The Pakistan stocks experienced a bullish trend on Friday as the benchmark KSE-100 index soared by 488 points, closing at 44,822 points. This marked a significant increase from the previous day’s closing of 44,334 points, reflecting a rise of 1.1 percent.
(more…)Tag: Pakistan Stock Exchange
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Bulls dominate trading; KSE-100 index gains 1112 points
KARACHI – The Bulls took firm control of the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index posted a substantial gain of 1,112 points. The KSE-100 index closed at 44,334 points, significantly higher than the previous day’s close of 43,222 points, reflecting renewed investor confidence and improved sentiment.
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KSE-100 index inches up in choppy sentiments
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) increased by 54 points on Tuesday as investors’ sentiments remained choppy during the day.
The KSE-100 index closed at 43,883 points from the previous day’s closing of 43,829 points.
Analysts at Topline Securities said that the KSE 100 Index witnessed a volatile session, printed an intra-day low of 43,149 (down 1.55 per cent) and an intra-day high of 44,051 (up 0.51 per cent), to eventually close the day 43,883.
Sentiments remained choppy as the delay in the ISI chief notification kept the investors cautious.
Moreover, higher international oil prices kept concerns alive over inflationary pressures and further monetary tightening by the State Bank of Pakistan.
The commercial banks sector continued to see investor interest as the sector closed up on average 2.20 per cent for the day.
HBL, UBL, ABL, BAHL, BOP & BAFL cumulatively added 175.79 points to the benchmark index while on the other hand TRG alone dragged the index lower by 89.81 points and closed the day at 141.09, down 5.46 per cent for the day.
Volume saw a slight uptick as compared to yesterday with total traded volume and value clocking in at 404.85 million shares and Rs15.6 billion, respectively. The volume leader for today was WTL with 51.14 million shares exchanging hands.
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Index tumbles on concerns over economic contraction
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday fell by 648 points owing to rising concerns over hike in electricity prices and contraction in economy.
The index closed at 43,829 points as against last Friday’s closing of 44,477 points, showing a decline of 648 points.
Analysts at Arif Habib Limited said that the market tumbled again on concerns over high energy and commodity prices as well as prospects of further electricity tariff hikes that can lead to erosion of purchasing power and an economic contraction.
Increase in international oil prices failed to have a material impact on the stock prices of E&P stocks. Selling pressure was witnessed across the board, however, Technology, Cement, O&GMCs contributed to downward trend.
Among scrips, WTL led the table with 41.3 million shares, followed by TELE (13.8 million) and TREET (9.4 million).
Sectors contributing to the performance include Technology (-202 points), Cement (-121 points), Banks (-56 points), Engineering (-49 points) and O&GMCs (-36 points).
Volumes increased from 176.1 million shares to 226.6 million shares (+29 per cent DoD). Average traded value also increased by 21 per cent to reach US$ 48.4 million as against US$ 40 million.
Stocks that contributed significantly to the volumes include WTL, TELE, TREET, HUMNL and TRG, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include PPL (+21 points), COLG (+9 points), HUBC (+8 points), ABL (+7 points) and FML (+7 points). Stocks that contributed negatively include TRG (-119 points), SYS (-68 points), LUCK (-26 points), FFC (-25 points) and UNITY (-25 points).
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KSE-100 index companies post record profitability
KARACHI: KSE-100 index companies recorded record profitability in FY21, growing by 60 per cent YoY to Rs884 billion mainly led by macro recovery post COVID-19 lockdowns in FY20.
This profitability was significantly higher than last 5-Year and 10-Year CAGRs of 8 per cent and 11 per cent, respectively, analysts at Toplines Securities.
The profitability of KSE-100 index was also better than that recorded in pre COVID-19 era of FY19, when profitability of KSE-100 stood at Rs624 billion, which means that profitability in FY21 is up 41 per cent in two-years. This boost in profitability was augmented by pent up demand and expansionary policy adopted by the State Bank of Pakistan (SBP) and the government.
To recall, SBP had reduced the Policy Rate by 625 basis points to 7 per cent in the first half of the fiscal year 2019/2020 and had maintained the Policy Rate of 7 per cent through FY21.
SBP also introduced relief schemes for corporates like Temporary Economic Refinance Facility (TERF), loan restructuring schemes and SBP Rozgar scheme. These schemes helped corporates get concessional financing, get loan repayment extensions and concessional financing for payment of employee salaries. This coupled with government pro-growth budget also aided profitability growth.
This is also evident from the fact that Finance Cost of KSE-100 index companies was down 37 per cent YoY to Rs87 billion in FY21. Net Sales of KSE-100 companies were up by 7 per cent YoY to Rs7 trillion whereas Gross Profits improved by 23 per cent YoY to Rs1.9 trillion. Consequently, Gross Margins improved to 27 per cent vs. 23 per cent in FY20.
