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Closing Bell: Brownian motion
September 25, 2020 (MLN): The capital markets opened modestly higher, finding some support from yesterday’s session. However, the KSE-100 index staged a U-turn in the second half of Friday and closed in the red zone due to last day of rollover week.
The Benchmark KSE-100 Index lost nearly 105 points or 0.25 percent decline to settle at 41,701-level in a topsy-turvy session.
According to closing note by Arif Habib Limited, Cement sector stocks sustained selling pressure due to apprehensions on Competition Commission’s raid on APCMA.
The trading activity was knocked by the recent Debt data releases by SBP, wherein domestic debt amounted to Rs. 23.39 trillion in July’20, up by 6% YoY.
Another important highlight of the day was the announcement by Maple Leaf Cement which has established Letter of Credit (LC) to expand its existing Waste Heat Recovery Plant to 25 MW with a projected outlay of Rs 1.8 billion.
During the session, Ismail Industries and Sapphire Textile Mills (SAPT) announced their financial results wherein Ismail Industries suffered a 33% decline in profits to stand at Rs. 423.7 million in FY20. While the latter witnessed a 56% YoY increase in net profits for FY20 to Rs 7.86 billion compared to the profits of Rs 5 billion reported in FY19.
The Index traded in a range of 496.56 points or 1.19 percent of previous close, showing an intraday high of 42,098.94 and a low of 41,602.38.
Of the 96 traded companies in the KSE100 Index 39 closed up 57 closed down, while 0 remained unchanged. Total volume traded for the index was 314.27 million shares.
Sector wise, the index was let down by Cement with 85 points, Technology & Communication with 21 points, Insurance with 17 points, Automobile Assembler with 16 points and Oil & Gas Exploration Companies with 15 points.
The most points taken off the index was by LUCK which stripped the index of 39 points followed by UBL with 22 points, TRG with 22 points, DGKC with 16 points and MUREB with 14 points.
Sectors propping up the index were Power Generation & Distribution with 16 points, Oil & Gas Marketing Companies with 15 points, Refinery with 12 points, Chemical with 10 points and Fertilizer with 9 points.
The most points added to the index was by HBL which contributed 30 points followed by COLG with 21 points, BYCO with 12 points, HASCOL with 11 points and KAPCO with 11 points.
All Share Volume increased by 0.13 Million to 435.02 Million Shares. Market Cap increased by Rs.10.23 Billion.
Total companies traded were 411 compared to 423 from the previous session. Of the scrips traded 161 closed up, 232 closed down while 18 remained unchanged.
Total trades decreased by 5,743 to 123,847.
Value Traded increased by 0.31 Billion to Rs.15.42 Billion
| Company | Volume |
|---|---|
| Hascol Petroleum | 57,515,000 |
| Unity Foods | 47,495,500 |
| Byco Petroleum Pakistan | 28,432,000 |
| Pakistan International Bulk Terminal | 21,242,500 |
| TRG Pakistan | 20,798,000 |
| Askari Bank | 19,283,500 |
| K-Electric | 17,541,500 |
| Aisha Steel Convertible (Pref) | 16,767,500 |
| Pakistan Refinery | 11,914,500 |
| Kot Addu Power Company | 11,362,500 |
| Sector | Volume |
|---|---|
| Oil & Gas Marketing Companies | 64,248,309 |
| Vanaspati & Allied Industries | 47,500,200 |
| Refinery | 43,679,500 |
| Technology & Communication | 39,396,300 |
| Cement | 35,938,924 |
| Commercial Banks | 35,706,631 |
| Power Generation & Distribution | 31,616,239 |
| Engineering | 30,074,200 |
| Transport | 22,073,600 |
| Food & Personal Care Products | 13,428,420 |
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NRL successfully commissions two stage distillation unit revamp of Lube-I Refinery
September 25, 2020 (MLN): National Refinery Limited (NRL) has successfully commissioned the two-stage distillation unit revamp of its Lube-I Refinery.
This would enhance the installed crude oil processing capacity of Lube-I Refinery from the current 12,050 Barrel per stream day (bpsd) to 17,000 bpsd and vaccum fractionation capacity from 5,200 bpsd to 6,600 bpsd, company’s notice to Exchange revealed.
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Gold price decreases by Rs 700 to Rs 111,800 on Friday
September 25, 2020 (MLN): The price of 24 karat gold decreased by Rs. 700 on Friday to Rs. 111,800, against the price Rs. 112,500 reported on Wednesday.
According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also decreased by Rs. 601 to Rs. 95,850 against the price of Rs. 96,541 reported yesterday.
The price of per tola silver of 24 Karat and 10-gram silver remained static Rs. 1,150 and Rs.985.94, respectively.
The gold prices in the international market increased by US $2 and traded at US $1,859, the association reported.
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Maple Leaf Cement to expand its existing WHR to 25MW
September 25, 2020 (MLN): Maple Leaf Cement Factory Limited (MLCF) will expand its existing Waste Heat Recovery Plant to 25 MW with a projected outlay of Rs 1.8 billion.
According to the notice issued to Exchange, the new plant is expected to come online in September’21 and will take up the company’s existing WHR capacity by 56% or 9MW from its current capacity of 16MW.
As per research by Topline, the electricity requirement of the company is over 65MW. The majority is filled through coal power, followed by WHR and remaining by grid/Furnace Oil (FO) whichever is cheaper.
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HBL gets approval for equity injection of Rs 500 mln in HBL Asset Management
September 25, 2020 (MLN): Habib Bank Limited (HBL) has received approval from State Bank of Pakistan (SBP) on its proposal for undertaking an equity injection of Rs 500 million in its wholly owned subsidiary namely HBL Asset Management Limited.
The aforesaid information was disseminated by the Bank via notification to PSX.
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Savings mobilization by NSS witness withdrawal of Rs. 149 mln in July
September 25, 2020 (MLN): Savings mobilization by the National Savings Schemes (NSS) in the month of July 2020 witnessed a withdrawal of Rs 149.5 million compared to the withdrawal of Rs 71.98 billion recorded in the same month last year. While in the preceding month, amount parked in NSS Schemes stood at Rs 23.8 billion.
According to the latest data released by State Bank of Pakistan (SBP) today, during first month of FY21, most of the withdrawal witnessed in Other Saving Schemes (Rs 2.16 billion), followed by Defense Saving Certificates (Rs 958 million) and Prize Bonds (Rs 474 million).
On the contrary, holdings in Special Savings Certificates amounted at Rs 3.13 billion as opposed to the withdrawal of Rs 1.59 billion in the corresponding month last year. Whereas, holdings in Regular Income Certificates went down by a whopping 97% YoY to Rs 314 million from Rs10.5 billion in July 2019.
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PKR strengthens by 4 paisa in a week
September 25, 2020 (MLN): Pakistani rupee (PKR) appreciated by 17 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 165.79 per USD, against yesterday's closing of PKR 165.96 per USD.
The rupee traded within a very narrow range of 9 paisa per USD showing an intraday high bid of 165.75 and an intraday Low offer of 165.70.
During the week, the currency has gained 4 paisa against the greenback, as the previous week was concluded at PKR 165.83 per USD.
Within the Open Market, PKR was traded at 165.50/166.50 per USD.
Alternatively, the currency lost 50 paisa to the Pound Sterling as the day's closing quote stood at PKR 211.69 per GBP, while the previous session closed at PKR 211.19 per GBP.
On the other hand, PKR's value strengthened by 29 paisa against EUR which closed at PKR 193.22 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.823.8 billion for 7 days at 7.03 percent.
The overnight repo rate towards close of the session was 7.10/7.25 percent, whereas the 1 week rate was 7.00/7.05 percent.
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Ministries review progress of PSDP funded projects
September 25, 2020: Federal Minister for Planning Development & Special Initiatives Asad Umar chaired a meeting to review the progress of Federal Education and Professional Training projects under PSDP here in Islamabad on Friday.
Minister for Federal Education and Professional Training Shafqat Mehmood, Minister for Economic Affairs Khusro Baktiyar, Parliamentary Secretary Wajiha Akram, Deputy Chairman Planning Commission, Secretary Planning, Secretary Education, and senior officials of the M/o PD&SI was also present in the meeting.
The issues/ bottlenecks of PSDP-funded projects, of the M/o FE&PT, were discussed thoroughly, and the way forward was agreed for each project.
While chairing the meeting Asad Umar said that Planning Commission has streamlined the process of authorization of PSDP funds for the Ministries / Executing agencies. In the first quarter of the PSDP 2020-21, 20% of PSDP allocation of each Ministry was authorized in one go by M/o PD&SI so that the sponsors release and utilize the funds on time. This process will ensure speedy implementation of the projects and passing on the benefits to the public.
He made it clear that no compromise would be made on the timely and quality completion of the development projects. In this regard, all the concerned authorities M/o FE&PT have to make sure that agreed timelines are strictly followed.
Press Release
CCP conducts search & inspection of a sugar mill group head office
September 25, 2020: The Competition Commission of Pakistan (CCP) today carried out a search and inspection of a sugar mill head office in Lahore, to impound proofs of the group’s suspected involvement in anti-competitive activities in violation of the Competition Act, 2010.
As part of an ongoing inquiry into the possible anti-competitive activities in the sugar industry, the CCP on 14 September 2020 carried out a search and inspection of the Pakistan Sugar Mills Association’s Lahore and Islamabad offices and impounded PSMA’s record including the correspondence done through letters, emails, and WhatsApp messages, between various members and office bearers of PSMA.
The impounded data included the exchange of emails between a senior official of one of the Sugar Mill (Member of PSMA) and PSMA Punjab zone office bearers regarding sensitive commercial information such as mill-wise, district-wise sugar stock position, and even the quantity of cane crushed, sugar produced, recovery percentage, carry forward old/raw sugar, total sugar, quantity sold, balance and sold percentage.
Moreover, an analysis of the WhatsApp messages exchanged in a group of PSMA officials, the same senior official of that Sugar Mill was found to be in constant communication with regard to price and stock-related data of sugar mills.
The impounded data indicated the senior official’s continued involvement in sharing/receiving sensitive information regarding the sugar industry since 2012 when he was nominated as the focal person for coordinating the sugar stock position by PSMA.
The CCP suspects that the compilation, consolidation, and distribution of sensitive commercial information using the PSMA’s platform could lead to possible proof/corroboration of collusive activity/cartelization that is violative of the Competition Act. The search team has impounded the relevant print and electronic material from the above-mentioned Sugar Mill premises for further scrutiny.
Press Release
NBP issues Foreign Exchange Rates
September 25, 2020: Treasury Management Division of National Bank of Pakistan (NBP) on Thursday issued...
