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Capital markets


KSE: much too soon to confirm a break-out After nearly 40 days of lifelessness, excitement is slowly crawling back in at the KSE. As it turns out, select buying by foreign and local investors has pushed the benchmark index to a level which is seen ‘pointing towards a recovery’. The KSE-100 ended at 11,954 points last week – its highest since March 14 – after marking an intra-week high of 12,023 points, which was also its biggest intra-day tick since mid-March. That, and the fact that last week’s average trading volume rose 25 percent (week-on-week), is gently creating ripples of optimism. Big boys from the local mutual fund industry, who had been selling profusely in March, are also back at the buying counter. NCCPL data show that mutual funds – led by NIT and PICIC, according to market sources – have bought $20.46 million worth of equities in the month to-date, nearly offsetting the sale of $21.02 million last month. Last ...

National Investment Trust  The National Investment (Unit) Trust is getting bigger and bigger. Boosted by growth in dividend income along with Rs1.45 billion earned from the difference between unit selling and buying price (element income), the country’s leading and oldest mutual fund saw profits jump 29 percent in the first nine months of current fiscal year. As its fund managers remained focused increasing their holdings, together with the growth in AUM and better take-home profits shared by the KSE ...
Towards debt market development To say that Pakistan does not have a vibrant debt market would perhaps be an overstatement. A more appropriate expression would be that it’s ‘practically non-existent’. The reasons why this view has gained currency over the years are many; market prices of debt instruments are often different from broker rates, there are valuation issues, and the listing of corporate debt takes a lot of time – often six months, according to some market participants – amongst ...
KSE bows down to FIPI outflows Talk about disappointment. Just when the bulls at Karachi’s equity market were expected to make further inroads by regaining their grounds, they seem to have drained out of energy. KSE-100’s movement last week also smacked the theory that all good news is boon for the market. Why else would the market pay no heed to the improvement in the large scale manufacturing index that turned positive after several months? Why would it also ignore the continuous improvement ...
KSE: Mise en place for a whip up The countdown to budget FY12 has begun. And along with it should come the typical pre-budget uncertainty at the Karachi equity bourse, as is usually the case every year. The difference between KSE’s historical pre-budget gyration and this year, however, is that this time around, the signs are in, a bit earlier than usual. Normally, the KSE-100 sees a strong first quarter on account of health corporate results that typically mark the quarters ending March. In ...
KSE: Looking for a direction A change of hands is taking place at the Karachi Stock Exchange. After months of reliance on foreign portfolio to drive KSE-100’s rally, the dilly-dallying on the part of foreigners has now forced the market to think. The phase is marked by price weakness, falling volatility and decreasing trading volume. KSE data show that the benchmark index slipped marginally during the week ending March 25 – 53.6 points to be precise. Average volatility, crudely measured by the ...
PIBs back in the game Buoyed by signs of interest rate stability, the market has been witnessing improvement in the appetite for long tenor government papers of late. With fears of price risk assuaging in the bond market, the sixth PIB auction of the current fiscal year, held two days back, saw participation more than thrice the size of the pre-auction target amount of around Rs15 billion. This is starkly high as against the average participation to target ratio of around 1.02 ...


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln