KARACHI: The stock market likely to stay range bound during the next week owing to concerns including high imports and inflation.
(more…)Tag: PSX
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Stock exchange sheds 109 points in range bound trading
KARACHI: The stock exchange fell by 109 points on Friday amid range bound trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,477 points as compared with previous ending 44,586 points.
Analysts at Topline Securities said that range bound activity was observed at the bourse today, as the index traded between its intraday high of 84 points and intraday low of 248 points to finally close at 44,477 points.
Major contribution to the index came from SYS, HBL, COLG, BAHL and MCB, as they cumulatively contributed 108 points to the index, whereas LUCK, HUBC, FFC, CHCC and TRG lost value to weigh down on the index by 90 points.
Traded volume and value for the day stood at 176 million shares and Rs.6.84 billion respectively. WTL was today`s volume leader with 18.5 million shares.
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Stocks gain 213 points amid drop in coal prices
KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points.
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Share market falls by 293 points on selling pressure
KARACHI: The share market fell by 293 points on Wednesday as selling pressure remained unabated during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,373 points as against previous day’s closing of 44,667 points.
Analysts at Arif Habib Limited said that selling pressure continued unabated at the bourse, courtesy of foreign investors.
Eye watering commodity prices, especially Coal, have had their bearing on Cement and Steel sector stocks and had ripple effects on O&GMCs, E&P sectors due to concerns over potential increase in circular debt emanate from rising energy costs.
A key conditionality from IMF for resumption of program has been upward revision in electricity tariff, besides an end to subsidies and increase in tax revenues.
These measures in part or whole are expected to dent earnings growth of the corporate sector in the coming quarters, which is reflecting on stock prices as well.
Ripple effects of selling in cyclical as well as oil & gas chain are observed in overall market with significant selling pressure in TRG among tech sector stocks. Among scrips, UNITY led the volumes with 25.7 million shares, followed by TELE (20.1 million) and WTL (16.8 million).
Sectors contributing to the performance include Cement (-91 points), Textile (-36 points), Banks (-35 points), Technology (-30 points), Fertilizer (-24 points) and E&P (+36 points).
Volumes declined from 334.6 million shares to 252.8 million shares (-25 per cent DoD). Average traded value also declined by 26 per cent to reach US$ 59.0 million as against US$ 79.2 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, WTL, TREET and BYCO, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+43 points), UBL (+22 points), MTL (+8 points), COLG (+5 points) and NATF (+4 points). Stocks that contributed negatively include HBL (-28 points), CHCC (-24 points), KTML (-20 points), LUCK (-19 points) and ENGRO (-16 points).
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Share market sheds 378 points on exchange rate
KARACHI: The share market plunged by 378 points on Tuesday owing to rising concerns over the exchange rate and rupee depreciation.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 44,667 points as against the previous day’s close of 45,044 points.
Analysts at Arif Habib Limited said that market lost further ground today by shedding 451 points during the session and closing -378 points.
Discussions with IMF are still ongoing with the hope of near-term resolution and resumption of the IMF program. Besides IMF program worries, continued pressure on PKR parity with USD has also caused concern amongst investors, especially foreigners who have lately started selling PK equities.
Among technology stocks, Octopus hit the upper circuit, whereas other tech stocks remained under pressure, especially TRG which saw selling pressure despite anticipation of high earnings.
Among scrips, TELE topped the volumes with 30.3 million shares, followed by ANL (19.5 million) and GGL (18.5 million).
Sectors contributing to the performance include Cement (-170 points), Technology (-99 points), Fertilizer (-45 points), Banks (-23 points) and O&GMCs (-17 points).
Volumes increased from 267.2 million shares to 334.7 million shares (+25 per cent DoD). The average traded value also increased by 34 per cent to reach US$ 79.3 million as against US$ 59.1 million.
Stocks that contributed significantly to the volumes include TELE, ANL, GGL, WTL and BYCO, which formed 30 per cent of total volumes.
Stocks that contributed positively to the index include MARI (+74 points), UBL (+19 points), HUBC (+18 points), PSEL (+13 points) and EPCL (+11 points). Stocks that contributed negatively include LUCK (-66 points), TRG (-65 points), OGDC (-34 points), SYS (-27 points) and MLCF (-24 points).
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KSE-100 index gains 173 points in mixed trading
KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 173 points on Monday amid mixed trading during the day.
The index closed at 45,045 points as against last Friday’s closing of 44,872 points.
Analysts at Arif Habib Limited said that increased foreign outflow (due to reclassification of Pakistan from MSCI EM to MSCI Frontier market) in recent sessions has put an added pressure on the Index and today was no different.
Outflows from E&P, Banks and Fertilizer sector kept the local investors poised for further downside in these sectors and reflection of that was witnessed in PPL, POL, HBL, SYS, EFERT.
Uptick in NETSOL, TRG and AVN just prior to commencement of trading in Octopus digital, helped the index turn green, which was otherwise down by 310 points during the session.
The lost points saw recovery by the close of session and added a net gain of 153 points (unadjusted). Among scrips, TELE topped the volumes with 25.6 million shares, followed by WTL (21.6 million) and SMBL (14.7 million).
Sectors contributing to the performance include Technology (+70 points), Pharma (+48 points), Food (+21 points), Chemical (+18 points) and Inv Banks (+13 points).
Volumes remained the same at 267.2 million shares (+0.1 per cent DoD). Average traded value also increased by 12 per cent to reach US$ 59.1 million as against US$ 52.8 million.
Stocks that contributed significantly to the volumes include TELE, WTL, SMBL, BYCO and GGL, which formed 33 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+49 points), SEARL (+39 points), COLG (+17 points), AVN (+17 points) and ENGRO (+16 points). Stocks that contributed negatively include PPL (-23 points), LUCK (-21 points), POL (-12 points), FFC (-11 points) and CHCC (-8 points).
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PSX worst performing market in third quarter
KARACHI: Pakistan Stock Exchange (PSX) is one of the worst-performing markets in the third quarter of 2021, according to analysts.
Pakistan was one of the worst-performing markets in 3Q2021 (as per Bloomberg). Brazil (-19 per cent) and Hong Kong (-15 per cent) were the only other markets that performed poorly than Pakistan.
The leading markets were Zambia (+46 per cent) and Mongolia (+28 per cent). These are total returns in USD terms. MSCI EM was also down 9 per cent while MSCI FM increased by 2 per cent during 3Q2021. MSCI Pakistan recorded a decline of 19 per cent.
The analysts at Topline Securities on Friday said that Pakistan’s benchmark KSE-100 index has registered a decline of 5 per cent in Pak Rupee (PKR) terms and 12 per cent in USD terms in the third quarter of 2021, after delivering consecutive gains during the preceding five quarters (average/quarter: 10 per cent in PKR terms and 12 per cent in USD terms).
Almost all the losses during the quarter were witnessed in the last two weeks, where the KSE-100 dropped 2,371 points (-5 per cent) in last 13 trading sessions.
It brings down KSE-100’s recovery from its low on March 25, 2020 to 65 per cent and gains in 2021 year to date to 3 per cent. KSE-100 is now 15 per cent from its peak seen in 2017 in PKR terms, however, market capitalization is down 54 per cent in US$ terms (from US$99.6 billion to US$45.7 billion).
Concerns at the local bourse stemmed from higher-than-expected Current Account Deficit due to increasing domestic demand and rising international commodity prices. This is also reflected in PKR/USD parity, which deteriorated by 8 per cent in 3Q2021.
In response, the Central Bank increased the Policy Rate by 0.25 per cent to 7.25 per cent and also have taken host of other measures to curb domestic demand. The federal government has spoken about increasing tariffs to slowdown the demand growth.
During the quarter, MSCI also decided to downgrade Pakistan from Emerging Market (EM) to Frontier Market (FM).
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Weekly Review: stock market likely to move positively
KARACHI: The stock market is expected to move positively during the next week as scrips are trading at attractive valuations. Analysts at Arif Habib Limited said that IMF Review is starting from October 4, 2021, which if successful may provide much-needed respite to the ailing investment sentiment.
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KSE-100 index eases by 28 points in mixed trading
KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) declined by 28 points on Friday in mixed trading. The Index closed at 44,872 points as against the previous day’s closing of 44,900 points, showing a decline of 28 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range today with an oscillation of 404 points between +104 points and -300 points.
Steel, Refinery, Power and O&GMCs largely remained positive, whereas selling pressure was witnessed in Cement, Banks, E&P and Technology sectors.
PKR slipped further in the open market to cross 173 and the interbank market remained under pressure and above 170, remaining a cause of concern for foreign investors, who have been sustaining losses on old positions in E&P and Banks.
Among scrips, TPL led the volumes with 15.3 million shares, followed by BYCO (14.2 million) and HASCOL (14.1 million).
Sectors contributing to the performance include Cement (-51 points), E&P (-29 points), Power (-17 points), Chemical (+27 points), Engineering (+22 points) and Pharma (+18 points).
Volumes declined from 372.4 million shares to 267.1 million shares (-28 per cent DoD). Average traded value also dipped by 34 per cent to reach US$ 52.9 million as against US$ 80.7 million.
Stocks that contributed significantly to the volumes include TPL, BYCO, HASCOL, ASL and WTL, which formed 26 per cent of total volumes.
Stocks that contributed positively to the index include SNGP (+17 points), COLG (+16 points), HBL (+13 points), AVN (+11 points) and EPCL (+10 points). Stocks that contributed negatively include LUCK (-28 points), KEL (-25 points), MCB (-18 points), TRG (-17 points) and GHGL (-17 points).
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Stock market gains 533 points amid buying
KARACHI: The stock market gained 533 points on Thursday and made a closing hour recovery due to buying after a bearish movement earlier in the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 533 points to close at 44,900 points from the previous day’s closing of 44,367 points.
Analysts at Topline Securities said that the market opened on a negative note to continue its bearish movement, as KSE 100 index declined to make an intraday low of 395 points.
However stark recovery was observed in the closing hours of the trade, as the index gained to close at 44,900 level (up by 1.2 per cent).
Major contributions to the index came from MEBL, KEL, PPL, OGDC and LUCK, as they cumulatively contributed 348 points to the index.
Traded volume and value for the day stood at 372 million shares and Rs.13.76 billion respectively.
KEL was today`s volume leader with 32.5 million shares.