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Category: Stock & Commodity

  • Stock market remains traded in narrow range; ends down by 264 points

    Stock market remains traded in narrow range; ends down by 264 points

    KARACHI: The stock market ended down by 264 points on Wednesday as market continued trading in narrow range.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,565 points as against 31.829 points showing a decline of 264 points.

    Analysts at Arif Habib Limited said that the market continued trading in a narrow range between +39 points and -357 points and closed the session -264 points.

    International crude posted losses and the same had negative impact on local oil & gas listed chain from E&P to OMCs.

    PSO and PPL also had financial results today, which were mostly in line or better than expectation, however, near term risks kept pressure on both the scrips till end, although PPL saw price jacking up post result announcement after an initial drop.

    Power sector led the volumes table with 16.9 million shares, followed by Technology (15.7 million) and O&GMCs (13.1 million).

    Scrip wise activity shows KEL leading the volumes with 14.9 million shares, followed by WTL (12.4 million and PSO (6.9 million).

    Sectors contributing to the performance include Banks (-108 points), Power (-48 points), E&P (-34 points), Fertilizer (-29 points) and Food (-12 points).

    Volumes increased from 88.8 million shares to 952 million shares (+7 percent DoD). Average traded value also increased by 6 percent to reach US$ 26.3 million as against US$ 24.9 million.

    Stocks that contributed significantly to the volumes include WTL, PSO, MLCF, KEL and HASCOL, which formed 39 percent of total volumes.

    Stocks that contributed positively include ABL (+9 points), FABL (+6 points), ICI (+6 points), JLICL (+5 points) and EFUG (+5 points).

    Stocks that contributed negatively include HUBC (-46 points), UBL (-36 points), HBL (-36 points), OGDC (-27 points), and ENGRO (-14 points).

  • Stock market gains 78 points in narrow band trade

    Stock market gains 78 points in narrow band trade

    KARACHI: The stock market gained 78 points on Tuesday as benchmark index was remained traded in a narrow band.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,829 points as against 31,751 points showing an increase of 78 points.

    Analysts at Arif Habib said that the KSE-100 index continued trading in a narrow band with limited upside.

    The index plunged by 315 points during the session and recovered +141 points later on.

    Selling pressure was mostly observed in Cement, Banks and Oil & Gas scrips. Cement sector led the volumes with 25.6 million shares, out of which MLCF realized 17.6 million shares, followed by FCCL (2.9 million)

    Banking sector followed Cement with 8 million shares, which was mainly contributed by UBL, BAFL and BOP. Power sector ranked third among top volume leaders, registering trade volume of 7.6 million shares, mostly contributed by KEL (4.6 million) and HUBC (2 million).

    Sectors contributing to the performance include Banks (-40 points), E&P (+33 points), Chemical (+19 points), O&GMCs (+17 points), and Food (+10 points).

    Volumes inched up from 86.6 million shares to 88.7 million shares (+2 percent DoD). Average traded value also posted a slight increase from US$ 24.8 million to US$ 24.9 million (+0.3 percent DoD).

    Stocks that contributed significantly to the volumes include MLCF, KEL, FCCL, PAEL and DGKC, which formed 34 percent of total volumes.

    Stocks that contributed positively include PPL (+23 points), COLG (+13 points), PSO (+13 points), BAHL (+12 points) and LUCK (+10 points). Stocks that contributed negatively include MCB (-15 points), UBL (-15 points), HBL (-14 points), MEBL (-10 points), and HUBC (-10 points).

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    Stock market ends down by 360 points

  • Stock market ends down by 360 points

    Stock market ends down by 360 points

    KARACHI: The stock market ended down by 360 points on Monday owing to negative sentiments in oil and gas sector.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,751 points as against 32,111 points showing a decline of 360 points.

    Analysts at Arif Habib Limited said that the start of the rollover week saw Market taking negative direction and an overall decline of around 400 points during the session.

    Although international crude prices were at similar levels as observed at the end of last week, local oil & gas chain showed receding stock prices from E&P to OMCs.

    Resultantly, OGDC, PPL, ATRL, NRL, PSO showed significant declines. Besides, Cement and Banking sector stocks also saw selling pressure.

    MLCF issued financial projections pertinent with 85 percent Rights issue that showed near term losses and caused the stock price to hit lower circuit.

    Cement sector led the volumes with 15.7 million shares, followed by Technology (9.5 million) and O&GMCs (8 million).

    Scrip wise activity shows MLCF at the top with 6.4 million shares, followed by PSO (5.2 million) and FCCL (4.3 million).

    Sectors contributing to the performance include Banks (-101 points), E&P (-94 points), Cement (-46 points), O&GMCs (-26 points) and Pharma (-21 points).

    Volumes declined from 153.3 million shares to 86.6 million shares (-44 percent DoD). Average traded value also declined by 34 percent to reach US$ 24.8 million as against US$ 37.3 million.

    Stocks that contributed significantly to the volumes include MLCF, PSO, FCCL, TRG and PAEL, which formed 27 percent of total volumes.

    Stocks that contributed positively include ENGRO (+19 points), SHFA (+5 points), BAHL (+5 points), JLICL (+5 points) and HGFA (+4 points). Stocks that contributed negatively include OGDC (-55 points), HBL (-45 points), PPL (-39 points), MCB (-21 points), and UBL (-20 points).

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    Weekly Review: stock market to keep positive momentum

  • Weekly Review: stock market to keep positive momentum

    Weekly Review: stock market to keep positive momentum

    The stock market is poised to sustain its positive trajectory in the coming week, supported by an improving macroeconomic environment.

    (more…)
  • Stock market shed 73 points in range bound activity

    Stock market shed 73 points in range bound activity

    KARACHI: The stock exchange declined by 73 points on Friday in a range bound trading activity.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,111 points as against 32,184 points showing a decline of 73 points.

    Analysts at Arif Habib Limited said that the market remained range bound today, trading above 32,000 level, although moved between +149 points and -129 points during the day.

    Volumes again registered healthy growth from 137 million shares yesterday to 153 million shares.

    Oil Chain remained under selling pressure with the exception of PSO that showed considerable gain.

    Banks, Steel, Cement also downplayed, which brought the index under pressure in the second session. MLCF issued financial results today that saw 85 percent right issuance besides nominal dividend of 5 percent.

    By the end of session, MLCF hit lower circuit and closed at that level. Cement sector led the volumes with 26.3 million shares followed by Technology (16 million) and Chemical (13.4 million).

    Scrip wise activity reflects MLCF registering 18 million shares, followed by TRG (6.9 million) and PIBTL (6.6 million).

    Sectors contributing to the performance include Cement (-49 points), Banks (-25 points), Technology (-11 points), Investment Banks (+29 points), O&GMCs (+15 points).

    Volumes increased further increased from 137 million shares to 153 million shares (+12 percent DoD). Average traded value on the contrary witnessed slight decline of 1.3 percent DoD to reach US$ 37.2 million as against US$ 37.7 million.

    Stocks that contributed significantly to the volumes include MLCF, TRG, PIBTL, LOTCHEM and UNITY, which formed 29 percent of total volumes.

    Stocks that contributed positively include DAWH (+30 points), PPL (+20 points), PSO (+14 points), BAFL (+12 points) and EPCL (+7 points). Stocks that contributed negatively include OGDC (-22 points), HBL (-19 points), LUCK (-18 points), FCCL (-8 points), and TRG (-8 points).

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    Stock market ends down by 353 points on easing international oil prices

  • SECP board approves amendments to exchange traded fund regulations

    SECP board approves amendments to exchange traded fund regulations

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to Exchange Traded Funds Regulations and other regulations at its policy board meeting which met in Islamabad under the chairmanship of Professor Khalid Mirza, said a statement on Wednesday.

    The Policy Board welcomed the new Chairman, SECP, Aamir Khan and accredited his joining to the improvement in the stock market and development of new initiatives.

    The Policy Board reviewed the implementation of its decisions of previous meetings and was satisfied with the overall workings of the Commission. The Chairman and the Board commended Aamir Khan for ensuring that the decisions have been implemented in an expeditious and progressive manner.

    In order to facilitate launch of ETFs, the Policy Board, amongst several other recommendations of the Regulations Committee of the Board, approved amendments in the Exchange Traded Funds Regulations which have been revamped to add flexibility for fund managers to appoint separate intermediaries for performing the functions of market maker and authorized participant.

    This shall enable fund managers for on-boarding market makers easily which are now subject to rationalized regulations that aim to reduce cumbersome requirements and decrease the cost of doing business for market makers.

    In addition to regulatory changes, system level modifications have also been made to enable market makers for performing their functions seamlessly with minimum inventory.

    The approved regulatory amendments aim to provide maximum facilitation to fund managers and market makers through streamlined regulatory requirements based on international benchmarks.

    Other approvals of the Policy Board include:

    (i) Amendments in Futures Brokers (Licensing & Operations) Regulations, 2018 which provide relaxation in education requirement of CEO, elimination of the requirement of NCB, deletion of the requirement of wealth statement, and reduction in frequency of reports by compliance officer,

    (ii) Amendments in the Securities Brokers (Licensing & Operations) Regulations 2016 extending the timeline for complying with financial resource requirements till December 2019, and deletion of requirement to submit NICL Building, 63 Jinnah Avenue, Islamabad certificate of commencement of business,

    (iii) Amendments in CDC Regulations – Reforms in CDC Regulatory Framework for ease of doing business by direct credit of securities in the CDS issued by way of right issue of public unlisted and private companies; relaxation in appointment of independent Transfer Agent by private and single member companies, and

    (iv) PSX to act as the sole frontline regulator and may draw upon the assistance of NCCPL and CDC to outsource the compliance function of PSX, to the extent of supervision or conducting any investigation, inspection or enquiry and monitoring compliance of securities brokers.

    The Policy Board was also given a presentation by the Commission pertaining to the implementation of the FATF Recommendations including instances of penalties imposed in various cases.

    The Policy Board directed that the FATF guidelines should be followed but the focus should remain on the areas that are critical to curb the menace of financing of terrorism/money laundering and we should take care not to affect business activity.

    The Securities and Exchange Policy Board, in pursuance of Section 12 of the Act 1997, comprises ex-officio members of the Ministries of Finance, Commerce, and Law, SBP, SECP and persons of eminence from the private sector.

  • Stock market ends down by 353 points on easing international oil prices

    Stock market ends down by 353 points on easing international oil prices

    KARACHI: The stock market fell by 353 points on Wednesday on easing oil prices in international market.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,555 points as against 31,909 points showing a decline of 353 points.

    Analysts at Arif Habib Limited said that after the restoration of crude production at Aramco facility in Abqaiq, international crude prices saw a downward trend and that similar trend was witnessed at PSX as well.

    Oil chain including E&P, OMCs, and Refineries drove the market with volume amid declining prices.

    IMF’s nod on government’s measures failed to give confidence to the investors on the macro-economic front.

    Besides, oil & gas chain, Cement sector also saw selling pressure, with the most decline observed in LUCK in past sessions.

    OGDC also posted higher than anticipated financial results but couldn’t bring any positivity to the falling stock price.

    Technology sector topped the volumes chart with 13.9 million shares followed by Cement (12.2 million) and O&GMCs (11.5 million).

    Scrip-wise activity shows WTL leading the volumes with 10.3 million shares followed by PAEL (8.5 million) and KEL (8.3 million).

    Sectors contributing to the performance include E&P (-123 points), Banks (-90 points), Fertilizer (-47 points), Cement (-45 points) and Power (-30 points).

    Volumes increased from 99.3 million shares as against 122 million shares (-19 percent DOD).

    Average traded value also declined by 24 percent to reach US$ 25.4 million as against US$ 33.3 million.

    Stocks that contributed significantly to the volumes include WTL, PAEL, KEL HASCOL and OGDC, which formed 38 percent of total volumes.

    Stocks that contributed positively include SEARL (+8 points), PSO (+8 points), NATF (+7 points), COLG (+6 points) and FCEPL (+4 points).

    Stocks that contributed negatively include PPL (-51 points), POL (-39 points), LUCK (-36 points), UBL (-25 points), and ENGRO (-22 points).

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  • NCCPL announces 100 percent higher tax collection from investors not on ATL

    NCCPL announces 100 percent higher tax collection from investors not on ATL

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday informed investors of Pakistan Stock Exchange (PSX) that tax rate on capital gain will be 100 percent higher for those not appearing in Active Taxpayers List (ATL).

    In a letter communicated to Pakistan Stock Exchange (PSX), the NCCPL said that through Finance Supplementary (Second Amendment) Act, 2019 amendments had been made to Income Tax Ordinance, 2001 under which 100 percent tax rate would be collected from those investors who were either not filed their income tax returns or late filers.

    The NCCPL has been authorized withholding agent to collect Capital Gain Tax (CGT) on behalf of Federal Board of Revenue (FBR) from investors of the PSX.

