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MSCI review fuels rally

The Karachi share market Thursday maintained a positive trend, weighed by MSCI semi-annual review. The benchmark KSE-100 index gained 314.83 points to close at 28,843.02 points against 28,528.19 points Wednesday. Analyst Samar Iqbal of Topline Securities said the market rallied by 1.1 percent after MSCI review in which Pakistan weight increased by more than expectations. After inclusion in MSCI FM index KEL rallied with huge volume of 80 million shares transacted in the stock (37 percent of total traded volume).

Other stocks that were added in MSCI - PSO, LUCK, and PAKT - also rallied while HUBCO declined. Market participation increased as volumes rose by 96 percent to 213 million shares (Value increased 87 percent to Rs 8.3 billion), she added. During the intra-day trading, the index touched 28,944.07 points highest and 28,528.19 points lowest levels. Followed by bullish trend, the volume at the ready counter increased to 213.744 million shares from 108.942 million. The market capitalisation increased by Rs 75 billion to Rs 6.908 trillion against Rs 6.833 trillion Wednesday.

An analyst from BMA Capital said the MSCI semi-annual review announcement boosted the investor confidence to build position on blue-chip stocks. The market will continue to closely watch the Monetary Policy announcement; he said, adding that the market will remain bullish in coming days.

Trading took place in 372 companies, of which 234 posted positive growth, whereas 120 closed with negative signs. Rates and 18 companies remained unchanged. Among top 10 scrips, 7 closed positive. K-Electric Ltd emerged volume leader with 80.13 million shares, up by Rs 0.56 to close at Rs 7.23. B.O.Punjab stood second but shed Re 0.04 to close at Rs 9.98 on 7.71 million shares. Fauji Cement closed at Rs 17.51, moving up by Rs 0.04 on 6.47 million shares.

National Bank moved up by Rs 0.67 to close at Rs 59.55 on 6.34 million shares. Jah. Siqq. Co with 6.32 million shares lost Re 0.05 to close at Rs 11.56. Lafarge Pak gained Re 0.17 to close at Rs 13.59 on 4.62 million shares. Faysal Bank moved up by Rs 0.13 to close at 16.49 on 4.50 million shares. Adamjee Inc bagged Re 0.86 to close at Rs 47.47 on 3.91 million shares. P.S.O closed at Rs 394.16, climbing up by Rs 11.64 on 3.87 million shares. With a trading volume of 3.74 million shares, Byco Petroleum decreased by Re 0.22 to close at Rs 11.46.

Rafhan Maize and Nestle Pak were the top gainers with Rs 340.00 and Rs 250.00 to close at Rs 10,490.00 and Rs 8,250.00, respectively. Indus Dyeing and Bata (Pak) were the top losers with Rs 39.54 and Rs 8.76 to close at Rs 1,060.46 and Rs 3,402.28, respectively.

Analyst Ahsan Mehanti of Arif Habib Corporation said stocks closed bullish following MSCI semi annual review on 14th May, adding 4 companies to MSCI FM Index, increasing Pakistan's weight to 8.71 percent and upgrading PSO and Lucky Cement to MSCI FM status. Likely approval for Rs 31 billion TFCs issue for PSO eased circular debt concerns in energy sector. Economic stability and expectations for status quo in the SBP policy announcements this week played a catalyst role in bullish sentiment across the board in the pre-budget rally at KSE.

Copyright Business Recorder, 2014


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln