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Tag: PSX

  • Stocks gain 379 points as banks cheer rate increase

    Stocks gain 379 points as banks cheer rate increase

    KARACHI: The stocks gained 379 points on Friday owing to major trading activity in banking sector on massive rise in interest rate by the central bank.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,489 points as compared with previous day’s closing of 46,110 points.

    Analysts at Arif Habib Limited said that the market mostly stayed in the green zone today mainly led by the banking sector.

    In the first session, positive momentum was observed as investors became optimistic due to the Large Scale Manufacturing Industries (LSMI) output number that increased by 5.15 percent in the first quarter (July-September) of the current fiscal year 2021-22 compared to the same period of last fiscal year 2021, as almost all major manufacturing sectors posted growth.

    In the second session, profit booking was observed across the board after the Current Account Deficit (CAD) number clocked in at USD 1.7 billion during October 2021. On YoY basis, the primary reason behind the deficit was 66 per cent YoY increase in total imports to USD 6.8 billion.

    On the institutional front, accumulation was witnessed in the banking stocks. Moving forward, Monetary Policy decision to raise the policy rate by 150 basis points to 8.75 per cent will create volatility in the upcoming roll-over week.

    The Index closed at 46,489.4 points, up 378.9 points, (0.82 per cent DoD). Sectors contributing to the performance include Banks (178.98 points), Fertilizers (102.24 points), E&Ps (68.03 points) and Cements (62.03ptc).

    Volumes increased from 263.55 million shares to 304.21 million shares (15.4 per cent DoD) and Traded value also increased by 41.6 per cent to reach US$ 68.46 million as against US$ 48.35 million.

    Stocks that contributed significantly to the volumes include GGL, SERF, FNEL, FFLR1 and WTL.

    KSE-100 index sheds 84 points in volatile trading
  • TPL Properties, Bahria sign MoU for tourist beach resorts

    TPL Properties, Bahria sign MoU for tourist beach resorts

    KARACHI: TPL Properties (TPLP) and Bahria Foundation have signed a Memorandum of Understanding (MoU) for the construction of tourist beach resorts.

    TPL Properties said it signed the MoU with Bahria Foundation, according to a communication received to Pakistan Stock Exchange (PSX) on Friday.

    The company said that it had signed a MoU with Bahria Foundation, a trust established and existing under the Endowment Act, 1890 and engaged in industrial, commercial and development activities in Pakistan.

    As per the MoU, Bahria Foundation shall collaborate with TPLP to utilize the expertise of TPLP to design, develop, construct and market real estate, including potential tourist beach resorts.

    Bahria Town investors fear their life-time savings at stake
  • KSE-100 index sheds 84 points in volatile trading

    KSE-100 index sheds 84 points in volatile trading

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Thursday lost 84 points amid volatile trading sessions observed during the day.

    The KSE-100 index closed at 46,110 points from the previous day’s closing of 46,194 pints.

    Analysts at Topline Securities said that the volatile session was observed at the bourse today with the KSE 100 index making an intraday high of 46,292 and an intraday low of 45,728 to eventually settle the day, down -83.92 points, at 46,110 points.

    They said TRG dragged the index lower by 101.51 points and closed the day at its lower lock as investors looked to offload the stock owing to the recent scandal regarding the company’s owner, Zia Chisti.

    The commercial banking sector continued to see investor interest due to expectations of an interest rate hike in the MPS scheduled for tomorrow. Consequently, MEBL, MCB, UBL & HMB cumulatively added 74.12 points to the benchmark index.

    On the volume front, the total traded volume and value in the KSE All Share index clocked in at 263.58 million shares and PKR 8.47 billion, respectively.

    The volume leader for today was MERITR2 with 42.18 million shares traded followed by GGL with 29.06 million shares exchanging hands during the session.

    Stocks fall 348 points on policy rate rise expectations
  • Stocks fall 348 points on policy rate rise expectations

    Stocks fall 348 points on policy rate rise expectations

    KARACHI: The stocks fell by 348 points on Wednesday amid expectations of a rise in the key policy rate and high inflation. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 46,194 points from the previous day’s closing of 46,542 points.

    Analysts at Arif Habib Limited said that bearish momentum was witnessed today as aggressive tightening of 100 basis points expected in the upcoming Monetary Policy Statement (MPS) announcement.

