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Category: Stock & Commodity

  • Stock market gains 399 points on positive vibes from FATF session

    Stock market gains 399 points on positive vibes from FATF session

    KARACHI: The stock exchange gained 399 points on Wednesday owing to positive vibes from ongoing FATF plenary session, analysts said.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,574 points as against 40,735 points showing an increase of 399 points.

    Analysts at Arif Habib Limited said that the market moved up today by 469 points during the session and closed +399 points.

    Trading volumes also improved over the day, which took cue from positive signals from ongoing FATF plenary session, expectation of tamed inflation for the month of February and higher crude oil prices that helped OGDC stage recovery from last week’s levels.

    The whole oil chain including E&P, OMCs and Refineries moved inline and showed buying interest from Investors. Similarly, Cement sector also saw buying activity that propped up stock prices, particularly DGKC, which traded near upper circuit.

    Cement sector led the trading volumes with 24.1 million shares, followed by Vanaspati (21.6 million) and Technology (15.6 million). Among scrips, UNITY topped with 13.4 million shares, followed by HBL (5.4 million) and PSO (4.6 million).

    Sectors contributing to the performance include Banks (+73 points), E&P (+73 points), Cement (+51 points), Fertilizer (+39 points) and Power (+32 points).

    Volumes improved from 91.6 million shares to 142.9 million shares (+56 percent DoD). Average traded value also increased by 33 percent to reach US$ 42.2 million as against US$ 31.6 million.

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

    Stocks that contributed positively include OGDC (+50 points), UBL (+42 points), HUBC (+34 points), MCB (+32 points) and PPL (+22 points). Stocks that contributed negatively include HBL (-32 points), JLICL (-6 points), BAHL (-6 points), INDU (-5 points), and AGP (-4 points).

  • Stockbrokers to provide information under AEOI

    Stockbrokers to provide information under AEOI

    KARACHI: Federal Board of Revenue (FBR) has asked stock brokers to provide information of foreign investors for Automatic Exchange of Information (AEOI).

    Pakistan Stock Exchange (PSX) on Tuesday referring to the FBR notice related to filing of Common Reporting Standards (CRS) Reports 2020.

    The FBR said that the Reporting Financial Institutions (RFIs) are required to obtain, maintain and file CRS information in accordance with Section 165B and 107(1) of Income Tax Ordinance, 2001 and the Common Reporting Standards Rules contained in Income Tax Rules, 2002.

    The said information has to be reported to FBR on annual basis on May 31 through the AEOI portal. The reports from RFIs are due on May 31, 2020.

    The FBR asked the stock exchange to direct the RFIs to ensure timely compliance as per law and rules, failing which the RFIs shall be penalized under Section 182 of the Income Tax Ordinance, 2001.

    Under Section 165B of Income Tax Ordinance, 2001 furnishing of information by financial institutions, including banks, is mandatory.

    (1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act,1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of1947) and any regulations made under the State Bank of Pakistan Act,1956 (XXXIII of 1956) on the subject, every financial institution shall make arrangements to provide information regarding non-resident or any other reportable persons to the FBR in the prescribed form and manner for the purpose of automatic exchange of information under bilateral agreement or multilateral convention.

    (2) All information received under this section shall be used only for tax and related purposes and kept confidential.

    (3) For the purpose of this section, the terms “reportable person” and “financial institution” shall have the meaning as provided in Chapter XIIA of the Income Tax Rules, 2002.

  • Stock market ends down by 101 points in trading activity

    Stock market ends down by 101 points in trading activity

    KARACHI: The stock market ended down by 101 points on Tuesday due to lackluster trading activities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,175 points as against 40,277 points showing a decline of 101 points.

    Analysts at Topline Securities said that the market continued with its momentum in terms of lackluster activity.

    Index traded sideways making an intraday high of +324 points and intraday low of -211 points to finally close at 40,175 level.

    Traded volume declined further to 92 million shares, whereas traded value improved slightly on DoD basis by 11 percent to Rs.4.9 billion.

    Unity was volume leader for the second consecutive day of the week, as more than 13 million shares of the company changed hands during the trading activity.

    PSO in the oil marketing sector declared its 2QFY20 result in which it posted EPS of Rs.6.19 for the quarter which was largely in line with expectation.

  • British deputy high commission delegation visits CDC

    British deputy high commission delegation visits CDC

    KARACHI: A delegation from British Deputy High Commission, Karachi visited the Central Depository Company (CDC), a statement said on Monday.

    The delegation was headed by Mike Nithavrianakis, British Deputy High Commissioner in Karachi. Representatives of leading Pakistani corporate units and UK businesses in Pakistan attended this event.

    British Deputy High Commissioner, Mike Nithavrianakis spoke about the untapped potential Pakistan has to offer and how the landscape of UK Business in Pakistan needs to expand and grow.

