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Category: Stock & Commodity

  • Stock market recovers 149 points on improved investors sentiments

    Stock market recovers 149 points on improved investors sentiments

    KARACHI: The stock market recovered 149 points on Friday amid buying on improved investors sentiments.

    The benchmark KSE-100 index closed at 32,459 points as against 32,310 points, showing an increase of 149 points.

    Analysts at Arif Habib Limited said that the index oscillated around 650 during the session with +240 points and -408 points.

    First session ended 240 points down and 49 million shares traded, whereas second session saw recovery in the index resulting in +240 points (unadjusted). News of State Enterprise / Market opportunity Fund by State Enterprises helped improve investor sentiment in the second session.

    Buying activity took place in index heavy weights such as OGDC, PPL, PSO, LUCK, where PSO ended at upper circuit.

    Cement Sector led the volumes chart with 27 million shares, contributed by MLCF (14.4million) and DGKC (4.5 million), and followed by Technology (14 million) and Power (12million). TRG ranked second in terms of traded volume with 12 million shares.

    Sectors contributing to the performance include E&P (+66 points), Fertilizer (+48 points), O&GMCs (+43 points), Cement (+26 points), Chemical (+9 points).

    Volumes increase by further from 87 million shares to 121 million shares (+39 percent DoD). Average traded value however, increased by 15.9 percent DoD to reach US 27.2 million as against US$ 23.5 million.

    Stocks that contributed significantly to the volumes include MLCF, TRG, KE, PAEL, and BOP, which formed 43 percent of total volumes.

    Stocks that contributed positively include ENGRO (+39 points), OGDC (+33 points), PPL (+31 points), LUCK (+24 points) and FFC (+23 points). Stocks that contributed negatively include UBL (-32 points), HUBC (-21 points), NESTLE (-17 points), DAWH (-10 points) and BAHL (-8 points).

  • Stock market erodes by 672 points on massive selling

    Stock market erodes by 672 points on massive selling

    KARACHI: The stock market eroded by 672 points on Thursday following significant selling pressure during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,310 points as against 32,982 points, showing a decline of 672 points.

    Analysts at Arif Habib Limited said that the market stayed positive for a brief while earlier today and went +32 points, but after that selling pressure ensued causing a slide of 758 points and ending the session at -672 points.

    The index breached recent intra-day low of 32,350 points today and closed at a low of 32,310 points.

    Selling was observed across the board, and initially started with significant volumes in HBL. Banking sector led the volumes table with 15.7 million shares followed by Technology (11 million) and Cement (10 million).

    Scrip wise activity showed TRG ranking top with 8.5 million shares, followed by KEL (7.3 million) and HBL (4.6 million).

    Major declines were observed in OMCs, which saw significant declines in price, trading at and / or close to lower circuits.

    Sectors contributing to the performance include Banks (-115 points), E&P (-101 points), Fertilizer (-100 points), O&GMCs (-58 points), Cement (-46 points).

    Volumes declined further from 112 million shares to 86 million shares (-22 percent DoD). Average traded value however, increased by 0.9 percent DoD to reach US 23.4 million as against US$ 23.2 million.

    Stocks that contributed significantly to the volumes include TRG, KEL, HBL, LOTCHEM and MLCF, which formed 33 percent of total volumes.

    Stocks that contributed positively include MARI (+1 points), POL (+0 points), SHFA (+0 points), HGFA (+0 points) and ATLH (+0 points). Stocks that contributed negatively include ENGRO (-71 points), PPL (-64 points), HBL (-52 points), OGDC (-38 points) and HUBC (-24 points).

  • Market ends flat despite positive opening

    Market ends flat despite positive opening

    KARACHI: The stock market ended with gain of nominal 10 points on Wednesday despite positive trading of over 400 points earlier in the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,982 points as against 32,972 points showing an increase of 10 points.

    Analysts at Arif Habib Limited said that the market opened on a positive note today and within no time touched day’s high of +409 points, post SBP rate hike yesterday of 100bps, inline with street consensus.

    E&P, O&GMCs, Cement, Chemical, Fertilizer and Banking Sector scrips performed well earlier today, however, save for O&GMCs and Chemical, all went bust by session’s end.

