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Showing posts with label Stock Exchange. Show all posts
Showing posts with label Stock Exchange. Show all posts
Monday, 6 June 2011
Gold and Silver Rates in Pakistan: 7th June 2011
KSE declines by 25 points
KARACHI: Prices of local stocks ended lower on Monday, on sentiment dampened by an announcement made on Friday in the national budget for the fiscal year 2011/12 (July-June) that capital gains tax (CGT) would still apply to individual investors.
Dealers said the losses were capped by investor interest in some sectors benefiting from the budget.
The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 25.01 points, lower at 12,211.65.
Turnover rose to 95.85 million shares from 65.31 million on Friday.
"The market was expecting the removal of the CGT, which did not happen, so that had a negative impact today," said Sajid Bhanji, director at brokers Arif Habib Ltd.
"But the government reduced the excise duty on cement, which had a positive impact, and also it did not increase the rate of corporate tax on bank, as was expected, which is also positive for the market," he said.
Cement manufacturers were amongst the most active companies on Monday, with DG Khan Cement ending 1.22 percent higher at 24.97 rupees.
Dealers said they expected the market to remain steady in the near-term, before regaining positive momentum. (Reuters)
Dealers said the losses were capped by investor interest in some sectors benefiting from the budget.
The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 25.01 points, lower at 12,211.65.
Turnover rose to 95.85 million shares from 65.31 million on Friday.
"The market was expecting the removal of the CGT, which did not happen, so that had a negative impact today," said Sajid Bhanji, director at brokers Arif Habib Ltd.
"But the government reduced the excise duty on cement, which had a positive impact, and also it did not increase the rate of corporate tax on bank, as was expected, which is also positive for the market," he said.
Cement manufacturers were amongst the most active companies on Monday, with DG Khan Cement ending 1.22 percent higher at 24.97 rupees.
Dealers said they expected the market to remain steady in the near-term, before regaining positive momentum. (Reuters)
Wednesday, 18 May 2011
Pakistani stocks end up; rupee weakens; o/n rates down
The Karachi Stock Exchange's benchmark 100-share index ended 0.24 per cent, or 28.12 points, higher at 11,930.24 on turnover of 63.35 million shares. - File Photo
The monetary policy is due to be announced on Saturday while the budget for 2011/12 fiscal year is due to be announced on May 28.
The Karachi Stock Exchange’s benchmark 100-share index ended 0.24 per cent, or 28.12 points, higher at 11,930.24 on turnover of 63.35 million shares.
“Activity remained thin on uncertainty over the SBP (State Bank of Pakistan) policy announcement on May 21 and federal budget implications on the corporate sector,” said Ahsan Mehanti, director at Arif Habib Investments.
In the currency market, the rupee ended weaker at 85.47/52 to the dollar compared with Monday’s close of 85.37/42 because of import payments, but dealers said incoming remittances should support the rupee and it should remain around these levels.
Remittances from overseas Pakistanis increased by 23.81 per cent to more than $9 billion in the first 10 months of the 2010/11 fiscal year, with $1.03 billion received in April, according to the State Bank of Pakistan.
In the money market, overnight rates fell to between 12.75 per cent and 13 per cent, compared with Monday’s close of 13.90 per cent after the SBP conducted a three-day reverse repo and bought government paper worth 22.65 billion rupees ($265 million).
Dealers said they were awaiting the treasury bill auction scheduled for Wednesday in which they expect cut-off yields to rise marginally.
Monday, 16 May 2011
KSE dips as souring Pak-US ties worry investors
KARACHI: The Karachi stock market went down by half a percent on Monday because of concerns about Pakistan’s relations with the United States and fears of new taxes in the next budget, traders said.
The benchmark Karachi Stock Exchange (KSE)-100 Index was down 58.16 points, or 0.49 percent, to 11,909.19 points following reports that the US government was pressurising Islamabad to do more to curb militancy, they said.
“Statements coming from the US officials regarding possible cut in trade ties are threatening,” said Khurram Schehzad, head of research at Investcap. “Bad things have surrounded us from all sides. The US government does not seem to care about Pakistan’s sacrifices.”
Volumes at the market plunged to just 44.8 million shares, indicating that individuals and institutions are wary of taking risk. The dismal trading has pushed many analysts to believe that relief can come only in the shape of tax cuts.
