KARACHI: Shares continued to bleed profusely for the fourth week in a row with the KSE-one hundred index dropping a disturbing 1,435 factors (three.36 per cent) within the shortened 4-session week resulting from Eid holidays.
The benchmark index closed at forty one,207 factors, which stood out as its lowest degree since Nov 2016.
Throughout August the KSE-one hundred plunged 10.22pc — four,704 factors making it the worst month-to-month efficiency since Might 2010.
Main contribution to draw back through the week got here from HBL, which fell 18.55pc, UBL 6.37pc, Fortunate Cement 15.38pc, Engro 12.75pc and Mari Petroleum 14.fifty one.
Nothing went nicely for the market within the outcomes announcement week, which buyers appeared to disregard as greater burdens have been on their minds. The funding sentiments, which have been already at their all-time low resulting from political and financial uncertainties, have been additional rattled on information that the Division State Monetary Service of New York was looking for to impose as much as $630 million penalty on Habib Financial institution Restricted (HBL), which has a sizeable 7pc weight within the index.
Negotiated offers for HBL have been executed as little as Rs155 per share, which is at a reduction of 30pc to pre-superb ranges. There’s additionally thirteen% low cost within the off-market offers over the financial institution’s market worth. In the meantime, the escalating tensions between Pakistan and US added to market woes.
Participation thinned as punters have been extra involved counting cows than buying and selling shares, with the typical quantity and worth plunging 39pc and 38pc. In the meantime, buying and selling in simply 70.5m shares was seen on Thursday, which stood out at a 3-yr low because the metropolis confronted transport problem on account of heavy downpour.
Quantity leaders have been led by TRG (39.22m shares), ANL (35.40m shares), SSGC (18.46m shares), BoP (14.16m shares) and ASL (thirteen.19m shares).
Banks have been the chief laggards down 6pc week-on-week, adopted by E&P 5pc as information of Mari Petroleum’s divestment and a 4pc decline in worldwide oil costs dampened sentiments.
Pharmaceutical sector additionally noticed erosion of 5pc. Tobacco and meals sectors swam towards the tide including two and one per cent.
Based on AKD Securities, efficiency leaders in the course of the week have been: MLCF up 5.3pc, Cherat Cement 1.1pc, FFBL zero.9pc, ABL zero.6pc and Indus Motor zero.6pc, whereas HBL shed 18.5pc, NBP 6.5pc, NML 5.8pc, PSMC 5.6pc and Fatima Fertiliser four.7pc.
Foreigners continued to promote-off Pakistan fairness, displaying an outflow of $14.28m in the course of the week in comparison with $9.77m within the previous week with their promoting concentrated in banks ($eight.1m) and cements ($2.9m). Companies have been the most important home consumers of fairness value $10.5m, whereas banks cherry picked shares value $5.2m.
Key company information included: Dawood Hercules partnering with Malaysia’s largest cellular-telephone operator, Axiata Group, to enterprise into telecom enterprise with mixed funding of $940m and Thal Restricted introduced further funding of Rs275m in its subsidiary Thal Boshoku Pakistan (Pvt) Ltd by means of subscription of as much as 27.5m proper shares.
Revealed in Daybreak, September 2nd, 2017
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