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KSE upbeat

Approval of US $6.64 billion new three-year IMF Programme under the Extended Fund Facility (EFF) provided much needed impetus to the local bourse last week ended September 6, the analysts said. The KSE-100 index gained 605.02 points to close at 22,765.88 up 2.7 percent WoW against 22,160.85 with average daily volumes of 194mn shares.

The market capitalisation moved up by 1.2 percent to close at Rs5.580 trillion from Rs5.514 trillion. The average daily value fell by 4.9 percent to close at Rs7.22 billion compared to Rs7.59 billion.

Analysts at JS Global said on the macro front, CPI inflation figures for the month of August 2013 were released which clocked in at 8.55 percent YoY, close to our 8.45 percent outlook and around the mid-point of consensus estimates (8.1-8.7 percent).

During the week, DG Khan Cement announced slightly below expected FY13 EPS of Rs12.56, up 34 percent YoY, with an in-line expected cash DPS of Rs3.0. Highlight of results though was DGKC's plan to set up a 2.6mn ton cement plant in the south, announced at a time when the cement price/market share agreement is on a shaky ground.

Analysts at Topline Securities commented that approval of much-awaited IMF loan with softer condition generated euphoria at local bourse. The market gained 2.73 percent over the week while volumes declined marginally by 5 percent to Rs 7bn.

They said investors realised after reading the IMF programme that interest rate may not rise immediately thereby providing the much-needed boost to local equities that recently went under correction.

Key news highlights during the week: Forex reserves slipped below US $10bn: As per latest figures released by State Bank of Pakistan (SBP), foreign exchange reserves slipped below US $10bn as debt repayments to the IMF continued. Total foreign exchange reserves declined to US $9.99bn as of August 30, 2013 compared to US $10.39bn a week ago. Reserves held by SBP fell to US $4.82bn while those held by banks declined by US $11.5mn to US $5.17bn.

Cement sales in August 2013 declined by 2 percent YoY: As per the figures released by APCMA, August 2013 cement sales recorded at 2.25mn tons, down 2 percent YoY, taking 2MFY14 decline in cement sales to 5 percent (at 4.84mn tons). Lower south sales resulted in a 1 percent YoY decline in local sales while exports were down 3 percent YoY during the month. Subdued cement volumes were already expected in August due to Eid holidays, heavy rains and flooding.

Supreme Court of Pakistan sets a 60-day deadline for 3G license auction: The SC set a deadline of 60 days for the auction of 3G licenses. It has asked a representative of PTA to submit the schedule of 3G auction in court on September 16, 2013. On the other hand, media reports suggested that no substantial progress has been made on transferring properties to Etisalat for materialisation of the pending US $800mn on account of sale of Pakistan Telecom shares. Reportedly, the finance minister has given 10 days to the Privatisation Commission to resolve the matter.

This Last Universal top performers during the week were: Nishat (Chunian), Pakistan Telecom, Nishat Mills, Fauji Fertiliser Bin Qasim, Engro Corporation, Lucky Cement, National Bank of Pakistan, Kot Addu Power, Attock Refinery and MCB Bank Limited.

Syria crisis, security unrest in the city, rising political uncertainty and doubts about hike in interest rate in MPS pushed the KSE-100 Index below the 22,000 level on the first day of new trading week Monday. The index witnessed massive decline of 436.17 points to close at 21,724.68 against previous 22,160.85.

After falling by 5 percent in last five days, KSE recovered on Tuesday on the back of expectations that the new IMF loan will be approved in Wednesday's meeting. The KSE-100 Index gained 83.80 points to close at 21,808.48 against 21,724.68 Monday.

The Karachi shares marker witnessed another recovery session Wednesday on the back of hopes that the Cabinet would take extraordinary decisions in its Karachi meeting for peace in the metropolis. The KSE-100 Index improved by 67.35 points to close at 21,875.83 against 21,808.48 Tuesday. The local bourse staged a smart recovery Thursday on the back of approval of loan programme by the IMF for Pakistan and the KSE-100 Index improved by 575.63 points to close at 22,451.46 against 21,875.83 Wednesday.

On Friday the market witnessed the third recovery session in a row on the back of IMF loan approval and decisions on law and order situation. The KSE-100 Index gained 314.41 points to close at 22,765.87 against 22,451.46 Thursday.

Copyright Business Recorder, 2013


Index Closing Chg%
Arrow DJIA 17,156.85 0.15
Arrow Nasdaq 4,562.19 0.21
Arrow S&P 2,001.57 0.13
Arrow FTSE 6,780.90 0.17
Arrow DAX 9,661.50 0.30
Arrow CAC-40 4,431.41 0.50
Arrow Nikkei 15,888.67 0.14
Arrow H.Seng 24,376.41 1.00
Arrow Sensex 26,631.29 0.52

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln