Tag: PSX

KARACHI: Stock market may witness enhanced activities after Eid ul Fitr, analysts said.

The analysts at Arif Habib Limited said that provisional estimates of the National Accounts Committee (NAC) suggest slowdown in GDP at a negative 0.4 percent during the ongoing year.

Although investors struggle to find silver linings at present, expectations of a rebound next year (IMF forecasts GDP growth at 2 percent in FY21) marks the upcoming Federal Budget a key event for the market.

“We believe commencement of economic activity amid ease in lockdown as well growth boosting budgetary measures could potentially reinvigorate the market momentum post Eid break,” the analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.1x (2020) compared to Asia Pac regional average of 11.4x while offering a dividend yield of around 8.3 percent versus around 3.1 percent offered by the region.

Chronic economic concerns given wildfire-like spread of COVID-19 cases, weak external account data (CAD at USD 572 million in April 2020; exports / remittances down by 23.5 percent / 5.5 percent MoM) as well as profit-taking near the key 34,000 index level, overshadowed the SBP’s monetary response to Corona induced decline in economic activity (another 100bps cut in policy rate to 8 percent).

Moreover, market participants appeared weary of building long positions prior to the Eid break and hence, the benchmark equity bourse closed at 33,837 points (down by 172 points / 0.5 percent WoW).

Sector-wise negative contributions came from i) Commercial Banks (162 points) as Moody’s placed five Pakistani banks on review for downgrade and adverse impact of rate cut on NIMs, ii) Fertilizer (114 points), and iii) Cement (95 points).

Scrip-wise negative contributions were led by ENGRO (52 points), FFC (43 points), and MCB (36 points). Whereas top gainers were: i) Oil & gas exploration companies (120 points) and Food and personal care products (32 points).

Foreign offloading during the week arrived at USD 8.77 million compared to a net sell of USD 10.91 million last week.

Selling was witnessed in Oil & Gas Marketing Companies (USD 2.36 million), Banks (USD 2.11 million) and Fertilizer (USD 1.69 million).

On the domestic front, Individual accumulated stocks worth USD 11.37 million, while buying by Insurance companies arrived at USD 4.9 million.

Average volumes settled at 205.5 million shares (down by 6 percent WoW) while average value traded clocked-in at USD 47.5 million (up by 18 percent WoW).

In a day marked by mixed trading activities, the share market, the Pakistan Stock Exchange (PSX) experienced a decline of 96 points on Thursday, with the benchmark KSE-100 index closing at 33,837 points compared to the previous day’s 33,933 points.

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KARACHI: The stock market fell by 226 points on Wednesday as the market witnessed profit booking across the board ahead of Eid holidays.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,933 points as against 34,159 points showing a decline of 226 points.

Analysts at Arif Habib Limited said that the market saw profit booking across the board in the run-up to Eid holidays and the long weekend.

Though international crude oil prices remained high overnight and since yesterday, local investors little heed to that, given the long gap from Friday till next week on Thursday, which can cause the underlying prices to move in any direction.

E&P, OMCs and Refineries, which showed price gains yesterday booked profits today, whereas Cement sector saw renewed interest from investors.

Post market closure yesterday, Moody’s notification for considering Pakistani banks for rating downgrade caused stir among local investors, resulting in negative price performance for the banking sector.

Pharmaceutical sector also realized attrition with FEROZ hitting lower circuit and SEARL posting price loss.

Technology sector topped the index with 28.2 million shares, followed by Cement (25.1 million) and O&GMCs (20.6 million).

Among scrips, HUMNL realized 11.7 million shares, followed by HASCOL (11.3 million) and TRG (9.5 million).

Sectors contributing to the performance include E&P (-73 points), Fertilizer (-65 points), Banks (-42 points), Pharma (-29 points), Inv Banks (-21 points), Autos (+21 points).

