Tag: Pakistan Stock Exchange

KARACHI: The stock market is likely to move with the proposals made by the government in the mini-budget expected to submit this week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) increased by 0.5 per cent on week on week (WoW) basis, said analysts at Topline Securities.

READ MORE: Stocks end down by 149 points on falling forex reserves

Major events during the outgoing week were:

1) SBP governor in an interview stated that they are ready to pause interest-rate increases to preserve economic recovery after making Asia’s most aggressive rate hikes (275 basis points in total) in three goes since September 2021

2) Current account deficit for the month of November 2021 clocked in at $1.91 billion (vs. October 2021 current account deficit of $1.76 billion)

READ MORE: CGT on disposal of securities to be collected on Dec 30

3) textile export for the month of November 2021 clocked in at $1.736 billion (vs. October 2021 textile export of $1.6 billion)

4) SBP raised Rs158 billion on Wednesday against the target of Rs100bn by selling fixed-rate Pakistan Investment Bonds.

4) statement from the Ministry of Finance that the sixth review of the Extended Fund Facility (EFF) would be presented to the International Monetary Fund (IMF) board on January 12, 2022.

READ MORE: IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

5) government has decided to submit two bills before the parliament next week for abolishing sales tax exemptions, raising withholding tax on the telecom sector, and granting autonomy to the SBP, as part of prior action of IMF program

6) the federal government has only managed to collect 7 per cent of the petroleum levy collection target in the first five months of FY22 and

7) foreign exchange reserves held by the central bank fell by $415 million on a weekly basis to $18.15 billion as of December 17, 2021.

READ MORE: No deadlock in Pakistan, IMF talks: spokesman

KARACHI: The stocks ended down by 149 points on Friday as investors were concerned over high inflation and falling foreign exchange reserves.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,118 points as against previous day’s closing of 44,267 points, showing a decrease of 148.5 points.

Analysts at Arif Habib Limited said that the battle between bulls and bears was conquered by the bears in the last trading hour.

Market opened with a positive momentum as State Bank of Pakistan (SBP) SBP conducted another Open Market Operation (OMO) for 63 days.

Optimistic approach faded away due to concerns of investors towards higher inflation and dip in total liquid foreign exchange reserves held by the SBP mainly due to external debt repayment.

Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, in the second session institutional buyers started fetching value stocks due to attractive multiples.

Sectors contributing to the performance include Technology & Communication (-60 points), Chemical (-36 points), Cement (-25 points) Oil & Gas Exploration Companies (-17 points) and Textile (-9 points).

Volumes decreased from 240.4 million shares to 223.4 million shares (-7.1 per cent DoD). Traded value also decreased by 8.5 per cent to reach US$ 41.2 million as against US$ 45.0 million.

Stocks that contributed significantly to the volumes include UNITYR3, HUMNL, TRG, TPLP and UNITY.

KSE-100 index gains 92 points in range-bound trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 92 points on Thursday amid range bound trading.

The index closed at 44,267 points as against previous day’s closing of 44,175 points.

Analysts at Arif Habib Limited said that the market continued to remain range-bound due to the ambiguity over mini-budget.

Market opened in the green zone as State Bank of Pakistan (SBP) raised Rs158 billion through Pakistan Investment Bills (PIBs), hefty participation indicating yields to stay at the same level in the near future.

Market battled between the bulls and bears throughout the day due to lack of any key positive trigger.

Main board volumes remained dull whereas activity continued to move side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Technology & Communication (+69.2 points), Inv. Banks / Inv. Cos. / Security Cos. (+12.3 points), Cement (+11.6 points) Vanaspati & Allied Industries (+6.5 points) and Power Generation & Distribution (+4.91).

Volumes increased from 151.8 million shares to 240.4 million shares (+58.4 per cent DoD). Traded value also increased by 22.1 per cent to reach US$ 45.0 million as against US$ 36.9 million.

Stocks that contributed significantly to the volumes include HUMNL, TRG, UNITY, SMBL and WTL.

KARACHI: The stocks ended flat on Wednesday ahead of planned announcement of mini-budget by the government. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 44,175 points as against previous day’s closing of 44,177 points, showing a decrease of 2.1 points.

Analysts at Arif Habib Limited said that the market continued to remain choppy ahead of mini-budget.