    LOTCHEM, SSGC, SNGP, EPCL traded near upper circuits. Cement sector led the volumes table with around 30 million shares (contributed by MLCF (16.5 million), DGKC (4.8 million) and FCCL (3.5 million)), followed by Chemical with 15M shares (contributed by LOTCHEM (8.2 million)).

    Sectors contributing to performance include Banks (+30 points), Power (+17 points), Food (+15 points), Chemical (+14 points), Autos (-23 points), E&P (-20 points) and Textile (-10 points).

    Volumes declined from 138.7 million shares to 111.5 million shares (-20 percent DoD). Average traded value also declined by 18 percent to reach US$ 23.2 million as against US$ 28.3 million.

    Stocks that contributed significantly to the volumes include MLCF, TRG, LOTCHEM, DGKC and UNITY, which formed 40 percent of total volumes.

    Stocks that contributed positively include HUBC (+21 points), HBL (+19 points), DAWH (+16 points), NESTLE (+15 points) and EPCL (+8 points). Stocks that contributed negatively include OGDC (-14 points), INDU (-14 points), FFC (-14 points), PPL (-10 points) and NML (-9 points).

  • Share market gains 14 points amid high volume

    Share market gains 14 points amid high volume

    KARACHI: The stock market gained a nominal 14 points on Tuesday amid high volume trading, analysts said.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,972 points as against 32,958 points showing an increase of 14 points.

    Analysts at Arif Habib Limited said that the market volumes finally breached the anemic 40 million level and totaled 138.7 million shares.

    Cement and E&P sector played a major role in setting the pace of market today, which oscillated between +135 points and -354 points.

    E&P scrips POL and PPL traded near lower circuits, whereas OGDC also saw significant selling pressure.

    Similarly, O&GMCs saw key scrips under pressure, such as PSO and SNGP.

    MLCF and DGKC also traded near lower circuits, however, recovered later in the day’s trading. Cement sector led the volumes table with 27 million shares, followed by Power (22 million) and Technology (15 million).

    Scrip wise activity shows KEL as volume leader with 20M shares, followed by MLCF (14 million) and TRG (13 million).

    Sectors contributing to the performance include banks (46 points), Cement (26 points), Fertilizer (18 points), Power Generation (4 points), and Transport (3 points).

    Volumes increased by from 138.7 million shares to 69.1 million shares.

    Average traded value increased by merely 92 percent to reach US$ 28.3 million as against US$ 14.8 million.

    Stocks that contributed significantly to the volumes include KEL, MLCF, TRG, BOP and LOTCHEM, which formed 43 percent of total volumes.

    Stocks that contributed positively include UBL (+24 points), LUCK (+24 points), HBL (+23 points), ENGRO (+17 points) and MCB (+15 points). Stocks that contributed negatively include POL (-29 points), PPL (-21 points), BAHL(-11 points), NML (-10 points) and ABOT (-9 points).

  • Stock market plunges on policy rate uncertainty

    Stock market plunges on policy rate uncertainty

    KARACHI: The stock market plunged by 714 points on Monday owing to uncertainty on monetary policy that is scheduled to be announced tomorrow.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,958 points as against 33,672 points showing a decline of 714 points.

    Analysts at Arif Habib Limited said that the market witnessed a significant decline of around 750 points during the session that is caused by uncertainty on monetary policy.

    As per revised schedule, SBP is set to announce monetary policy tomorrow, where consensus estimate is for a hike of 100 basis points.

    An interest rate hike in line with expectation will increase the policy rate to 13.25 percent.

    Slowdown in economy amid recent protest of traders has caused negative sentiment amongst investors.

    Major volumes were observed in Cement Sector to the tune of 11.5 million shares, followed by Banks (7.5 million) and Technology (7.2 million) Sectors. MLCF topped the chart with 5.5 million, followed by TRG (5.3 million) and KEL (3.2 million).

    Sectors contributing to the performance include Fertilizer (-135 points), E&P (-115 points), Banks (-83 points), Power (-72 points), O&GMCs (-67 points).