    The NCCPL said that 100 percent increased CGT rate will be applied to all the categories of investors not appearing in the ATL provided by the FBR.

    In Case of PSX the CGT rates for year 2019/2020 is as follow:

    — Where the security was acquired before July 01, 2013: zero percent will be for both investors in ATL and non-ATL.

    — Securities Acquired before July 1, 2016. Where holding period of a security is twenty-four months or more but the security was acquired on or after 1st July, 2013: the CGT rate will be 7.5 percent for ATL and 15 percent for not appearing in ATL.

    — Securities Acquired on or after July 1, 2016: the tax rate will be 15 percent for ATL and 30 percent for those not appearing in ATL.

    — Cash settled derivatives traded on Stock Exchange: the tax rate will be 5 percent and 10 percent for those not appearing in ATL.

    In case of MUFAP

    — Where the holding period of securities more than Four years: The tax rate will be zero percent for both investors having ATL or non-ATL status.

    — Stock Funds: For individuals and corporate if Dividend receipts of the fund are more than capital gains: the tax rate will be 10 percent for ATL and 20 percent for those investors not appearing in ATL.

    — Stock Funds: For individuals and corporate if dividend receipts of the fund are less than capital gains: the tax rate will be 12.50 percent and 25 percent for investors not appearing in ATL.

    — Other than Stock Funds – For individuals: the tax rate will be 10 percent for ATL and 20 percent for non-ATL.

    — Other than Stock Funds – For Corporate: the tax rate will be 25 percent for ATL and 50 percent for investors not appearing on ATL.

    In case PMEX

    — Future Commodity Contracts executed at Pakistan Mercantile Exchange: The tax rate will be 5 percent for ATL and 10 percent for investors not appearing on ATL.

    The NCCPL explained Section 37A of Income Tax Ordinance, 2001, as:

    Loss sustained on disposal of listed securities in tax year 2019 and onwards that has not been set off against the gain of the person from disposal of securities chargeable to tax under section 37A shall be carried forward to the following tax year and set off only against the gain of the person from disposal of securities chargeable to tax under section 37A, but no such loss shall be carried forward to more than three tax years immediately succeeding the tax year for which the loss was first computed.

  • Stock market ends flat amid profit taking

    Stock market ends flat amid profit taking

    KARACHI: The stock market ended flat on Tuesday despite profit taking was witnessed in the market following rise in international oil prices.

    The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 31,909 points as against 31,929 points showing a decline of 20 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range today with an oscillation of 337 points between +178 points and -159 points.

    Higher international crude prices managed to secure interest of investors in E&P & Refinery sectors, though OMCs saw profit booking.

    Besides, Banking sector scrips helped the Index to stay relatively positive and somewhat shielded the index from Cement sector onslaught that saw LUCK’s rates declining significantly in MoC.

    LUCK closed near day’s low, near lower circuits. With the exception of DGKC, which managed to post decent gains as compared to LDCP, other Cement sector scrips saw selling pressure.

    Cement Sector again managed to post high volumes with 25.5 million shares, followed by Cable (16.9 million) and Power (11.6 million).

    Among scrips, PAEL ranked top with 16.7 million shares, followed by MLCF (10.3 million) and DGKC (7.3 million).

    Sectors contributing to the performance include E&P (+35 points), Miscellaneous (+21 points), Banks (+17 points), Fertilizer (-36 points), Cement (-30 points), Power (-21 points).

    Volumes increased from 104.6 million shares to 121.8 million shares. Average traded value also increased by 4 percent to reach US$ 33.2 million as against US$ 31.9 million.

    Stocks that contributed significantly to the volumes include PAEL, MLCF, DGKC, KEL and TRG, which formed 38 percent of total volumes.
    Stocks that contributed positively include HBL (+35 points), UBL (+30 points), PSEL (+21 points), PPL (+20 points) and EFERT (+11 points).

    Stocks that contributed negatively include LUCK (-35 points), BAHL (-26 points), FFC (-20 points), ENGRO (-20 points), and HUBC (-17 points).

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    Stock market increases by 447 points on oil price rise expectations

  • Stock market increases by 447 points on oil price rise expectations

    Stock market increases by 447 points on oil price rise expectations

    KARACHI: The stock market increased by 447 points on Monday owing to hope of rise in oil prices following attack on Saudi Oil facility.

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