    Mike Nithavrianakis said: “Although I am the Deputy High Commissioner with responsibility for Sindh and Balochistan, a more prominent part of my role is being the director of trade.

    “We feel that diplomatically, in a country like Pakistan, where significant improvements in the security situation are changing perceptions, we need to shift the conversation towards mutual prosperity and increased trade investment.”

    He lauded CDC on its achievements in transforming the Pakistani Capital Market and highlighted the improvement of Pakistan’s ranking to 28 places in the area of Ease of Doing Business, according to the World Bank Index.

    Earlier in his welcome address Moin M. Fudda, Chairman CDC Board of Directors spoke briefly about the long term friendly relations between UK and Pakistan while stressing on the need to foster greater ties on economic, business and other fronts.

    Badiuddin Akber, CEO-CDC, gave a presentation on the Pakistan Capital Market landscape and CDC’s key role in its development.

  • Stock market ends up by 34 points in dull trading

    Stock market ends up by 34 points in dull trading

    KARACHI: The stock market increased by 34 points on Monday amid dull trading activities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,276 points as against 40,243 points showing an increase of 34 points.

    Analysts at Arif Habib Limited said that the market witnessed dull activity today barely trading 100 million shares, even lower than 118 million shares observed on Friday.

    E&P, Fertilizer, Cement and OMCs bore selling pressure, and even Banking sector (barring HBL) faced selling pressure.

    News related to HBL’s irregularities in New York branch caused panic amongst investors, however, HBL did recover significantly post clarification by Management on the issue.

    The Stock, which has financial results due on February 19, traded near upper circuit.

    Vanaspati sector ranked top among volume leaders with 16.1 million shares, followed by Cement (15.4 million) and Banks (12 million).

    Among scrips, UNITY realized trading volumes of 16.1 million shares, followed by DGKC (9.1 million) and HASCOL (7.9 million).

    Sectors contributing to the performance include Banks (+74 points), OMCs (+23 points), E&P (30 points), Power (-29 points), Inv Banks (-13 points).

    Volumes declined further from 117.6 million shares to 99.8 million shares (-15 percent DoD).

    Average traded value increased by 16 percent to reach US$ 28.4 million as against US$ 24.5 million.

    Stocks that contributed significantly to the volumes include UNITY, DGKC, HASCOL, HBL and PIBTL, which formed 42 percent of total volumes.

    Stocks that contributed positively include HBL (+108 points), KAPCO (+16 points), PSO (+15 points), JLICL (+7 points) and COLG (+6 points).

    Stocks that contributed negatively include HUBC (-48 points), PPL (-17 points), OGDC (-15 points), MCB (-12 points), and DAWH (-12 points).

  • Weekly Review: market to remain range bound on political uncertainty, coronavirus concerns

    Weekly Review: market to remain range bound on political uncertainty, coronavirus concerns

    KARACHI: The stock market likely to remain range bound during next week owing to political uncertainty and concerns over coronavirus.

    (more…)
  • Stock market sheds 212 points on selling pressure

    Stock market sheds 212 points on selling pressure

    KARACHI: The stock market fell by 212 points on Friday as selling pressure observed during the trading.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,243 points as against 40,455 points showing a decline of 212 points.

    Analysts at Arif Habib Limited said that similar to what was witnessed yesterday. The market opened on a positive note with +139 points and closed the session in red, with -180 points.

    During the sessions, the index lost 361 points in total but last hour of trading saw some recovery with PSO showing some life, as the news related to Sukuk II broke.

    Overall, selling activity was observed across the board barring few scrips in Banking sector. LOTCHEM announced relatively better results, however, concerns over product margins caused Investors to sell positions.

    Despite having two sessions the trading volumes declined significantly over the day. Transport Sector led the volumes on the bourse with 19 million shares, followed by Chemical (15.3 million) and Technology (13.4 million).

    Among scrips, PIBTL realized 17.5 million shares, followed by LOTCHEM (13.1 million) and HASCOL (9.1 million).

    Sectors contributing to the performance include E&P (-49 points), Tobacco (-38 points), Inv Banks (-31 points), O&GMCs (-28 points), Fertilizer (-23 points) and Banks (+32 points).

    Volumes declined from 197.6 million shares to 117.5 million shares (-41 percent DoD). Average traded value declined by 47 percent to reach US$ 24.5 million as against US$ 46 million.

    Stocks that contributed significantly to the volumes include PIBTL, LOTCHEM, HASCOL, AVN and UNITY, which formed 48 percent of total volumes.

    Stocks that contributed positively include HBL (+48 points), MCB (+24 points), MEBL (+14 points), IGIHL (+9 points) and NATF (+4 points). Stocks that contributed negatively include PAKT (-38 points), DAWH (-30 points), POL (-20 points), ENGRO (-19 points), and OGDC (-14 points).

