PSX Market remained volatile today as Country reported highest ever Covid-19 infections

· Market remained volatile today as Country reported highest ever Covid-19 infections in the last 4 months. Market opened on a bleak note as investors remained risk-averse. In Refinery sector, CNERGY remained in the limelight as its board approved acquisition of 57.37% stake in Puma Energy by virtue of which it will become second largest retail fuel network in Pakistan.… Continue

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PSX market outlook

Expect the market to trade in a range, as IMF would approve the new tranche of US$1bn for Pakistan only when all the required actions are completed including passing of Supplementary Finance Bill 2021.

On the economic front, inflation for December edged up to 12.3% yoy, highest level in the last 21 months, mainly driven by soaring prices of fuel, electricity, transport and non-perishable food items.… Continue

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WTL was today’s volume leader with 21.7mn shares.

Bearish players dominated Pakistan equities due to the current account deficit, which increased to $7.1bn in 5MFY22. Index initially opened on a positive note but succumbed to selling pressure as negative sentiment persists in the market.

At the end of trading, benchmark KSE100 Index closed at a level of 44,177 down 163ppt (-0.37%).… Continue

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SECMC hits 10mn tons production milestone

Sindh Engro Coal Mining Company (SECMC) has successfully achieved 10 million tons of coal production milestone. SECMC, one of the largest public-private partnership in the energy sector, commenced commercial operations in July 2019 with an annual production capacity of 3.8 million tons.… Continue

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Today market likely to behave – Experts

The market is likely to continue yesterday’s positive momentum, where the KSE-100 Index gained 439 pts (1%) on expectations of unchanged interest rates in near term as guided by State Bank.

On the economic front, Pakistan’s current account deficit widened further to US$1.91bn in November, higher import bill of US$6.4bn and decline in remittances contributed to the deficit.… Continue

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PSX marks show an increase of 370.3pts (+0.9% DoD)

· Mounting inflation and expectation of hawkish stance in the monetary tightening caused the market to open on a bleak note. Cherry picking was observed throughout the day as low P/E multiples and high dividend yield stocks attracted the value-hunters. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.… Continue

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All eyes are on the Monetary Policy meeting due today

All eyes are on the Monetary Policy meeting due today, where expectations are that the SBP would continue its contractionary stance; we think a rate hike above 100bps would bring in more selling pressure. On the economic front, revival of IMF program might be delayed for a couple of weeks as Pakistan needs more time to implement the agreed pre-conditions.… Continue

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PPL has been granted a large scale mining lease for Lead and Zinc, in District Khuzda

Pakistan Petroleum Limited has informed Pakistan Stock Excahgne (PSX) about grant of Large Scale Mining Lease Deed by the Government of Balochistan (GoB) in favor of the company. According to a notification of PPL, the Company has been granted a large scale Mining Lease for Lead and Zinc, in District Khuzdar, by the Government of Balochistan and in this regard a Large Scale Mining Lease Deed has been executed, for large scale mining and establishment of a Lead-Zinc processing plant in District Khuzdar, Balochistan over an area covering 30 Sq.km… Continue

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Experts expect 150bps hike to 10.25%

· Pakistan is set to return to double digit interest rates after just 9 months, with Monetary Policy Committee (MPC) of the SBP due to meet tomorrow, likely increasing policy rate by 125-150bps. The policy setting is likely to weigh upon buildup in trade deficit (Nov’21 at US$5.0bn) along with surprise in inflation during the previous month.… Continue

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PSX market continued to remain in the bearish zone due to concerns over economic outlook

· Market continued to remain in the bearish zone due to concerns over economic outlook, further devaluation of Pak rupee and hawkish stance in the upcoming monetary policy. Activity remained dull. In the first session, market opened on a bleak note and mostly cyclical stocks came under the knife whereas in the second session across the board selling was witnessed due to lack of any positive trigger.… Continue

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Tariq Glass Industries Ltd offering a potential upside of 66%

We reinstate coverage on TGL, one of the largest glass producers in Pakistan, with a Buy rating and June 2022 TP of PKR165/sh. We estimate a 5yr sales CAGR of c.16% for FY21-26f, supported by the recent c.50% increase in capacity, and rising glass consumption in Pakistan; while an oligopoly industry structure lends adequate pricing power.… Continue

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IFC Partners with Pakistan’s Engro Corporation to reduce plastic waste and minimize climate affects for a Mega Petrochemical Project

To step up the fight against climate change in Pakistan, IFC is partnering with Engro Corporation to help reduce plastic waste, promote recycling, and boost the company’s energy efficiency. The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.… Continue

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