KARACHI: Stocks showed a positive trend on Monday as the Pakistani Rupee (PKR) continued to appreciate against the US Dollar, boosting investor sentiment.
(more…)Tag: PSX
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SNGPL to distribute 100,000 LPG cylinders to meet energy shortage
KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) has approved the supply of 100,000 cylinders of LPG gas to meet energy needs in coming winter.
In a material information shared with the Pakistan Stock Exchange (PSX) on Monday, SNGPL said in view of potential gas shortfall in the forthcoming winter, the Ministry of Energy (Petroleum Division) has advised to explore all possible options to meet energy needs of consumers, including supplying LPG cylinders.
Accordingly, the Board of Directors of SNGPL in their meeting dated September 28, 2022, has approved the project of LPG distribution with 100,000 Cylinders.
The estimated initial investment for the venture is up to Rs 1,200 million. The return on investment is not subject to present ROA regime and will be determined as per market dynamics.
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Weekly Review: Investors to eye PTI protest call
KARACHI: The investors of Pakistan stocks likely to decide strategy during the next week on the basis of expected protest call by Pakistan Tehreek I Insaaf (PTI).
Senior PTI leader Asad Qaiser reportedly said that PTI Chairman Imran Khan likely to call for countrywide protest and long march during a week.
READ MORE: Stocks gain 115 points in volatile session
However, analysts at Arif Habib Limited said that market likely remain range bound as results season was almost over.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.2x (2023) compared to Asia Pac regional average of 12.1x while offering a dividend yield of 9.8 per cent versus 2.9 per cent offered by the region.
The week commenced on a positive note as market was up 531.1 points on Monday following the release of SPI number on the last working day, which was 8.8 per cent down WoW.
READ MORE: Pakistan stocks witness bloodbath on HBL terror probe
Moreover, market also reacted positively on the news of change in Finance Ministry high-ups. Furthermore, Pakistani Rupee (PKR) appreciated against the green back, closing at 228.45 (up by PKR 11 | 4.9 per cent WoW).
Real Effective Exchange Rate (REER) clocked-in at 94.5 as of August 2022 compared to 93.2 in July 2022.
Further, an amount of USD 2 billion was committed by Asian Development Bank (ADB) which is expected to mobilize by the end of this year.
READ MORE: Stocks shed 83 points on rising political noise
On the flip, the market sentiment become negative towards the end of the week as the State Bank of Pakistan (SBP) reserves declined by 4 per cent WoW clocking-in at USD 8 billion.
In addition, yields on government’s international bonds maturing in 2022 and 2024, increased during the week by 20-24pps WoW.
Moreover, with HBL coming under international scrutiny, market sentiment was further dented. Albeit, the market closed 41,129 points, gaining 508 points (up by 1.25 per cent).
READ MORE: Stocks gain 367 points amid clarity on political ground
Sector-wise positive contributions came from i) Power Generation & Distribution (141 points), ii) Cement (107 points), iii) Technology & Communication (92 points), iv) Oil & Gas Exploration (65 points) and v) Fertilizer (40 points).
Whereas, sectors which contributed negatively were i) Commercial Banks (217 points), and Close-End Mutual Fund (1 points). Scrip-wise positive contributors were HUBC (139 points), TRG (122 points), PPL (55 points), LUCK (49 points) and OGDC (40 points).
Meanwhile, scrip-wise negative contribution came from HBL (213 points), MEBL (34 points), MARI (32 points), SYS (28 points) and BAHL (12 points).
Foreigners buying continued during this week, clocking in at USD 0.15 million compared to a net buy of USD 5.09 million last week. Major buying was witnessed in Technology (USD 2.5 million), Cement (USD 0.2 million), Power Generation & Distribution (USD 0.2 million) and Food & Personal Care Products (USD 0.1 million). On the local front, selling was reported by Mutual Funds (USD 7.6 million) followed by Insurance Companies (USD 3.9 million).
