Category: Stock & Commodity

KARACHI: The stock market gained 1,081 points on Thursday owing to positive outcome of tax amendment ordinance promulgated a day earlier.

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 42,481 points as against 41,400 points showing an increase of 1081 points.

The sentiments of the market was positive on tax incentives granted to foreign investors in domestic debt securities.

Analysts at Arif Habib Limited said that second trading day of 2020 took the index to an even higher number with an increase of 1144 points and closing the session 1081 points.

Reasons that contributed to the performance of index were rumour of downward adjustment in NSS rates by a significant margin and buying activity from Banks and Foreign Fund, in addition to the recent release of a host of high index targets from various brokerage houses.

Buying activity was mainly observed in Banks, E&P and Cement Sectors.

Power sector led the volumes with 58.8 million shares, followed by Banks (58.1 million) and Cement (36.3 million).

Among scrips, KEL traded 46.8 million shares, followed by BOP (27.7 million) and FFL (21.4 million).

Sectors contributing to the performance include Banks (+332 points), E&P (+133 points), Power (+107 points), Cement (+95 points) and Fertilizer (+91 points).

Volumes increased from 330.7 million shares to 412.4 million shares (+24 percent DoD). Average traded value also increased by 111 percent to reach US$ 110.2 million as against US$ 52.1 million.

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

Stocks that contributed positively include HUBC (+101 points), HBL (+85 points), ENGRO (+83 points), UBL (+73 points) and PPL (+67 points). Stocks that contributed negatively include KTML (-2 points), SHEL (-1 points), GSKCH (-1 points), POL (-1 points), and FHAM (-1 points).

KARACHI: The stock market gained 665 points on Wednesday to start the year 2020. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,400 points as against 40,735 points showing an increase of 665 points.

Analysts at Arif Habib Limited said that the first day of 2020 started with a bang and contributed +665 points to the Index. During the session, the market went up by 809 points.

Buying activity was observed across the board especially in Banks and Cement sectors.

KEL saw highest trading volumes of 119 million shares, which was on the back of fuel adjustment recently announced by NEPRA.

Trading volumes also increased significantly over the day to 330 million shares, with the index crossing 41,500 points level. Power sector led the volumes with 121 million shares, followed by Technology (30.2 million) and Vanaspati (26.6 million). Among scrips, KEL led the table followed by UNITY (26.6 million) and FFL (17.5 million).

Sectors contributing to the performance include Banks (+277 points), Fertilizer (+93 points), E&P (+74 points), Cement (+46 points) and Inv Banks (+32 points).

Volumes increased from 177.1 million shares to 330.7 million shares (+86 percent DoD). Average traded value also increased by 14 percent to reach US$ 52.1 million as against US$ 45.7 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, FFL, AVN and TRG, which formed 55 percent of total volumes.

Stocks that contributed positively include HBL (+90 points), UBL (+74 points), ENGRO (+64 points), POL (+45 points) and MCB (+36 points). Stocks that contributed negatively include PAKT (-33 points), HUBC (-9 points), SHEL (-6 points), JLICL (-3 points), and APL (-1 points).

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) posted a return of 10 percent during year 2019.

Analysts at Arif Habib Limited said that KSE-100 index posted a return of 9.9 percent YoY during CY19 while USD-based return clocked-in at negative 1.4 percent.

First positive return after two years of consecutive negative returns, the analysts said.

Barring the last couple of months, CY19 was nothing short of a horror story for the equity market with a dominating bearish trend. During the year, the KSE-100 index crashed to a 5-Yr low of 28,765 points on August 16, 201919, which was a 22 percent contraction since December 2018 and a 31 percent decline on a YoY basis.

Stringent conditions attached with the USD 6 billion IMF bailout package such as 40 percent higher FBR tax revenue target, currency depreciation, cap on sovereign guarantees, electricity and gas tariff hikes were the sources of pessimism during the outgoing year.

Meanwhile, tension on the border with India following the air combat in Feb’19 had its own adverse effects on the overall sentiment.

Albeit, the domestic equity bourse showed a sharp inflection post its low in August 2019.

Till date, since its low the market has shown a remarkable rebound of 42 percent, and in effect turning the CY return positive.

Undoubtedly, dirt cheap valuations across the index and over-selling were pivotal factors for the impressive market performance but we see the economy entering into stabilization mode as a more sustainable and important reason.

Analysts at Topline Securities said that KSE-100 index during 4Q2019 recorded growth of 8,656 points/27 percent; which is the highest quarterly gain achieved by index since 3QCY09 to close at level of 40,735.

