Weekly review: KSE-100 index recovers from final week’s large losses, rises 2%
Overall financier sentiments remained churned as normal traded volumes and value declined 19%. PHOTO: INP
KARACHI: The benchmark KSE 100-share Index decorated some liberation with a benefit of 2% week-on-week compared to final week’s vast waste when it sealed 7.8% down, station during 49,526 points during a week finished Jun 9, 2017.
The week non-stop on a certain note with a index gaining 1,565 points, though activity in a following sessions remained subdued.
Market participants opted for value sport where high discounts accessible in a MSCI vast and mid-cap bonds contributed a many to a index.
Average daily volumes shrank 19% over a week to 239 million shares compared to 295 million while sell favourites dominated a volume charts with Engro Polymer and Chemicals, Dost Steels, Dewan Farooque Spinning, Azgard Nine and Aisha Steel Mills accounting for 28% of a sum volumes.
Lucky Cement, United Bank and Engro cumulatively combined 260 points while other vital bonds including Mari Petroleum and Bank Al Habib contributed 85 points to a index.
On a other hand, Oil and Gas Development Company, Kohinoor Textile Mills, Hub Power, Nishat Mills and Sui Northern Gas Pipelines dragged a index down by 107.64 points.
Key zone outperformers during a week were vehicle assemblers (+4% week-on-week) in expectation of clever May 2017 sales numbers followed by pharmaceuticals (+3%).
However, sectors that underperformed were concrete (-2%) due to unexciting May sales and oil and gas scrutiny (-2%) on a behind of decrease in general wanton prices as Saudi Arabia and other Arab states severed ties with Qatar.
Crude oil prices have tumbled to their lowest turn this year as it appears that it will now be even harder for a Organisation of Petroleum Exporting Countries to determine on serve cuts in oil production.
Stock-wise, Engro Polymer (+18% WoW) was a pivotal performer as PVC-ethylene prices continued to go upwards.
Among pivotal highlights of a week, Moody’s and World Bank had certain comments on Pakistan’s state of economy, a Sindh supervision allocated Rs2 billion in funding for tractor squeeze and Engro hinted during shutting down a divert prolongation plant in Sukkur due to taxation policies. Foreign banking pot in a week finished Jun 2 dipped $1.25 billion on comment of debt payments to a sum of $20.5 billion.
Encouragingly, there was some remit in unfamiliar offered as offshore investors incited net buyers of $14 million during a week.
However, altogether financier sentiments remained churned as normal traded volumes and value declined 19% week-on-week to 239 million shares per day and 53% week-on-week to $112 million per day, respectively.
Local people were net sellers of $20 million.
Winners of a week
Shifa International Hospitals
Shifa International Hospitals Limited establishes and runs medical centres and hospitals in Pakistan. The company’s clinical services embody medicines, paediatrics, surgical, obstetrics and gynaecology, dentistry, reconstruction services and ophthalmology.
Abbott Laboratories
Abbott Laboratories (Pakistan) Limited manufactures, imports and markets investigate formed pharmaceutical, nutritional, diagnostic, sanatorium and consumer products. The company’s pivotal products embody antibiotics for respiratory tract infections, peptic ulcer illness and dental infections.
Thal Limited
Thal Limited manufactures jute goods. The association also undertakes engineering projects.
Losers of a week
Indus Dyeing
Indus Dyeing and Manufacturing Company Limited manufactures and sells yarn.
Bata (Pakistan)
Bata Pakistan Limited manufactures and sells rubber, leather and microlon sandals and shoes.
Kohinoor Textile
Kohinoor Textile Mills Limited produces textiles. The association weaves, dyes and prints healthy and fake fibres.
Published in The Express Tribune, Jun 11th, 2017.
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Article source: https://tribune.com.pk/story/1432545/weekly-review-kse-100-index-recovers-last-weeks-hefty-losses-rises-2/