In fourth quarter of FY21, profitability of KSE-100 index was up 85 per cent YoY and 6 per cent QoQ to Rs246 billion. Net sales of KSE-100 companies improved by 38 per cent YoY and 11 per cent QoQ.
For our analysis, we have taken 93 companies out of the total 100 companies (that have announced their results) which represent 98 per cent of KSE-100 market capitalization. We believe that adding remaining companies would not materially impact profitability growth trend.
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Weekly Review: high imports, prices likely concerns
KARACHI: The stock market likely to stay range bound during the next week owing to concerns including high imports and inflation.
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Stock exchange sheds 109 points in range bound trading
KARACHI: The stock exchange fell by 109 points on Friday amid range bound trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,477 points as compared with previous ending 44,586 points.
Analysts at Topline Securities said that range bound activity was observed at the bourse today, as the index traded between its intraday high of 84 points and intraday low of 248 points to finally close at 44,477 points.
Major contribution to the index came from SYS, HBL, COLG, BAHL and MCB, as they cumulatively contributed 108 points to the index, whereas LUCK, HUBC, FFC, CHCC and TRG lost value to weigh down on the index by 90 points.
Traded volume and value for the day stood at 176 million shares and Rs.6.84 billion respectively. WTL was today`s volume leader with 18.5 million shares.
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Stocks gain 213 points amid drop in coal prices
KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points.
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Share market falls by 293 points on selling pressure
KARACHI: The share market fell by 293 points on Wednesday as selling pressure remained unabated during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,373 points as against previous day’s closing of 44,667 points.
Analysts at Arif Habib Limited said that selling pressure continued unabated at the bourse, courtesy of foreign investors.
Eye watering commodity prices, especially Coal, have had their bearing on Cement and Steel sector stocks and had ripple effects on O&GMCs, E&P sectors due to concerns over potential increase in circular debt emanate from rising energy costs.
A key conditionality from IMF for resumption of program has been upward revision in electricity tariff, besides an end to subsidies and increase in tax revenues.
These measures in part or whole are expected to dent earnings growth of the corporate sector in the coming quarters, which is reflecting on stock prices as well.
Ripple effects of selling in cyclical as well as oil & gas chain are observed in overall market with significant selling pressure in TRG among tech sector stocks. Among scrips, UNITY led the volumes with 25.7 million shares, followed by TELE (20.1 million) and WTL (16.8 million).
Sectors contributing to the performance include Cement (-91 points), Textile (-36 points), Banks (-35 points), Technology (-30 points), Fertilizer (-24 points) and E&P (+36 points).
Volumes declined from 334.6 million shares to 252.8 million shares (-25 per cent DoD). Average traded value also declined by 26 per cent to reach US$ 59.0 million as against US$ 79.2 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, WTL, TREET and BYCO, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+43 points), UBL (+22 points), MTL (+8 points), COLG (+5 points) and NATF (+4 points). Stocks that contributed negatively include HBL (-28 points), CHCC (-24 points), KTML (-20 points), LUCK (-19 points) and ENGRO (-16 points).
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Share market sheds 378 points on exchange rate
KARACHI: The share market plunged by 378 points on Tuesday owing to rising concerns over the exchange rate and rupee depreciation.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 44,667 points as against the previous day’s close of 45,044 points.
Analysts at Arif Habib Limited said that market lost further ground today by shedding 451 points during the session and closing -378 points.
Discussions with IMF are still ongoing with the hope of near-term resolution and resumption of the IMF program. Besides IMF program worries, continued pressure on PKR parity with USD has also caused concern amongst investors, especially foreigners who have lately started selling PK equities.
Among technology stocks, Octopus hit the upper circuit, whereas other tech stocks remained under pressure, especially TRG which saw selling pressure despite anticipation of high earnings.
Among scrips, TELE topped the volumes with 30.3 million shares, followed by ANL (19.5 million) and GGL (18.5 million).
Sectors contributing to the performance include Cement (-170 points), Technology (-99 points), Fertilizer (-45 points), Banks (-23 points) and O&GMCs (-17 points).
Volumes increased from 267.2 million shares to 334.7 million shares (+25 per cent DoD). The average traded value also increased by 34 per cent to reach US$ 79.3 million as against US$ 59.1 million.
Stocks that contributed significantly to the volumes include TELE, ANL, GGL, WTL and BYCO, which formed 30 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+74 points), UBL (+19 points), HUBC (+18 points), PSEL (+13 points) and EPCL (+11 points). Stocks that contributed negatively include LUCK (-66 points), TRG (-65 points), OGDC (-34 points), SYS (-27 points) and MLCF (-24 points).