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Category: Stock & Commodity

  • Weekly Review: IMF agreement to set market direction

    Weekly Review: IMF agreement to set market direction

    KARACHI: As the governor of State Bank of Pakistan (SBP) is echoing the incumbent governments existing stance of fulfilling IMF’s prior actions, the experts said that the IMF agreement will set direction of the stock market.

    “The upcoming Board agreement expected in July 2019 to be a major trigger for the market as it would set in motion a period of economic recovery,” analysts at Arif Habib Limited said.

    Weakness of the Pak Rupee against USD, unchanged Fitch’s rating and ongoing debate over the Federal Budget 2019/2020 in the Parliament kept the domestic bourse in-check this week. Given lack of triggers and profit taking in large caps, the KSE-100 index closed down by 448 points (1.26 percent WoW) to 35,125.

    Negative sector-wise contributions came from i) Commercial Banks (181 points), ii) Fertilizer (88 points), iii) Cement (49 points), iv) Oil & Gas Marketing Companies (42 points), and v) Pharmaceuticals (29 points).

    Whereas, sectors that contributed positively include Power Generation & Distribution (38 points) and E&P (31 points). Scrip-wise negative contributions came from FFC (62 points), BAHL (43 points), PPL (38 points), LUCK (31 points) and KAPCO (31 points).

    Whereas, positive scrip-wise contributions came from HUBC (83 points), OGDC (54 points), and POL (37 points).

    Foreign selling was continued this week clocking-in at USD 5.7 million compared to a net sell of USD 4.9 million last week. Selling was witnessed in Exploration & Production (USD 4.5 million) and Cement (USD 1.4 million).

    On the domestic front, major buying was reported by Individuals (USD 7.9 million) and Banks / DFIs (USD 3.7 million).

    Average Volumes settled at 125 million shares (down by 8.5 percent WoW) while value traded clocked-in at USD 27 million (down by 21 percent WoW).

  • Stock market gains 129 points on Sukuk issuance

    Stock market gains 129 points on Sukuk issuance

    The stock market gained 129 points on Friday, buoyed by the anticipated release of a Rs200 billion Sukuk by the government. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 35,125 points, up from 34,996 points, reflecting a positive sentiment among investors.

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  • NCCPL to collect capital gain tax on disposal of securities on June 28

    NCCPL to collect capital gain tax on disposal of securities on June 28

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Friday announced that it will collect Capital Gain Tax (CGT) on disposal of securities for the month of May on June 28, 2019.

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  • KSE-100 gains 340 points on improved sentiments

    KSE-100 gains 340 points on improved sentiments

    KARACHI: The stock market gained 340 points on Thursday on improved sentiments.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,996 points as against 34,656 points showing an increase of 340 points.

    Analysts at Arif Habib Limited said that market moved up today after sustaining losses for the past three sessions. E&P sector took cue from rising crude prices and were further helped by Iran’s taking down of US drone.

    Besides the positivity in E&P sector, Cement stocks also increased on the back of recent price hikes in cement price / bag. Total volumes hit around 163 million shares, however, most of it came from Summit Bank (19 million), WTL (17 million), JSCL (10 million) and PAEL (10 million).

    Technology sector led the volumes table with 29 million shares, followed by Banks (24 million) and Cement (22 million).

    Sectors contributing to the performance include Fertilizer (+69 points), Banks (+62 points), E&P (+44 points), Cement (+44 points) and Autos (+25 points).

    Volumes increased significantly from 99.4 million shares to 163 million shares (+64 percent DoD). Average traded value also increased by 31 percent to reach US$ 28.8 million as against US$ 21.9 million.

    Stocks that contributed significantly to the volumes include SMBL, WTL, JSCL, PAEL and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively include FFC (+21 points), EFERT (+21 points), ENGRO (+20 points), POL (+20 points) and HUBC (+19 points). Stocks that contributed negatively include NESTLE (-14 points), PAKT (-11 points), NCPL (-3 points), JLICL (-2 points) and KAPCO (-2 points).

  • Stock market ends flat amid uncertainty on budget approval

    Stock market ends flat amid uncertainty on budget approval

    KARACHI: The stock market ended flat on Wednesday amid uncertainty on approval of the federal budget 2019/2020.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 34,656 points from previous day’s closing of 34,682 points, losing 26 points.

    Analysts at Topline Securities said that during the trading session index depicted a flattish trend closing in at 34,656 points in the absence of major news flow.