Volumes declined from 2478 million shares to 165.1 million shares (-33 percent DoD). Average traded value followed suit with a decline of 35 percent reaching US$ 42.7 million as against US$ 65.3 million.

Stocks that contributed significantly to the volumes include HUMNL, HASCOL, TRG, UNITY and MLCF, which formed 30 percent of total volumes.

Stocks that contributed positively to the index include PSEL (+18 points), PAKT (+11 points), EFUG (+9 points), HCAR (+8 points) and ICI (+8 points). Stocks that contributed negatively include ENGRO (-28 points), FFC (-28 points), PPL (-27 points), DAWH (-22 points), and HBL (-18 points).

KARACHI: The equity market gained 354 points on Tuesday as trading activities seen in energy sectors after improved prices in international crude oil.

The benchmark KSE-100 index closed at 34,185 points as against 33,804 points showing an increase of 354 points.

Analysts at Arif Habib Limited said that the market opened on a positive note today and went up by 546 points during the session. Increasing international crude prices helped E&P, OMCs and Refinery sectors contribute to the growth in index. Besides, Pharmaceuticals posted price gains on the back of prospects of working towards cure for Corona virus, whereby FEROZ, SEARL, ICI made significant strides during past several sessions.

Profit booking, however, was observed in FEROZ. Banking sector also showed some signs of recovery, however, price gains remained muted. Cement sector saw continued attrition during past sessions and today saw rather aggressiveness, post realization of interest rate cut.

O&GMCs posted highest trading volume among sectors with 40 million shares, followed by Technology (35.3 million) and Cement (32.8 million). Among scrips, HASCOL led the volumes with 31.6 million shares, followed by TRG (16 million) and MLCF (12.7 million).

Sectors contributing to the performance include E&P (+106 points), Pharma (+52 points), O&GMCs (+40 points), Misc (39 points), Banks (+24 points) and Cement (-15 points).

Volumes declined from 261.9 million shares to 247.8 million shares (-6 percent DoD). Average traded value, on the contrary, increased significantly from US$ 45.4 million to US$ 65.2 million (+44 percent DoD).

Stocks that contributed significantly to the volumes include HASCOL, TRG, MLCF, PAEL and KEL, which formed 33 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+60 points), PPL (+37 points), PSEL (+31 points), SNGP (+26 points) and DAWH (+22 points). Stocks that contributed negatively include ENGRO (-13 points), MEBL (-9 points), PIOC (-9 points), CHCC (-8 points), and AICL (-7 points).

KARACHI: The share market fell by 203 points on Monday as investors preferred profit booking, analysts said.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,805 points as against 34,008 points showing a decline of 203 points (-0.6 percent DoD).

Analysts at Arif Habib Limited said that post rate cut last week, market posted some gains today, showing an upside of 385 points earlier in the session, however, profit booking caused Index to slide posting a decline of 238 points during the session and closing -203 points.

Banking sector primarily caused the plunge resulting in across the board price loss.

Cement sector also couldn’t escape the selling pressure, although rate cut meant to benefit the leveraged cement players.

Technology sector topped the chart with 56.2 million shares, followed by Cement (35.2 million) and Investment Banks (31.4 million). Among Scrips, TRG realized 22.5 million shares, followed by KEL (17.5 million) and WTL (17.3 million).

Sectors contributing to the performance include E&P (+54 points), Food (+19 points), Banks (-117 points), Cement (-58 points), Misc. (-42 points), Fertilizer (-39 points) and O&GMCs (-14 points).

Volumes increased from 213.3 million shares to 262.0 million shares (+23 percent DoD). Average traded value also increased by 17 percent to reach US$ 45.4 million as against US$ 38.8 million.

Stocks that contributed significantly to the volumes include TRG, KEL, WTL, MLCF and FCSC, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include OGDC (+28 points), NESTLE (+25 points), TRG (+18 points), PPL (+18 points) and ICI (+13 points). Stocks that contributed negatively include PSEL (-34 points), MCB (-33 points), BAHL (-25 points), LUCK (-23 points), and FFC (-23 points).