Average volumes clocked in at 200 million shares (up by 20 per cent WoW) while average value traded settled at USD 36 million (up by 39 per cent WoW).
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Stocks gain 115 points in volatile session
KARACHI: Pakistan stocks gained 115 points on Friday in a volatile trading session during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,129 points as compared with previous day’s closing of 41,014 points, showing a gain of 115 points.
READ MORE: Pakistan stocks witness bloodbath on HBL terror probe
Analysts at Arif Habib Limited said that the market remained under pressure all day long as investors participated left and right.
The stock market remained sluggish during the opening half but got active in the second trading session.
READ MORE: Stocks shed 83 points on rising political noise
The investors maintained a strategic distance due to political and economic instability, however due to rollover week, hefty volumes were witnessed in the future contracts that led the index close in the green.
Sectors contributing to the performance include Technology (+80.4 points), E&P’s (+35.6 points), Fertilizer (+24.4 points), Investment Banks (+20.9 points) and Tobacco (+13.0 points).
READ MORE: Stocks gain 367 points amid clarity on political ground
Volumes increased from 127.4 million shares to 205.7 million shares (61.4 per cent DoD). The average traded value also increased by 72.1 per cent to US$ 41.6 million as against US$ 24.2 million.
Stocks that contributed significantly to the volumes are TRG, TPLP, KEL, PIBTL and CNERGY.
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Pakistan stocks witness bloodbath on HBL terror probe
KARACHI: Pakistan stocks witnessed bloodbath on Thursday following reports circulated regarding scrutiny of Habib Bank Limited (HBL) regarding assisting terror organizations.
The benchmark KSE-100 index of Pakistan Stock (PSX) ended 41,014 points from previous day’s closing of 41,435 points, showing a decline of 421 points.
READ MORE: Stocks shed 83 points on rising political noise
Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today due to current political clamor and the negative news pertaining to HBL.
Habib Bank Limited (HBL) came under scrutiny once again and has been alleged to provide financial support to the terrorist organizations.
As per the Justice Against Sponsors of Terrorism Act (JASTA), HBL Bank has repeated misconduct and revealed a pattern of funding terrorism at various occasions in the last decade as of 2006.
READ MORE: Stocks gain 367 points amid clarity on political ground
Plaintiffs in these consolidated cases are 370 individuals who were injured or whose family members were injured or killed in terrorist attacks, who bring this action against HBL Bank under the Anti- Terrorism Act (ATA), as amended by the Justice Against Sponsors of Terrorism Act (“JASTA”).
Recall that HBL Bank and HBL’s New York Branch were previously implicated in money laundering and terrorist financing back in 2017.
READ MORE: Stocks climb 531 points over PKR recovery
As investors opted to remain on side line from the market because of hazy economic forecast, the market opened in the red and remained under pressure for the rest of the day making an intra-day low of -524.31 points.
The volumes declined significantly across the main board on the contrary decent volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (-246.8 points), Technology (-53.0 points), E&Ps (-26.8 points), Chemicals (-21.7 points) and Fertilizers (-17.8 points).
READ MORE: Weekly Review: Stocks may return to positive
Volumes decreased from 220.6 million shares to 127.4 million shares (-42.2 per cent DoD). The average traded value also decreased by 31.3 per cent to US$ 24.0 million as against US$ 35.0 million.
Stocks that contributed significantly to the volumes are KEL, TPLP, TRG, NCL and FCCL.
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Stocks shed 83 points on rising political noise
KARACHI: Pakistan stocks ended down by 83 points on Wednesday due to rising political noise following audio leak related to cypher.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,435 points from previous day’s closing of 41,518 points, showing a decline of 83 points.
READ MORE: Stocks gain 367 points amid clarity on political ground
Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bullish trend today as the index traded in green zone for most of the session.
The PSX opened in the positive zone although in the last trading hour investors opted for profit taking as political noise built up.