    Uncertainty regarding budget approval continued to persist as the opposition leader in his speech today at National Assembly demanded major changes in the budget, declaring it as IMF influenced.

    Expected hike in gas prices led gas distributing companies SSGC & SNGP to land in the positive territory; up in the range of 2.25-3.21 percent.

    Out of total 333 active stocks, 189 stocks ended in red, while 123 stocks closed in the green whereas values of 21 scrips remained unchanged.

    Trade volume witnessed attrition of 5 percent. Similarly, trade value declined by 15 percent. MLCF continue to remain the volume leader since the last five trading sessions.

  • KSE-100 index down 487 points on delay in fund activation

    KSE-100 index down 487 points on delay in fund activation

    KARACHI: The stock market ended down by 487 points on Tuesday owing to delay concerns over activation of state enterprise and market opportunity fund.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,682 points as against 35,169 points showing a decline of 487 points.

    Analysts at Arif Habib Limited said that the market repeated yesterday’s episode of decline in index, which was primarily caused by concerns over delay in activation of State Enterprise & Market Opportunity Funds, MSCI and FTSE Reviews.

    Activity was slow and investors maintained cautious stance.

    Selling pressure was mainly observed in Banks and E&P Sector, which spread to Cement sector by the end of session.

    Cement sector saw price gains on the back of another increase of Rs15-20 in price / bag, which couldn’t sustain selling pressure. MLCF, which topped the volumes chart, ended 5 percent down.

    Overall, Cement sector led the volumes with 28M shares, followed by Technology stocks (mainly TRG).

    Sectors contributing to the performance include Banks (-79 points), Fertilizer (-76 points), E&P (-65 points), Cement (-59 points), O&GMCs (-55 points).

    Volumes declined further from 128mn shares to 104mn shares (-19 percent DoD). Average traded value also declined by 19 percent to reach US$ 257mn as against US$ 31.6mn.

    Stocks that contributed significantly to the volumes include MLCF, TRG, PIBTL, KEL and EPCL, which formed 35 percent of total volumes.

    Stocks that contributed positively include PAKT (+6 points), OGDC (+5 points), GATM (+3 points), AICL (+2 points) and AGP (+2 points). Stocks that contributed negatively include MCB (-31 points), PPL (-28 points), MARI (-26 points), NESTLE (-23 points) and FFC (-23 points).

  • Stock market gains 465 points on buying activities

    Stock market gains 465 points on buying activities

    Karachi: The Pakistan stock market recorded a significant gain of 465 points on Thursday, driven by robust buying activities and positive investor sentiment. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 35,403 points, up from the previous close of 34,660 points.

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  • Stocks nosedive by 938 points on budget, Zardari arrest

    Stocks nosedive by 938 points on budget, Zardari arrest

    KARACHI: The stock market on Monday nosedived by 938 points owing to scheduled budget announcement and arrest of Asif Ali Zardari, leader of Pakistan People’s Party.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,568 points as against 35,505 points showing a decline of 938 points.

    Analysts at Arif Habib Limited said that besides the anticipation of poor macro-economic statistics in the soon-to-be-released Economic Survey, budget woes kept the market under heavy selling pressure.

    Market opened negative 140 points and within minutes declined close to 500 points without any significant volume. Selling was observed across the board, which was further accentuated by Asif Zardari’s rejection of permanent bail by Islamabad High Court.

    By the end of session, the index saw decline of 1037 points and closed -938 points. Power sector led the volumes table with around 20 million shares (mainly contributed by KEL ~18.5 million), and followed by Banking Sector with 14.6 million shares (BOP ~7 million) and Cement with 7.2 million shares.

    Sectors contributing to the performance include Banks (-240 points), E&P (-159 points), Fertilizer (-119 points), Cement (-104 points) and O&GMCs (-70 points).

    Volumes declined significantly from 125 million shares to 92 million shares (-26 percent DoD). Average traded value also declined by 26 percent to reach US$ 23.5 million as against US$ 31.6 million.

    Stocks that contributed significantly to the volumes include KEL, BOP, UNITY, LOTCHEM and OGDC, which formed 40 percent of total volumes.

    Stocks that contributed positively include KEL (+11 points), FABL (+1pt), THALL (+1pt), APL (+0 points) and SHEL (+0 points). Stocks that contributed negatively include ENGRO (-63 points), HBL (-61 points), PPL (-60 points), OGDC (-58 points) and LUCK (-54 points).