The KSE-30 Index of blue chip companies slipped 47.87 points to 11,567.16 points. Shares of 355 companies were traded out of which 119 advanced, 206 declined, while 30 remained unchanged.
Schehzad said that worsening perception of Pakistan has hit the foreign investment in stocks as well. “In the first quarter, the market saw net investment of $52 million whereas there was flight of $7 million in April alone.”
With budget preparation coming to its end, investors are worried about new taxes that the cash-strapped government might impose on corporate earnings, analysts said. Hamad Aslam, head of equities at BMA Capital, said that investors do not want to take bets in the current circumstances. “Trading in shares will remain lean until the budget comes out.”
Investors with cash see risk in stocks and prefer to invest in money market funds, he said. “Some companies like Fauji Fertilizer offer very good returns. But the macro-level issues undermine the micro delights.”
Qasim Ali Shah, head of equities at Global Securities, said that trading activity would increase if the government accepted KSE’s budget proposals regarding tax exemption for small investors.
“According to some reports, the Federal Board of Revenue (FBR) has accepted some of these proposals. Now we have to wait and see what sort of agreement is reached.” Some companies including the oil and gas ones are trading at attractive levels and offer good returns, he said.
Trading was marked by selling in Lotte Pakistan PTA. It was the second highest traded share with a volume of 5.7 million. It closed down 2.3 percent as PTA margins fell followed by a decline in price of cotton, analyst said.
With trade of 6.7 million shares, Jehangir Siddiqui was again the volume leader. It gained 0.8 percent to end the day at Rs7.19. Azgard Nine saw trade in 5.3 million shares. It was slightly down at Rs5.77.
LSE eases
By our correspondent
LAHORE: The Lahore Stock Exchange benchmark LSE-25 Index eased out of 3,200-level to close at 3,161 points, amid low trading volumes, dealers said on Monday.
Out of 114 active shares, only eight companies advanced, 43 declined and 63 companies remained unchanged. The trading volumes stood at 1.7 million shares. Lotte Pakistan PTA was the volume leader, recording a turnover of 31,639 shares.
Baring JGPL that added nominal value of Rs0.10 all the top 10 volume leaders were among the losers. Flying Cement Company was the top gainer with an increase of Re1 to close at Rs2.34. Oil and Gas Development Company was one of the two blue-chips featuring among the top eight gainers, adding 90 paisas to close at Rs148.54. Engro Chemicals Corporation was the top loser with a decline of Rs3.47 to close at Rs194.03.
The benchmark Karachi Stock Exchange (KSE)-100 Index was down 58.16 points, or 0.49 percent, to 11,909.19 points following reports that the US government was pressurising Islamabad to do more to curb militancy, they said.
“Statements coming from the US officials regarding possible cut in trade ties are threatening,” said Khurram Schehzad, head of research at Investcap. “Bad things have surrounded us from all sides. The US government does not seem to care about Pakistan’s sacrifices.”
Volumes at the market plunged to just 44.8 million shares, indicating that individuals and institutions are wary of taking risk. The dismal trading has pushed many analysts to believe that relief can come only in the shape of tax cuts.
The KSE-30 Index of blue chip companies slipped 47.87 points to 11,567.16 points. Shares of 355 companies were traded out of which 119 advanced, 206 declined, while 30 remained unchanged.
Schehzad said that worsening perception of Pakistan has hit the foreign investment in stocks as well. “In the first quarter, the market saw net investment of $52 million whereas there was flight of $7 million in April alone.”
With budget preparation coming to its end, investors are worried about new taxes that the cash-strapped government might impose on corporate earnings, analysts said. Hamad Aslam, head of equities at BMA Capital, said that investors do not want to take bets in the current circumstances. “Trading in shares will remain lean until the budget comes out.”
Investors with cash see risk in stocks and prefer to invest in money market funds, he said. “Some companies like Fauji Fertilizer offer very good returns. But the macro-level issues undermine the micro delights.”
Qasim Ali Shah, head of equities at Global Securities, said that trading activity would increase if the government accepted KSE’s budget proposals regarding tax exemption for small investors.
“According to some reports, the Federal Board of Revenue (FBR) has accepted some of these proposals. Now we have to wait and see what sort of agreement is reached.” Some companies including the oil and gas ones are trading at attractive levels and offer good returns, he said.
Trading was marked by selling in Lotte Pakistan PTA. It was the second highest traded share with a volume of 5.7 million. It closed down 2.3 percent as PTA margins fell followed by a decline in price of cotton, analyst said.
