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  • Pakistan stocks shed 151 points in range bound trading

    Pakistan stocks shed 151 points in range bound trading

    KARACHI: Pakistan stocks ended down by 151 points on Friday in range bound trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,309 points from last day’s closing of 42,460 points, showing a decline of 151 points.

    READ MORE: Pakistan stocks end in green as SBP gets IMF tranche

    Analysts at Topline Securities said that range bound session was observed at the exchange as index traded between its intraday high of 109 points and intraday low of -151 points.

    Major contribution to the index came from FABL, COLG, KOHC, CEPB & EFERT as they cumulatively contributed 49 points to the index, whereas on the flipside PPL, FFC, THALL, POL & DAWH lost value to weigh down on the index by 75 points.

    Traded volume and value declined on DoD basis by 35 per cent and 42 per cent to 151 million shares and Rs4.63bn respectively. WTL was today`s volume leader with 11.9 million shares.

    READ MORE: Stocks end up 156 points amid political noise

    KSE 100 Index declined by -0.66 per cent on WoW basis which can largely be attributed to floods across Pakistan where initial estimate of economic loss as per government is close Rs2 trillion (2 per cent of GDP).

    Apart from it Consumer Price Index (CPI) number for August clocked in at 27.3 per cent YoY (one of the highest number in last few decade), also weighed down on investor sentiment.

    READ MORE: Pakistan stocks plunge despite IMF program revival

    Investor participation declined during the outgoing week as average daily traded volume and value stood at 211 million shares (down 15.6 per cent WoW) and Rs6.9 billion (down 14.8 per cent WoW) respectively.

    On flows end individuals, banks, mutual funds and companies net purchased equities worth US$1.95 million, US$1.69 million, US$1.41 million and US$1.26 million respectively as of yesterday`s close, whereas insurance and foreign corporate net sold equities worth US$6.63 million and US$1.76 million respectively as of yesterday`s close.

    READ MORE: Stocks slip on mounting inflation concerns

  • Pakistan stocks end in green as SBP gets IMF tranche

    Pakistan stocks end in green as SBP gets IMF tranche

    KARACHI: Pakistan stock ended in green on Thursday after the central bank received a tranche from the International Monetary Fund (IMF).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,460 points from previous day’s close of 42,351 points, showing an increase of 109 points.

    READ MORE: Stocks end up 156 points amid political noise

    Analysts at Arif Habib Limited said that the market witnessed a positive session today as Pakistan received the first tranche of the extended fund facility from the International Monetary Fund.

    The State Bank of Pakistan (SBP) a day earlier received $1.16 billion from IMF under Extended Fund Facility.

    SBP in a Tweet said that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the EFF for Pakistan.

    READ MORE: Pakistan stocks plunge despite IMF program revival

    “This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” according to the Tweet.

    Earlier, on August 29, 2022 the executive board of the IMF completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan.

    Investors participation remained active throughout the day, healthy volumes were observed while the cement sector remained in the limelight.

    READ MORE: Stocks slip on mounting inflation concerns

    Sectors contributing to the performance include Cements (+89.8 points), Banks (+19.5 points), Technology (+18.8 points), Leather (+10.8 points) and Investment Banks (+8.0 points).

    Volumes increased from 181.3 million shares to 248.2 million shares (+36.9 per cent DoD). Average traded value also increased by 11.2 per cent to reach US$ 36.7 million as against US$ 33.0 million.

    Stocks that contributed significantly to the volumes are CNERGY, MLCF, FCCL, KAPCO and PRL.

    READ MORE: Weekly Review: Pakistan stocks likely trade in green

  • Stocks end up 156 points amid political noise

    Stocks end up 156 points amid political noise

    KARACHI: Pakistan stocks ended up by 156 points on Wednesday amid mounting political noise.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,351 points from previous day’s closing of 42,195 points, showing a gain of 156 points.

    READ MORE: Pakistan stocks plunge despite IMF program revival

    Analysts at Arif Habib Limited said that the market opened in the negative zone today due to prevailing political noise.

    The benchmark KSE-100 index witnessed a range bound session today as investor remained on the side line awaiting for clarity on the political front.

