Karachi Stock Exchange Weekly Analysis 10 November, 2012

The Karachi Stock Exchange (KSE) market continued with its positive momentum and the KSE – 100 index has closed the week at an all time high level. KSE – 100 index closed at 16,243.27 points by gaining 141.72 points or 0.9 percent. The benchmark has already gained 43% on year to date basis and likely to move further upwards in the upcoming days.

Average daily volumes declining to 146 million shares, down 3%WoW. However, foreign interest remained mixed, with net buying worth US$ 14.9 million during the week.

Following news have played vital role in Karachi Stock Market index movement:

  • FPI’s remained positive despite fears of Rupee weakening ahead of repayments to IMF (~US$ 600 million)
  • 6.8 million bales of cotton crop reached ginning factories across Pakistan by Nov 1st showing a 2.2% increase from last year
  • Implementation of a preferential trade package for import of 75 items from Pakistan was been delayed due to nonissuance of a waiver‐notification by the World Trade Organization (WTO)
  • FFC Energy (100% owned subsidiary of Fauji Fertilizer Co), announced completion of its 50MW wind power project in Thatta, Sindh on 7th Nov 2012
  • EFoods was a star performer (up 9.7% WoW) of the week, on rumors of strategic sale by the parent to raise cash
  • For telecoms, verdict of International Clearing House is likely to be announced on 14th Nov which could cast a make or break spell
  • Cement sales figures released for October showed decline of 5.9%YoY to 2.8mn tons led by weak exports
  • Government plans regarding gas allocation to fertilizer plants
  • Atlas Honda plans to expand production capacity to 1m units, which is estimated to cost around an additional US$ 50 million 
  • Government of Pakistan likely to shelve 0.3 million tons of urea import plan for Rabi season
  • KESC has planned to invest PKR 40 billion to enhance capacity
  • The FIM has stepped up its efforts to lobby with other ministries to reduce the age limit for import of used cars from five‐year to three years in a bid to provide protection to local manufacturers

Thal limited, Engro Foods Limited, JS Growth Fund, IGI Insurance, JS Bank, Soneri Bank, JSCL, Bank al Falah, Attock Cement, and Dawood Hercules were the major gainers while National Foods, Murree Brewery, Pace (Pak) Ltd, Pak Cables, Bata (Pak) Ltd., Cherat cement, Rafhan Maize Prod., EFU General Insurance, UNILEVER Pakistan and Fauji Cement were major losers in the benchmark KSE-100 this week.

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NOTE: The information posted in this blog (forum) is based on current affairs & investors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram

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