Market Weekly Performance Summary

The Karachi Stock Exchange ended the week on a positive note, continuing on the 7 days positive momentum. The index today reached an all-time high of 51,736 points. The positivity during the week was owed to market anticipation and excitement over MSCI – EM inclusion. The week was not dominated by a single sector, as the positive performance was across the sectors in the market but especially; cement, banking, fertilizer, chemicals and sugar & allied industries. Prices of oil were extremely volatile during the week, with sharp decline in the first few days followed by a degree of stability during end of the week.

Highlights of the Week

  • PSDP announces projects worth 18.166 bln for the coming year
  • Moody’s rated Pakistan “B3-Stable”
  • SBP raises Rs 361 billion through treasury bills auction
  • Pakistan trade deficit in ten months of the current year swelled by 40 percent to 26.55 billion dollars
  • Overseas Pakistani workers remit USD 15.6 billion in first ten months of FY17
  • Payables by Power Companies reach at Rs 338billion
  • PBS released Services Exports Data
  • Budget Strategy Plan presented to the President
  • Pakistan Automotive Manufacturers’ Association Releases Sales Data

On 8th May, Monday markets opened with a sense of eagerness as MSCI announcement came closer and shunned any worries form the previous week’s political upheaval. KSE100 index gained 2.18% or 1085 points. The gains were mainly due to stocks from banking sector; UBL, MCB and HBL along with OGDC from the Oil and Gas Sector. All four of these companies (UBL, HBL, MCB and OGDC) are expected to become a part of MSCI – EM index.

On 9th May, Tuesday markets continued on Monday’s momentum. Market witnessed an all-time high when it closed just shy of 51000 points. Tuesday’s volume leaders were TRG Pak Ltd, K-Electric Ltd, Engro Polymer, Aisha Steel Mill and Bank of Punjab. Power generation, fertilizer and Cement sector’s average performance was negative, whereas banking sector continued on Monday’s momentum.

Wednesday, 10th of May, movement in the market was very slow. The day ended with a slight increase of just 30.39 points, a 0.06% increase. Wednesday’s gainers were NESTLE, Sapphire Textile, Atlas Honda, Hino Pak and Pakistan Cables. The top losers were Wyeth Pakistan Ltd., Unilever Pakistan Food Ltd., Pakistan Tobacco and Sanofi – Aventis Pakistan Ltd.

Thursday’s activity was better than the previous day, with market gaining 322 points. The sectors that ended positively were Cement, Chemicals, Commercial Banks, Fertilizers, Sugar and Allied Industries and Textile Composite.

Market closed on a record high on Friday, 12th May, when it reached 51750.91 points. The sectors with best performing stocks were from Cement, Engineering, Oil & Gas Exploration Companies, Oil & Gas Marketing Companies, Power Generation & Distribution and Food & Personal Care Products. Top net gainers were Unilever, Sapphire Fibres, NESTLE, Pak Services and Wyeth Chemicals. Top net losers were Hino Pak, Sanofi Aventis, Jubilee Life Insurance Company and Attock Cement.

The coming week is going to be eventful for the benchmark index. It would be interesting to observe how market responds to MSCI – EM inclusion announcement.  

Posted on: 2017-05-14T14:00:00+05:00