LEAP).

    This will enable 100 percent end-to-end automation, complete integration with multiple government agencies for one-time registration, and digitalization and storage of financial statements of companies through introduction of Extensible Business Reporting Language (XBRL).

    The repository that will function under the regulatory impetus of SECP will hold critical data of life insurance policies electronically.

    Shaukat Hussain, Commissioner Insurance, Moin M. Fudda, Chairman, Centralized Depository Company (CDC), Badiuddin Akber, Chief Executive Officer, CDC, senior officials from SECP, CDC, CEOs and representatives of life insurers, non-life insurers, and relevant stakeholders attended the launching ceremony.

    The Centralized Repository will enable electronic storage of life insurance and family takaful policies and serve as central point for critical policyholder related information.

    It will aid the underwriting function of the insurers to determine the appropriateness of an insurance policy, the level of insurance coverage and affordability of the insurance policy for the customer which will ultimately result in need-based selling and substantial reduction in mis-selling.

  • Stock market plunges 1105 points on coronaviruse fears

    Stock market plunges 1105 points on coronaviruse fears

    KARACHI: The stock market plunged by 1,105 points or 2.7 percent on Monday owing to rising coronavirus cases in neighboring country.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,144 points as against 40,249 points showing a decline of 1105 points (-2.7 percent DoD).

    Analysts at Arif Habib Limited said that the market bled a total of 1169 points during the session and closed 1105 points down from LDCP.

    Concerns from pending IMF Executive Board’s decision to developing and worsening situation at border with Iran due to Corona virus and decline in international crude oil prices caused panic among investors.

    Foreign investors have largely been sellers during the past couple of sessions due to possible de-tracking and reversal of rupee appreciation that the currency has realized so far since last quarter.

    Barring 48 scrips in green and 17 scrips unchanged, a total of 271 scrips on the Bourse saw decline across the board including E&P, Refineries, OMCs, Cement, Steel and Banking sectors being the prominent ones.

    O&GMCs topped the volumes with 18.3 million shares, followed by Banks (17.4 million) and Cement (17.1 million).

    Among scrips, HASCOL realized volumes of 14.4 million, followed by UNITY (11.5 million) and KEL (10.6 million).

    Sectors contributing to the performance include Banks (-311 points), E&P (-188 points), Fertilizer (-109 points), Power (-94 points) and Cement (-82 points).

    Volumes increased from 85.6 million shares to 144.1 million shares (+68 percent DoD). Average traded value also increased by 54 percent to reach US$ 35.7 million as against US$ 23.2 million.

    Stocks that contributed significantly to the volumes include HASCOL, UNITY, KEL, BOP and MLCF, which formed 35 percent of total volumes.

    Stocks that contributed positively include NESTLE (+37 points), MUREB (+5 points), MTL (+4 points), DCR (+1 points) and EFUG (+1 points). Stocks that contributed negatively include PPL (-86 points), HBL (-78 points), HUBC (-67 points), UBL (-67 points), and OGDC (-60 points).

  • Coronavirus haunts Pakistan Stock Market

    Coronavirus haunts Pakistan Stock Market

    KARACHI: The Novel Coronavirus haunted the investors of Pakistan Stock Exchange (PSX) as the equity market fell by around 720 points in early day trading on Monday.

    The benchmark KSE-100 index of PSX fell by 720 points in less than 90 minutes trading. The market is trading at 39,530 points.

    Muhammad Sohail, Chief of Topline Securities, said that global markets had witnessed fall on fears that coronavirus affected Iranians and could affect Pakistan as well.

    Sohail said that local bourses also witnessed sharp decline early in the day as investors fear coronavirus from Iran may affect Pakistan also.

    He said that global market also witnessed decline as cases related to the virus on the rise.

  • Farrukh Hussain assumes charge of PSX CEO

    Farrukh Hussain assumes charge of PSX CEO

    KARACHI: Farrukh Hussain Khan has assumed the charge of Chief Executive Officer (CEO) of Pakistan Stock Exchange (PSX) on Monday, February 24, 2020, a statement said.

    Farrukh Hussain was appointed by the Board of Directors of PSX with the approval of the Securities and Exchange Commission of Pakistan (SECP) as CEO of PSX in place of Muhammad Rafique Umer, who was officiating as Acting CEO till the date of assumption of charge by the new CEO.

    At the time of approving Farrukh Hussain as CEO in December 24, 2019, the PSX was without CEO since May 2019 when foreigner Richard Morin resigned from the position.