READ MORE: KSE-100 index declines by 163 points on widening CAD

The government had planned to take the cabinet’s nod to the Supplementary Finance Bill, 2021 to slap highly inflationary Rs360 billion in indirect taxes.

Profit-taking was witnessed in the first trading hour then market battled between the bulls and bears throughout the day.

Main board volumes remained on the dull note whereas activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

READ MORE: Stocks gain 169 points on SBP’s OMO

Sectors contributing to the performance include Cement (-28 points), Engineering (-14 points), Insurance (-11 points) and Chemicals (-6 points).

Volumes decreased from 223.1 million shares to 151.8 million shares (-32.0 per cent DoD). Traded value also decreased by 24.3 per cent to reach US$ 36.9 million as against US$ 48.7 million.

Stocks that contributed significantly to the volumes include GGL, UNITY, TRG, WTL and CNERGY.

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Tuesday declined by 163 points owing to the widening of the Current Account Deficit (CAD).

The benchmark index closed at 44,177 points as against the previous day’s close of 44,340 points.

READ MORE: Stocks gain 439 points on stable market hints

Analysts at Arif Habib Limited said that the market remained choppy today as CAD numbers increased to $1.9 billion during November 2021.

On YoY basis, the primary reason behind the deficit was 57 per cent YoY increase in total imports to $7.3 billion. Profit-taking occurred in the first trading hour then the market battled between the bulls and bears throughout the day. Volumes remained on the dull note whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

READ MORE: Stocks gain 169 points on SBP’s OMO

Sectors contributing to the performance include E&P (-57 points), Commercial Banks (-51 points), Fertilizer (-45 points), Cement (-39 points) and OMC’s (-14 points).

Volumes decreased from 238.5 million shares to 223.1 million shares (-6.4 per cent DoD). Traded value also decreased by 7.6 per cent to reach US$ 48.8 million as against US$ 52.8 million.

Stocks that contributed significantly to the volumes include WTL, TRG, CNERGY, FFL and TELE.

KARACHI: Stocks gained 439 points on Monday as an outcome of the recent Open Market Operation (OMO) conducted by the central bank hinted at stability in the market.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 44,340 points as against last Friday’s closing of 43,901 points, showing an increase of 439 points.

READ MORE: Weekly Review: stock market likely to stay positive

Analysts at Arif Habib Limited said that the KSE-100 index continued its bullish trend as investor confidence boosted up from last week’s OMO injection creating stability in the market.

Profit-taking occurred in the first trading hour then the market stayed in the green zone throughout the day. A bullish trend was observed mainly in the cement and steel sector.

In the technology sector, TRG made the journey to the north by hitting the circuit as the board of directors has decided to continue to work towards further maximizing the value and capital returns of its proceeds for the company and its shareholders.

READ MORE: Stocks gain 169 points on SBP’s OMO

TRGP further requested TRGI to directly or indirectly provide value, benefit, or liquidity to its shareholders. It was further decided to park TRGP’s portion of the liquid assets in a separate wholly-owned subsidiary of TRGI (“SPV”) which will time to time purchase shares of TRG from the stock market.

Moreover, activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Cements (+101 points), Technology & Communication (+88 points), Fertilizer (+58 points), Commercial Banks (+35 points) and E&P (+30 points).

Volumes decreased from 252.2 million shares to 238.5 million shares (-5.5 million DoD). Traded value increased by 16.7 million to reach US$ 52.8 million as against US$ 45.2 million.

Stocks that contributed significantly to the volumes include TRG, WTL, BYCO, SILK and TELE. 

KARACHI: The stock market likely to stay positive in the coming week owing to expectation of ease in money market yields.

Analysts at Arif Habib Limited said that the market to remain positive in the upcoming week.

With recent injection by the State Bank of Pakistan (SBP) via Open Market Operation (OMO) for 63 days, money market yields are expected to come down further.

READ MORE: Stocks gain 169 points on SBP’s OMO

This is most likely to reignite investors’ interest in the stock market. Furthermore, scrips have opened up to attractive valuations.

Moreover, mini budget expected to be announced soon, where the market is expected to react to any introduction, re-imposition or removal of duties and subsidies.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.7x (2022) compared to Asia Pac regional average of 14.9x while offering a dividend yield of ~8.8 per cent versus ~2.2 per cent offered by the region.

