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Tag: PSX

  • TPL Properties acquires land at Korangi cantonment

    TPL Properties acquires land at Korangi cantonment

    KARACHI: TPL Properties Limited on Monday announced to complete the acquisition of 40 acre of land located in the Korangi cantonment.

    A communication received by the Pakistan Stock Exchange (PSX) revealed that the company had completed the acquisition of 40 Acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi.

    READ MORE: TPL Properties, Bahria sign MoU for tourist beach resorts

    The acquisition has been made through 100 per cent Special Purpose Vehicle (SPV), it added.

    The company will be developing a world-class mixed-use real estate development, backed by modern IT and related infrastructure, with the support of a leading international firm SSH.

    It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs).

    READ MORE: TPL Properties announces developing Technology Park in Sindh

    The TPL previously on December 24, 2021, announced that the Securities and Exchange Commission of Pakistan, by way of its approval Letter dated, December 23, 2021, has approved and registered the REIT Scheme namely DCCL Trustee – TPL REIT Fund I, as a Hybrid REIT Scheme.

    Upon approval of the Scheme, the Company is now aiming to attain Financial Close shortly, it added.

    READ MORE: RDA: SECP exempts banks from obtaining license

    Furthermore, on December 01, 2021, the company informed the PSX that the Securities and Exchange Commission of Pakistan, by way of its Consent Letter dated, November 30, 2021, in terms of Regulation 3(c) of the REIT Regulations 2015, has accorded its approval to TPL REIT Management Company Limited (“TPL RMC”), a wholly-owned subsidiary of TPL Properties Limited, for the registration of the proposed trust deed “TPL REIT Fund I” under the Sindh Trust Act, 2020, with an initial fund size of Rs18.35 billion to be raised from local investors and ultimately the target fund size of Rs 80 billion to be raised from local and international investors.

    The Company shall now get the Trust Deed registered under the Sindh Trust Act, 2020 and subsequently get the REIT Scheme Registered with the SECP.

    READ MORE: SECP warns against investing in fraudulent schemes

  • Weekly Review: market likely to stay positive next week

    Weekly Review: market likely to stay positive next week

    KARACHI: The stock market likely to stay positive during next week owing to clarity on the International Monetary Fund (IMF) front.

    Analysts at Arif Habib Limited expect that bourse to remain in the green zone amid clarity on the IMF front.

    Moreover, they expect foreign inflows in the upcoming month amid ‘January effect’.

    READ MORE: IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

    Overall optimism with respect to upcoming corporate result season and scrips currently being traded at attractive valuations is further expected to boost positive sentiment in the bourse.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.0x (2022) compared to Asia Pac regional average of 15.0x while offering a dividend yield of around 8.9 per cent versus around 2.2 per cent offered by the region.

    READ MORE: KSE-100 index gains 180 points amid profit-taking

    In the week commencing December 27, 2021, KSE 100 index shredded 204.95 points owing to lack of clarity on implications of supplementary Finance Bill & mini budget and looming concerns of Omicron variant across major cities of Pakistan.

    However, the market adopted a positive momentum for the remaining week once uncertainties related to supplementary Finance Bill & mini budget gradually began to dispel after it was tabled in Cabinet.

    The week neared its end with investor sentiments further strengthening after the supplementary Finance Bill and mini budget received Cabinet’s approval, as it was the last hurdle remaining in the way of USD 1 billion tranche disbursement from IMF (meeting due on January 12, 2022).

    Furthermore, the PKR/USD Parity strengthened to PKR 176.51 (4-weeks high). The market snapped its 4-day bullish streak and closed at 44,596.07  points, gaining 179.87 points (up by 1.1 per cent) WoW. The activity in the outgoing week remained subdued with total volume averaging at 218 million.

    READ MORE: Dollar retreats to year end at Rs176.51

    Sector-wise positive contributions came from i) Cement (112 points), ii) Fertilizer (75 points), iii) Commercial Banks (72 points), iv) Tobacco (32 points), and v) Oil & Gas Marketing (32 points). Whereas, sectors which contributed negatively were i) Power Generation (18 points), ii) Inv. Banks (7 points). Scrip-wise positive contributors were MCB (45 points), POL (34 points), ENGRO (33 points), DGKC (33 points) and PAKT (32 points). Meanwhile, scrip-wise negative contribution came from HUBC (39 points), HMB (18 points) and ABOT (17 points).

    Foreign buying witnessed this week, clocking-in at USD 8.1 million compared to a net sell of USD 3.7 million last week. Major buying was witnessed in Technology (USD 4.8 million) and All Other Sectors (USD 2.5 million). On the local front, selling was reported by Banks/DFIS (USD 2.5 million) followed by Individuals (USD 2.0 million). Average volumes clocked-in at 218 million shares (up by 1.2 per cent WoW) while average value traded settled at USD 84 million (up by 13 per cent WoW).

  • KSE-100 index gains 180 points amid profit-taking

    KSE-100 index gains 180 points amid profit-taking

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 180 points on Friday amid profit-taking observed on the last trading day of the week.