READ MORE: Stocks climb 531 points over PKR recovery
Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan on Wednesday confirmed the authenticity of the audio leak – featuring him and his principal secretary at the time, Azam Khan – and said that it is “a good thing” thing that the conversation was leaked, adding that the diplomatic cypher they were discussing should also be released to the public.
The ousted premier talked to media personnel at the Punjab House after an audio clip between the two PTI leaders surfaced online earlier today, wherein they were discussing the diplomatic cypher.
READ MORE: Weekly Review: Stocks may return to positive
Volumes continued to remain decent in the main board, on the flip side hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Technology (-57.3 points), Fertilizer (-30.1 points), E&Ps (-24.6 points), Engineering (-7.1 points) and Automobile Assemblers (-7.1 points).
READ MORE: Pakistan stocks plunge by 308 points on profit taking
Volumes decreased from 230.7 million shares to 220.6 million shares (-4.4 per cent DoD). The average traded value also decreased by 16.6 per cent to US$ 34.6 million as against US$ 41.5 million.
Stocks that contributed significantly to the volumes are TPLP, CNERGY, KEL, GGL and PRL.
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Stocks gain 367 points amid clarity on political ground
KARACHI: Pakistan stocks gained 367 points on Tuesday after further clarity on political ground.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,518 points from previous day’s closing of 41,151 points, showing a gain of 367 points.
READ MORE: Stocks climb 531 points over PKR recovery
Analysts at Arif Habib Limited said that PSX witnessed a positive session today as further clarity on political ground pushed the market in the green and maintained its upward trend from the previous close.
Meanwhile, Pakistani Rupee (PKR) continued to strengthen against US Dollar giving the investor’ confidence boost.
The PKR gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister.
READ MORE: Weekly Review: Stocks may return to positive
The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 233.91 on September 27, 2022.
In contrast to solid main board volumes, third tier companies continued to remain in the limelight.
READ MORE: Pakistan stocks plunge by 308 points on profit taking
Sectors contributing to the performance include E&Ps (+93.1 points), Banks (+55.0 points), Cement (+42.5 points), Fertilizer (+39.2 points) and Pharmaceuticals (+20.7 points).
Volumes increased from 213.0 million shares to 230.7 million shares (+8.3 per cent DoD). The average traded value also increased by 1.1 per cent to US$ 41.1 million as against US$ 40.7 million.
Stocks that contributed significantly to the volumes are TPLP, TRG, KEL, CNERGY and WTL.
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Stocks climb 531 points over PKR recovery
KARACHI: Pakistan stocks gained 531 points on Monday following sharp recovery in Pakistani Rupee (PKR) against the US dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,151 points from last Friday’s closing of 40,620 points, showing a gain of 531 points.
READ MORE: Weekly Review: Stocks may return to positive
The bulls dominated at PSX throughout the day. The market opened in the positive zone as Pak rupee made a sharp recovery against US Dollar.
The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country. The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.
READ MORE: Pakistan stocks plunge by 308 points on profit taking
Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).
Investors gained confidence over clarity on the political grounds as volumes climbed significantly in the main board. Hefty volumes were also recorded in the 3rd tier stocks.
READ MORE: Stocks remain under pressure on political noise
Sectors contributing to the performance include Technology (+111.8 points), Power (104.4 points), Cement (78.9 points), OMC’s (+34.8 points) and Banks (+33.5 points).
Volumes increased from 165.3 million shares to 213.0 million shares (+28.9 per cent DoD). The average traded value also increased by 38.5 per cent to US$ 40.2 million as against US$ 29.0 million.
Stocks that contributed significantly to the volumes are TRG, CNERGY, KEL, UNITY and WTL.
READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues
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Weekly Review: Stocks may return to positive
KARACHI: Pakistan stocks likely to trade in positive during the next week as the country fully complied with the conditions of Financial Action Task Force (FATF).