    Volumes increased by from 55.5 million shares to 69 million shares (+24 percent DoD). Average traded value increased by merely 3 percent to reach US$ 14.7 million as against US$ 14.3 million.

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

    Stocks that contributed positively include FABL (+5 points), ATLH (+4 points), HBL (+1 points), FHAM (+0 points) and AKBL (+0 points). Stocks that contributed negatively include PPL (-56 points), HUBC (-49 points), ENGRO (-47 points), FFC (-45 points) and OGDC (-30 points).

  • Weekly Review: Stock market likely range bound on monetary policy announcement

    Weekly Review: Stock market likely range bound on monetary policy announcement

    KARACHI: The stock market to remain range bound next week. Investors are expected to have a cautious stance keeping in view monetary policy announcement on July 16, 2019, analysts at Arif Habib Limited said.

    The analysts said that the State Bank of Pakistan (SBP) may increase a 100 basis points in view of aggravating inflationary pressure.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) was commenced on a negative note during the current week.

    The lackluster attitude prevailed amid bleak near-term macro-economic outlook following release of IMF staff report. Additionally, apprehensions with regards to issue of Sukuk bonds for circular debt resolution kept the momentum suppressed.

    With SBP announcing the date for monetary policy on the last day of the week, the investor sentiment further deteriorated. The local bourse closed at 33,672, shedding off 518 points.

    Sector-wise negative contributions came from i) Commercial Banks (81 points), ii) Power Generation & Distribution (77 points), iii) Oil & Gas Marketing Companies (53 points), iv) Automobile Assembler (53 points), and v) Cement (50 points).

    Scrip-wise negative contributions came from HUBC (53 points), PSO (37 points), BAHL (29 points), DGKC (24 points) and INDU (21 points). On the other hand, positive scrip-wise contributions came from FFC (34 points), DAWH (16 points), and EFERT (5 points).

    Foreign buying was witnessed this week clocking-in at USD 5.91 million compared to a net buy of USD 5.92 million last week. Buying was witnessed in Cement (USD 3.0 million) and Power Generation& Distribution (USD 2.3 million). On the domestic front, major selling was reported by Companies (USD 7.6 million) and Mutual Funds (USD 5.3 million).

    Average Volumes settled at 51 million shares (down by 41 percent WoW) while value traded clocked-in at USD 13 million (down by 36 percent WoW).

  • Stock market ends down by 203 points on lack of investors confidence

    Stock market ends down by 203 points on lack of investors confidence

    KARACHI: The stock market ended down by 203 points on Friday due to lack of investors confidence.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,672 points as against 33,875 points showing a decline of 203 points.

    Analysts at Arif Habib Limited said that the market remained lackluster today, following the trend seen in recent past sessions.

    The source of Low volumes and lack of investor confidence in equities appears to be higher interest rate, which was further aggravated by an earlier than anticipated schedule of Monetary Policy.

    As per SBP, Monetary Policy will now be announced on July 16 rather than end July, as earlier anticipated.

    HUBC, which have been in the limelight in past sessions remained negative amidst low volumes.

    Overall, index moved in the range of +126 points and -276 points, ending the second session at -193 points (unadjusted). Cement Sector led the volumes table with 9.6 million shares, followed by Power (7.8 million). KEL ranked first in terms of volumes with 6.9M shares, followed by MLCF (4.5 million).

    Sectors contributing to the performance include Cement (-40 points), Power (-28 points), O&GMCs (-27 points), E&P (-18 points), Autos (-18 points), Fertilizer (+33 points).

    Volumes increased by 40 percent DoD to reach 55.3 million shares as against 39.5 million.

    Average traded value also increased by 58 percent to reach US$ 14.3 million as against US$ 9.1 million.

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

    Stocks that contributed positively include FFC (+30 points), EFERT (+13 points), UBL (+10 points), HBL (+9 points) and MEBL (+3pt). Stocks that contributed negatively include PSO (-21 points), ENGRO (-15 points), HUBC (-15 points), POL (-12 points) and DGKC (-11 points).

  • Raising loans on interest prohibited, SECP issues draft amendment to Shariah regulations

    Raising loans on interest prohibited, SECP issues draft amendment to Shariah regulations

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued draft amendments to Shariah Governance Regulations, 2018 saying that raising loans on interest is prohibited.