The recovery in equities was mainly led by improved macroeconomic factors which included 1) declining bond yields leading investors towards equities, 2) stable PKR/USD exchange rate, 3) Positive first quarterly review by IMF, 4) foreign investment in local debt securities, 5) anticipation of policy rate cut in 1H2020 & 6) current account surplus of USD70 million recorded in month of October.

Political uncertainty as always remained a key concern during the quarter. Departure of ex-prime minister Nawaz Sharif to London, conditional extension to COAS for 6 months by supreme court and decision of death penalty to ex president Musharraf by special court were the main highlights.

KARACHI: The stock market gained 39 points on Monday despite selling pressure seen in major scrips.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,888 points as against 40,849 points showing an increase of 39 points.

Analysts at Arif Habib Limited said that during the session market went up by 447 points, however, MoC saw erosion of all the gains and Index slipping by 33 points.

Selling pressure was mainly observed in Banking and E&P sectors.

Trading activity was mainly tilted towards year end closing activity, which propped up price of ENGRO, LUCK, HUBC and supported the index as well.

Power Sector saw trading volumes of 24.7 million shares, followed by Banks (18.6 million) and Cement (17.3 million).

Among scrips, KEL traded 19.1 million shares, followed by UNITY (10.7 million) and WTL (9.1 million).

Sectors contributing to the performance include Fertilizer (+62 points), Power (+45 points), Cement (+34 points), O&GMCs (+20 points), Banks (-153 points) and E&P (-29 points).

Volumes declined significantly from 237.6 million shares to 165.8 million shares. Average traded value also declined by 30 percent to reach US$ 42.8 million as against US$ 61.2 million.

Stocks that contributed significantly to the volumes include KEL, UNITY, WTL, BOP and FFL, which formed 32 percent of total volumes.

Stocks that contributed positively include ENGRO (+74 points), LUCK (+30 points), HUBC (+22 points), KEL (+18 points) and PSO (+12 points). Stocks that contributed negatively include HBL (-63 points), MCB (-35 points), FFC (-27 points), UBL (-23 points), and BAHL (-21 points).

KARACHI: The stock market likely to stay during next week owing to transfer second IMF tranche and stable rupee value, analysts said.

Analysts at Arif Habib Limitd said that the market to be positive in the coming week.

With SBP reserves climbing up and stable Pak Rupee/USD parity the investors’ sentiment should remain positive.

Furthermore, Pakistan has received second tranche of $452 million of IMF loan. Moreover, new portfolio allocations are expected from the start of the New Year, which can improve the market sentiment and flows.

The KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.2x (2020) compared to Asia Pac regional average of 13.7x and while offering DY of ~6.6 percent versus ~2.5 percent offered by the region.

The market commenced on a negative note this week, losing 900 points during the intraday trading. Tensions on Indo-Pak border kept the momentum suppressed during the week. Bulls took over after IMF expressed contentment in first quarterly review regarding improvement in external side in the light of market determined exchange and steady improvement on the fiscal front.

Furthermore, IMF allowed Pakistan to change performance standards for issuance of sovereign guarantees. Albeit market closed at 40,848 points, gaining 16 points (up by 0.04 percent WoW) as 2019 approached its end.

Sector-wise positive contributions came from i) Commercial Banks (43 points), ii) Power Generation & Distribution (42 points), iii) Oil & Gas Marketing Companies (19 points), iv) Engineering (15 points), and v) Cement (13 points).

Whereas, negative sector-wise contribution came from i) Insurance (31 points), Tobacco (31), Automobile Parts & Accessories (21 points) and Fertilizers (17 points). Scrip-wise positive contributions were led by ENGRO (70 points), HUBC (55 points), OGDC (39 points), PSO (20 points) and UBL (18 points).

Foreign selling was witnessed this week clocking-in at USD 2.9 million compared to a net buy of USD 3.1 million last week. Selling was witnessed in Exploration & Production (USD 1.5 million) and Commercial Banks (USD 0.7 million).

On the domestic front, major buying was reported by Insurance Companies (USD 10.5 million) and Mutual Funds (USD 7.2 million). Average Volumes settled at 230 million shares (down by 23 percent WoW) while average value traded clocked-in at USD 54 million (down by 35 percent WoW).

KARACHI: The stock exchange fell by 279 points on Friday owing to selling pressure during trading sessions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,849 points as against 41,128 points showing a decline of 279 points.

Analysts at Arif Habib Limited said that the market moved both ways during the day with +162 points and -401 points, ending the session at -279 points.

