Tag: Pakistan Stock Exchange

KARACHI: The spread of coronavirus likely to haunt the stock market in the coming week as it had already dented massively.

Analysts at Arif Habib Limited said that with panic and uncertainty looming over the extension of Coronavirus, global markets are yet to ascertain long term impact.

“We do highlight that international markets have fallen significantly from their all-time high levels whereas the local index had already undergone major correction prior to spread of the virus.”

Announcement of Monetary Policy in the coming week remains a key event for the market, where we expect the SBP to cut the benchmark rate by 50-100 basis points, which can be a positive trigger for the bourse.

With that said, valuations across the board particularly in blue-chip scrips have reached attractive levels.

The market commenced on a negative note on Monday amid sharp decline in oil prices (Arab Light down by 27 percent DoD) after OPEC and Russia failed to agree upon oil production cut and Saudi Arabia engaged in an oil price war, consequentially, the market nose-dived by 2,302 points during the intraday.

The following day, the equity bourse displayed a swift rebound owed to expectations of a cut in interest rate, keeping in view decline in inflation.

However, the sentiment was short lived as Pak Rupee depreciated against USD by 3 percent WoW. Furthermore, the US President imposed a travel ban on most European countries which led to a meltdown in Global Markets given classification confirmation by WHO of Corona as a pandemic.

Following suit, panic was also witnessed at the KSE-100 Index (market halt enforced thrice during the week). The benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) closed at 36,061 points, down 2,159 points WoW (-5.65 percent).

Sector-wise negative contributions came from i) Commercial Banks (706 points), ii) Oil & Gas Exploration Companies (650 points) and iii) Fertilizers (317 points).

Positive contributions came from Pharmaceuticals (35 points). Scrip-wise negative contributions were led by PPL (262 points), HBL (177 points), and ENGRO (167 points) while positive contributions were led by SEARL (30 points), and INDU (20 points).

Foreign selling continued this week clocking-in at USD 23.0 million compared to a net sell of USD 16.7 million last week.

Selling was witnessed in Cements (USD 8.2 million) and Exploration & Production (USD 6.2 million). On the domestic front, major buying was reported by Insurance Companies (USD 25.2 million) and Banks/DFIs (USD 6.0 million). Average Volumes settled at 264 million shares (up by 9 percent WoW) while average value traded clocked-in at USD 81 million (up by 25 percent WoW).

KARACHI: The stock market gained 104 points on Friday despite third market halt in the week was witnessed.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) Index closed at 36,060 points as against 35,957 points showing an increase of 104 points.

Analysts at Arif Habib Limited said that third consecutive market halt was met by one of the largest pull backs in recent times at the bourse.

Initially market opened on a negative note with -614 points and 0.86 million traded at opening bell.

Situation worsened and caused the halt at -1683 points by 9:25 AM and 25 million shares traded on KSE100.

Market re-opened at -1267 points, registering a recovery of 416 points and continued the path of recovery by the close of first session.

Second session opened -347 points, which showed a recovery of 1336 points, however, the index swung back into negative territory and yet again managed to post a recovery in MoC when the index posted gain.

Recovery was mainly seen in Oil & Gas, Banking and Cement sectors which have heavy weightage on Index.

Market recovery largely banked on improving sentiments in regional and global markets, whereby India and South Korea were seen banning short sale.

In addition, international crude price also posted an intra-day gain of around 5 percent that helped investors make a positive view on pertinent stocks.

Sectors contributing to the performance include E&P (+117 points), Pharma (+35 points), O&GMCs (+28 points), Chemical (+23 points), Banks (-63 points), Cement (-40 points), Tobacco (-37 points).

Volumes increased from 230.7 million shares to 290.1 million shares (+26 percent DoD). Average traded value also increased by 42 percent to reach US$ 87.8 million as against US$ 61.9 million.

Stocks that contributed significantly to the volumes include BOP, MLCF, FCCL, HASCOL DGKC, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+57 points), PSO (+32 points), POL (+26 points), HBL (+25 points) and ENGRO (+25 points).

Stocks that contributed negatively include LUCK (-51 points), UBL (-48 points), MCB (-42 points), PAKT (-37 points), and FFC (-16 points).

KARACHI: The stock market crashed on Thursday following deterioration in world stock markets after World Health Organization (WHO) declared coronavirus as global pandemic.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) failed to sustain 36,000 level and ended down by 1717 points to 35,956 points.

The benchmark index witnessed sharp decline on Monday this week.

Analysts said that the stock market was under massive pressure following significant dip in US markets and sharp decline in Asian markets.

Besides, world oil prices also came down by 4 percent. They said that the multiple factors had brought down the local bourses.

Earlier in the day the market was halted for 45 minutes when the KSE-30 index fell 4 percent. This was second halt in trading of PSX in this week. However, the market unable to recover after resumption.

The analysts said that the investors were cautious about the threat of coronavirus. The central banks of many countries had cut interest rates owing to expected decline in the world economy.

Further, the investors are also eying a sizeable cut in key policy rate by the State Bank of Pakistan (SBP) as the statement is scheduled to be announced on Mach 17, 2020.

KARACHI: The trading activities at Pakistan Stock Exchange (PSX) halted as KSE-30 index fell more than 4 percent in intraday on Thursday.

The benchmark KSE-100 index also witnessed 1324 points or 3.64 percent decline during intraday trading. The KSE-100 has come down and is trading at 36,348 points.

