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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

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Thursday, May 06 2021

Market watch: Bulls maintain control, lift KSE-100 upwards
KARACHI: Bulls held their positions at the Pakistan Stock Exchange on Wednesday and helped lift the KSE-100 index upwards by 380 points. News of partial release of payments to independent power producers (IPPs) by the government aided the rally at the bourse. Upbeat investor sentiment also stemmed from encouraging cement sales data for April 2021, which showed a double-digit growth on a year-on-year basis. As a result, stocks of cement and allied sector attracted investor interest. Fuelling the uptrend was the news that Finance Minister Shaukat Tarin was expected to seek valuable input for preparing a people-friendly and growth-oriented budget for the upcoming fiscal year. After a year of economic struggle amid Covid-19, investors pinned hopes on a favourable budget for the economy. The KSE-100 index spiked over 500 points within the first hour of trading and rose at a steady pace. However, investor sentiment weakened towards midday as Covid-19 cases recorded a jump after easing for a few days and as a result some of market gains were erased.
Related news categories: business economic-indicators misc psx stock-exchanges

In a first, NCCPL releases investor data
KARACHI: For the first time in decades, a concerned company of the Pakistan Stock Exchange (PSX) has reported that the total number of investors at the bourse stood at 252,322 by the end of April 2021, suggesting the comprehensiveness of the market. The total number of investors, including 12,356 foreign individuals, accounts for around 0.12% of the population of Pakistan compared to 3.7% in India and 12.7% in China, it has been learnt. The number of new investors has increased by 17,684 since the National Clearing Company of Pakistan (NCCPL) launched the facility of registering investors for the PSX through online account opening in November-December 2020 amid the Covid-19 pandemic. The increase in production by listed companies after they utilised cheaper financing available to them in the wake of a massive cut in benchmark interest rate also helped attract new investors to the bourse. However, the growth in the number of new investors and the total number of investors are both insignificant considering the total size of the population.
Related news categories: business economic-indicators misc psx stock-exchanges

Atlas Honda prices rise for fourth time in 2021
KARACHI: Taking advantage of soaring motorbike demand, Atlas Honda has hiked prices of its bikes for the fourth time in 2021. “Despite bearing a low import cost on the back of appreciation of the rupee against the dollar, Atlas Honda has increased prices of motorcycles by Rs1,600-3,000,” said Association of Pakistan Motorcycle Assemblers (APMA) Chairman Muhammad Sabir Shaikh. Topline Securities’ analyst Fawad Basir said that the bike market had strong demand due to a drastic reduction in interest rate by the central bank. Citing figures, he said sales of Atlas Honda grew 25% in the first nine months of current fiscal year on a year-on-year basis. “A massive proportion of bikes in Pakistan are sold on bank financing,” he said. Atlas Honda increased the price of Honda CD70 from Rs82,900 to Rs84,500, an increase of Rs1,600. To recall, the price of Honda CD70 had gone up by Rs6,600 in just four months in 2021.Similarly, the price of Honda CD70 Dream surged by Rs1,600 from Rs88,900 to Rs90,500.
Related news categories: auto-assembler business economic-indicators misc psx stock-exchanges
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Stocks extend gains as Covid positivity ratio fall
KARACHI: The stock market made strong recovery for a second consecutive day with the KSE-100 index accumulating another 380.02 points, or 0.85 per cent, to close at 44,943.61. The index made an intraday high of 610 points. The bullishness in the market was underpinned by investors’ interest in the independent power producers, including Hub Power and Kot Addu, on reports of partial release of funds by the government to settle IPPs’ outstanding dues. Other positives were the decrease in positivity ratio of Covid-19 which was a relief to shareholders as they looked forward to no disruption in business and industrial activity. The traders were also looking forward to a market-friendly budget as Finance Minister Shaukat Tarin — who held the post of chairman of the board of exchange in 2000 and 2006 — was aware of the market issues and needs. Sales of cement showed double-digit growth in April compared to same period last year pointing towards speedy construction work on housing and infrastructure.
Related news categories: business economic-indicators misc psx stock-exchanges

PSX board gets first woman chair in 73 years
KARACHI: Dr Shamshad Akhtar on Wednesday was unanimously elected chairperson of the board of directors of the Pakistan Stock Exchange (PSX). She is the first woman chairperson to be elected to that post in the 73-year history of the PSX. Dr Akhtar, a veteran of the financial markets, had spearheaded the capital market reforms during her tenure at the Asian Development Bank in 1990 and also served as the governor of State Bank of Pakistan in the past. On being elected as PSX board chair, Dr Akhtar commented, “After my long association with Pakistan’s capital market, it is a proud moment for me to represent the Pakistan Stock Exchange as its chairperson and join the efforts of the SECP, the new board and management to take this institution to new heights.
Related news categories: business economic-indicators misc psx stock-exchanges helpline: +92-42-3631-4186 (10:30am to 5:30pm)