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PSX Closing Bell: In the Light…

December 2, 2020 (MLN): The domestic equities sustained positive momentum on Wednesday and extended its gains by further adding 362 points to the benchmark KSE-100 index and closed the session on 42,027 points marks.

The index remained positive throughout the session today, touching an intraday high of 42,072 points as cabinet approved USD150 million for Covid-19 vaccine and expects the first phase to start in early 2021 which geared up investors' sentiments, market closing report by Ismail Iqbal Securities highlighted.

In addition to this, investors also cherished the slowdown in November’s CPI inflation to 8.35%YoY and 0.82% MoM, compared to 8.91% YoY and 1.7% MoM in the previous month.

Of the 95 traded companies in the KSE100 Index 66 closed up 26 closed down, while 3 remained unchanged. Total volume traded for the index was 280.96 million shares.

Sectors propping up the index were Automobile Assembler with 75 points, Commercial Banks with 57 points, Technology & Communication with 38 points, Cement with 34 points and Power Generation & Distribution with 31 points.

The most points added to the index was by BAHL which contributed 42 points followed by TRG with 41 points, MTL with 40 points, HUBC with 24 points and LUCK with 23 points.

Sector wise, the index was let down by Paper & Board with 5 points, Vanaspati & Allied Industries with 3 points, Insurance with 1 points, Oil & Gas Exploration Companies with 1 points and Leather & Tanneries with 1 points.

The most points taken off the index was by PPL which stripped the index of 13 points followed by PKGS with 5 points, HBL with 4 points, EFUG with 3 points and KTML with 3 points.

All Share Volume decreased by 12.76 Million to 476.87 Million Shares. Market Cap increased by Rs.53.17 Billion.

Total companies traded were 403 compared to 393 from the previous session. Of the scrips traded 242 closed up, 125 closed down while 36 remained unchanged.

Total trades increased by 10,510 to 160,645.

Value Traded increased by 0.92 Billion to Rs.20.41 Billion


Top Ten by Volume

Unity Foods39,756,000
TRG Pakistan38,584,000
Pakistan Refinery34,602,000
Maple Leaf Cement Factory31,559,029
Hum Network25,599,500
Hascol Petroleum24,702,639
Pakistan International Bulk Terminal18,689,000
Aisha Steel Mills13,214,000
Fauji Fert.Bin(R)11,290,000
Fauji Fertilizer Bin Qasim11,060,500



Top Sector by Volume

Technology & Communication85,360,800
Vanaspati & Allied Industries39,791,300
Oil & Gas Marketing Companies36,508,122
Commercial Banks20,382,234



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VIVO decides to establish smart phone manufacturing facility in...

December 2, 2020 (MLN): Chinese Smart Phone Manufacturer, VIVO, has decided to establish a smart phone manufacturing facility in Pakistan, for which the land has been purchased.

 This was informed by Minister of Industries and Production Hammad Azhar, via his official Twitter account on Wednesday.

“Deployment of DIRBS eliminated smuggled phones. It was followed up by Mobile Manufacturing Policy,” he said, adding that revenues are already doubled, and now local manufacturing is taking off.

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ECC approves removal of Regulatory Duty on Cotton Yarn:...

December 2, 2020 (MLN): Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Wednesday informed that the Economic Coordination Committee (ECC) of the cabinet, approved removal of Regulatory Duty on Cotton Yarn.

In a statement on his official twitter account, the Adviser said this will facilitate the exporters of Apparel sector.

He further stated that this is in line with our policy of getting more value-added products.

The ECC decision will now go to the cabinet for ratification, after which it will be notified, he added.

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PKR loses 65 paisa against greenback

December 02, 2020 (MLN): Pakistani rupee (PKR) depreciated by 65 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.46 per USD, against yesterday's closing of PKR 159.82 per USD.

‘There was some pent-up demand from the earlier week when the New York market was closed on Thursday and Friday in observance of Thanksgiving. That was exacerbated by upcoming long weekend in the UAE due to national holidays’, said Zafar Paracha, ex-secretary general Exchange Companies Association of Pakistan.

He added that fundamentals were positive but there was resistance around Rs158 level.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 68 paisa per USD showing an intraday high bid of 160.50 and an intraday Low offer of 159.92.

Within the Open Market, PKR was traded at 160.00/160.80 per USD.

Meanwhile, the currency lost 35 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.54 per GBP, while the previous session closed at PKR 214.19 per GBP.

Similarly, PKR's value weakened by 1.9 rupees against EUR which closed at PKR 193.4 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.70/6.85 percent, whereas the 1 week rate was 6.90/7.00 percent.

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Pakistan Ranks 83rd among 128 countries in the world...

December 2, 2020 (MLN): Pakistan has been ranked 83rd among 128 countries surveyed in the world on complaint mechanism, a World Justice Project (WJP) Survey conducted by Gallup Pakistan stated on Wednesday.

As per the report, the survey results are based on sub-Factor 3.4 of the WJP Open Government Index which measures whether people are able to bring specific complaints to the government about the provision of public services or the performance of government officers in carrying out their legal duties in practice, and how government officials respond to such complaints.

With regards to Pakistan vs. Neighboring/ South Asian Countries, India ranks much higher on this index than Pakistan at 25, while rest rank much lower with China at 101, Bangladesh at 96 and Iran at 125. 

Whereas, on the index of Pakistan vs. Developed countries, Denmark ranks 4th, followed by UK at 16 and USA at 14.

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