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Stock market at a glance

MARKET REVIEW

Index started on a bearish note as political noise kept the index in check, however market sentiments started to change towards the latter half of the week. Index closed the week at 49,623pts, marginally up by 1.3% WoW. FIPI registered net outflow of US$32mn.

Average volume traded decreased by 6.4% WoW while average value traded decreased by 1.0% WoW.

Bearish momentum from last week continued in the first two trading sessions as a result of selling pressure amid political noise. However, the joint press conference by SECP and PSX aimed at pacifying investors’ concerns over crackdown on brokers helped instill confidence. The news of six blue-chip companies being included in FTSE global equity index further helped improve market sentiments even further.

During the week Bestway cement shared its plan to set up 6,000 tons of clinker tons per day brownfield cement plant at its Farooqia site in KPK Province. SNGPL announced that it will lay second RLNG pipeline from Karachi to Lahore at a cost of PRs110.51bn.

On the macro front, services trade deficit widened by 30% during 7MCY17 largely contributed by pending CSF inflows. CPI for the month of Feb 2017 rose by 4.22%. Pakistan’s non-textile exports fell 6%YoY to US$4.46bn during the 7MFY17.

OUTLOOK

Moving forward, we expect any verdict announced by the Supreme Court on Panamagate scandal will help shape investor sentiment and decide the direction of market. As military operation continues, any disruption on the law and order front can also put a dent on the index. Our top picks are PPL, OGDC, BAHL, HBL, EFERT, PSO, PIOC, MUGHAL and DGKC.

NEWS THIS WEEK

ECONOMIC INDICATORS & DATA POINTS

SBP impose 100% cash margin (Dawn): SBP has imposed 100% cash margin on the import of a number of consumer items to bridge an alarmingly high trade deficit.

Pakistan’s non textile exports fell 6%YoY (Dawn): Pakistan’s non-textile exports fell 6%YoY to US$4.46bn during the 7MFY17.

Services trade deficit widens by 30% during 7MCy17 (Recorder): Country’s services trade deficit rose sharply by 30% during the 7MCY17. The pending CSF inflows have largely contributed to the higher services trade deficit.

SECTOR AND CORPORATE HIGHLIGHTS

Price of petroleum products increased (Recorder): The government has decided to increase the prices of petroleum products. Petrol prices have been increased by PRs1.71/liter, HSD by PRs1.52/liter, Kerosene by PRs0.75/liter and light diesel by PRs0.66/liter.

Nepra approves PRs3.23/unit refund for Jan (Recorder): Nepra has approved refund of PRs3.23 per unit to consumers of Distribution companies for January 2017.

Nishat Group to introduce electric, hybrid cars (Dawn): Nishat Group is planning to introduce electric and hybrid passenger cars. Nishat Group’s chairman Mian Mansha said that he is investing US$120Mn in the project that will be set up in an industrial zone near Faisalabad.

STOCK MARKET SYNOPSIS
LAST WEEK
THIS WEEK
% CHANGE
Mkt. Cap (US$bn)
92.6
93.6
1.1%
Avg. Dly T/O (mn. shares)
321.8
301.0
-6.4%
Avg. Dly T/O (US$ mn.)
138.1
136.8
-1.0%
No. of Trading Sessions
5.0
5.0
KSE 100 Index
49,008.0
49,623.8
1.3%
KSE ALL Share Index
33,166.3
33,529.9
1.1%

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