PakStox Outlook

Today on Wednesday, 9th October 2024, the market opened strongly, continuing its recent momentum. The KSE-100 Index started the day with a gain of 160 points, surged over 700 points intraday, but later succumbed to selling pressure, briefly dipping 220 points into negative territory. Despite the volatility, the index recovered and closed nearly flat at 85,669 In the last five trading sessions, the KSE-100 Index has gained a total of 3,702 points. Year to date, the index has surged by 37%, reflecting solid performance throughout 2024. Today, 'foreign corporates' resumed their massive selling at the Pakistan Stock Exchange (PSX) after a brief hiatus of a few days, with net selling exceeding $10 million. Interestingly, local 'insurance companies' stepped in as major buyers, nearly matching the net sales of foreign corporates. This shift comes as insurance companies, who were recently heavy sellers, now take an opportunistic stance.  Mutual funds, as usual, remained net buy...

On Tuesday, 8th October 2024, the Pakistan Stock Exchange (PSX) maintained its upward momentum. The KSE-100 Index opened slightly down by 5 points but swiftly gained 914 points during the session, with only a brief intraday loss of 12 points. The index ultimately closed with a substantial net gain of 754 points, reaching 85,664. This follows the previous day's impressive gain of 1,378 points. Over the last five trading sessions, the KSE-100 Index has accumulated a total of 3,859 points. Year-to-date, the index has surged by 37%, highlighting robust market performance in 2024. On Tuesday, major contributors to the KSE-100 Index included BAHL (+165 points), HBL (+162 points), EFERT (+144 points), OGDC (+108 points), and BAFL (+87 points). On the downside, HUBC, MARI, LUCK, UBL, and FCCL dragged the index, contributing negative points to the overall performance. Major Gainers Today: PNSC (P.N.S.C) at 428.9, +10.0% SYM (Symmetry Group Ltd) at 10.2, +9.8% CSAP (Crescent Steel) at 100.7,...

Last Friday, we mentioned that foreign selling appeared to be over, and today’s substantial net buying by 'foreign corporates' confirms this shift. Foreign corporates made net purchases of $3.5 million today. Between September 1st and October 4th, they offloaded a massive net amount of $72.7 million in PSX-listed securities. To put this into perspective, from the start of the year until August 31st, foreign corporates had made net purchases of $100 million in Pakistan's listed equities. However, due to the heavy selling in September, their net purchases now stand at just 30% of their total purchases for the year. Over the last 30 trading sessions, foreign corporates cumulative net selling stands at USD 66.87 million. Mutual funds continued their massive buying with net purchases of USD 9.05 million today. This trend is driven by investors shifting from money market funds to equities in response to a declining interest rate environment. In the last 30 trading sessions, mutua...

On Monday, 7th October 2024, the Pakistan Stock Exchange (PSX) witnessed a massive surge. The KSE-100 Index opened with a 120-point gain, soared by 1,516 points intraday, and briefly lost 228 points before closing strongly at 84,910 points, marking a remarkable net gain of 1,378 points. This follows the previous day's gain of 810 points. Over the last five trading sessions, the KSE-100 Index has accumulated a total of 3,796 points. Year-to-date, the index has gained an impressive 36%, reflecting sustained positive momentum in the market. Major Gainers Today: Hum Network (HUMNL) surged 10.0% to close at PKR 11.0. Pakistan National Shipping Corporation (PNSC) also increased by 10.0%, closing at PKR 389.9. Oil & Gas Development Company (OGDC) gained 7.7%, closing at PKR 166.9. Sui Northern Gas Pipelines (SNGP) saw a rise of 7.2%, closing at PKR 71.6. Pakistan Petroleum Limited (PPL) gained 6.8%, closing at PKR 126.7. Major Gainers in the Last 5 Trading Sessions: Nishat (Chun....

"Given the present-day significance and importance of ESG concerns, it is now imperative and imminent to adhere to and report on ESG linked data crucial for sustainability assessment of the businesses and informed investment decision making. In this context, PSX had signed a collaborative understanding with (London Stock Exchange Group’s) Refinitiv on ESG. Under this mutual agreement, Refinitiv’s ESG Contribution Tool is available to the listed companies for their ESG data reporting. This Contribution Tool will not only enable presenting a standardized ESG scoring by Refinitiv for contributing PSX listed companies but will also enhance the visibility of Pakistan’s companies on the international ESG radar. Following that, PSX and Refinitiv, a London Stock Exchange Group (LSEG) company, jointly launched an ESG Contribution Tool on 18th April 2024 in an online session to the listed companies in Pakistan. " - Excerpt from PSX Annual Report See this primer on Environment, Social a...

On Friday, 4th October 2024, the Pakistan Stock Exchange (PSX) experienced another day of positive momentum. The KSE-100 Index opened up by 83 points, briefly lost 127 points, but then surged ahead, gaining 884 points and closing with a strong net gain of 810 points at 83,532. This follows the previous day's gain of 755 points. Over the past five trading sessions, the KSE-100 Index has accumulated a total of 2,240 points. Year to date, the index has surged by 34%, reflecting strong market performance in 2024. Despite a brief pause in foreign fund selling yesterday, today 'foreign corporates' were net sellers of over $7 million. Mutual funds were the primary buyers, limiting gains to heavyweight index stocks. Major Gainers Today: AIRLINK (Air Link Communication): PKR 143.0 ▲ 6.4% PPL (Pak Petroleum): PKR 118.6 ▲ 6.4% PSO (Pakistan State Oil): PKR 176.6 ▲ 4.9% NRSL (Nimir Resins): PKR 22.1 ▲ 4.8% SAIF (Saif Textile): PKR 11.3 ▲ 4.1% Major Gainers in the Last 5 Trading Session...

PPL | Pakistan Petroleum. The Chairman laments in the annual report that ..."lower offtakes from Sui Northern Gas Pipelines Limited (SNGPL), due to more than required volumes of Liquefied Natural Gas (LNG) in the system, negatively impacted net production by around 20 MMscfd." See PPL Annual Report . For excerpts from the report see this note. OGDC |  OGDCL’s average daily net saleable crude oil, gas and LPG production clocked in at 33,117 barrels, 717 MMcf and 717 tons in comparison to 32,478 barrels, 764 MMcf and 720 Tons in the preceding year. See Annual Report . See Excerpts.  In 2024, OGDC's finance and other income dropped to PKR 41 billion from PKR 154.billion in 2023, comprising 14% of PBT compared to 40.32% last year. The 2023 figure was elevated by one-off gains from a finance lease modification and exchange rate movements. If the Pakistani Rupee strengthens in the future, it could negatively impact OGDC's income further. GGGL | Ghani Global Glass Ltd. To ...

On Thursday, 3rd October 2024, the Pakistan Stock Exchange (PSX) experienced strong upward momentum. The KSE-100 Index opened with a gain of 109 points, rising an impressive 992 points intraday without any losses, and ultimately closing at 82,722, adding 755 points overall. It was straight up for the market throughout the day. More than half of the points in the KSE100 Index were contributed by FFC that rose 8.2%. Recall that merger of FFBL and FFC has been approved. This follows the previous day's gain of 162 points. Over the last five trading sessions, the KSE-100 Index has accumulated a total gain of 1,064 points. Year-to-date, the index has surged by 32%, reflecting continued positive performance in 2024. Today’s major gainer s on the Pakistan Stock Exchange (PSX) were led by Nishat (Chunian) Limited (NCL), which surged 10.0% to close at 28.3. TPL Trakker Ltd (TPLT) followed with an 8.7% rise, closing at 9.0, while Fauji Fertilizer Company (FFC) gained 8.2%, closing at 243.5. ...

 "Pakistan’s textile sector faced ongoing challenges, primarily due to sluggish recovery in global economies, stringent monetary policies aimed at curbing high inflation, and rising energy costs. Textile exports grew marginally by 0.9% year-on-year (YoY) to USD 16.7 Billion. Within the sector, Knitwear exports declined by 0.7% to USD 4.4 Billion, while Ready-Made Garments saw a modest increase of 2.1% to USD 3.6 Billion. Cotton production surged to a record 10.22 Million bales, up from 4.9 Million bales in FY 2023, however, cotton arrivals in Pakistan plunged to a 40-year low as of September 15, 2024, down by 64%, according to the Pakistan Cotton Ginners Association (PCGA). Total arrivals this year stand at 1.434 Million bales compared to 3.933 Million bales during the same period last year. The sector struggled with high costs for imported raw materials, the phasing out of the Export Finance Scheme, elevated interest rates, weak external demand, and heightened competition from Ch...

AGTL | Al-Ghazi Tractors Limited launches a new 85 HP Tractor. link PSO imported 105 LNG vessels, totalling 6,369 thousand tons, a 6.9% increase from the previous year, See Annual Report 2024.  "PSO is joining forces with Frontier Works Organization (FWO) and Inter State Gas Systems (ISGS) to launch the White Oil Pipeline initiative." established establishment. FEROZ | Ferozsons Laboratories Limited has partnered with Gilead Sciences to manufacture and sell generic lenacapavir in developing countries. This will help increase access to this HIV medication in regions with limited resources. Link TPL | TPL Corp Limited announced a loss of Rs 1.39 billion (loss per share of Rs 5.23, last year Rs -3.23) for the year ending June 2024. Operating income was just Rs 144 million and financial charges were over Rs 1.48 billion. See P&L. TRG has issued its annual report. This is what Directors' Report states about the loss. " The most significant item on our balance sheet...