  • Stock market ends down by 76 points on profit taking

    Stock market ends down by 76 points on profit taking

    KARACHI: The stock market fell by 76 points on Thursday owing to profit taking after the market witnessed massive recovery during past two days.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,455 points as against 40,531 points showing a decline of 76 points.

    Analysts at Topline Securities said that the market opened on a positive note on the back of media reports that Pakistan and the IMF have concluded the staff level meeting in which they agreed on not having a mini-budget or reduction in the tax collection target. Alternatively, privatization proceeds are expected to fill the gap.

    Index gained to make an intraday high of 256 points but lost momentum; trading sideways for most part of the day, with the index closing at 40,455 level (down 0.19 percent).

    Traded volume increased by 9 percent on DoD basis to 197 million shares, whereas traded value decreased by 5 percent on DoD basis to Rs.7.1 billion. UNITY was today`s volume leader with 22.3 million shares.

    DGKC announced its 2QFY20 result in which it posted EPS of Rs.1.14 on a consolidated basis. Earnings were considerably higher than expectation on account of higher than expected sales and margin for the quarter, as a result the scrip closed 4.5 percent up.

    AKBL and FABL announced their 4Q2020 results in which they posted EPS of Rs.2.1 and Rs.1.06 on a consolidated basis respectively; AKBL also announced a final cash dividend of Rs.1.5/share.

  • Stock market gains 817 points on reports of downward revision in tax target

    Stock market gains 817 points on reports of downward revision in tax target

    KARACHI: The stock market continued to make recovery on Wednesday and gained 817 points on Wednesday owing to reports of IMF affirmation to revise tax collection target downwards.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,531 points as against 39,714 points showing a gain of 817 points.

    Analysts at Topline Securities said that the market continued its momentum as the index increased by 2 percent during the course of the day to close at 40,531-level.

    This rally in market was largely attributed to news of ongoing negotiation between Federal Board of Revenue (FBR) and International Monetary Fund (IMF) to revise down revenue target.

    Earlier news flows suggested that IMF had agreed to lower revenue collection target to around Rs4.9 trillion (against a previous target of Rs5.2 trillion). The FBR has proposed the target of Rs4.7 trillion, the analysts said.

    Traded volume and value increased by 12 percent and 25 percent on DoD basis to 180 million shares and Rs.7.5 billion respectively.

    HASCOL was the volume leader for the second consecutive day, as 16mn shares of the OMC changed hands.

    MEBL declared its 4Q2020 result announcement in which it posted consolidated EPS of Rs.3.68, along with a final cash dividend of Rs.2/share.

    This result announcement was in line with expectation. CHCC in cement sector declared its 2QFY20 result announcement in which it posted LPS of Rs.1.14, this result announcement was better than the street estimate.

    Following the result announcement investor interest was witnessed in the cement company, closing 3.30 percent higher.

  • SECP proposes amendments to prevent corporate money laundering

    SECP proposes amendments to prevent corporate money laundering

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has proposed amendments laws to prevent money laundering through corporate entities.

    A statement issued on Tuesday said that the SECP has issued a set of notifications, soliciting public consultation on drafts of amendments to the Companies (Incorporation) Regulations, 2017, Companies (General Provisions and Forms) Regulations, 2018, Foreign Companies Regulations, 2018, and Limited Liability Partnership Regulations, 2018.

    The proposed amendments collectively make disclosures regarding the ownership and control structure of the companies and limited liability partnerships more transparent.

    These amendments, issued in line with the recommendations on transparency of legal persons issued by the Financial Action Task Force, will help in identifying the real owners of such entities.

    The amendments also propose to explicitly prohibit the issuance or transfer of equity and debt securities of a bearer nature as well as to increase the period for retention of records of dissolved companies.

    The amendments will address the deficiencies highlighted in the country’s mutual evaluation report published by the Asia Pacific Group on Money Laundering in October 2019.

    With the effect of propose amendments, Companies and LLPs would have to provide additional information to SECP, if the ownership and control structure of such entities is obscured through a chain of multiple entities, whether registered in Pakistan or abroad.

    The draft Regulations define an ultimate beneficial owner as a person who exercises ownership or control rights over a company or LLP indirectly through multiple layers of corporate entities or other legal persons or any other arrangements.

    Amendments suggested specifying a threshold of a minimum of 25 percent of ownership or control rights of the ultimate beneficial owner in the reporting entity, which would be owned through multiple layers of intermediate corporate entities.

    In order to give effect to the proposed amendments, the Commission has also publicized the substantive provisions being added to the enabling laws, i.e. the Companies Act, 2017 and the Limited Liability Partnership Act, 2017.

    The proposed amendments are placed on SECP’s website for public consultation.