KARACHI: The Pakistan Stock Exchange (PSX) witnessed a subdued trading session on Wednesday, as the stock market ended the day with a marginal loss of 31 points. The benchmark KSE-100 index settled at 46,644 points, slipping slightly from the previous day’s closing of 46,675 points. The market showed signs of cautious sentiment as investors opted for profit booking after recent gains.
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Stock market eases amid mixed trading
KARACHI: The stock market fell by 47 points on Tuesday owing to mixed trading activities during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,675 points as against previous day’s closing of 46,722 points showing a decline of 47 points.
Analysts at Arif Habib Limited said that anticipation of better quarterly results as well as continued Bull Run in international crude oil prices boosted investor confidence to take new positions in O&GMCs, E&P and refinery sectors.
Banking sector stocks remained under selling pressure following the downtrend witnessed in the recent sessions. Power and Refinery sectors also performed well on the expectation of finalization of OMC Policy by the government.
Among scrips, TELE realized trading volume of 62.8 million shares, followed by PRL (43.1 million) and HASCOL (39.7 million).
Sectors contributing to the performance include Banks (-79 points), Pharma (23 points), Textile (-20 points), E&P (+44 points) and O&GMCs (+22 points).
Volumes increased from 428.6 million shares as against 664.0 million shares (+55 percent DoD). Average traded value also increased by 28 percent to reach US$ 178.1 million as against US$ 139.2 million.
Stocks that contributed significantly to the volumes include TELE, PRL, HASCOL, TRG and PIBTL, which formed 32 percent of total volumes.
Stocks that contributed positively to the index include POL (+22 points), PSO (+20 points), KAPCO (+15 points), MEBL (+15 points) and ATRL (+14 points). Stocks that contributed negatively include UBL (-30 points), HBL (-26 points), MCB (-24 points), ENGRO (-13 points) and FCEPL (-12 points).
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Share market ends down by 184 points amid profit booking
KARACHI: The share market witnessed a decline of 184 points on Monday as profit booking was seen across the board.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,721 points as against 46,906 points showing a decline of 184 points.
Analysts at Arif Habib Limited said that the market saw selling pressure at the beginning of the week, which was also observed in the last trading session when Index crossed 47,000 level.
Profit booking was observed across the board, especially in Banks, E&P, Cement and Fertilizer sectors that kept any increase in index in check.
The Index swayed positively by 168 points earlier in the session, however, ended the session -184 points.
Conclusion of IPPs agreeing with the Government on power tariff as well resolution of circular debt helped Power, Refinery and O&GMCs sectors to contribute positively to the Index.
Similarly, Tech stocks performed well today with TRG closing upper circuit. Among scrips, WTL topped the volumes with 52.9 million shares, followed by TELE (35.6 million) and TRG (33.1 million).
Sectors contributing to the performance include Fertilizer (-101 points), Cement (-53 points), Banks (-53 points), Chemical (-27 points) and Inv Banks (-22 points).
Volumes declined from 440.2 million shares to 428.6 million shares (-3 percent DoD). Average traded value also declined by 16 percent to reach US$ 139.0 million as against US$ 165.5 million.
Stocks that contributed significantly to the volumes include WTL, TELE, TRG, HASCOL and PRL, which formed 39 percent of total volumes.
Stocks that contributed positively to the index include TRG (+91 points), POL (+29 points), MARI (+16 points), SYS (+9 points) and OGDC (+8 points). Stocks that contributed negatively include ENGRO (-44 points), FFC (-26 points), HBL (-22 points), DAWH (-20 points) and EFERT (-19 points).
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Engro Powergen, CPPAL enter into binding agreement
KARACHI: Engro Powergen Qadirpur Limited (EPQL) and Central Power Purchasing Agency (Guarantee) Limited (CPPAL) have entered into binding agreement for the fixation of power purchase rate and release of outstanding amount to the Independent Power Producer (IPP), a statement said on Monday.
The EPQL shared a communication with the Pakistan Stock Exchange (PSX) informing that on August 17, 2020, it had announced to enter into a Memorandum of Understanding (MoU) dated August 12, 2020 with Committee for negotiations with Independent Private Power Producers notified by the Government of Pakistan, in line with the understanding reached in the MOU, EPQL and Central Power Purchasing Agency (Guarantee) Limited (CPPAL).
The parties will now enter into a binding agreement based on the terms of the MOU, which include inter alia: that all undisputed outstanding amounts due and payable to EPQL under the power purchase agreement, as on November 30, 2020,will be paid in two instalments (each instalment comprising of one-third cash and two-thirds government issued PIBs and Sukuks).