  • Share market falls on concerns over budgetary measures

    Share market falls on concerns over budgetary measures

    KARACHI: The stock market lost around 470 points on Monday, the last session before week-long Eid holidays, due to concerns over measures to be announced in the budget 2019/2020 on June 11, 2019.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,505 points as against 35,975 points showing a decline of 470 points.

    Analysts at Arif Habib Limited said that the last trading session before Eid and budget ended negative for the bourse.

    Although clarity on EMOF and SEF was given by ECC last week, but investors’ seemed concerned over Budget, which is likely to adopt tough budgetary measures to bring fiscal discipline.

    Besides, rapidly falling international crude prices brought selling pressure in E&P sector that accentuated the impact on market.

    Banking sector led the volumes table with 39 million shares followed by Technology (24 million). Amongst scrips, BOP scored 25 million shares followed by WTL amongst Technology scrips with 20 million shares. MLCF ranked amongst top 10 volume scrips for the second consecutive day, amidst selling pressure.

    Sectors contributing to the performance include E&P (-205 points), Fertilizer (-80 points), Cement (-57 points), O&GMCs (-40 points), Textile (-33 points), Banks (+22 points).

    Volumes declined significantly from 199 million shares in last trading session to 124.6 million shares (-37 percent DoD).

    Average traded value also declined by 47 percent to reach $31.7 million as against $ 60.3 million.

    Stocks that contributed significantly to the volumes include BOP, WTL, MLCF, OGDC and KEL, which formed 50 percent of total volumes.

    Stocks that contributed positively include HBL (+61 points), MCB (+51 points), EFUG (+7 points), ABOT (+6 points) and HASCOL (+6 points). Stocks that contributed negatively include PPL (-80 points), POL (-62 points), OGDC (-42 points), EFERT (-32 points) and LUCK (-31 points).

  • CDC to facilitate 600 businessmen to receive sales tax refund bonds

    CDC to facilitate 600 businessmen to receive sales tax refund bonds

    KARACHI: Central Depository Company of Pakistan Limited (CDC) will facilitate 600 businessmen in receiving their sales tax refunds issued by the Federal Board of Revenue (FBR) in the shape of refund bonds.

    Out of total 600 sales tax refunds claimants, around 200 businessmen have so far opened their CDC accounts.

    The government has planned to clear around Rs40 to 60 billion worth of refund claims through this scheme and it has finalized around 600 refund claimants who can Sales Tax Refund payments through Refund Bonds.

    CDC has already facilitated 90 businesses, who had opened their CDC Accounts, in getting Rs7 billion sales tax refund payments through Refund Bonds.

    This initiative was taken subsequent to the approval of amendments in Supplementary (Second Amendment) Act, 2019 by the Federal Government.

    In this regard, the Federal Board of Revenue (FBR) has also asked the refund claimants to open Sub Account or Investor Account with Central Depository Company of Pakistan Limited (CDC) and has issued procedures for opening of such accounts.

    The issuance of these Refund Bonds in book entry form through Central Depository System (CDS) will also help create ease of doing business for claimants as the Refund Bonds will be issued electronically in the system and there will be no paper or certificate issued. The claimants may just log in to the CDC web system and confirm that their Refund Bonds have been credited.

    In addition to this, the financing against Refund Bonds by Banks will also be very simple and efficient as Banks are already using CDC system and providing financing against different type of securities worth millions of rupees on daily basis.

    All the claimants need to do is to go to the Bank and mention their CDC account number and the Bank will retrieve all the information on real time basis from CDC system through CDC Pledge functionality and create a charge against these Refund Bonds with a simple click of the button.

    While commenting on this effort, Badiuddin Akber, CEO-CDC said that “CDC has always been ready to play its part in the progress and development of the country’s economy. We are more than willing to introduce convenience in doing business through digitalization to make our economy more business friendly and this initiative is one more step towards it.”

    In order to facilitate claimants, CDC extended full support and established facilitation desks at RTO Faisalabad and Multan in addition to the services extended from its offices in Karachi, Lahore and Islamabad. In this regard, a workshop was also organized for the Towel Manufacturers Association of Pakistan at TMA House, Karachi on June 01, 2019.

    CDC is also planning to establish a special facilitation Desk for the convenience of businesses at their Head office in Karachi.