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Weekly Market Roundup

October 25, 2020 (MLN): The KSE-100 index gained around 1,101 points during the departed week and closed at 41,266-mark i.e. nearly 2.74% percent higher than the closing of the previous week.

Despite the not-so-fruitful outcome from the meeting with the FATF, the week began as well as ended on a positive note on account of improving external situation and PKR stability, which smoothened cost pressures for import reliant sectors, AKD Securities said in its weekly analysis.

Moreover, the earnings outperformance for the latest reported period for Banks and Fertilizers, where resumption of payouts for Banks was a notable catalyst, added to the positive sentiments. Other developments during the week included the current account surplus of US $73 million posted by Pakistan for the month of September.

Furthermore, the ECC approved supply of RLNG till the end of November 2020, ensuring the supply of RLNG to fulfill the requirements of two fertilizer plants namely Agritech and Fatima Fertilizer, the report added.

Cement, Commercial Banks, Fertilizer and Automobile Assembler emerged as the best performing sectors during the week, as they contributed around 251, 241, 229, and 74 points respectively to the benchmark index.

Company-wise, the scrips of ENGRO, BAHL, LUCK, EFERT, and MEBL emerged as the top performers as they brought in 143, 129, 66, 61 and 58 points respectively.

During the week, 77 companies traded in green while 22 landed in the red zone. The All Share Market Cap increased by nearly USD 1.23 billion, i.e. 2.82% higher than the previous week.

Figures released by NCCPL showed that foreign investors sold USD 6.87 million worth of stocks during the week with foreign corporates doing the bulk of selling @ USD 9.61 million.

On the local front, Mutual Funds purchased USD 7.61 million worth of stocks, followed by USD 4.7 million worth of stocks bought by companies. Other significant transactions included USD 7.7 million worth of stocks sold by Banks/DFIs.

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Key Pakistan Market Stats and Economic Indicators

Market Data and Economic Indicators

Weekly Performance
 Oct 23, 2020Oct 16, 2020
PKR InterBank161.3698162.4942
KSE100 Index41,266.0040,164.02
Avg Daily Volume465,576,973295,628,213
Gold (Karachi) Rs/10 gm98,89499,151
KIBOR 6M7.347.35
10Y PIB10.0210.25
EUR1.18541.1709
GBP1.3041.2905
CHF0.90390.9141
JPY104.727105.38
GOLD1901.551898.4
NY Light Crude39.8840.85
Open Market Rates
 Oct 23, 2020Oct 16, 2020
USD162.20163.50
EUR192.61191.79
GBP211.69211.47
JPY1.54971.5525
AED44.2044.54
SAR43.3343.67
SBP Data
T-Bill Auction Cutoff YieldOct 21, 2020Oct 07, 2020
3M7.17507.1898
6M7.20007.2189
12MBids Rejected7.2990
PIB Auction Cutoff YieldOct 14, 2020Sep 16, 2020
3Y8.24008.2000
5YBids Rejected8.4500
10YBids Rejected8.9900
15Y10.0000Bids Rejected
20Y10.549810.5498
Interest Rate CorridorJun 26, 2020May 18, 2020
SBP Policy Rate7.008.00
SBP Reverse Repo Rate8.009.00
SBP Repo Rate6.007.00
Weekly Indicators
 Oct 16, 2020Oct 09, 2020
SBP FX Reserves *12,066.6011,798.40
Bank FX Reseves *7,235.007,217.10
Total FX Reserves *19,301.6019,015.50
 Oct 22, 2020Oct 15, 2020
SPI (Combined Group)141.04141.36
Change - WoW (pct)-0.020.45
Change - YOY (pct)8.769.20
Monthly Indicators
 SeptemberAugust
Consumer Price Index (Base 2015-16)138.32136.23
Change - MOM (pct)1.530.63
Change - YOY (pct)9.038.21
WholeSale Price Index (Base 2015-16)146.48144.96
Change - MOM (pct)1.051.27
Change - YOY (pct)4.263.26
Sensitive Price Indicator (Base 2015-16)137.04134.57
Change - MOM (pct)1.840.94
Change - YOY (pct)9.008.66
 SeptemberAugust
Exports *1,873.001,584.00
Imports *4,264.003,324.00
Trade Balance *-2,391.00-1,740.00
 SeptemberAugust
Home Remittances *2,283.702,095.21
 SeptemberAugust
Total Foreign Investment *178.70102.94
 SeptemberAugust
Current Account Balance *73.00211.00
FY21792.00719.00
FY20-1,492.00-1,214.00
 AugustJuly
Large Scale Manufacturing Index126.32135.50
Change - MOM (pct)-6.7710.65
Change - YOY (pct)-1.106.08
Quarterly Indicators
 Jun 30, 2020Mar 31, 2020
Pakistan's External Debt *112,858.18109,925.12
Annual Indicators
 FY20FY19
GDP Growth Rate-0.381.91
Agriculture2.670.58
Manufacturing-0.275.43
Commodity Sector-0.05-0.90
Services Sector-0.593.75
Trade Balance * (July - June)-23,183.00-31,805.00
Worker Remittances * (July - June)23,120.9721,739.40
Foreign Investment * (July - June)2,038.21-54.80
Annual Inflation Rate % (July - June)10.746.80
* Amount in USD Million

