THE KASB REVIEW
STOCK MARKET AT A GLANCE
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Updated on Jun 26, 2000
The KSE Overview:
Post budget rally pushes Index past 1500
The post-budget trading session experienced profuse volatility
throughout the week, and after starting out at the level of 1492.35, the KSE 100 Index
closed at 1521.24, registering an increase of 1.94 per cent w.o.w.
Trading began on a positive note spurred by an indication given by the
Finance Minister, Shaukat Aziz to expedite the privatization process of PTCL and PSO,
including the gas utilities SSGC and SNGC before the year-end. This set forth a
substantial buying spell that helped in breaching the psychological barrier of 1500 the
very first day. This level managed to sustain over the week driven by heavy institutional
support in base issues.
Hubco's issuance of a contract termination notice proved to be quite a
setback. With no early resolution in sight, the litigation has taken on an even more
ominous outlook that does not bore well with serious investors, especially foreign funds
for whom Hubco has always been a traditional favorite. This negative development put a cap
to the upside and price faltered from a week-high of Rs. 16.20, and tumbled to as low as
Rs l3.95 on June 19. We believe that with the litigation issue under way, Hubco is likely
to remain range bound with actual developments being discounted in the share price as and
when they happen.
The Index swung either way during a heavily volatile week to establish
direction, which is a typical phenomenon prior to establishment of a new major trend.
Recovering from the lows of 1400, the Index had staged its first
Fabionacci retracement over 23.6%. The wide spread of over 500 points between 50 and 200
DMA in the last days of April had gradually reduced to almost 100 points. Reaction at
convergence would lead to commencement of a new medium term cycle.
A consolidation period is expected in a trading band of 1400 and 1550
with immediate support at 1450 levels. We will reiterate our recommendation for
accumulation of values at weakness.
MARKET ROUNDUP |
| . |
LAST WEEK |
THIS WEEK |
% CHANGE |
| Mkt. Cap (US $
bn) |
7.49 |
7.61 |
1.60 |
| KSE 100 Index |
1492.34 |
1521.24 |
1.94 |
| Total Turnover
(mn shares) |
500.73 |
1041.21 |
107.94 |
| Value Traded (US$
mn.) |
414.03 |
825.48 |
99.38 |
| No. of Trading Sessions |
4 |
5 |
|
| Avg. Dly T/O
(mn. shares) |
125.18 |
208.24 |
66.35 |
| Avg. Dly T/O (US$
mn) |
103.51 |
165.10 |
59.50 |
| MSCI Pakistan Index: |
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|
|
| Pak Rs. |
104.02 |
105.14 |
1.08 |
| US $ |
51.38 |
51.84 |
0.88 |
Source: KSE,
MSCI, KASB
ACTIVE ISSUE |
COMPANY |
CL. PRICE |
% CHG. |
TURNOVER |
| Hub Power Company |
15.60 |
1.30 |
292,430,500 |
| Pakistan Telecommunication |
26.75 |
0.38 |
227,161,000 |
| ICI Pakistan Limited |
15.50 |
17.87 |
175,182,500 |
| Pakistan State Oil |
162.40 |
2.78 |
155,117,600 |
| Sui Northern Gas |
13.95 |
4.10 |
40,166,500 |
LEADERS |
COMPANY |
UP |
CL.
PRICE |
TURNOVER |
%CHG. |
| Lever Brothers Pakistan |
13.95 |
977.95 |
103,900 |
1.45 |
| Sapphire Textile |
10.00 |
85.00 |
1,000 |
13.33 |
| BOC Pak. Ltd. |
8.00 |
101.00 |
7,900 |
8.60 |
| Shell Pak. Ltd. |
8.00 |
257.00 |
99,300 |
3.21 |
| EFU General Insurance |
6.10 |
34.00 |
700 |
21.86 |
| LAGGARDS |
| COMPANY |
DOWN |
Cl
PRICE |
TURNOVER |
%CHG |
| Knoll Pharma X/D, X/B |
133.50 |
71.50 |
129,800 |
-65.12 |
| Parke Davis |
17.50 |
392.50 |
0 |
-4.27 |
| Nagina Cotton Mills |
13.60 |
15.35 |
17,800 |
-46.98 |
| Millat Tractors |
13.50 |
85.50 |
7,000 |
-13.64 |
| Kohinoor Weaving |
9.45 |
39.50 |
15,000 |
-19.31 |
| ASIA PACIFIC & AUSTRALIA |
| EXCHANGE |
INDEX |
lEVEL |
CHANGE |
EXCHANGE |
| Bombay |
BSE |
4721.7 |
-72.46 |
-1.51% |
| Hong Kong |
Hang Seng |
15738.08 |
-214.28 |
-1.34% |
| Jakarta |
Composite |
503.14 |
+1.34 |
+0.27% |
| Kuala Lumpur |
Composite |
812.25 |
-10.34 |
-1.26% |
| Seoul |
Composite |
778.94 |
-3.30 |
-0.42% |
| Singapore |
Straits Times |
2034.31 |
+5.69 |
+0.28% |
| Sydney |
S&P/ASX200 |
3177.1 |
+3.50 |
+0.11% |
| Tokyo |
Nikkei 225 |
16963.21 |
-142.80 |
-0.83% |
| EUROPE |
| EXCHANGE |
IINDEX |
LEVEL |
CHANGE |
EXCHANGE |
| Amsterdam |
AEX |
682.72 |
-1.44 |
-0.21% |
| Frankfurt |
DAX |
6980.41 |
-73.26 |
-1.04% |
| Istanbul |
XU-100 |
14930.88 |
0.00 |
0.00% |
| London |
FTSE |
6391.5 |
-22.30 |
-0.35% |
| Madrid |
General |
972.44 |
+4.38 |
+0.45% |
| Milan |
MlBTel |
31619 |
+290.00 |
0.93% |
| Paris |
CAC |
6545.35 |
+70.47 |
+1.09% |
| Zurich |
SSMI |
7677 |
+12.60 |
+0.16% |
| UNITED STATES OF AMERICA |
| EXCHANGE |
INDEX |
LEVEL |
CHANGE |
| Dow Jones |
Industrial |
10404.75 |
28.63 |
| NASDAQ |
Composite |
3845.34 |
-91.50 |
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