KARACHI: The share market to remain green due to easing of lockdown in the country which will revive economic activity.

Analysts at Arif Habib Limited said that moreover, SBP announced 100 basis points reduction in policy rate to cushion economic fallout amid lower inflationary readings on account of slowdown in demand and decline in fuel prices which may fuel bullish sentiments.

That said, rising cases of Coronavirus in Pakistan may again lead to a strict lockdown which would once again put pressure on the index.

Investors may opt for profit taking in upcoming week before Eid Holidays.

The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.1x (2020) compared to Asia Pac regional average of 10.2x while offering a dividend yield of 8.2 percent versus 3.1 percent offered by the region.

This past week, the benchmark equity bourse (KSE-100) sustained the 33,000 level and exhibited gains on 5 out of 5 trading sessions (this has happened after 26 weeks).

Reasons for the positive sentiment include: i) Softening of lockdown announced by federal and provincial governments helped to increase domestic business activity including opening of industries, ii) Pakistan weight in MSCI EM index remained unchanged, iii) Government announced construction of Diamer-Bhasha Dam that will generate demand for Cement and Steel, and iv) Expectation of further rate cut improved activity in highly levered stocks.

However, Commercial Banks felt the heat on account of expectation of further rate cut which may stress profitability of the banking sector.

As a result, the KSE-100 index closed at 34,008 points, up by 741 points or 2.2 percent WoW.

Contribution to the upside was led by i) Oil and Gas Exploration Companies (192 points), ii) Cements (177 points), iii) Fertilizer (148 points), iv) Food and Personal Care Products (61 points), and v) Technology and Communication (57 points). Scrip wise major gainers were FFC (74 points), MARI (73 points), LUCK (66 points), NESTLE (59 points), and OGDC (56 points). Whereas, scrip wise major losers were BAHL (40 points), SNGP (35 points) ABL (20 points), INDU (17 points) and PAKT (14 points).

Foreigners offloaded stocks worth of USD 10.91 million compared to a net sell of USD 17.82 million last week.

Major selling was witnessed in Commercial Banks (USD 2.89 million) and Power Generation and Distribution (USD 2.40 million).

On the local front, buying was reported by Individuals (USD 5.56 million) followed by Mutual Funds (USD 4.97 million). That said, average daily volumes for the outgoing week were up by 15 percent to 219 million shares whereas value traded decreased by 13 percent to USD 40.3 million.

KARACHI: The share market gained 112 points on Thursday in mixed trading during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,805 points against 33,693 points showing an increase of 112 points.

Analysts at Arif Habib Limited said that the market made a repeat of yesterday, opening 204 points up, increasing by 304 points in total during the session and closing 112 points.

Fertilizer sector played an important role in posting gains on the index, primarily due to announcement of package for the farmers towards purchase of DAP and Tractors.

Resultantly, FFBL hit upper circuit whereas other Fertilizer sector scrips also went up before facing selling pressure.

Cement, Steel, Banks and E&P sector largely traded range bound. Upward movement in international crude prices even couldn’t excite investors.

Technology sector topped the index with 40.7 million shares, followed by Cement (29.1 million) and Chemical (21.3 million).

Among scrips, TRG realized 20.9 million shares, followed by UNITY (18.6 million) and AGL (14.8 million).

Sectors contributing to the performance include Fertilizer (+80 points), Inv Banks (+31 points), Food (+27 points), Technology (+24 points), E&P (+23 points), Banks (-59 points), Power (-32 points) and Cement (-28 points).

Volumes increased from 219.2 million shares to 240.2 million shares (+10 percent DoD). However, average traded value declined by 25 percent to reach US$ 38.5 million as against US$ 51 million.

Stocks that contributed significantly to the volumes include TRG, UNITY, AGL, FFL and MLCF, which formed 32 percent of total volumes.

