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Closing Bell – Markets fall deepest on the MSCI Inclusion date

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Investors had their hands on heads as markets fell down by a whopping 3.58% on the most sought after day in the Stock Market. Of the 100 listed companies on KSE-100, 3 were positive, 7 were unchanged where as 90 companies ended in red.

Rs. 326($3.10) billion was the total amount by which market cap decreased during the day.

The six large cap companies included in the MSCI EM index; HBL, UBL, LUCK, OGDC, ENGRO and MCB brought the market down by 618.54 points.

Market shed a total of 1810.76 points during today’s activity, the sharpest decline since August of 2014 when market fell by 4.46%.

The day which was supposed to be the most joyous for the markets has turned into a bloodbath as 343 of 388 traded companies ended in the red today.

Pakistan was included in the MSCI – EM markets today. It is formally an emerging market with a 0.14% weight in the overall MSCI –EM.

Contrary to the regional markets, Pakistan witnessed Foreign Individual Investors (FIIs) as net sellers for the consecutive 7th month. Net Regional FIIs Investment for Pakistan in the month of May totaled to (141) US$ mn, as Foreign Individual Investors continue to fret over rising twin deficits and increasing political instability. The net position in the long term will be a positive one for Pakistan but before that the markets are expected to suffer deep bruises.

The ending scrips in red have been due to the withdrawal of frontier market investors who continue to pull out of the market. Also, the major EM investors continue to hold back as in retrospect, Qatar and UAE markets shed 5% after EM inclusion.

The net gainers during today’s session were; Shezan International Ltd SHEZ +2.32%, Wah Noble Chemicals Ltd. WAHN +2.87%, Attock Cement Pakistan Ltd. ACPL +2.16%, Shahtaj Sugar Mills Limited SHJS +3.02% and Sazgar Engineering Works SAZEW +2.72%.

The net decliners during the session were; Rafhan Maize Products Company LTd. RMPL -1.48%, Wyeth Pakistan WYETH -4.12%, Pakistan Tobacco Company LTd. PAKT -5.00%, Sanofi-Aventis Pakistan Ltd. SAPL -3.90% and Unilever Pakistan Foods Ltd. UPFL -1.20%

All Share Volume decreased by 6.88 Million to 403.94 Million Shares. Market Cap decreased by Rs.326.25 Billion.

Total companies traded were 394 compared to 382 from the previous session. Of the scrips traded 35 closed up, 352 closed down while 7 remained unchanged.

Total trades decreased by 12,191 to 111,539.

Value Traded decreased by 25.84 Billion to Rs.27.50 Billion

Company Volume

Top Ten by Volume

K-Electric 49,818,500
Bank Of Punjab(R) 27,603,000
Power Cement(R) 23,717,500
United Bank 15,870,400
Engro Polymer & Chemicals 12,563,500
The Bank of Punjab 11,207,500
Oil & Gas Development Company 10,483,800
Aisha Steel Mills 9,980,000
Habib Bank 8,724,800
Fauji Cement Company 8,707,000
Sector Volume

Top Sector by Volume

Commercial Banks 90,411,800
Power Generation & Distribution 56,998,400
Cement 52,798,450
Engineering 28,676,400
Chemical 22,552,360
Fertilizer 20,068,200
Technology & Communication 17,015,000
Textile Spinning 13,474,200
Oil & Gas Exploration Companies 12,146,260
Miscellaneous 10,775,500


Posted on: 2017-06-01T16:20:00+05:00