With trade of 6.7 million shares, Jehangir Siddiqui was again the volume leader. It gained 0.8 percent to end the day at Rs7.19. Azgard Nine saw trade in 5.3 million shares. It was slightly down at Rs5.77.
LSE eases
By our correspondent
LAHORE: The Lahore Stock Exchange benchmark LSE-25 Index eased out of 3,200-level to close at 3,161 points, amid low trading volumes, dealers said on Monday.
Out of 114 active shares, only eight companies advanced, 43 declined and 63 companies remained unchanged. The trading volumes stood at 1.7 million shares. Lotte Pakistan PTA was the volume leader, recording a turnover of 31,639 shares.
Baring JGPL that added nominal value of Rs0.10 all the top 10 volume leaders were among the losers. Flying Cement Company was the top gainer with an increase of Re1 to close at Rs2.34. Oil and Gas Development Company was one of the two blue-chips featuring among the top eight gainers, adding 90 paisas to close at Rs148.54. Engro Chemicals Corporation was the top loser with a decline of Rs3.47 to close at Rs194.03.
Oil prices rebound in Asia
SINGAPORE: Oil prices rebounded in Asian trade Thursday after plunging overnight on signs of faltering demand in the United States and China, the world's top oil-consuming nations, analysts said.
New York's main contract, light sweet crude for delivery in June, rose 88 cents to $99.09 a barrel in morning trade, while Brent North Sea crude for June delivery gained 93 cents to $113.50.
"We're looking at a rebound after the huge sell-off," said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.
Prices dived Wednesday amid signs of slowing demand in the US, with the rise in the dollar contributing to the dip as it made dollar-priced crude more expensive.
New York's crude futures benchmark -- the West Texas Intermediate (WTI) -- tumbled 5.5 percent, or $5.67, to settle at $98.21 a barrel on Wednesday, and Brent declined $5.06 to close at $112.57 a barrel.
The WTI came under pressure after the US Department of Energy's latest weekly report on energy reserves, showing another increase in crude stockpiles and an unexpected rise in gasoline reserves in the world's largest oil-consuming nation.
The increase in reserves is a sign of softer demand.
Crude oil stockpiles rose by 3.8 million barrels to 370.3 million in the week ending May 6, the DoE said. The reserves had increased by almost 10 million barrels over the previous two weeks.
Gasoline reserves rose by 1.3 million barrels to 205.8 million, although experts had predicted a decline.
"The unexpected build to gasoline stocks has really hurt the market with signs of demand slowing over the last week," said an analyst at Summit Energy.
Data showing China's inflation rate still well above the government's target also sparked fresh concerns that Beijing will invoke further cooling measures.
This could slow down growth in the world's second-largest economy and affect demand for oil, analysts said.
The OPEC cartel on Wednesday announced its forecast for world oil demand growth was unchanged this year, saying rising consumption in China would make up for the uncertain outlook in the United States and in earthquake-hit Japan.
Prices had risen early this week due to worries that record flooding along the Mississippi River in the United States could affect oil refineries. (AFP)
New York's main contract, light sweet crude for delivery in June, rose 88 cents to $99.09 a barrel in morning trade, while Brent North Sea crude for June delivery gained 93 cents to $113.50.
"We're looking at a rebound after the huge sell-off," said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.
Prices dived Wednesday amid signs of slowing demand in the US, with the rise in the dollar contributing to the dip as it made dollar-priced crude more expensive.
New York's crude futures benchmark -- the West Texas Intermediate (WTI) -- tumbled 5.5 percent, or $5.67, to settle at $98.21 a barrel on Wednesday, and Brent declined $5.06 to close at $112.57 a barrel.
The WTI came under pressure after the US Department of Energy's latest weekly report on energy reserves, showing another increase in crude stockpiles and an unexpected rise in gasoline reserves in the world's largest oil-consuming nation.
The increase in reserves is a sign of softer demand.
Crude oil stockpiles rose by 3.8 million barrels to 370.3 million in the week ending May 6, the DoE said. The reserves had increased by almost 10 million barrels over the previous two weeks.
Gasoline reserves rose by 1.3 million barrels to 205.8 million, although experts had predicted a decline.
"The unexpected build to gasoline stocks has really hurt the market with signs of demand slowing over the last week," said an analyst at Summit Energy.