    The index closed at 44,596 points as against last day’s closing of 44,416 points, showing an increase of 180 points.

    READ MORE: Stocks gain 156 points ahead of mini-budget

    Analysts at Arif Habib Limited said that the market continued to remain subdued even after the approval of the mini-budget by the cabinet.

    The market opened on a positive note due to a rally in cement stocks as international coal prices dropped for the second consecutive session.

    In the second session, profit-taking was witnessed across the board. Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include E&P (+73 points), Commercial Banks (+64 points), Fertilizer (+50 points) Cement (+36 points) and Food and Personal Care (+20 points).

    Volumes increased from 243.1 million shares to 317.6 million shares (+30.7 per cent DoD). Traded value increased by 4.7 per cent to reach US$ 61.4 million as against US$ 58.6 million.

    Stocks that contributed significantly to the volumes include WTL, CNERGY, TRG, PRL and KEL.

    READ MORE: SBP introduces Shariah compliant OMO injections

  • Stocks gain 156 points ahead of mini-budget

    Stocks gain 156 points ahead of mini-budget

    KARACHI: The stocks gained 156 points on Thursday ahead of mini-budget announcement, analysts said.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,416 points as against previous day’s closing of 44,260 points, showing an increase of 156 points.

    READ MORE: KSE-100 index up 216 points in range-bound trading

    The analysts at Arif Habib Limited said that the index stayed in the green zone ahead of mini-budget.

    Cement sector remained in the limelight as cement stocks rallied in the first trading hour due to reduction in international coal prices.

    In banking sector, MEBL stayed in the limelight as SBP for the first time has introduced shariah compliant liquidity facilities for Islamic banking institutions to enable them to offer better returns and rates to their customers on deposits and loans.

    READ MORE: SBP introduces Shariah compliant OMO injections

    Moreover, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Technology & Communication (+79 points), Commercial Banks (+60 points), Fertilizer (+44 points) Cement (+32 points) and Tobacco (+16 points).

    Volumes decreased from 271.1 million shares to 243.1 million shares (-10.3 per cent DoD). Traded value increased by 26.8 per cent to reach US$ 58.3 million as against US$ 45.9 million.

    Stocks that contributed significantly to the volumes include KEL, TREET, TRG, CNERGY and PRL.

  • KSE-100 index up 216 points in range-bound trading

    KSE-100 index up 216 points in range-bound trading

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a modest gain of 216 points on Wednesday, closing at 44,260 points, up from the previous day’s closing of 44,044 points.

    (more…)
  • Air Link signs deal for distribution of realme smartphones

    Air Link signs deal for distribution of realme smartphones

    KARACHI: Air Link Communications on Tuesday said it has signed an agreement for the distribution of realme smartphones, which is world’s number one fastest-growing brand.

    In a communication sent to Pakistan Stock Exchange (PSX), the company said it had entered into a distribution agreement of a full range of realme mobile devices and accessories, IoT products, TVs in Pakistan with Extra Tech (Private Limited).

    The company said that realme is the World No. 1 fastest-growing smartphones brand for five consecutive quarters.

    “realme is also the world’s fastest smartphone brand to reach 100 million smartphones sales cumulatively worldwide,” the company added.

    Air Link Communication Ltd. is one of the largest smartphones distributors, manufacturers and retailers in Pakistan with over a decade-long brilliance in the telecom industry.

    “We have a nationwide network linked with over 16+ hubs and Regional offices, 1100 + wholesalers and 4,000+ retailers with after-sales support service centres in all major cities of Pakistan,” according to the company.

    The company is the official partner of leading global brands that include Samsung, Huawei, Tecno, TCL, Alcatel, iTel and is Apple Authorised Reseller.

    Airlink recognizes the importance of access to technology for a better, more digitally literate Pakistan. Therefore, the company has worked towards the provision of affordable technology to every household of this country.

    The vertical and backward Integration of the business supports airlink’s vision of putting Pakistan on the global technological map by synchronizing its business functions for bringing innovation for the betterment of its consumers.

    Keeping in line with the company’s vision, we established a state-of-the-art smartphone manufacturing facility which is going to produce top-notch products that will enable us to take technology to every nook and corner of the country.

  • Stocks gain 130 points amid upcoming mini-budget

    Stocks gain 130 points amid upcoming mini-budget

    KARACHI: The stocks gained 130 points on Tuesday amid volatility due to roll-over week and ahead announcement of mini-budget.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 44,044 points as against the previous day’s closing 43,913 points, showing an increase of 130.

    READ MORE: Weekly Review: market to move with mini-budget

    Analysts at Arif Habib Limited said that the market continued to remain volatile due to the roll-over week and upcoming mini-budget.

    Profit-taking was witnessed in the first trading hour while the market battled between the bulls and bears throughout the day.

    READ MORE: Stocks end down by 149 points on falling forex reserves

    Mainboard volumes remained on the dull note due to lack of any trigger whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Technology & Communication (+59 points), Oil & Gas Exploration Companies (+44 points), Cement (+9 points) Automobile Assembler (+9 points) and Oil & Gas Marketing Companies (+7 points).

