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THE KASB REVIEW
STOCK MARKET AT A GLANCE

  1. FINEX WEEK
  2. STOCK WATCH
  3. STOCK MARKET AT A GLANCE

Updated on Jun 19, 2000

The KSE Overview: Market Resumes Upward Trend

The KSE index level closed at 1399.30 last week, but values available at dipped levels of blue chip stocks provided ample opportunity for active short covering to investors, which is why we witnessed the index level strongly consolidating at high 1400 levels in the current session. The four-day trading period called off operations at a considerably recovered level of 1492.34, recording an increase of 6.65 per cent w.o.w.

The market resisted fresh decline and neutralized from its previous week's highly oversold position. Amidst light trading, it resumed its upward trend, attracting investors to continue modest bargain hunting throughout the week. Key concerns of the punters were related to the risk management measures that may be adopted by the SECP, which could prevent them from covering their short exposure. Rumours were afloat concerning the enforcement of T+3 mode that the KSE might impose in the near term. This led to a certain panic buying by punters to cover their short positions. As a consequence, we saw the index level strengthening to test the psychological barrier of 1500. PTCL and PSO shares were the most sought after scrips, and bargain hunters significantly raised their stakes in these two issues.

Last week's concerns relating to the possibility of a freeze in the Dewan-Dhan deal also did not materialize, as a result of which the PSF sector regained investors' confidence as evident by higher closing levels of all the scrips in the industry compared to their levels of the previous week.

Volumes, after touching a record 12-month low on 47 mn in the previous session, recovered albeit mildly, and were recorded at 139 million on the closing day.

Genuine investors are still lying dormant and are awaiting the budget announcement before entering the active arena again. Investor sentiment greatly depends on the nature of incentives introduced in the forthcoming financial plan.

A study strongly indicates that the index has bottomed out at the closing level of the previous week's session, that is, at 1399.30. A descending channel correction seems to have materialized. If a breakout from above from the ceiling of this channel occurs, along with three consecutive closings above it, it can be safely interpreted as positive. Further confirmation of the positive trend will be affirmed when the index manages to breach the 1550 level.

 

MARKET ROUNDUP

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LAST WEEK

THIS WEEK

% CHANGE

Mkt. Cap (US $ bn) 7.08 7.49 5.79
KSE 100 Index 1399.30 1492.34 6.65
Total Turnover (mn shares) 572.04 500.73 -12.47
Value Traded (US$mn.) 408.54 414.03 1.34
No. of Trading Sessions 5 4  
Avg. Dly T/O (mn. shares) 114.41 125.18 9.42
Avg. Dly T/O (US$ mn) 81.71 103.51 26.68
MSCI Pakistan Index:      
Pak Rs. 96.79 101.23 4.59
US $ 47.93 50.12 4.57

Source: KSE, MSCI, KASB


 

ACTIVE ISSUE

COMPANY

CL. PRICE

% CHG.

TURNOVER

Pakistan Telecommunication 26.65 9.45 175,286,000
Pakistan Sate Oil 158.00 9.00 83,507,300
Hub Power Company 15.40 1.99 58,293,500
ICI Pakistan Limited 13.15 6.91 37,533,500
Sui Northern Gas 13.40 15.02 24,076,500

 


 

LEADERS

COMPANY

UP

CL. PRICE

TURNOVER

%CHG.

Pakistan Insurance Corp. 80.00 375.00 80 27.12
Millat Tractors 19.00 99.00 59,500 23.75
Lever Brothers Pakistan 15.00 964.00 44,340 1.58
Al Ghazi Tractors 14.00 78.00 12,000 21.88
Pak Oil Field 13.20 115.20 5,200 12.94

 


 

LAGGARDS
COMPANY DOWN Cl PRICE TURNOVER %CHG
EFU General Insurance 7.10 27.90 1,100 -20.29
Attock Refinery 7.00 48.00 100 -12.73
Shell Gas LPG 5.00 140.00 1,700 -3.45
Artistic Denim 4.00 12.00 2,500 -25.00
Sitara Chemicals 4.00 41.00 2,000 -8.89

 


 

ASIA PACIFIC & AUSTRALIA
EXCHANGE INDEX lEVEL CHANGE EXCHANGE
Bombay BSE 4764.67 +111.45 +2.40%
Hong Kong Hang Seng 16434.38 +354.04 +2.20%
Jakarta Composite 484.02 +8.09 +1.70%
Kuala Lumpur Composite 836.19 -25.93 -3.01%
Seoul Composite 759.04 -11.91 -1.54%
Singapore Straits Times 2012.2 -23.47 -1.15%
Sydney S&P/ASX200 3140.8 +7.70 +0.25%
Tokyo Nikkei 225 16318.31 -20.39 -0.12%

 


 

EUROPE
EXCHANGE IINDEX LEVEL CHANGE EXCHANGE
Amsterdam AEX 682.45 -3.06 -0.45%
Frankfurt DAX 7131.4 -197.22 -2.69%
Istanbul XU-100 14351.4 -614.62 -4.11%
London FTSE 6526 +35.20 +0.54%
Madrid General 988.34 -12.40 -1.24%
Milan MIB Tel 31787 0.00 0.00%
Paris CAC 6456.26 -56.72 -0.87%
Zurich SSMI 7845.6 +17.70 +0.23%

 


 

UNITED STATES OF AMERICA
EXCHANGE INDEX LEVEL CHANGE
Dow Jones Industrial 10449.30 -265.52
NASDAQ Composite 3860.56 14.82