    READ MORE: Stocks slip on mounting inflation concerns

    However, during the last trading hour value buying was observed in the cement sector which helped the index to close in the green zone.

    Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks

    Sectors contributing to the performance include Cements (+75.3 points), Chemicals (+32.3 points), Fertilizers (+23.1 points), Power (+22.9 points) and E&P’s (+18.7 points).

    READ MORE: Weekly Review: Pakistan stocks likely trade in green

    Volumes decreased from 237.6 million shares to 181.3 million shares (-23.7 per cent DoD). Average traded value also decreased by 1.5 per cent to reach US$ 33.0 million as against US$ 33.4 million.

    Stocks that contributed significantly to the volumes are KEL, UNITY, EPCL, FCCL and WTL.

    READ MORE: Profit taking hammers Pakistan stocks to fall by 441 points

  • Amreli Steels stops all production facilities

    Amreli Steels stops all production facilities

    KARACHI: Amreli Steels Limited on Wednesday announced to shut down all production facilities with immediate effect for about 20 days.

    In a communication sent to Pakistan Stock Exchange (PSX), the company informed about the shutdown of its plants.

    “The company has decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon and flash floods witnessed across the country,” the company said.

    Consequently, no manufacturing will take place from August 31 to September 19, 2022.

    The resumption of operations or further extension in production suspension (as the case may be) will be communicated accordingly, it added.

    The company stated that this information was being conveyed in accordance with the requirements of Regulations of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.

  • Indus Motor halts production of Toyota vehicles in Pakistan

    Indus Motor halts production of Toyota vehicles in Pakistan

    KARACHI: Indus Motor Company Limited on Tuesday announced to temporary halt its production of Toyota vehicles in Pakistan.

    Indus Motor is the manufacturer of Toyota cars in Pakistan.

    “The company has decided to temporarily shut down its production plant from September 01 to 16, 2022,” the company said in a communication sent to the Pakistan Stock Exchange (PSX).

    READ MORE: Toyota Indus Motors announces plant shutdown

    “However, in case of any change in production plan due to approvals is being sought, the same will be communicated accordingly,” it added.

    Indus Motor said that the State Bank of Pakistan (SBP) had introduced a mechanism through Circular No. 09 of 2022 on May 20, 2022, for obtaining prior approval for import of CKD kits and components of passengers cars (HS Code 8703 category) for the auto sector.

    “The delay in aforesaid approvals has created hurdles in clearance of import consignments of the company, resulting in significant reduction in inventory levels and consequently, creating adverse impact on the supply chain and production activities,” it added.

    The company said that due to insufficient inventory levels to maintain production, the company has decided to temporarily halt its production activities.

    READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation

    Previously on July 29, 2022 the company in another communication sent to PSX stated that due to unforeseen devaluation of the Pakistani Rupee, coupled with the Government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing economic instability, the company is facing hurdles in import of CKD kits and components which is adversely affecting the supply chain and production activities.

    “The aforesaid delay and unforeseen factors have resulted in insufficient inventory levels as would be required to maintain further production. The situation is forcing the company towards a temporary production to shutdown and closure of the company’s plant.”

    READ MORE: Toyota lowers July production in Japan

    “In the light of above, the company on July 29, 2022 decided to temporarily shut down its production plant from August 01, 2022 to August 13, 2022,” according to previous announcement.

    The company in a report said that the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

    READ MORE: Indus Motors rebuts plant shutdown reports

    The company further added: “the unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry.”

  • Pakistan stocks plunge despite IMF program revival

    Pakistan stocks plunge despite IMF program revival

    KARACHI: Pakistan stocks witnessed a fall of 309 points on Tuesday despite the revival of loan program by the International Monetary Fund (IMF).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,195 points from previous day’s closing of 42,504 points, showing a decline of 309 points.

    READ MORE: Stocks slip on mounting inflation concerns

    Analysts at Topline Securities said that Pakistan equities celebrated resumption of country’s Extended Fund Facility (EFF) program by IMF Board of Directors as the KSE100 index opened with positive 486 points.

    Buying interest witnessed across the board in the market which assisted market to made an intraday high at 43,052 (+548 points; up 1.41 per cent).