    With mounting inflationary expectations and rising secondary market yields, across-the-board sell-off was observed just after the opening bell of the market mainly led by the cement, steel, and technology stocks.

    Accumulation was witnessed in the banking stocks as investors opted for a cautious approach. In the last trading hour, value hunting was seen by the institutional buyers.

    Sectors contributing to the performance include Cements (-135.74 points), Technology & Comm. (-84.04 points), E&Ps (-34.05 points) and OMCs (-31.42 points).

    Volumes decreased from 243.19 million shares to 238.49 million shares (-1.9 per cent DoD). Traded value also decreased by -2.9 per cent to reach US$ 58.3 million as against US$ 60.0 million.

    Stocks that contributed significantly to the volumes include SERF, TRG, GGL, TPLP and MERITR2.

    Stock market climbs up 807 points on IPPs payment
  • Stock market climbs up 807 points on IPPs payment

    Stock market climbs up 807 points on IPPs payment

    KARACHI: The stock market gained 807 points on Tuesday owing to the government’s decision to pay the second installment to power companies.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,543 points as compared with the previous close of 45,736 points.

    Analysts at Arif Habib Limited said that bullish momentum was witnessed just after the opening bell of the market mainly led by the power sector as the Economic Coordination Committee (ECC) of the Cabinet approved Rs134.783 billion for payment to independent Power Producers (IPPs) on second installment (60 percent) as per payment mechanism.

    Appreciation of Pak rupee against dollar and PM decision not to increase the prices of petroleum products till November 30th gave investor confidence to the market.

    Cement and E&P stocks contributed the most in the bull run. In the last trading hour, the technology sector made the journey to the north as TRG hit the upper circuit due to a rumor of a buy-back of shares.

    On the institutional front, buying activity was witnessed across the board from the mutual funds.

    Sectors contributing to the performance include Cement (+189.3 points), Technology (121.3 points), E&Ps (+104.0 points), Power (+78.5 points), and Banks (63.0 points).

    Volumes increased from 172.9 million shares to 243.2 million shares (+40.7 per cent DoD). Traded value also increased by 103.1 per cent to reach US$ 59.7 million as against US$ 29.4 million.

    Stocks that contributed significantly to the volumes include GGL, TPLP, WAVES, TELE and SERF.

    KSE-100 index sheds 13 points in dull trading
  • Wave-Singer receives Rs1.44 bn order from Coca Cola

    Wave-Singer receives Rs1.44 bn order from Coca Cola

    KARACHI: Wave Singer Pakistan Limited has received a corporate order worth around Rs1.44 billion from Coca-Cola, according to information shared with Pakistan Stock Exchange (PSX) on Tuesday.

    The company said that for the second consecutive year since its approval as a manufacturer for the supply of Coca-Cola branded Freezers, Waves Singer Pakistan has secured the largest corporate order from Coca-Cola.

    For fiscal year 2022, WSPL has received order for supply of 25,000 units of chest coolers and visi coolers worth around Rs1.44 billion.

    Last year, the company obtained orders for 22,850 units of chest coolers and visi coolers worth Rs944 million from Coca- Cola after approval of the factory consequent to detailed audits.

    Waves Singer Pakistan Limited has become a merged company with the acquisition of Cool Industries (Pvt) Limited by Singer Pakistan during 2017. After the approval of the Scheme of Merger by Sindh High Court, the combined company has acquired the name of Waves Singer Pakistan Limited.

    Singer’s history dates back to 1850, when Isaac Merritt Singer manufactured the first ever sewing machine in Boston, USA. I. M Singer & Company was duly incorporated during the same year.

    The name of the company was changed to Singer Manufacturing Company during 1853 when the factory of the Company was also relocated to New York, USA. Singer established its presence in the Indian sub-continent during 1877.

    Over the years, and after the independence of Pakistan, Singer continued its business of sewing machines in the country, but also started dealing in domestic consumer appliances, besides manufacturing and assembling light engineering products. In 1985, the Company became a public listed company.

    Singer Pakistan’s retail network has 140 shops in Pakistan alone, and covers every small town and metropolitan city of the country. Under the Singer brand, the Company produces a variety of consumer appliances-including refrigerators, air conditioners, LED TVs, washing machines, microwave ovens, in addition to its more traditional offerings of sewing machines, water heaters and gas ovens etc.

    Beverage Cans IPO oversubscribed three times; raises Rs4.6 billion
  • KSE-100 index sheds 13 points in dull trading

    KSE-100 index sheds 13 points in dull trading

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) fell by 13 points on Monday in dull trading during the day.

    The index closed at 45,736 points as against last Friday’s closing of 45,749 points. showing a decrease of 12.9 points.

    Analysts at Arif Habib Limited said that the market remained dull today as a battle between the bull and bear was boxed in the range-bound area.

    Inflationary concerns feared the investors as weekly inflation witnessed the highest increase in three months and further weakening of Pak rupee against the dollar.

    In a bid to curb runaway inflation in the country, the State Bank of Pakistan (SBP) on Saturday raised the Cash Reserve Requirement (CRR) by one percentage point for scheduled banks for the first time in 13 years.

    The expectation of interest rate hike by SBP in the upcoming monetary policy caused profit booking in cyclical stocks and accumulation in banking stocks. On the flip side, activity from institutional investors remained lackluster.

    Sectors contributing to the performance include Cement (-29.8 points), Vanaspati & Allied (-19.2 points), Inv. Banks (-18 points), OMC’s (-17.5 points) and Power (-10.8 points).

    Volumes decreased from 192.5 million shares to 172.9 million shares (-10.2 per cent DoD). Traded value also decreased by 33.0 per cent to reach US$ 29.3 million as against US$ 43.72 million.

    Stocks that contributed significantly to the volumes include HASCOL, GGL, WTL, UNITY and FFLR1.

    Weekly Review: market to eye IMF package
  • Weekly Review: market to eye IMF package

    Weekly Review: market to eye IMF package

    KARACHI: The stock market to wait for the IMF package during the next week, which is current stalled. Analysts at Arif Habib Limited said that despite noise gaining traction on the economic front, they believe there is some silver lining; 1QFY22 fiscal deficit declined by 9.2 per cent YoY whereas local production also appears under control (auto sales went up by 49 per cent YoY and Fertilizer – Urea – offtake went up by 23 per cent YoY in October 2021).

    (more…)
  • Stocks sink 599 points on MSCI announcement

    Stocks sink 599 points on MSCI announcement

    KARACHI: The stocks fell by 599 points on Friday owing to announcement of semi-annual index review for the MSCI equity indexes.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,749 pints as compared with previous day’s close of 46,348 points.

    MSCI has announced the results of the November 2021 Semi-Annual Index Review for the MSCI Equity Indexes. As previously announced, the MSCI Pakistan Indexes will be reclassified from Emerging Markets to Frontier Markets in one step coinciding with this Index Review, effective from December 1, 2021. Pakistan’s in MSCI Frontier Markets will have a weight of 1.25 per cent compared to earlier simulated weight of 1.9 per cent.

    Analysts at Topline Securities said that the KSE-100 index extended its decline to close at 45,749 level, this decline in market can be attributed to MSCI announcement, where it notified Pakistan weight in MSCI Frontier Markets will have a weight of 1.25 per cent compared to earlier simulated weight of 1.9 per cent and three Pakistani securities will be added to the MSCI Frontier Markets Index (LUCK, HBL, MCB) compared to earlier simulated four constituents where OGDC was the fourth constituent.

    TRG, LUCK, OGDC, ENGRO and SYS lost value to weigh down on the index by 186 points.

    Traded volume and value for the day stood 192 million shares and Rs.7.66 billion, respectively.

    UNITY was today`s volume leader with 14.89 million shares.

    KSE-100 index sheds 282 points on PKR depreciation
  • CGT on shares disposal to be collected on Nov 19

    CGT on shares disposal to be collected on Nov 19

    KARACHI: The capital gain tax (CGT) on disposal of shares for the month of September 2021 will be collected on November 19, 2021, according to a notification issued on Thursday.

    The National Clearing Company of Pakistan Limited (NCCPL) communicated the stock brokers that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period September 01, 2021 to September 30, 2021, would be collected on Friday November 19, 2021 through respective settling banks of the Clearing Members.

    All Clearing Members are hereby requested to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.

    Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period September 01, 2021 to September 30, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday November 19, 2021.

    Necessary details and reports for the period have already been made available, the NCCPL said.

    Clearing Members and Pakistan Mercantile Exchange are hereby requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

    In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, according to the notification.

    CGT rates on disposal of securities during Tax Year 2022