KARACHI: Pakistan stocks on Friday gained 122 points in mixed trading sessions during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,301 points from previous day’s closing of 41,179 points, showing an increase of 122 points.
(more…)Tag: PSX
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Bears take control of PSX as Pakistan stocks shed 558 points
KARACHI: Bears took control of Pakistan Stock Exchange (PSX) as the market recorded a loss of 558 points on Thursday. The benchmark KSE-100 index of PSX ended 41,180 points from previous day’s closing of 41,738 points, showing a decline of 558 points.
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Millat Tractors announces production holiday on Fridays
KARACHI: Millat Tractors Limited (MTL) on Thursday announced production holiday on Fridays due to lower demand of tractors.
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Pakistan stocks end up in narrow range trading
KARACHI: Pakistan stocks ended up on Wednesday while trading in narrow range during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,737 points from previous day’s closing of 41,714 points, showing an increase of 23 points.
READ MORE: Pakistan stocks gain 174 points amid lackluster trading
Analysts at Arif Habib Limited said that the PSX had a range-bound session during the day.
The benchmark KSE-100 index fluctuated in a narrow range throughout the day after the market opened in the red and quickly created a thin range of trading both ways.
READ MORE: Stocks dip by 158 points as investors remain jittery
Due to the ongoing unfavorable economic sentiments and political instability, investors remained on the sidelines.
Volumes in the main board dried up, although expectations of the gas price hike kept the E&P sector in the limelight.
READ MORE: Weekly Review: stocks may observe range-bound trading
Sectors contributing to the performance include Technology & Communication (+72.3 points), E&P’s (+40.0 points), Miscellaneous (+39.7 points), Textile Composite (+7.2 points), Vanaspati & Allied Industries (+5.1 points).
READ MORE: Pakistan stocks inch up in range-bound trading
Volumes increased from 144.8 million shares to 146.7 million shares (+1.3 per cent DoD). The average traded value also increased by 4.2 per cent to USD 17.4 million as against USD 16.7 million.
Stocks that contributed significantly to the volumes are TPLP, UNITY, DFML, WTL and FCCL.
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Kohinoor Spinning Mills stops production due to high cost
KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn.
Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operation the production facility.
“Therefore, the management of the company has decided to temporary close/stop the production activities of the company with immediate effect,” the company said.
The management is hopeful that the current situation will improve in the first quarter of 2023 enabling the company to restart its operations.
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Pakistan stocks gain 174 points amid lackluster trading
KARACHI: Pakistan stocks gained 174 points on Tuesday in a lackluster trading session during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,714 points from previous day’s closing of 41,540 points, showing an increase of 174 points.
READ MORE: Stocks dip by 158 points as investors remain jittery
Analysts at Arif Habib Limited said that another range-bound session was witnessed at the PSX during the day.
The market opened in the red but soon the momentum changed as the market traded in the green throughout the day after political clarity.
READ MORE: Weekly Review: stocks may observe range-bound trading
Although Investor participation remained sluggish in the mainboard on the contrary 3rd tier stocks continued to dominate the volume board.
Sectors contributing to the performance include Fertilizer (+84.0 points), Commercial Banks (+64.0 points), Miscellaneous (+43.9 points), Technology & Communication (+24.1 points), Tobacco (+17.3 points).
READ MORE: Pakistan stocks inch up in range-bound trading
Volumes increased from 133.6 million shares to 144.8 million shares (+8.5 per cent DoD). The average traded value also increased by 16.2 per cent to USD 16.7 million as against USD 14.4 million.
Stocks that contributed significantly to the volumes are PTC, DFML, WTL, FCCL, and TPLP.
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Attock Refinery shuts down distillation unit
KARACHI: Attock Refinery Limited on Tuesday announced a temporary shutdown of its distillation unit due to ullage constraints.
In a communication shared with the Pakistan Stock Exchange (PSX), the company informed that due to ullage constraints from low demand for furnace fuel oil, Attock Refinery Limited is temporarily shutting down its main distillation unit for approximately eight days.
“During this period some necessary maintenance jobs would also be carried out,” the company added.
Consequently, as result of this shut down refinery will be operating at capacity of 35 per cent.
However, adequate inventories of products are available to meeting the current requirements, the company added.
“This has been intimated to the ministry of energy (petroleum division) and Oil and Gas Regulatory Authority (OGRA) accordingly,” the company said.
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Stocks dip by 158 points as investors remain jittery
KARACHI: Pakistan stocks dipped by 158 points on Monday as investors opted to remain sidelines owing to political and economic uncertainties.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,540 points from last Friday’s closing of 41,698 points, showing a decline of 158 points.