Analysts at Arif Habib Limited hoped that market would return to turn positive as Pakistan is fully compliant on FATF’s action plan and an announcement of status is expected in the upcoming week.
READ MORE: Pakistan stocks plunge by 308 points on profit taking
Moreover, financial aid for flood relief from international financial institutions and friendly countries is expected soon, which should curtail the free fall in Pakistani Rupee (PKR) against the dollar.
The benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.1x (2023) compared to Asia Pac regional average of 12.5x while offering a dividend yield of 9.8 per cent versus 2.8 per cent offered by the region.
READ MORE: Stocks remain under pressure on political noise
The market opened on positive note this week given Saudi Fund of $3 billion was rolled over till next year while IMF assured support for flood relief and reconstruction.
However, the momentum could not sustain owed to bleeding foreign reserves of the State Bank of Pakistan (SBP) (falling by $278 million WoW), which led the Pak Rupee to further depreciate against greenback (closing at PKR 239.65 towards end of the week).
In addition to this, the foreign direct investment (FDI) during first two months of the fiscal year 2022/2023 plummeted by 26 per cent YoY.
Furthermore, the LSM output reported a 1.4 per cent YoY| 16.5 per cent MoM fall in July 2022. Meanwhile, the investors opted for value buying amid the expectation of receiving $1.5 billion, $0.5 billion and $0.2 billion from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank, and the Japanese Government, respectively.
READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues
Moreover, the World Bank is also expected to give flood-related support of $1.7 billion. Alongside this, the current account reduced by 54 per cent YoY in August 2022, which further cushioned the overall decline in the index during the week. The market closed at 40,620 points, shedding 1,059points (down by 2.5 per cent) WoW.
Sector-wise negative contributions came from i) E&P (251 points), ii) Banks (246 points), iii) Cement (123 points), iv) Power (74 points) and v) OMCs (73 points).
Whereas, sectors which contributed positively were i) Tobacco (15 points), and Automobile Parts (2 points). Scrip-wise negative contributors were PPL (117 points), OGDC (84 points), LUCK (83 points), MEBL (66 points) and HMB (51 points).
READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar
Meanwhile, scrip-wise positive contribution came from TRG (21 points), PAKT (15 points), UNITY (8 points), FFC (6 points) and IBFL (4 points).
Foreigners buying continued this week, clocking in at $5.09 million compared to a net buy of $13.8 million last week. Major buying was witnessed in Technology ($6.6 million), E&P ($0.5 million), Cement ($0.5 million) and OGMCs ($0.3 million).
On the local front, selling was reported by Insurance ($3.3 million) followed by Mutual Funds ($2.4 million). Average volumes clocked in at 166 million shares (down by 9 per cent WoW) while average value traded settled at $26 million (down by 13 per cent WoW).
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Pakistan stocks plunge by 308 points on profit taking
KARACHI: Pakistan stocks plunged by 308 points on Friday as investors preferred profit taking on the last trading day of the week.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 40,620 points from previous day’s closing of 40,928 points, showing a decline of 308 points.
READ MORE: Stocks remain under pressure on political noise
Analysts at Arif Habib Limited said that the market witnessed a mixed session as bulls and bears fought for the dominance all day long.
The opening session consisted of a positive motion as the rupee broke its losing streak against the US dollar.
READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues
In the second session, investors opted for profit taking in the last hour which led the index to lose 373.96 points. Volumes remained dry across the board whereas, hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (-112.1 points), Cement (-38.4 points), Power (-36.2 points), Technology (-31.4 points) and Fertilizer (-30.3 points).
READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar
Volumes decreased from 190.0 million shares to 164.4 million shares (-13.5 per cent DoD). The average traded value increased by 8.6 per cent to US$ 28.6 million as against US$ 26.4 million.
Stocks that contributed significantly to the volumes are HASCOL, TRG, KEL, CNERGY and WTL.
READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65