    READ MORE: Weekly Review: Pakistan stocks likely trade in green

    However, profit taking kicked in at the aforesaid level which pushed index towards intraday low at 42,106 (-398 points; down 0.94 per cent) before eventually settled at 42,195 (-309 points; down 0.73 per cent) for the day.

    Another highlight of the day was on the macro front where Pakistani Rupee gained Rupee 1.8 (0.82 per cent) against the greenback in the interbank trading and closed at 220.12 versus US Dollar.

    READ MORE: Profit taking hammers Pakistan stocks to fall by 441 points

    Banks, Fertilizer and Tech sector stocks contributed negatively to the index where HBL, ENGRO, TRG, BAHL & MCB lost 136 points, cumulatively. On the flip side, SYS, DAWH and SRVI have witnessed some buying interest as they added 35 points collectively, today.

    Around 238 million shares traded today at the bourse while total value clocked in at Rs7.3 billion. KEL led the volumes chart today with trading of 38 million shares in it, today.

    READ MORE: Pakistan stocks dip 305 points in dull trading

  • Stocks slip on mounting inflation concerns

    Stocks slip on mounting inflation concerns

    KARACHI: Pakistan stocks slipped by 87 points on Monday owing to concerns over mounting inflation.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,504 points from last Friday’s closing of 42,591 points, showing a decline of 87 points.

    READ MORE: Weekly Review: Pakistan stocks likely trade in green

    Analysts at Arif Habib Limited said that the market observed a negative session on Monday August 29, 2022 due to concerns over mounting inflation and GDP growth rate.

    Investors’ participation remained sideways throughout the day although value buying was witnessed in the last trading hour which helped the index to recover as it made an intraday low of 763 points.

    READ MORE: Profit taking hammers Pakistan stocks to fall by 441 points

    Volumes remained dry in the main board whereas hefty volumes were witnessed in the 3rd tier stocks.

    Sectors contributing to the performance include E&P’s (-29.5 points), Food & Personal Care (-25.7 points), Autos (-17.8 points), Pharmaceuticals (-15.9 points) and Textiles (-13.4 points).

    READ MORE: Pakistan stocks dip 305 points in dull trading

    Volumes decreased from 265.7 million shares to 229.2 million shares (-13.7 per cent DoD). Average traded value also decreased by 19.4 per cent to reach US$ 32.8 million as against US$ 40.7 million.

    Stocks that contributed significantly to the volumes are WTL, KEL, CNERGY, PRL and UNITY.

    READ MORE: Pakistan stocks end flat to 43,338 points

  • Weekly Review: Pakistan stocks likely trade in green

    Weekly Review: Pakistan stocks likely trade in green

    KARACHI: Pakistan stocks likely to trade in positive zone during the next week owing to expected transfer of IMF tranche under Extended Fund Facility (EFF).

    Analysts at Arif Habib Limited said that with IMF and Pakistan meeting scheduled in the coming week, it is expected that IMF will approve the $1.17 billion tranche enabling the disbursement within a week or so.

    READ MORE: Profit taking hammers Pakistan stocks to fall by 441 points

    Albeit, we expect the market to be positive in the upcoming week. Keeping in view the ongoing result season, some sectors and scrips are expected to stay in the limelight.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.2x (2023) compared to Asia Pacific regional average of 12.7x while offering a dividend yield of 9.6 per cent versus 2.7 per cent offered by the region.

    READ MORE: Pakistan stocks dip 305 points in dull trading

    The market commenced on a negative note on the back of concerns over new tax measures taken by the government to increase revenue collection.

    However, the investor sentiment revived after SBP kept the policy rate unchanged. Moreover, the momentum further strengthened after Qatar announced plans to invest $3 billion in various commercial and investment sectors, while Saudi Arabia pledges to invest $1 billion.

    In addition to this, the latest figures released by the State Bank of Pakistan (SBP) this week shows, current account deficit during July 2022 shrank by 45 per cent MoM to $1.21 billion. However, the market turned negative again after the Pakistani Rupee (PKR) depreciated against USD, closing the week at PKR 220.66 (down by PKR 6.00|2.8 per cent WoW).