The market commenced on a negative note amid anticipation of a massive hike in policy rate. Moreover, expectation of announcement of mini-budget further dented the sentiment.

However, market recovered post Monetary Policy announcement as clarity was provided by the SBP in its forward guidance suggesting no further hike in near-term.

READ MORE: Key policy rate goes up to 9.75%; SBP raises 250bps in less than month

Along with this, SBP also disclosed that it is close to achieving mildly positive real interest rate, which further boosted investor sentiment (index going up by 1,200 points on Wednesday). 

In addition, on the external front, growth in remittances by 9.7 per cent to USD 12.9 billion in 5MFY22 was a positive development. However, bears returned as investors resorted to profit taking.

READ MORE: Pakistan’s remittances fall by 6.6% in November 2021

Furthermore, the USD/PKR Parity witnessed another all-time low of PKR 178.04. The market closed at 43,901 points, gaining 505 points (up by 1.2 per cent) WoW.

READ MORE: Dollar hits record high of Rs178.04 at interbank closing

Sector-wise positive contributions came from i) Cement (282 points), ii) Technology & Communication (173 points), iii) Textile Composite (74 points), iv) Engineering (70 points), and v) Refinery (50 points). Whereas, sectors which contributed negatively were i) Commercial Banks (208 points) and ii) Fertilizer (17 points). Scrip-wise positive contributors were TRG (112 points), LUCK (111 points), MLCF (45 points), SYS (43 points) and CHCC (36 points). Meanwhile, scrip-wise negative contribution came from MCB (71 points), UBL (63 points) and MEBL (29 points).

Foreign selling continued this week, clocking-in at USD 3.5 million compared to a net sell of USD 0.99 million last week. Major selling was witnessed in Cements (USD 1.9 million) and Technology and Communications (USD 1.9 million). On the local front, buying was reported by Companies (USD 5.1 million) followed by Individuals (USD 2.7 million). Average volumes clocked-in at 265 million shares (up by 30 per cent WoW) while average value traded settled at USD 84 million (up by 13 per cent WoW).

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 636 points on Thursday owing to profit taking seen during the day.

The index closed at 44,731 points as against previous closing of 44,367 points showing a decrease of 636 points.

Analysts at Arif Habib Limited said that bears ruled over the bulls today as disappointment occurred from the auction of market treasury bills where cut-off yields remained flat across all tenors.

Market opened on a bleak note as investors opted for profit booking but were unable to sell in the green zone.

OGMCs sector remained under pressure as petrol price decreased by 3.4 per cent to PKR 140.82/liter, causing inventory loss to oil and gas marketing companies.

Pharma sector stayed in the red zone as proposal on the cards of applicability of sales tax on the import of pharmaceutical active ingredients and local supply of medicines. Main board activity remained dull.

On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Commercial Banks (-199 points), Cement (-116 points), Fertilizer (-65 points), E&P (-64 points) and OMC’s (-44 points).

Volumes decreased from 398.1 million shares to 312.1 million shares (-21.6 per cent DoD). Traded value also decreased by 13.1 per cent to reach US$ 56.9 million as against US$ 65.5 million.

Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TRG and UNITY.

KSE-100 index gains 1,120 points on institutional buying

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Wednesday gained 1,120 points as institutional buying was seen across the board.

The index closed at 44,367 points as against the previous day’s closing of 43,247 points, showing an increase of 1,120.

Analysts at Arif Habib Limited said that KSE-100 index stayed in the bullish momentum throughout the day as the market celebrated interest rate not entering into double digits and SBP’s forward guidance that the interest rate would remain broadly unchanged in the near term.

Market opened with a positive note as traders took aggressive bets on cement, steel and technology stocks.

On the institutional front, buying activity was witnessed across the board from the mutual funds. Moving forward, the upcoming auction of treasury bills will play a vital role to set the direction of the market.

Sectors contributing to the performance include Cement (+263 points), Technology & Communication (+196 points), E&P (+110 points), OMC’S (+74 points) and Chemical (+62 points).

Volumes increased from 212.4 million shares to 398.1 million shares (+87.5 per cent DoD). Traded value also increased by 72.1 per cent to reach $65.5 million as against $38.0 million.

Stocks that contributed significantly to the volumes include WTL, BYCO, HASCOL, HUMNL and FFL.

Stocks end up 370 points in late hours buying