SUNRISE CAPITAL (PVT) LTD | 16 January 2017 | LANDING

Pakistan stock Exchange (PSX) stated a volatile session. Market observed overall a volatile day, as market is currently trading at all time high level so technical correction was seen across the board. Daily case hearing PM's counsel continues arguments as Panamagate case hearing resumes today. Further Small caps led the volumes today while sideboard stepped up to keep downside  limited as most index names ended the day lower on profit taking. Moreover, Hike in Global crude oil prices played pivotal role in attracting investors to the oil sector, While, increase in urea prices were some of the factors played as a catalyst. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a drop of 321.96pts or 0.65% to end at 48,888.54 levels. Relatively Dull activity witnessed in the market as turnover settled at 316 million shares as compared to 514 million shares in the last trading session. Shares of 403 companies were traded; at the end of the day 137 stocks closed higher, 249 declined, while 17 remained unchanged. The value of shares traded during the day was at recorded the level of PKR 15.06 billion decreased by 4%.

Volatility prevailed in capital market; major activity witnessed in Commercial Banks, Oil & Gas Marketing Companies and Fertilizer sector. In Commercial Banks sector, NBP, UBL, HBL depreciated their value by 2.41%, 4.49%, 2.26%. In Oil & Gas Marketing sector, Govt. revises fuel prices for next two weeks, petrol hikes by Rs1.77 per litre. SSGC, SNGP, up by 2.38%, 4.99%, While APL depreciated their value by 0.90%.Moreover, In Fertilizer Sector, Government drawing the curtains on the subsidies provided on fertilizers make the fertilizer sector in positive mode. EFERT, FFBL, ENGRO 1.15%, 1.25%, 0.75%.

Active list was topped by KEL with 22 million shares as it closed at PKR 9.46 with a positive change of PKR 0.21. SSGC was the second highest on the volume chart with 18 million shares closed at PKR 38.64 with a positive change of PKR 0.90. It was followed by EFERT with 16 million shares closed at PKR 70.39 with a positive change of PKR 0.80, SNGP with 12 million shares closed at PKR 91.27 with a positive change of PKR 4.34.

Today major trading activities were recorded in Commercial Banks as it was traded above 35 million shares followed by Oil & Gas Marketing Companies sector which recorded the volume of 32 million shares whereas Fertilizer sparked at 3rd place by trading above 29 million shares.

Highest increase was recorded in the shares of  Mari Petroleum, which rose by PKR 47.69 to PKR 1455.28 per share; followed by Ghandhara Industries, that improved by PKR 46.55 to PKR 977.59 per share. Major decline was witnessed in the shares of Unilever Foods, which fell by PKR 235.00 to PKR 5750.00 per share; followed by Rafhan Maize, dropped by PKR 230.00 to PKR 7810.00 per share.

Factors for Today:

·        Chinese ministry okays SEP-Abraaj deal

·        Sales tax on motor spirit, HSD oil increased

·        New PSM plan may be approved tomorrow

·        SECP issues Share Registrars & Ballotters Regulations

·        Pakistan likely to sign FTA with Turkey, Thailand

Factors to watch:

·        International Oil prices.

·        PKR vs. US$ movement.

·        Result Season.