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Pakistan equity market closes higher after range-bound session

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Pakistan equity market closes higher after range-bound session

KARACHI: The Pakistan stock market closed on a positive note on Tuesday after witnessing another range-bound session with lower volumes, analysts said. An analyst at Pearl Securities said that the market responded positively to the high chances of Pakistan’s exit from the Financial Action Task Force (FATF) grey list in the coming week. “The Pakistan … Read more

Equity market closes lower over investors’ low interest

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Equity market closes lower over investors’ low interest

KARACHI: The Pakistan equity market closed in the red zone on Friday, as investors’ participation remained low before the Monetary Policy Committee (MPC) announcement.

An analyst at Topline Securities said that investors’ participation in the market was low, as they preferred to remain on the sidelines before the policy announcements scheduled for Monday.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.48 per cent, or 210.85 points, to close at 43,270.65 points. The KSE-30 shares Index shed 0.47 per cent, or 76.97 points, to close at 16,398.66 points.

An analyst at JS Global said that profit taking continued across the board throughout the day as the benchmark KSE-100 Index closed at the 43,271 level losing 211 points.

“The market touched the intraday high of 43,532 points but failed to break the intraday resistance of 43,777 points. Moving forward, the upcoming monetary policy meeting of the State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) agreement will remain key driving forces for the market,” he added.

“We recommend investors to adopt ‘buy on weakness’ strategy in tech, exploration and production (E&P) and cement sectors,” he said.

As many as 323 scrips were active of which 110 advanced, 185 declined and 28 remained unchanged.
The ready market volumes stood at 306.20 million shares, compared with the turnover of 621.21 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corp said that the Stocks closed lower on investors’ fears over the negative outcome of the Rs50 billion fresh revenue measures and new taxes in the IMF led mini budget.
“Falling rupee and uncertainty over the SBP policy announcement on August 22 amid high inflation played a catalyst role in the bearish close,” he added.

The companies which reflected the highest gains included Siemens Pakistan up Rs45 to close at Rs750/share, Shield Corp up Rs21.14 to close at Rs303.13/share.

The companies which reflected the most losses included Sanofi-Aventis down Rs61 to close at Rs1,400/share, and Sapphire Textile down Rs55.50 to close at Rs1,007/share.

The highest volumes were witnessed in Hascol Petrol with a turnover of 71.46 million shares. The scrip gained 55 paisas to close at Rs6.87/share, followed by Pak Refinery with a turnover of 19.45 million shares. It shed 8 paisas to close at Rs19.83/share. Bank of Punjab remained the third with a turnover of 19.14 million shares. It gained 19 paisas to finish at Rs6.03/share.

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Equity market continues positive momentum

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Pakistan equity market gains over improving economic conditions

The market traded in the green zone, as the rupee continued its upsurge against the dollar. The benchmark KSE-100 Index closed at 41,425.37 points, up 356.50 points, or 0.87 per cent. Analysts expect the market to continue momentum backed by economic clarity. KARACHI: The positive momentum continued at the Pakistan equity market on Thursday, as … Read more

US stocks lose $9tn in 2022 as Fed tightening spooks investors

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investors

US stocks lose $9tn in 2022 as investors flee the world’s largest equity market. Fed’s efforts to reign in out-of-control inflation spooks investors.  S&P 500 index has declined 21.2% in 2022, on track for worst first-half performance since 1962. This year, US stocks have lost more than $9tn as investors flee the world’s largest equity … Read more

Equity market closes in green on upbeat economic data

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upbeat data

KARACHI: The Pakistan Stocks on Monday showed recovery on upbeat data for shrinking current account deficit in February 2022, surging global equities and rising global crude oil prices. An analyst at Arif Habib Limited said that the Index stayed in the green zone as the current account deficit (CAD) shrank 78 per cent in February. … Read more

Equity market remains bearish over political, economic instability

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Equity market

KARACHI: The Pakistan Stocks witnessed a range bound session on Thursday due to the political unrest, thin trade on concerns for rupee instability and surging government bond yields. The market opened in the green zone but stayed volatile throughout the day while the main board activity remained dull, an analyst at Arif Habib Limited said. “The … Read more

Pakistan bourse closes in green over policy statement

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Pakistan

KARACHI: The Pakistan equity market moved both ways on Wednesday managing to close in a green territory as the global oil prices came below the level of $125/barrel followed by the unchanged Monetary Policy Statement (MPS) announcement. “However, the ongoing geopolitical tensions coupled with the uncertainty in local politics amid submission of no-trust motion against … Read more

Equity market: Bears return on absence of positive triggers

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stock

KARACHI: The equity market started the session in the green zone, but later on bears took the charge and dominated the bourse throughout the day, while traded volume remained low due to the absence of any positive trigger, delay in refinery policy and mixed results announcements, dealers said on Thursday. An analyst at Arif Habib … Read more

Pakistan equity market may remain volatile next week

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Stocks remain range-bound over political turmoil

KARACHI: The benchmark stocks lost 1.5 per cent during the week ended July 30, 2021, and analysts predict a volatile week ahead as the Sindh government has imposed a strict lockdown, amid corporate results announcement season, dealers said on Saturday. An analyst at Arif Habib Limited said with the result season commencing, and cyclical expected … Read more

Pakistan equity market remains bearish on global cues

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PSX

KARACHI: In line with the selloff in global equity markets, the local bourse witnessed profit-taking, as Covid cases keep on increasing, leading to more stringent lockdowns, dealers said on Wednesday. An analyst at Pearl Securities said the market witnessed a bearish session and closed in the red zone due to the substantial rise in the … Read more

Pakistan equity market plunges 490 points on lack of positive triggers

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Equity market closes lower over investors’ low interest

KARACHI: The equity market remained under pressure throughout the trading session on Friday, as the investors opted for profit-taking in the absence of positive triggers, amid deteriorating economic indicators, dealers said. Ahsan Mehanti at Arif Habib Corp said the stocks fell sharply lower led by scrips across-the-board on concerns over weak economic outlook. “Weak global … Read more

Pakistan bourse continues bearish trend amid deteriorating economic indicators

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Equities

KARACHI: The equity market continued with the bearish trend on Wednesday, as the absence of triggers, amid deteriorating economic indicators, kept the investors’ at bay, dealers said. Ahsan Mehanti at Arif Habib Corp said the stocks closed lower, amid global equity selloff and investors’ concerns over the economic uncertainty. “Mid-session support remained in banking, cement … Read more

Pakistan equity market closes lower on institutional profit-taking

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PSX

KARACHI: The Pakistan stocks witnessed a miniscule correction on Friday, as both domestic and foreign investors opted for profit-booking, amid rising trade deficit, dealers said. Ahsan Mehanti at Arif Habib Corp said the stocks closed lower on institutional profit-taking, amid high CPI inflation at 9.7 per cent in June 2021 and trade deficit of $30.8 … Read more

Equity market recovers slightly amid profit-taking

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Equity market

KARACHI: The Pakistan Stock Exchange (PSX) recovered slightly on Tuesday amid profit-taking in the later part of the day on the year-end phenomenon, dealers said on Tuesday. The stock market started the day on a positive note, as the National Assembly passed the Finance Bill with a majority vote and the World Bank announced to … Read more

Equity market continues bearish trend on rising oil prices

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Equity market closes lower over investors’ low interest

KARACHI: The equity market continues to witness bearish trend on Tuesday owing to escalation in the international oil prices and decline in the rupee value against the US dollar, dealers said.

“The pressure in the market was on the back of [an] increase in [the] oil prices in the international market along with the rupee depreciation. In addition to this, Pakistan’s trade deficit widened from $21.07 billion to $27.46 billion in 11MFY21,” an analyst at Pearl Securities said.

The Pakistan Stock Exchange KSE-100 shares index shed 0.05 per cent, or 25.38 points, to close at 47,987.14 points. The KSE-30 shares index shed 0.08 per cent, or 14.59 points, to close at 19,325.06 points.

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As many as 420 scrips were active, of which 162 advanced, 236 declined and 22 remained unchanged. The ready market volumes stood at 610.74 million shares, compared with the turnover of 839.18 million shares in the last trading session.

Maaz Mulla at JS Global Capital said that the market started off on a positive note but soon came under pressure, as it sank to a low of 47,931 points.

“Despite the bulls’ best efforts to revive the KSE-100 during the second half, the benchmark index slid again to close the session at a loss of 25 points.”

Selling pressure continued in the cement sector where Pioneer Cement declined 1.4 per cent, Cherat Cement went down 1.1 per cent, Dewan Cement fell 0.8 per cent and Flying Cement closed 1.5 per cent lower.

The bullish rally in the textile sector was fuelled by the news of healthy textile exports for May. As a result, Kohinoor Textile Mills went up 5.3 per cent, Gul Ahmed Textile gained 7.5 per cent, Nishat Chunian Limited surged 4 per cent and Nishat Mills went up 2 per cent.

Going forward, analysts expect the equity market to witness volatility due to the rollover week and recommend investors to avail of any downside as an opportunity to buy in construction and export-oriented sectors. However, the market may turn positive if Pakistan gets an exit from the Financial Action Task Force (FATF) grey list, which is to be announced soon.

The companies, which reflected the highest gains included Unilever Foods, up Rs790 to close at Rs16,500/share; and Bata Pakistan, up Rs48.95 to close at Rs1,749.95/share.

The companies that reflected the most losses included Pak Services, down Rs68.26 to close at Rs841.86/share; and Sapphire Textile, down Rs31.6 to end at Rs895/share.

The Highest volumes were witnessed in K-Electric Limited with a turnover of 37.4 million shares. The scrip sheds 7 paisas to close at Rs4.12/share; followed by Azgard Nine with a turnover of 33.37 million shares. It gained Rs2.36 to close at Rs33.96/share. TPL Corp was the third with a turnover of 30.01 million shares. It gained Rs1.05 to finish at Rs15.08.

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Weekly Review: Equity market likely to regain positive momentum next week on FATF hopes

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Equity market

KARACHI: The equity market is expected to regain the positive momentum next week after observing a lacklustre trading session during the outgoing week. “With FATF’s plenary session to be held on June 21st, the index is expected to bounce back as an exit from the grey list seems imminent,” an analyst at Arif Habib Limited … Read more

Equity market slides in post-budget consolidation phase

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Equity Market

KARACHI: The equity market slid to close in the negative zone on Thursday, as investors opted to square their positions in a post-budget consolidation phase ahead of the Financial Action Task Force (FATF) meeting, scheduled next week, dealers said. An analyst at Pearl Securities said the market ended the day in the red territory where … Read more

Equities witness selling pressure as investors remain cautious ahead of budget

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Equities

KARACHI: The equity market remained under selling pressure on Wednesday, as investors wait for the consensus between the government and the International Monetary Fund (IMF) over the upcoming budget and avoid taking fresh positions, dealers said. Maaz Mulla at JS Global Capital said that another volatile session was witnessed at the Pakistan Stock Exchange (PSX) … Read more

PSX continues bullish trend; gains 90 points

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PSX remains lacklustre

KARACHI: PSX continues bullish trend for the second consecutive session on Monday, as it gained 0.19 per cent, or 90 points, to close at 48,302.66 points. The Pakistan Stock Exchange (PSX) started the week with a strong footing and remained in the green zone throughout the day. The activity was mainly triggered on the upcoming … Read more

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