The PSX is also following the global stock market which witnessed sharp decline after the World Health Organization (WHO) declared coronavirus as pandemic.

The trading activities at the PSX has been stopped for the second time in this week.

The trading has been halted for 45 minutes and will resume at 3:00pm PST.

KARACHI: The equity market fell by 22 points on Wednesday after witnessed over 600 points gain earlier in the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,673 points as against 37,696 points showing a decline of 22 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and gained 637 points during the session, only to see Saudi and UAE signaling crude production ramp-up in April.

That caused E&P sector sliding again, with PPL trading near yesterday’s lower circuit breaker.

Cement sector bore selling pressure due to profit booking, which caused index coming down and erasing all the gains, closing the session 22 points down. Cement sector topped the volume with 65.6M shares, followed by Banks (22.5 million) and O&GMCs (18.8 million). Among scrips, MLCF posted 17.6 million shares, followed by FCCL (15.9 million) and HASCOL (13.4 million).

Sectors contributing to the performance include Banks (+90 points), Pharma (+20 points), Fertilizer (-26 points), E&P (-25 points), O&GMCs (-19 points).

Volumes declined from 274.8 million shares to 217.6 million shares (-21 percent DoD). Average traded value also declined by 29 percent to reach US$ 74.7 million as against US$ 105.6 million.

Stocks that contributed significantly to the volumes include MLCF, FCCL, HASCOL, PPL and BOP, which formed 31 percent of total volumes.

Stocks that contributed positively include HBL (+27 points), UBL (+25 points), BAHL (+23 points), BAFL (+16 points) and SEARL (+13 points). Stocks that contributed negatively include PPL (-14 points), ENGRO (-11 points), FFC (-11 points), MLCF (-9 points), and LUCK (-9 points).

KARACHI: The stock market rebounded on Tuesday after massive losses a day earlier on world oil price fall and coronavirus fear.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,696 points as against 37,059 points showing an increase of 637 points.

Analysts at Arif Habib Limited said that the market rebounded today erasing most of the losses sustained yesterday.

Market opened on a positive note today with +145 points, however, dipped again and lost 145 points (intra-day).

Oil & gas stocks kept the selling pressure on, due to low oil prices that maintained a plateau of around U$34/bbl.

Interestingly, both OGDC and PPL, which were offered in huge quantities at lower lock yesterday got disposed off at and around today’s lower circuit breakers.

PSO turned out to be the head turner today with a positive opening, and closing the session at upper circuit.

Cyclicals, Cement and Steel sector stocks were on back burner in relative terms, although leading stocks managed to post decent volumes.

Cement sector posted volumes of 86.2 million shares, followed by O&GMCs (43.5 million) and Banks (28.8 million). Among scrips, MLCF realized 27.9 million shares, followed by PPL (23.6 million) and FCCL (16.1 million).

Sectors showing performance include E&P (-152 points), Banks (+353 points), Fertilizer (+112 points), O&GMCs (+93 points), Chemical (+39 points) and Pharma (+32 points).

Volumes declined from 307.9 million shares to 274 million shares (-11 percent DoD). Average traded value however, increased by 46 percent to reach US$ 106.7 million as against US$ 73.3 million.

Stocks that contributed significantly to the volumes include MLCF, PPL, FCCL, OGDC and KEL, which formed 36 percent of total volumes.

Stocks that contributed positively include HBL (+101 points), BAHL (+64 points), MCB (+60 points), PSO (+50 points) and ENGRO (+45 points).

Stocks that contributed negatively include PPL (-85 points), POL (-61 points), OGDC (-36 points), LUCK (-19 points), and HMB (-8 points).

KARACHI: The stock market made significant comeback after intraday crash on Monday and trimmed the decline 1161 points to close the market.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 37,059 points from last Friday’s closing of 38,220 points showing decline of 1161 points or 3.3 percent.

The market witnessed decline of 2300 points in intraday trading.

Analysts at Topline Securities said that KSE 100 index declined by 3.13 percent to close at 37,059 level, taking cue from international markets, where bears dominated following the deepest oil price cut by Saudi Arabia (sharpest decline since 1991) as OPEC failed to strike a deal with its allies regarding production cuts.

Market witnessed its first ever halt as KSE 30 index made an intraday decline of 1200 (down by -7.4 percent), where rule states that if KSE-30 Index continues to trade 4 percent above or below its opening index value for consecutive 5 minutes, trading in all securities shall be halted for 45 minutes.

E&P sector which declined by 7 percent in light of decline in oil prices was largely responsible for market halt, as the sector has a significant weight of 19 percent in KSE 30 index.

Secondly, the expectation of a rate cut gained further momentum consigning banks to the depths with several index heavy banks (HBL,UBL, BAHL, BAFL, MEBL) hitting lower locks.

As a result the 100 index was down 2,302 points at its lowest ebb.

Some recovery was witnessed in the market on the back of cyclicals, as investor’s started cherry picking especially in the cement sector given the high leverage status.

Trading volume and value for the day stood at 308mn shares and Rs.11.4 billion respectively. FCCL was today`s volume leader with 30.7 million shares.

KARACHI: Trading at the stock market has been halted after witnessing lower lock on Monday morning owing to sharp decline in world oil price.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 2,107 points or 5.83 percent at the opening on Monday morning.

The market was trading at 36,113 points when it was suspended on lower lock. The market was closed at 38,220 on last Friday.

Analysts said that the sharp decline in world oil prices was behind stock market crash.