 

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FATF acknowledges Pakistan’s progress on across all action plan...

October 24, 2020: Financial Action Task Force (FATF) has acknowledged that Pakistan has made progress across all action plan items and has now “largely addressed”21 of the 27 action items.

According to Foreign Office, the FATF reviewed Pakistan’s progress on FATF action plan in its Plenary meeting today.

The plenary meeting decided to maintain status quo with respect to classification of Pakistan, for the time being.

The FATF has taken note of the significant progress made by Pakistan on a number of action plan items. Recognizing Pakistan’s sustained and irreversible efforts on implementation of FATF Action Plan, the FATF has upgraded overall 9 Action Plan items in its October 2020 Plenary. There is no item remaining in the incomplete” category. It is pertinent to mention here, prior to this plenary, Pakistan had addressed 14 out of 27 items and now FATF reviewed compliance of remaining 13 Action Plan Items during current plenary.

The action plan items that have been addressed by Pakistan include highly important areas of Financial Sector, illegal Hawala/Hundi, cross-border currency regime, international cooperation in terrorist financing cases, amendments to the Anti-Terrorism Act, implementation of targeted financial sanctions by financial institutions, applying sanctions for AML/CFT violations, and controlling facilities and services owned or controlled by designated persons and entities. This is indicative of the confidence of FATF on the efforts of Pakistani Government.

Pakistan shall continue to make efforts to complete the remaining items in line with its strategy by February 2021. FATF will undertake the next review of Pakistan’s Progress in February 2021.

The Plenary meetings of FATF were held virtually from 18-23 of this month, where its members discussed a variety of topics including Pakistan’s progress.

The Pakistan team led by Minister of Industries and Production Muhammad Hammad Azhar, attended these virtual meetings. Pakistan presented its case in an effective manner and also reaffirmed its political commitment to continue with the efforts to complete the Action Plan.

Radio Pakistan

Sale of securities by foreign investors rises by 3.6...

October 24, 2020 (MLN): The gross sale of securities by overseas investors during the week ended October 16, 2020 was recorded at Rs.9.6 billion, which is only 3.6 percent higher than the figures recorded last week.

According to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan, the total purchase of securities stood at Rs.6.8 billion, which is 13.5 percent lower than the prior week.

Consequently, the net sale of securities for the week clocked in at Rs.2.83 billion, i.e. around Rs.1.4 billion lower than last week's numbers.

Over the week, the overall purchase of securities declined by Rs.1.06 billion whereas the net sale of securities increased by Rs.330.83 million.

Apart from this, the inflow of remittance into these accounts stood at Rs.2.18 billion, while its outflow has been reported at Rs.6.14 billion.

The closing balance of SCRA was recorded at Rs.28.58 billion, which marks a decline of Rs.869.33 million over the week.

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Private sector borrows a sum of Rs 18.31 billion...

October 24, 2020 (MLN): The non-government sector has borrowed a net sum of Rs.18.31 billion during the week ended October 16, 2020, which brings the cumulative net retirment for ongoing fiscal year FY2021 to Rs.122.85 billion. The net retirement as of prior week was recorded at Rs.141.15 billion.

According to weekly data released by the State Bank of Pakistan, the sector's retired amount has risen by Rs.94.24 billion over the year since the amount retired as of corresponding period of last year was recorded at Rs.28.61 billion.

The non government sector is divided into three broad categories namely, the Private Sector, the Public Sector Enterprises and NBFI. Commercial banks are the main source of financing for the private sector, incuding conventional banks, islamic banks and islamic branches of conventional banks.

This fiscal year, the private sector retired a net sum of Rs.110.63 billion, whereas the PSE's have retired Rs.17.2 billion and NBFI has borrowed Rs.4.98 billion.

As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks were retired a cumulative sum of Rs.140.97 billion, Islamic Banks lent Rs.8.53 billion and lastly the Islamic branches of Conventional Banks lent Rs.21.81 billion.

 

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