Month end closing met anticipated flows from institutions that created selling pressure on the bourse.

O&GMCs, E&P, Power and Cement sectors remained under pressure, and even though MLCF managed to hit upper circuit, it couldn’t hold ground for much long and stock price dropped significantly, though remained positive.

Technology sector led the volumes with 49.2 million shares, followed by Cement (35.7 million) and O&GMCs (35.5 million). Among scrips, WTL led the volumes with 31.8 million, followed by UNITY (22.6 million) and HASCOLR (22.4 million).

Sectors contributing to the performance include Power (+35 points), Fertilizer (+29 points), Banks (-89 points), E&P (-63 points), Inv Banks (-28 points), Cement (-27 points) and Insurance (-26 points).

Volumes increased from 236.8 million shares to 267.6 million shares (+12 percent DoD). Average traded value also increased by 19 percent to reach US$ 61.2 million as against US$ 51.3 million.

Stocks that contributed significantly to the volumes include WTL, UNITY, HASCOLR1, MLCF and FFL, which formed 39 percent of total volumes.

Stocks that contributed positively include ENGRO (+67 points), HUBC (+46 points), UBL (+6 points), HGFA (+5 points) and PMPK (+5 points). Stocks that contributed negatively include OGDC (-33 points), FFC (-25 points), DAWH (-24 points), HBL (-23 points), and MCB (-22 points).

KARACHI: The equity market registered an increase of 800 points on Thursday due to year end closing that requires financial institutions to manage the equity portfolios to avoid impairments.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,128 points as against 40,328 points showing an increase of 800 points.

Analysts at Arif Habib Limited said that the market moved up significantly by 820 points, primarily due to year end closing that requires financial institutions to manage the equity portfolios to avoid impairments.

Buying activity was observed across the board, but focusing on Oil & Gas chain, including E&P sector stocks that showed OGDC trading near upper circuit.

Similarly, price gains were observed in Refinery and OMCs sectors.

Banking sector was no different with major performance from HBL and UBL.

Technology sector led the volumes with 33.6 million shares followed by O&GMCs (27.7 million) and Vanaspati (27.2 million).

Amogn scrips, UNITY saw trading volumes of 27.2 million, followed by WTL (21 million) and HASCOLR (17.8M).

Sectors contributing to the performance include Banks (+360 points), E&P (+140 points), O&GMCs (+54 points), Power (+44 points) and Inv Banks (+35 points).

Volumes showed slight increase from 236.2 million shares to 236.8 million shares (+0.3 percent DoD).

Average traded value also declined by 10 percent to reach US$ 51.3 million as against US$ 56.5 million.

Stocks that contributed significantly to the volumes include UNITY, WTL, HASCOLR1, FFL and TRG, which formed 38 percent of total volumes.

Stocks that contributed positively include HBL (+119 points), OGDC (+70 points), UBL (+56 points), BAHL (+51 points) and PPL (+44 points).

Stocks that contributed negatively include PAKT (-36 points), EFUG (-10 points), MUREB (-3 points), SCBPL (-2 points), and INDU (-2 points).

KARACHI: The stock market gained 320 points on Tuesday in mixed trading activities as buyers adopted cautious stance.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,328 points as against 40,008 points showing an increase of 320 points.

Analysts at Arif Habib Limited said that the market oscillated between -553 points and +480 points today and closed the session +320 points.

The market opened on a negative note with -51 points and extended the losses later. Investors remained cautious in buying in oil chain, but gradually gained momentum by session end, which saw OGDC trading near upper circuit.

Food sector led the volumes with 28.6 million shares, followed by Technology (28.1 million) and Banks (27.9 million). Among scrips, FFL traded 25.9 million shares, followed by UNITY (13.4 million) and BOP (11.8 million).

Sectors contributing to the performance include E&P (+91 points), O&GMCs (+36 points), Power (+35 points), Cement (+32 points) and Fertilizer (+26 points).

Volumes increased from 179.1 million shares to 236.2 million shares (+32 percent DoD). Average traded value also increased by 25 percent to reach US$ 56.5 million as against US$ 44.9 million.

Stocks that contributed significantly to the volumes include FFL, UNITY, BOP, TRG and WTL, which formed 31 percent of total volumes.

Stocks that contributed positively include OGDC (+51 points), HUBC (+28 points), PPL (+23 points), LUCK (+22 points) and SNGP (+18 points). Stocks that contributed negatively include BAHL (-20 points), UBL (-10 points), SHFA (-8 points), BAFL (-5 points), and EFUG (-4 points).