    Morin was the first ever non-Pakistani to lead the bourse after having been appointed chief executive in January 2018, soon after a consortium led by three Chinese exchanges bought a controlling 40 percent stake in the exchange.

    Morin was disqualified on fit and proper criteria of the Securities Exchange (Licencing and Operations) Regulations due to his allegedly false reporting to the Canadian Securities Authority, PSX board and the SECP that he owned a Canadian company – Archer Wealth Management.

    However, the allegation was denied by Morin. “My ownership of Archer was fully disclosed to PSX and the Securities and Exchange Commission of Pakistan, both before and after I joined PSX,” he said in a statement in June.

  • Weekly Review: Market likely to stay positive on FATF decision

    Weekly Review: Market likely to stay positive on FATF decision

    KARACHI: The stock market likely to stay positive during next week on back of conclusion of the FATF review and expected approval of IMF’s third tranch, analysts said.

    The analysts at Arif Habib Limited further said that the market would also respond positively to the imposition by the Federal Government on export of essential food items (Onions, Potatoes and Tomatoes) so as to control rising inflation along with deferment of hikes in utility rates till June 2020.

    Moreover, improvement witnessed on macroeconomic front, with the Current Account Deficit (CAD) shrinking by 72 percent in 7MFY20 and rising foreign investment in debt securities exceeding the USD 3 billion mark, also augur well.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.9x (2020) compared to Asia Pac regional average of 12.2x while offering a dividend yield of ~6.8 percent versus ~2.8 percent offered by the region.

    This week trading activity remained dull and index movement was mixed attributable to concerns over a meeting of the Financial Action Task Force (FATF), convened to ascertain Pakistan’s status (Grey or White List); it became evident by Thursday evening that Pakistan is likely to stay in the Grey List.

    On the other hand, investors remained cautious on the back of a strict stance of the International Monetary Fund (IMF) staff to keep the budgeted revenue targets for FY20 unchanged while talks regarding the release of the third tranche remain ongoing. Despite increase in international oil prices by 4.5 percent WoW, Oil and Gas Exploration sector remained under pressure due to foreign selling. As a result, the benchmark KSE-100 index closed at 40,249 points, merely increased by 6 points or 0.01 percent WoW.

    Contribution to the upside was led by i) Commercial Banks (+133 points) due to financial result of HBL and UBL was better than expectation, ii) Cements (+20 points), iii) Textile Composite (+15 points), iv) Leather and Tanneries (+11 points), and v) Automobile Parts and Accessories (+9 points).Scrip wise major gainers were HBL (+70 points), UBL (+53 points), OGDC (+37 points), MCB (+34 points), and FFC (+30 points). Whereas, scrip wise major losers were ENGRO (-65 points), PAKT (-54 points), and PSO (-48 points).

    Foreigners offloaded stocks worth of USD 8.57 million compared to a net sell of USD 11.15 million last week. Major selling was witnessed in Oil and Gas Exploration Companies (USD -3.02 million) and Cement (USD -2.77 million).

    On the local front, buying was reported by Insurance Companies (USD +7.84 million) followed by Other Organizations (USD +3.81 million). That said, average daily volumes for the outgoing week were down by 37 percent to 106 million shares likewise value traded decreased by 23 percent to USD 31.2 million.

  • Stock market falls by 232 points on selling pressure

    Stock market falls by 232 points on selling pressure

    KARACHI: The stock market fell by 232 points on Friday owing to selling pressures during the trading sessions.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,249 points as against 40,482 points showing a decline of 232 points.

    Analysts at Arif Habib Limited said that the market faced selling pressure and saw a drawdown of 311 points during the session, closing -232 points.

    Market kept waiting for the official version of FATF plenary session till the close but merely got positive hints rather than an official statement.

    E&P, Refineries, OMCs, Steel and Fertilizer bore selling pressure. MUGHAL announced financial results, which showed significant tax reversal that caused Investors to stay cautious and sell the stock, which brought stock price down in the closing half hour.

    Trading activity in banking sector stocks remained muted. Cement Sector led the volumes with 19.6 million shares, followed by Food (9.8 million) and Power (9.1 million). Among scrips, MLCF topped the volumes with 8.1 million shares, followed by KAPCO (7.5M) and FFL (5.9 million).

    Sectors contributing to the performance include Fertilizer (-92 points), Banks (-64 points), E&P (-49 points), Inv Banks (-35 points), Power (+24 points) and Cement (+21 points).

    Volumes slipped further from 112.1 million shares to 85.6 million shares (-24 percent DoD). Average traded value also declined by 24 percent to reach US$ 23.2 million as against US$ 30.6 million.

