KARACHI: The stock market ended down by 105 points on Friday mainly responded to financial results. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,657 points as against 33,762 points showing a decrease of 105 points.
(more…)Tag: PSX
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Stock market gains 323 points on investors’ confidence
KARACHI: The stock market gained 323 points on Thursday as investors confident on ease of interest rate in upcoming policy announcement.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,72 points as against 33,440 points showing an increase of 323 points.
Analysts at Arif Habib Limited said that today’s activity at the bourse was more of a déjà vu.
Similar performance was witnessed yesterday, however, on the whole the 800 points loss that market saw on Monday (on the back of FATF news) was largely recovered in the past 2 sessions.
Cement, Steel, OMCs, E&P and Banks contributed to the positive sentiments, although Cement sector braced poorer than expected financial results of MLCF.
Overall, the benchmark index saw an increase of 423 points, ending the session +323 points (unadjusted). Investors seemingly had firm view on decline in interest rates, expected to be announced in November by SBP, and the same was evident from yesterday’s t-bill auction that saw further inversion of yield curve in short tenor instruments.
Technology sector led the volumes with 24.6 million shares, followed by Engineering (16.1 million) and Cement (14.5 million).
Among scrips, WTL realized 17.2 million shares in trading volumes, followed by DSL (5.4 million) and LOTCHEM (5.1 million).
Sectors contributing to the performance include E&P (+115 points), Banks (+78 points), Fertilizer (+38 points), O&GMCs (+26 points) and Food (+19 points).
Volumes increased from 116.9 million shares to 121.2 million shares (+4 percent DoD). Average traded value also increased by 11 percent to reach US$ 25.5 million from US$ 23 million.
Stocks that contributed significantly to the volumes include WTL, DSL, LOTCHEM, TRG and FCCL, which formed 31 percent of total volumes.
Stocks that contributed positively include OGDC (+41 points), POL (+32 points), PPL (+27 points), ENGRO (+24 points) and MCB (+20 points).
Stocks that contributed negatively include MTL (-6 points), FATIMA (-4 points), LUCK (-3 points), MLCF (-3 points), and FML (-3 points).
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Mari Petroleum sets up subsidiary at Dubai Free Zone
KARACHI: Mari Petroleum Company Limited (MPCL) has announced establishment of a wholly owned subsidiary company at Dubai Free Zone for expansion of operations.
In a notice to Pakistan Stock Exchange (PSX) on Wednesday, the company said that its board of directors had approved establishment of a wholly owned subsidiary company of MPCL in Dubai Free Zone Area and investment of one million US dollars in the proposed subsidiary company as MPCL’s equity contribution.
The board is of the view that formation of a foreign subsidiary company is imperative for MPCL for expanding its operations across other countries in oil, gas and allied services as well as other sectors.
Further, activities related to foreign investment and arrangement of foreign financing can be handled more proactively through a company registered abroad.
The company further said that transfer/investment of funds out of the country would be subject to approval by the State Bank of Pakistan.
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Stock market gains 241 points on political tension ease
KARACHI: The stock market gained 241 points on Wednesday after ease in tension on political front.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,440 points as against 33,199 points showing an increase of 241 points.
Analysts at Arif Habib Limited said that the market responded positively to an earlier rumor of rapprochement between Government and JUI (F) on protest and long march. The rumor became news by the end of the session.
Prior to MoC, the index realized an upside of 441 points and during MoC sustained loss of approx. 150 points due to selling pressure in leading Cement sector scrips. DGKC, LUCK and MLCF saw selling pressure on the back of expectation of loss in the upcoming quarterly financials, due to be announced in the coming days.
E&P Sector responded positively to the increase in international crude prices, witnessed in the morning and maintained the levels, although crude prices went down later during the day.
Besides, banking sector also retained interest from investors, which helped the index trade at elevated levels.
Technology sector led the volumes table with 176 million shares, followed by Cement (11.5 million) and Chemical (10.2 million).
Among scrips, WTL registered 12.6 million shares, followed by LOTCHEM (6.7 million) and QUICE (6.6 million).
Sectors contributing to the performance include E&P (+96 points), Fertilizer (+52 points), Banks (+44 points), Food (+20 points), Transport (+12 points) and Miscellaneous (-17 points).
Volumes increased from 83.6 million shares to 116.9 million shares (+40 percent DoD). Average traded value also increased by 13 percent to reach US$ 23 million as against US$ 20.5 million.
Stocks that contributed significantly to the volumes include WTL, LOTCHEM, QUICE, UNITY and BOP, which formed 30 percent of total volumes.
Stocks that contributed positively include ENGRO (+42 points), OGDC (+30 points), MCB (+28 points), POL (+27 points) and PPL (+24 points). Stocks that contributed negatively include PSEL (-17 points), LUCK (-9 points), DAWH (-8 points), KAPCO (-7 points), and KTML (-5 points).
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PSX announces 15.76 percent increase in after tax profit
KARACHI: The Pakistan Stock Exchange (PSX) has announced 15.76 percent growth in net profit for the three month period ended September 30, 2019.
According to financial result announced by the PSX, the profit after taxation of the stock market grew to Rs31.46 million for the quarter ended September 30, 2019 as compared with Rs27.178 million in the corresponding period of the last year.
The revenue of the stock market under the head of licensing fee increased to Rs99.82 million for the quarter as compared with Rs91.46 million in the corresponding quarter of the last year.
However, income from exchange operation fell to Rs78.2 million as compared with Rs91 million.
The total revenue grew nominally to Rs229.33 million as compared with Rs224.46 million in the last year.
However, operation cost fell to Rs272 million as against Rs289 million.
The profit before taxation of the stock exchange increased to Rs32.248 million for the quarter ended September 30, 2019 as compared with Rs28.46 million in the corresponding quarter of the last year.
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Stock market gains 114 points in narrow band trading
KARACHI: The stock market gained 114 points on Tuesday while trading in narrow band during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,199 points as against 33,085 points showing an increase of 114 points.
Analysts at Arif Habib Limited said that the market traded largely in a narrow band, oscillating between +155 points and -124 points, and ending the session +114 points.
Low volumes were witnessed amidst selling pressure in Cement, Steel, Banking sectors. Concerns over activity on Borders with India, political uncertainty due to JUI (F)’s protest and FATF reverberated today.
Chemical sector led the volumes with 13.4 million shares, followed by Cement (10.9 million) and Technology (7.5 million).
Among scrips, LOTCHEM garnered 10.8 million shares in trading volume, followed by TRG (4.1 million) and FFC (3.4 million). Market seemed to lack luster, paying little interest in better than expected results announced recently.
Sectors contributing to the performance include Banks (+38 points), Power (+19 points), E&P (+15 points), Food (+13 points), O&GMCs (+11 points) and Fertilizer (-10 points).
Volumes declined from 130.3 million shares to 83.6 million shares (-36 percent DoD). Average traded value also declined by 36 percent to reach US$ 20.4 million as against US$ 1.8 million.
Stocks that contributed significantly to the volumes include LOTCHEM, TRG, FFBL, HASCOL and DGKC, which formed 29 percent of total volumes.
Stocks that contributed positively include HBL (+22 points), HUBC (+18 points), MCB (+15 points), NESTLE (+15 points) and DAWH (+13 points). Stocks that contributed negatively include ENGRO (-10 points), BAFL (-7 points), DGKC (-6 points), FFBL (-6 points), and JLICL (-6 points).
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Stock market falls by 785 points on FATF warnings
KARACHI: The stock market fell 785 points on Monday owing to decision of Financial Action Task Force (FATF) an its warning on compliance by February 2020.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,085 points as against 33,870 points showing a decline of 785 points.
Analysts at Arif Habib Limited said that the market took heavy bantering today on the basis of latest decision of FATF to keep Pakistan in grey list.
“Although, the market participants had same expectation, by and large, what took them by surprise was the intimation and warning tone by the FATF, in case this last extended deadline till February 2020 fails to meet objective,” they said.
Besides, beginning of rollover week has its own effect, which resulted in index losing around 800 points during the session and closing at -785 points.
Selling was observed across the board, with 273 scrips showing decline among actively traded stocks on all share index, 38 in Advance and 15 unchanged.
Banking sector led the volumes table with 19.3 million shares followed by Cement (18.1 million) and Chemical (15.1 million).
Among scrips, KEL registered highest volumes with 11.2 million shares, followed by LOTCHEM (9.8 million) and BOP (7.9 million).
Sectors contributing to the performance include Banks (-227 points), E&P (-107 points), Cement (-91 points), Power (-75 points), O&GMCs (-66 points).
Volumes increased from 115.2 million shares to 130.1 million shares (+13 percent DoD). Average traded value increased slightly from US$ 31.4 million to US$ 31.7 million (+1 percent DoD).
Stocks that contributed significantly to the volumes include KEL, LOTCHEM, BOP, FCCL and UNITY, which formed 33 percent of total volumes.
Stocks that contributed positively include NESTLE (+12 points), ATLH (+4 points), JICL (+4 points), SHFA (+3 points) and KTML (+2 points). Stocks that contributed negatively include HBL (-50 points), MCB (-49 points), LUCK (-47 points), HUBC (-46 points), and PPL (-42 points).
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Weekly Review: Market may be range bound on FATF decision
KARACHI: The Stock market may be range bound next week owing to owing to decision of Financial Action Task Force (FATF) related to measures taken by Pakistan for prevention of money laundering and terror financing.
Analysts at Arif Habib Limited said that the market to be range bound next week. Pakistan may have narrowly escaped being blacklisted, but the FATF has tasked the government to address outstanding issues by Feb’20, in order to avoid being placed on the black list.
With many financial results to be announced in the coming week, the analysts expect activity to be accordingly influenced.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.8x (2020) compared to Asia Pac regional average of 13.3x and while offering DY of ~0.9 percent versus ~1.8 percent offered by the region.
The market commenced on a negative note this week primarily due to uncertainty over the FATF outcome from the meetings held this week.
During the week investor sentiment improved after three countries (China, Turkey and Malaysia) voted in favor of Pakistan, which eventually helped save the country from being blacklisted by FATF.
However, Pakistan still remains on grey list of FATF. Weekly return turned negative after a 2 week bull run with the KSE-100 index closing at 33,870 points, shedding 606 points (down by 1.8 percent) WoW.
Sector-wise positive contributions came from i) Fertilizers (99 points), ii) Food & Personal care products (15 points), and iii) Chemical (14 points) while negative contributions were led by i) Banks (279 points), ii) Cement (89 points) and iii) E&P Companies (78 points). Scrip-wise negative contributions were led by HBL (111 points), UBL (84 points), LUCK (65 points), HUBC (58 points) and POL (57 points).
Foreign selling continued this week clocking-in at USD 2.1 million compared to a net sell of USD 4.2 million last week. Selling was witnessed in Commercial Banks (USD 3.4 million) and Exploration & Production (USD 1.0 million).
On the domestic front, major buying was reported by Individuals (USD 8.4 million) and Banks / DFIs (USD 5.4 million). Average Volumes settled at 140 million shares (down by 51 percent WoW) while average value traded clocked-in at USD 30 million (down by 47 percent WoW).
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Stock market sheds 28 points amid FATF announcement
KARACHI: The stock market witnessed 28 points decline on Friday amid announcement of FATF regarding Pakistan’s position.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,870 points as against 33,899 points showing a decline of 28 points.
Analysts at Arif Habib Limted said that the market ended the first session +124 points with 45 million shares in trade, however, the second session resulted in index closing in red with -28.4 points, adding 70 million more shares in trading volume.
Activity was relatively brisk in second session as compared to first session.
The second session braced for the impact of FATF decision on Pakistan, which gives a hint of stern action in case the unresolved action points are not resolved. Pakistan stays in grey list till February 2020.
Overall, the market oscillated between +198 points and -231 points, where the second half showed more negativity. EFERT announced its financial results that gave more than anticipated dividends thus giving way for the stock price to hit upper circuit.
Sectors contributing to the performance include Banks (-52 points), Tobacoo (-37 points), Chemical (-13 points), Autos (-12 points), Fertilizer (+104 points).
Volumes declined from 137.9 million shares to 115 million shares (-17 percent DoD). Average traded value on the contrary increased by 30 percent to reach US$ 31.3 million as against 24.2 million.
Stocks that contributed significantly to the volumes include LOTCHEM, EFERT, BOP, TRG and UNITY, which formed 38 percent of total volumes.
Stocks that contributed positively include ENGRO (+56 points), EFERT (+41 points), NESTLE (+12 points), FFC (+11 points) and MARI (+10 points). Stocks that contributed negatively include HBL (-39 points), PAKT (-27 points), OGDC (-16 points), INDU (-12 points), and PMPK (-10 points).
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Stock market ends down by 383 points on selling pressure
KARACHI: The stock market ended with decline of 383 points on Thursday owing to selling pressure seen in the market.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,899 points as against 34,281 points showing a decline of 383 points.
Analysts at Arif Habib Limited said that the market opened on a positive note with +12 points and 0.4 million shares.
The benchmark index went up to 80 points earlier in the session, which was followed by growing selling pressure.
The only stock that mattered today was clearly LOTCHEM, which realized trading volume of 59.6 million shares (approx. 16 percent of its free float and 43 percent of the total trading volume of today).
No other stock managed to cross even 6 million share traded volume. LOTCHEM announced 9 million financial results, which was largely inline with street estimates, however, cherry on top was 15 percent dividend that matched last year’s declaration.
On the whole, index lost 383 points with a total volume of 138 million shares, most of which was contributed by Chemical sector and followed by Technology (8.1 million) and Power (7.9 million). Among scrips, KEL (5.2 million) and TRG (4.2 million) followed LOTCHEM.
Sectors contributing to the performance include Banks (-147 points), E&P (-87 points), Cement (-36 points), Pharma (-33 points) and O&GMCs (-23 points).
Volumes declined from 151.4 million shares to 137.9 million shares (-9 percent DoD). Average traded value also declined by 23 percent to reach US$ 24.1 million as against US$ 31.4 million.
Stocks that contributed significantly to the volumes include LOTCHEM, KEL, TRG, UNITY and QUICE, which formed 55 percent of total volumes.
Stocks that contributed positively include KAPCO (+7 points), COLG (+7 points), ICI (+4 points), MUREB (+4 points) and EFERT (+3 points). Stocks that contributed negatively include HBL (-54 points), UBL (-39 points), MARI (-26 points), PPL (-25 points), and LUCK (-19 points).