READ MORE: Weekly Review: stocks may observe range-bound trading
Analysts at Arif Habib Limited said that the week began with a range-bound session at the PSX.
The benchmark KSE-100 index opened in the green but failed to maintain momentum due to political and economic uncertainty, as investors chose to stay on the sidelines.
READ MORE: Pakistan stocks inch up in range-bound trading
Volumes on the mainboard remained low, though decent volumes in third-tier stocks were recorded.
Sectors contributing to the performance include Chemical (-33.2 points), Commercial Banks (-32.6 points), Automobile Parts & Accessories (-16.9 points), OMCs (-15.8 points), Food & Personal Care Products (-15.3 points).
READ MORE: Stocks shed 167 points in range-bound session
Volumes decreased from 191.4 million shares to 133.6 million shares (-30.2 per cent DoD). The average traded value also decreased by 9.7 per cent to $14.4 million as against $16.0 million.
Stocks that contributed significantly to the volumes are DFML, WTL, DFSM, GCIL, and MDTL.
READ MORE: Pakistan stocks trade in green after clarification on IMF review
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Floor tile production halts on LC restrictions, gas shortage
KARACHI: A ceramic company has decided to shut down its floor tile production due to restrictions of Letter of Credit (LC) opening and prevailing gas shortage.
In a communication received by Pakistan Stock Exchange (PSX), Frontier Ceramics Limited announced the shut down its floor tile production plant for an uncertain period due to gas supply shortage.
The company further stated that the unforeseen devaluation of Pakistani Rupee (PKR) coupled with government’s restriction, including LC approval constraints and general economic instability were also the reason behind the decision.
“The resumption of operation (as the case may be) will be communicated accordingly,” the company stated in the communication.
It said the information is being conveyed in accordance with the requirements of Regulation of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.
The company also requested the stock exchange that the information may be disseminated amongst the TRE Certificate Holders of the stock exchange as well.
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Weekly Review: stocks may observe range-bound trading
KARACHI: Pakistan stocks likely to stay range-bound during the next week as investors may remain cautious due to political and economic uncertainties.
Analysts at Arif Habib Limited said that the equity bourse is expected to remain range bound in the upcoming week as market participants will remain cautious due to the political noise in the country.
Furthermore, any positive news coming from Saudi Arabia and IMF 9th review.
READ MORE: Pakistan stocks inch up in range-bound trading
The benchmark KSE-100 index is currently trading at a PER of 4.0x (2023) compared to Asia Pac regional average of 12.9x while offering a dividend yield of 10.2 per cent versus 2.8 per cent offered by the region.
In the outgoing week, the market remained jittery, even though Pakistan repaid its $1 billion international bond on time and Saudi Arabia extended its $ 3 billion deposit to the SBP.
The Market remained under pressure this week mainly due to uncertainty over the IMF deal and political noise. However, the market turned positive midweek as Russia agreed to sell Oil to Pakistan at a discounted price, but this positive momentum did not sustain.
READ MORE: Stocks shed 167 points in range-bound session
Furthermore, SBP’s foreign exchange reserves data showcased a decline of $ 784 million hitting nearly a four-year low of $ 6.72 billion.
With this, the Pakistani Rupee (PKR) depreciated during the week against the greenback, dropping by PKR 0.71 | 0.32 per cent WoW to settle at PKR 224.40.
The market closed at 42,150 points, down by 452 points (-1.1 per cent WoW).
Sector-wise negative contributions came from i) Cement (109 points), ii) Power Generation & Distribution (61 points), iii) Pharmaceuticals (60 points), iv) Technology & Communication (57 points) and v) Automobile Assembler (45 points).
READ MORE: Pakistan stocks trade in green after clarification on IMF review
Whereas, sectors which contributed positively were i) Miscellaneous (131 points) and ii) Automobile Parts & Accessories (3 points). Scrip-wise negative contributors were HBL (55 points), SYS (54 points), HUBC (50 points), MEBL (43 points) and MTL (36 points).
Meanwhile, scrip-wise positive contribution came from PSEL (137 points), BAHL (33 points), UBL (27 points), BAFL (12 points) and HMB (11 points).
READ MORE: Pakistan stocks continue with bearish trend
Foreigners selling was witnessed during this week, clocking in at $ 6.3 million compared to a net buy of $ 6.6 million last week. Major selling was witnessed in Commercial Bank ($ 10.3 million), Cement ($ 0.2 million), and all other Sectors ($ 0.5 million).
On the local front, buying was reported by Individuals ($ 8.8 million) followed by Insurance Companies ($ 1.3 million). Average volumes clocked in at 180 million shares (up by 11 per cent WoW) while average value traded settled at $ 18 million (down by 22 per cent WoW).