    READ MORE: Pakistan stocks end flat to 43,338 points

    Whereas, SBP reserves fall by $87 million, to settle at $7.8 billion. With the anticipation of the re-imposition of sales tax on petroleum products, the nervousness with regards to inflation re-surfaced.

    Hence, the market closed at 42,592 points, shedding 679 points (down by 1.57 per cent) WoW.

    Sector-wise negative contributions came from i) Banks (143 points), ii) Miscellaneous (138 points), iii) Power (101 points), iv) OMCs (80 points) and v) Chemical (59 points).

    Whereas, sectors which contributed positively were i) Fertilizer (70 points), and ii) Cement (28 points). Scrip-wise negative contributors were PSEL (137 points), HUBC (104 points), PSO (79 points), HBL (48 points) and TRG (48 points). Meanwhile, scrip-wise positive contribution came from LUCK (75 points), SYS (35 points), TGL (26 points), FFC (25 points) and POL (19 points).

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Foreigners selling continued this week, clocking in at USD 1.9 million compared to a net sell of USD 2.8 million last week. Major selling was witnessed in Commercial Banks (USD 3.7 million) and E&P (USD 0.7 million). On the local front, buying was reported by Banks/DFIs (USD 4.1 million) followed by Individuals (USD 3.8 million). Average volumes clocked in at 250 million shares (down by 52 per cent WoW) while average value traded settled at USD 37 million (down by 35 per cent WoW).

  • Profit taking hammers Pakistan stocks to fall by 441 points

    Profit taking hammers Pakistan stocks to fall by 441 points

    KARACHI: Pakistan stocks lost 441 points on Friday as the profit taking hammered the benchmark index to close in red zone.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down to 42,591 points from the previous day’s close of 43,032 points, showing a decline of 441 points.

    READ MORE: Pakistan stocks dip 305 points in dull trading

    Analysts at Arif Habib Limited said that the PSX witnessed a negative session due to the last day of rollover week as investors opted for profit-taking.

    The first session consisted of dull activity despite opening in the green zone. However, in the second session investors opted for profit taking which hammered the index to close in the red zone.

    READ MORE: Pakistan stocks end flat to 43,338 points

    Main board volumes stayed dry. On the contrary, hefty volumes were observed in the 3rd tier stocks.

    The Index closed at 42,591.51 points, down by 441.06 points (-1.02 per cent DoD). Sectors contributing to the performance include Banks (-85.5 points), Technology (-64.0 points), OMC’s (-61.1 points), E&P (-48.3 points) and Cement (-37.7 points).

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Volumes increased from 208.1 million shares to 265.8 million shares (+27.7 per cent DoD). Average traded value also increased by 16.1 per cent to reach US$ 40.9 million as against US$ 35.3 million.

    Stocks that contributed significantly to the volumes are KEL, PRL, PAEL, CNERGY and HASCOL.

    READ MORE: Pakistan equities fall by 444 points on political noise

  • Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil Company Limited (PSO) on Friday declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.

    The state oil company announced profit after tax at Rs95.72 billion for the year ended June 30, 2022 as compared with Rs29.55 billion in the preceding fiscal year.

    PSO announced Earnings Per Share (EPS) of Rs194.35 for the fiscal year under review as compared with Rs62.63 in the preceding fiscal year.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    According to consolidated financial results submitted to Pakistan Stock Exchange (PSX), the Board of Directors of PSO in their meeting on August 26, 2022 approved final cash dividend for the financial year ended June 30, 2022 at the rate of Rs10 per share i.e. 100 per cent.

    According to the consolidated results, the net sales of the company surged to Rs2,541.73 billion for the year ended June 30, 2022 as compared with Rs1,223.68 billion in the preceding year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The gross profit of the company jumped to Rs178.13 billion for the fiscal year 2021/2022 as compared with Rs57.25 billion in the preceding fiscal year.

    Annual expenses of PSO also increased to Rs37.62 billion as compared with previous year’s Rs20.69 billion.

    Profit from operations sharply increased to Rs165.83 billion during fiscal year 2021/2022 as compared with Rs55.98 billion.

    READ MORE: Shell Pakistan announces Rs7.47 billion profit for 1HCY22