    Stocks that contributed significantly to the volumes include MLCF, KAPCO, FFL, UNITY and DGKC, which formed 36 percent of total volumes.

    Stocks that contributed positively include HUBC (+24 points), LUCK (+18 points), SHFA (+8 points), HMB (+7 points) and PMPK (+6 points). Stocks that contributed negatively include ENGRO (-66 points), MCB (-44 points), DAWH (-34 points), OGDC (-31 points), and HBL (-24 points).

  • Stock market ends down by 93 points on selling pressure

    Stock market ends down by 93 points on selling pressure

    KARACHI: The stock market fell by 93 points on Thursday owing to selling pressure during trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,481 points as against 40,575 points showing a decline of 93 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range between +123 points as against -129 points and closed the session with -93 points.

    Although crude oil price went up in the international market, listed Oil and Gas chain did not respond to it and faced selling pressure.

    HBL dropped significantly over the day after news relating to its exposure in UAE broke whereby UAE Central Bank hinted probing the matter.

    Other than E&P, Refineries and OMCs one the downside, Cement and Steel sectors also went down. Cement sector led the volumes with 17 million shares, followed by Banks (15.3 million) and O&GMCs (10.5 million).

    Among scrips, HASCOL topped with 8.8 million shares, followed by BOP (8.7 million) and DGKC (8.1 million).

    Sectors contributing to the performance include E&P (-40 points), O&GMCs (-26 points), Cement (-25 points), Fertilizer (-19 points), Chemical (+17 points).

    Volumes dipped again from 142.9 million shares to 112 million shares (-22 percent DoD). Average traded value also declined by 28 percent to reach US$ 30.6 million as against US$ 42.2 million.

    Stocks that contributed significantly to the volumes include HASCOL, BOP, DGKC, UNITY and MLCF, which formed 35 percent of total volumes.

    Stocks that contributed positively include UBL (+34 points), COLG (+12 points), BAHL (+12 points), PKGS (+12 points) and IGIHL (+10 points). Stocks that contributed negatively include HBL (-45 points), OGDC (-17 points), MCB (-15 points), PPL (-13 points), and ENGRO (-12 points).

  • PSX recomposes KSE-30 index; includes Attock Refinery, International Steel

    PSX recomposes KSE-30 index; includes Attock Refinery, International Steel

    KARACHI: Pakistan Stock Exchange (PSX) has recomposed KSE-30 Index, which have high volume companies, and it will be implemented from March 13, 2020.

    A notification issued on Thursday said that the PSX carried out the exercise of re-composition of KSE-30 Index for the review period from July 01, 2019 to December 31, 2019.

    The recomposed KSE-30 Index will include Attock Refinery Limited and International Steel Limited. While The Bank of Punjab and Kot Addu Power Company Limited will be excluded in the new list.

    The re-composed index, based on the prices of December 31, 2019 will be implemented from Friday March 13, 2020.

    List of companies included in the KSE-30 Index on the basis of re-composition as on December 31, 2019:

    01. Attock Refiner Limited: ATRL

    02. Bank Al Habib Limited: BAHL

    03. Bank Alfalah Limited: BAFL

    04. D. G. Khan Cement Company Limited: DGKC

    05. Engro Corporation Limited: ENGRO

    06. Engro Fertilizers Limited: EFERT

    07. Engro Polymer & Chemical Limited: EPCL

    08. Fauji Cement Company Limited: FCCL

    09. Fauji Fertilizer Company Limited: FFC

    10. Habib Bank Limited: HBL

    11. International Steel Limited: ISL

    12. Lotte Chemical Limited: LOTCHEM

    13. Lucky Cement Limited: LUCK

    14. Maple Leaf Cement Factory Limited: MLCF

    15. Mari Petroleum Company Limited: MARI

    16. MCB Bank Limited: MCB

    17. Meezan Bank Limited: MEBL

    18. Millat Tractors Limited: MTL

    19. National Bank of Pakistan: NBP

    20. Nishat Mills Limited: NML

    21. Oil and Gas Development Company Limited: OGDC

    22. Pak Electron Limited: PAEL

    23. Pakistan Oilfields Limited: POL

    24. Pakistan Petroleum Limited: PPL

    25. Pakistan State Oil Company Limited: PSO

    26. Sui Northern Gas Pipelines Limited: SNGP

    27. The Searle Company Limited: SEARL

    28. The Hub Power Company Limited: HUBC

    29. TRG Pakistan Limited: TRG

    30. United Bank Limited: UBL