Stocks that contributed positively to the index include FFC (+48 points), NESTLE (+26 points), DAWH (+26 points), MTL (+25 points) and OGDC (+18 points). Stocks that contributed negatively include HUBC (-31 points), HBL (-22 points), ABL (-20 points), BAHL (-10 points), and LUCK (-10 points).

KARACHI: The equity market increased by 90 points on Wednesday amid selling pressure witnessed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,693 points as against 33,603 points showing an increase of 90 points (+0.3 percent DoD).

Analysts at Arif Habib Limited said that market opened on a positive note today with +125 points and maintained the momentum from yesterday, gaining 200 points before facing resistance.

MSCI rebalancing did not result in HBL’s ouster, which is the main reason for selling pressure in HBL in the past sessions.

HBL posted price gains but still stayed within limits. Cement sector bore selling pressure, as did Power and E&P sectors.

Among pharma stocks, FEROZ posted a consistent upper circuit, whereas buying activity was also observed in SEARL.

Among O&GMCs, SNGP faced selling pressure due to exclusion from MSCI EM Index.

Cement sector led the volumes with 69.1 million shares, followed by Technology (32.1 million) and O&GMCs (16.1 million).

Among scrips, MLCF had 23.2 million shares, followed by DCL (16.2 million) and TRG (15.9 million).

Sectors contributing to the performance include Banks (+72 points), E&P (+41 points), Pharma (+17 points), Technology (+13 points), Power (-19 points) and Inv Banks (-16 points).

Volumes declined from 224.5 million shares to 219.2 million shares (-2 percent DoD). Average traded value, on the contrary, increased by 11 percent to reach US$ 51.0 million as against US$ 45.9 million.

Stocks that contributed significantly to the volumes include MLCF, TRG, DCL, FCCL and HASCOL, which formed 34 percent of total volumes.

Stocks that contributed positively to the index include HBL (+37 points), PPL (+29 points), MARI (+18 points), TRG (+18 points) and MCB (+15 points). Stocks that contributed negatively include SNGP (-27 points), HUBC (-22 points), ENGRO (-19 points), DAWH (-16 points), and EFUG (-11 points).

KARACHI: The equity market recorded increase of 319 points on Tuesday on expectation of cut in policy rate to be announced this week.

The Index closed at 33,603 points as against 33,284 points showing an increase of 319 points.

Analysts at Arif Habib Limited said that the market went positive on the prospect of rate cut for which the State Bank of Pakistan (SBP) will be taking decision by end of week, besides the government’s stance on construction of Dams that is likely to generate demand for Cement and Steel.

Resultantly, Cement and Steel sectors ruled the index, mostly trading near upper circuits and generating high trading volumes. Banking and Oil & Gas sector stocks couldn’t generate much interest amongst investors.

Cement sector topped the index with 75.8 million shares, followed by Technology (28.6 million) and Vanaspati (23.1 million). Among scrips, MLCF realized trading volumes of 28.4 million shares, followed by UNITY (23.1 million) and FCCL (19.1 million).

Sectors contributing to the performance include Cement (+150 points), Banks (+67 points), Fertilizer (+62 points), E&P (+28 points), Power (+24 points) and O&GMCs (-16 points).

Volumes increased further from 198.2 million shares to 224.5 million shares (+13 percent DoD). Average traded value also increased by 68 percent to reach US$ 45.9 million as against US$ 27.4 million.

Stocks that contributed significantly to the volumes include MLCF, UNITY, FCCL, WTL and HASCOL, which formed 42 percent of total volumes.

Stocks that contributed positively to the index include LUCK (+50 points), ENGRO (+31 points), HBL (+29 points), MCB (+28 points) and DGKC (+26 points).

Stocks that contributed negatively include SNGP (-20 points), BAHL (-9 points), PMPK (-8 points), DAWH (-7 points), and AICL (-6 points).