Further, in the larger national interest, EPQL has agreed to (prospectively) accept a reduction in the tariff component, whereby the Return on Equity (“RoE”) and the Return on Equity During Construction (“RoEDC”) will be fixed at 17 percent per annum in PKR (on NEPRA approved equity at Commercial Operation Date for RoE and RoEDC, calculated at USD/PKR exchange rate of PKR 148/USD, with no future USD indexation (“Revised ROE and ROEDC”).
However, the existing RoE and RoEDC, together with the applicable indexations, shall continue to be applied until the date when the applicable exchange rate under the present Tariff reaches PKR 168/USD 1 (i.e. the date of the signing of the MoU), whereupon the Revised RoE and RoEDC shall become applicable and shall apply for the remainder of the Term of the power purchase agreement.
Upon notification of Tariff Determination by NEPRA, first instalment of 40 percent shall be paid to EPQL and the remaining 60 percent shall be paid within six months after the date of the first installment.
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Weekly Review: market likely to stay green as COVID cases decline
KARACHI: The stock market likely to stay green during next week as the country recorded a decline in infection rate of COVID cases.
Analysts at Arif Habib Limited said that the market to continue trading in the green. COVID cases have seen a further decline with infection ratios coming down to below 4 percent this week.
Cyclicals are expected to continue being in the limelight while recent rise in oil prices may continue to attract attention in E&P scrips.
The benchmark KSE-100 index of Pakistan Stock Exchange is currently trading at a PER of 7.6x (2021) compared to Asia Pac regional average of 17.1x and while offering DY of 6.3 percent versus 2.6 percent offered by the region.
The domestic bourse continued its ascent this week, closing at 46,906 points (+520 points WoW), a ~3.5-Yr high. Rally in the equity market has continued with investors celebrating the start of the vaccination drive across the country. Moreover, with the onset of the result season, corporate earnings are showing and are expected to continue showing a strong momentum particularly amongst cyclicals.
This week agreements were also initiated between IPPs and CPPAG attracting bulls once again to the power sector while jump in oil prices (Arab Light is up 4.6 percent WoW) kept E&P scrips in the green as well.
Sector-wise positive contributions came from
i) Oil & Gas Exploration Companies (334 points),
ii) Power Generation & Distribution (101 points), and
iii) Fertiliser (90 points).
Whereas sectors that contributed negatively included: Technology and Communication (94 points), Engineering (59 points) and Commercial Banks (45 points).
Top scrip-wise contributors were MARI (147 points), OGDC (93 points), and HUBC (78 points) while laggards included TRG (130 points), HBL (46 points), and INIL (38 points).
Foreign selling continued this week clocking-in at USD 2.7 million compared to a net sell of USD 9.1 million last week. Selling was witnessed in Cements (USD 2.0 million) and technology and Communication (USD 0.5 million).
On the domestic front, major buying was reported by Individuals (USD 9.5 million and Companies (USD 6.6 million). Average volumes arrived at 554 million shares (down by 18 percent WoW) while average value traded settled at USD 171 million (up by 1.2 percent WoW).
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Stock market witnesses slight decline amid profit taking
KARACHI: The stock market fell by nominal 28 points on Thursday owing to profit taking as investors preferred profit booking considering long weekend.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,905 points as against previous day’s closing of 46,933 points, showing a slight decline of 28 points.
Analysts at Arif Habib Limited said that last trading session of the short trading week made yet another new high of 47,339 points with E&P, O&GMCs, Banks and Cement sectors contributing to the upsurge.
Being a long weekend ahead, Investors preferred booking profit than holding the positions to meet an unforeseen event over the weekend.
Resultantly, the index eroded the gains of 406 points made during the session to close the session -28 points. Banking sectors saw almost across the board slide, whereas Engineering (Steel) sector also saw regression. Among scrips, PRL realized trading volumes of 34.4 million shares, followed by TRG (30.3 million) and KEL (18.6 million).
Sectors contributing to the performance include E&P (+119 points), Fertilizer (+21 points), Banks (-37 points), Pharma (-34 points), and Technology (-29 points).
Volumes declined from 616.3 million shares to 440.3 million shares (-29 percent DoD). Average traded value also declined by 11 percent to reach US$ 165.1 million as against US$ 184.2 million.
Stocks that contributed significantly to the volumes include PRL, TRG, KEL, PIBTL and HASCOL, which formed 26 percent of total volumes.
Stocks that contributed positively to the index include MARI (+70 points), OGDC (+42 points), LUCK (+29 points), SYS (+18 points) and ENGRO (+16 points). Stocks that contributed negatively include TRG (-47 points), AGP (-19 points), MCB (-16 points), PAKT (-14 points) and MLCF (-14 points).
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PSX issues notices to PIA, 10 companies for unusual price movement
KARACHI: The Pakistan Stock Exchange (PSX) on Thursday issued notices of unusual movement in price or volume to 11 companies, including Pakistan International Airlines Corporation Limited (PIACL).
