. .



THE KASB REVIEW
STOCK MARKET AT A GLANCE

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

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:      
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