    READ MORE: CGT on disposal of securities to be collected on Dec 30

    Volumes increased from 114.7 million shares to 143.4 million shares (+25.1 per cent DoD). Traded value also increased by 12.9 per cent to reach US$ 28.0 million as against US$ 24.8 million.

    Stocks that contributed significantly to the volumes include UNITYR3, TRG, HUMNL, KEL and UNITY.

    READ MORE: CGT rates on disposal of securities during Tax Year 2022

  • Stock market remains choppy on upcoming mini-budget

    Stock market remains choppy on upcoming mini-budget

    KARACHI: The stock exchange remained choppy and lost 205 points on Monday owing to the expected mini-budget to be tabled by the government this week.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,913 points as against last Friday’s ending of 44,118 points, showing a decrease of 205 points.

    READ MORE: Weekly Review: market to move with mini-budget

    Analysts at Arif Habib Limited said that the market remained choppy due to the upcoming mini-budget.

    Profit-taking was witnessed in the last trading hour while the market battled between the bulls and bears throughout the day.

    Mainboard volumes remained on the dull note due to lack of any trigger whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

    READ MORE: Stocks end down by 149 points on falling forex reserves

    Sectors contributing to the performance include Oil & Gas Exploration Companies (-63 points), Technology & Communication (-55 points), Power Generation & Distribution (-34 points) Commercial Banks (-33 points) and Food & Personal Care Products (-20 points).

    READ MORE: CGT on disposal of securities to be collected on Dec 30

    Volumes decreased from 223.4 million shares to 114.7 million shares (-48.7 per cent DoD). Traded value also decreased by 39.8 per cent to reach US$ 24.8 million as against US$ 41.2 million.

    Stocks that contributed significantly to the volumes include CNERGY, TRG, UNITYR3, UNITY and TELE.

    READ MORE: CGT rates on disposal of securities during Tax Year 2022

  • Weekly Review: market to move with mini-budget

    Weekly Review: market to move with mini-budget

    KARACHI: The stock market is likely to move with the proposals made by the government in the mini-budget expected to submit this week.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) increased by 0.5 per cent on week on week (WoW) basis, said analysts at Topline Securities.

    READ MORE: Stocks end down by 149 points on falling forex reserves

    Major events during the outgoing week were:

    1) SBP governor in an interview stated that they are ready to pause interest-rate increases to preserve economic recovery after making Asia’s most aggressive rate hikes (275 basis points in total) in three goes since September 2021

    2) Current account deficit for the month of November 2021 clocked in at $1.91 billion (vs. October 2021 current account deficit of $1.76 billion)

    READ MORE: CGT on disposal of securities to be collected on Dec 30

    3) textile export for the month of November 2021 clocked in at $1.736 billion (vs. October 2021 textile export of $1.6 billion)

    4) SBP raised Rs158 billion on Wednesday against the target of Rs100bn by selling fixed-rate Pakistan Investment Bonds.

    4) statement from the Ministry of Finance that the sixth review of the Extended Fund Facility (EFF) would be presented to the International Monetary Fund (IMF) board on January 12, 2022.

    READ MORE: IMF Board to approve $1.059bn by Jan 12, 2022: Tarin

    5) government has decided to submit two bills before the parliament next week for abolishing sales tax exemptions, raising withholding tax on the telecom sector, and granting autonomy to the SBP, as part of prior action of IMF program

    6) the federal government has only managed to collect 7 per cent of the petroleum levy collection target in the first five months of FY22 and

    7) foreign exchange reserves held by the central bank fell by $415 million on a weekly basis to $18.15 billion as of December 17, 2021.

    READ MORE: No deadlock in Pakistan, IMF talks: spokesman

  • Stocks end down by 149 points on falling forex reserves

    Stocks end down by 149 points on falling forex reserves

    KARACHI: The stocks ended down by 149 points on Friday as investors were concerned over high inflation and falling foreign exchange reserves.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,118 points as against previous day’s closing of 44,267 points, showing a decrease of 148.5 points.

    Analysts at Arif Habib Limited said that the battle between bulls and bears was conquered by the bears in the last trading hour.

    Market opened with a positive momentum as State Bank of Pakistan (SBP) SBP conducted another Open Market Operation (OMO) for 63 days.

    Optimistic approach faded away due to concerns of investors towards higher inflation and dip in total liquid foreign exchange reserves held by the SBP mainly due to external debt repayment.

    Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, in the second session institutional buyers started fetching value stocks due to attractive multiples.

    Sectors contributing to the performance include Technology & Communication (-60 points), Chemical (-36 points), Cement (-25 points) Oil & Gas Exploration Companies (-17 points) and Textile (-9 points).

    Volumes decreased from 240.4 million shares to 223.4 million shares (-7.1 per cent DoD). Traded value also decreased by 8.5 per cent to reach US$ 41.2 million as against US$ 45.0 million.

    Stocks that contributed significantly to the volumes include UNITYR3, HUMNL, TRG, TPLP and UNITY.

    KSE-100 index gains 92 points in range-bound trading