The PSX in the notice to PIACL said that if there are unusual movements in the price or volume of its traded securities is observed:
(a) Details of any matter or development of which it is aware that is or may relevant to the unusual movements, or
(b) A statement of the fact that it is not aware of any such matter or development.
“It may be noted that while reviewing the trading data of the company, it has been observed that the price of PIA has experienced substantial increase during last two months.”
The PSX further said: “In new of the above and in the absence of any material announcement of the company, you are advised to furnish the reason and/ or any material information in company’s knowledge which may have resulted in substantial increase in price in terms of clause 5.6.3. of PSX Regulations and Section 97 of the Securities Act, 2012 immediately.”
The PSX issued notices of unusual movement in price or volume to following companies:
01. Tri-Star Power Limited
02. Pakistan Cables Limited
03. Orient Rental Modaraba
04. First Pak Modaraba
05. The Universal Insurance Company Limited
06. Hi-Tech Lubricants Limited
07. Telecard Limited
08. MCB Arif Habib Savings and Investments Limited
09. Silkbank Limited
10. Nagina Cotton Mills Limited
11. Pakistan International Airlines Corp
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Leading sectors drive stocks to make 353 points gain
KARACHI: The Pakistan stocks witnessed a robust surge on Wednesday, with the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gaining 353 points to close at 46,933 points. This positive movement was fueled by strong contributions from key sectors of the economy.
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Share market up by 332 points on power purchase agreement
KARACHI: The share market gained 332 points on Tuesday following positive sentiments on initiation of agreement between HUBCO and Central Power Purchasing Agency.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,580 points as against previous day’s closing of 46,248 points showing an increase of 332 points.
Analysts at Arif Habib Limited said that signing of IPP’s agreement by HUBCO motivated the Investors to take positions in PSO and HUBCO, resulting in HUBCO driving the market with an overall increase of 394 points during the session.
Similarly, overnight increase in crude oil prices by 3.5 percent caused the E&P sector stocks to react late but assertively contributed to the upsurge in Index.
PSO made a new high on the back of closure of deal with IPPs, which opens the door for resolution of circular debt to O&GMCs.
Banking, Refinery and Cement sector stocks saw profit booking that brought the index in the closing session to a net increase of 332 points (unadjusted).
Among scrips, HASCOL led the table with 43.9 million shares, followed by KEL (34.2 million) and PIBTL (22.5 million).
Sectors contributing to the performance include E&P (+101 points), Power (+88 points), O&GMCs (+61 points), Banks (+34 points) and Pharma (+30 points).
Volumes declined further from 693.6 million shares to 468.1 million shares (-33 percent DoD). Average traded value also dipped by 24 percent to reach US$ 145.2 million as against US$ 190.6 million.
Stocks that contributed significantly to the volumes include HASCOL, KEL, PIBTL, TELE and PRL, which formed 30 percent of total volumes.
Stocks that contributed positively to the index include HUBC (+87 points), PSO (+65 points), OGDC (+39 points), POL (+36 points) and MCB (+27 points). Stocks that contributed negatively include HBL (-21 points), HASCOL (-12 points), INIL (-11 points), MEBL (-8 points) and DGKC (-5 points).
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Stock market slips by 137 points on profit booking
KARACHI: The stock market slipped by 137 points on Monday owing to profit booking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,248 points as last Friday’s closing against 46,385 points showing a decline of 137 points.
Analysts at Arif Habib Limited said that the market retested a high towards 47k level today and again met profit booking around 46,700 level, bringing down the Index by 137 points.
During the session, the index oscillated +377 points and -197 points. Refinery, Fertilizer and Chemical sectors remained in the limelight, with buying activity, whereas Banks, E&P, O&GMCs and Cement sector stocks saw profit booking.
Cement sector contributed to the initial surge in Index; however, selling pressure brought the stock prices below respective LDCPs. Among scrips, PRL topped the volumes with 81.5 million shares, followed by KEL (65.1 million) and PIBTL (62 million).
Sectors contributing to the performance include Cement (-85 points), Banks (-74 points), Technology (-51 points), Engineering (-24 points), O&GMCs (-18 points), Fertilizer (+36 points) and Autos (+27 points).
Volumes declined from 840.2 million shares to 693.6 million shares (-18 percent DoD). Average traded value also declined by 6 percent to reach US$ 190.6 million as against US$ 203.4 million.
Stocks that contributed significantly to the volumes include PRL, KEL, PIBTL, HASCOL and TRG, which formed 40 percent of total volumes.
Stocks that contributed positively to the index include ENGRO (+38 points), MTL (+18 points), SEARL (+17 points), ATRL (+14 points) and MARI (+14 points). Stocks that contributed negatively include TRG (-58 points), LUCK (-46 points), UBL (-19 points), HBL (-16 points) and ANL (-15 points).