Data showing China's inflation rate still well above the government's target also sparked fresh concerns that Beijing will invoke further cooling measures.
This could slow down growth in the world's second-largest economy and affect demand for oil, analysts said.
The OPEC cartel on Wednesday announced its forecast for world oil demand growth was unchanged this year, saying rising consumption in China would make up for the uncertain outlook in the United States and in earthquake-hit Japan.
Prices had risen early this week due to worries that record flooding along the Mississippi River in the United States could affect oil refineries. (AFP)
KSE remained range-bound this week
KARACHI: Karachi Stock Exchange (KSE) in the week ended on Friday witnessed range-bound activity but managed to close 87 points up at 11,967, Geo News reported.
The stock market started this week with positive numbers and at one stage touched the height of 12,100 points level. But the gains were eroded due to the uncertainties regarding the upcoming federal budget and in the wake of Pak-US relations becoming further strained.
The average trade volume stood at 52 million shares with Jehangir Siddiqui topping the list of volume leaders.
The younger KSE-30 Index gained 82 points this week to finish at 11,615.
The stock market started this week with positive numbers and at one stage touched the height of 12,100 points level. But the gains were eroded due to the uncertainties regarding the upcoming federal budget and in the wake of Pak-US relations becoming further strained.
The average trade volume stood at 52 million shares with Jehangir Siddiqui topping the list of volume leaders.
The younger KSE-30 Index gained 82 points this week to finish at 11,615.
Sunday, 15 May 2011
Stock market indicators to remain positive in FY12
- OUR STAFF REPORTER
However, in the short to medium term, the market is expected to be highly sensitive to the geo-political developments emerging in post-Osama scenario, future of the US-Pakistan strategic relationships and continuation of financial assistance from the US. In addition to these factors, the law and order situation and future of the IMF-supported Stand-By Arrangement Programme will set the market direction in months to come.
In a report issued by JS Global, it was stated that the upcoming budget might be a non-event for the oil and telecom sectors. On the other hand, increase in corporate tax rate for banks and insurance and potential removal of gas subsidy for fertilizers would bode negative for all three sectors in the coming financial year.
According to the report, the government is unlikely to withdraw the Capital Gain Tax on stocks trading, especially when the key focus is to bring in new sectors under the umbrella to broaden the tax base.
Pakistan market is trading at the cheapest PE multiples in comparison to its regional peers. The KSE-100 index is trading at a 2012F PE of 6.6x, and offers a steep discount of 48 per cent to the regional peers. Also, in comparison to the regional frontier markets the KSE is at a 44 per cent discount, the report said.
Saturday, 14 May 2011
The Karachi Stock Exchange (KSE)
Latest Business and Finance News
 KARACHI: Thin activity was witnessed at the Karachi bourse on Friday with all eyes focused on the bomb blasts in Charsadda. The Karachi Stock Exchange (KSE) benchmark 100-share index crawled up 0.04 per cent or 5.16 points to end at 11,967.34 points.Concerns that terrorist attacks may continue after the Charsadda blast kept investors on the sidelines, said Topline Securities equity dealer Samar Iqbal. A double suicide bombing targeting paramilitary forces killed at least 80 people and injured 100 others in Charsadda on Friday. Trade volumes fell to a more dismal level of 57 million shares compared with Thursday’s tally of 64 million shares. Major activity was witnessed in fertiliser stocks, led by Fauji Fertiliser Company gaining 1.1 per cent over market expectation of an increase in urea price by Rs105 per bag. The fertiliser industry is expected to get an additional 40 million cubic feet per day (mmcfd) of gas, which is expected to reduce gas shortfall for the sector. Engro rose 0.3 per cent while Fauji Fertiliser Bin Qasim remained range-bound. Shares of 334 companies were traded on Friday. At the end of the day, 127 stocks closed higher, 113 declined and 94 remained unchanged. The value of shares traded during the day was Rs1.5 billion. Jahangir Siddiqui and Company was the volume leader with 10.62 million shares, gaining Rs0.26 to finish at Rs7.13. It was followed by Lotte Pakistan PTA with 9.12 million shares, declining Rs0.2 to close at Rs15.36. Lotte Pakistan remained under pressure throughout the day due to declining margins of its products including pure terephthalic acid. Azgard Nine came third in the volumes chart with 6.63 million shares, firming Rs0.06 to close at Rs5.88. Published in The Express Tribune, May 14th, 2011. |
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