    In regulation 11, the SECP proposed following amendments:

    “(ii) the collective amount raised as loan on interest whether long-term or short-term debt does not exceed thirty percent of the market capitalization or total assets of the company, knowingly that raising loans on interest is prohibited whatsoever the amount is;

    “(iii) the total amount of interest-bearing deposits and Shariah non-compliant investments, whether short-, medium- or long-term, shall not exceed thirty percent of the market capitalization of total equity or total assets of company knowingly that interest taking deposits and investments are prohibited whatsoever the collective amount is”;

    The SECP further proposed amendment:

    “Provided that the prevailing Shariah screening criteria of the Exchange for all shares Islamic index may be used only for the companies on the all shares Islamic index, and shall be replaced with the above criteria by 30th June 2020.”

    For disposal of Shariah non-compliant investments, the SECP proposed:

    “Shariah compliant companies shall divest the Shariah non-compliant investments above thirty per cent threshold within a period of one year or when the market value of the investment equals the cost of investment, whichever is earlier:

    “Provided that the Commission may, for reasons to be recorded in writing and subject to such conditions or restriction as it may deem fit to impose on recommendation of the Shariah Advisory Board, relax any of the requirements of this regulation in case of any difficulty arises in giving effect to any of the requirements of this regulation in a particular case, or class of cases.”

    In regulation 3, it is proposed:

    “Provided that the companies on PSX All Shares Islamic index shall be deemed to be Shariah compliant till December 31, 2019:

    “Provided further that for purpose of availing tax rebate, the Shariah compliant companies referred in the first proviso shall meet the criteria as prescribed in Income Tax Ordinance, 2001.”

  • Gold rate hits all time high at Rs82,000

    Gold rate hits all time high at Rs82,000

    KARACHI: The price of gold has reached to all time high at Rs82,000 per Tola in the local market, traders said on Thursday.

    The traders said that the price of one tola gold increased by Rs1700 to reach all time high of Rs82,000. One toal is measured at 1 kilogram is equal to 80 tola.

    The price of gold for 10 grams also increased by Rs1458 to reach at Rs70,302, according to Sarafa Bazar Karachi.

    The traders attributed the hike in price to increase in international price of bullion. In international market the gold increased by $24 to reach at $1420 per ounce.

    The traders said that in the local market people were investing in the gold due to strict monitoring of foreign currency and dull activity in stock market.

  • KSE-100 gains 35 points amid low volumes

    KSE-100 gains 35 points amid low volumes

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 35 points on Thursday to close at 33,875 points as against previous day’s 33,840 points.

    Analysts at Arif Habib Limited said that KSE-100 index has been on a losing streak with continuous slide in both volume and index level.

    Yesterday, the volumes reached an 8-yr low of 40 million, and today marked yet another low of 39.5 million shares. Cement sector led the volumes table with 5.4 million, followed by Engineering (5.1 million) and Chemical (3.7 million).

    Scrip wise activity shows DSL ranking top again with 4.4 million, followed by MLCF (2.7 million) and HUBC (2.2 million).

    Recent ouster of HUBC from Islamic indices is followed by an increase in trading volumes of HUBC. Market on close showed improvement in points table that resulted in index closing with +35 points.

    Sectors contributing to the performance include Banks (+42 points), Fertilizer (+15 points), O&GMC (+10 points), E&P (+9 points), Sugar (+2ts).

    Volumes decreased by 3 percent DoD to reach 39.5 million as against 40.6 million. Average traded value also decreased by 12.2 percent to reach US$ 9.1 million as against US$ 10.3 million.

    Stocks that contributed significantly to the volumes include DSL, MLCF, HUBC, LOTCHEM and TPL, which formed 34 percent of total volumes.

    Stocks that contributed positively include HBL (+33 points), ENGRO (+16 points), UBL (+14 points), POL (+9 points) and MCB (+8 points).

    Stocks that contributed negatively include MARI (-7 points), NATF (-5 points), MEBL (-5 points), INDU (-4 points) and HMB (-4 points).