SUNRISE CAPITAL (PVT) LTD | 30 November 2016 | LANDING

The stock market opened on a pessimistic note as Investors remains cautious about the hearing of panama leaks case. Today stock participants were in selling mode from start till end ahead of evidences submit by opposition parties hearing in Panama case hearing. Moreover continuous foreign selling, PKR depreciation against USD and falling oil price were the main catalyst for bearish trend. At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a decrease of 188.90 points or 0.44% at 42,622.37 levels. Relatively Dull activity witnessed in the market as turnover settled at 394 million shares as compared to 585 million shares in the last trading session. Shares of 397 companies were traded; at the end of the day 148 stocks closed higher, 235 declined, while 14 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 8.71 billion decreased by 17%.

Volatility prevailed in capital market; major activity witnessed in Commercial Banks, Chemical and Inv Banks/ Inv Cos. / Sec Cos. sector. In Banking sector BOP   remain in the red throughout the session and depreciated their value by 0.05%, while MCB, FABL surge their value by 1.02%, 1.56%. In Chemical Sector, EPCL, ICI, drop their value by 0.26%, 1.17%, while SITC up by 1.80%. Moreover in Inv Bank/ Inv Cos. / sector, IGIBL, IFSL, PASL appreciated their value by 0.72%, 5.00%, 0.96%.

Active list was topped by BOP with 37 million shares as it closed at PKR 19.51 with a negative change of PKR 0.01.PACE was the second highest on the volume chart with 24 million shares closed at PKR 13.16 with a positive change of PKR 0.38. It was followed by ASL with 22 million shares closed at PKR 14.93 with a positive change of PKR 0.10, EPCL with 19 million shares closed at PKR 15.64 with a negative change of PKR 0.04.

Today major trading activities were recorded in Commercial Banks Sector as it was traded above 63 million shares followed by Chemical sector which recorded the volume of 31 million shares whereas Inv Bank/Inv Cos. /Sec. Cos sparked at 3rd place by trading above 31 million shares.

Highest increase was recorded in the shares of Philip Morris Pak, which rose by PKR 82.44 to PKR 2193.55 per share; followed by  Pak Tobacco, that improved by PKR 43.42 to PKR 1080.92 per share. Major decline was witnessed in the shares of Wyeth Pak Ltd, which fell by PKR 88.63 to PKR 4243.00 per share; followed by Island Textile, dropped by PKR 61.47 to PKR 1168.15 per share.

Factors for Today:

·        Oil prices fall as Russia says will not attend Opec meeting

·        Sale of 40 percent stake: PSX set to open bids on December 5

·        Ogra proposes up to 9.4pc increase in POL prices for December

·        K-Electric tariff goes up on fuel cost variation

·        PTCL announces Voluntary Separation Scheme

Factors to watch:

·        International Oil prices.

·        PKR vs US$ movement.

·        Panama Leak Case