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Site update: December 07 2023, at 17:00 PKST
Stock update: December 07 2023.

Recent Financial News in the 'economic-indicators' category

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Thursday, December 07 2023

962-point rally tosses PSX near 64,000
The benchmark index of the stock market crossed the psychological barrier of 64,000 points in intraday trading on Wednesday before closing at yet another all-time high. Topline Securities said bulls left little space for bears to operate as strong buying across the board kept up the momentum throughout business hours. However, investors’ sentiments changed for specific sectors from the preceding session. Most favourite sectors on Wednesday for value hunters were technology, exploration and production and banking. Arif Habib Ltd CEO Shahid Ali Habib said the index has gained 54.5 per cent since Pakistan signed a loan agreement with the International Monetary Fund (IMF) in June. The value of all shares listed on the exchange has also gone up 46pc since the end of June to $32bn versus $22bn at the end of 2022-23, he said. “Foreign activity has also increased in the market with a net buy of $50 million in 2023-24 to date,” he added. As a result, the KSE-100 index closed at 63,917.72 points after gaining 961.70 points or 1.53pc from the preceding session.
Related news categories: business economic-indicators psx stock-exchanges

PSX sees sole IPO in 2023
The outgoing calendar year witnessed just one initial public offering (IPO) on the Pakistan Stock Exchange (PSX) that helped the company’s sponsors raise a meagre sum of Rs435 million. “This is the lowest amount raised in a year in the past decade and a half,” said a research report compiled by Topline Securities Ltd. The previous record low was Rs800m raised in 2013. In terms of the number of IPOs, the PSX witnessed a single listing after 2019. This was in sharp contrast to the preceding five- and 10-year average of four IPOs a year. “We attribute this bad IPO trend to macroeconomic instability, coupled with the looming threat of default, cheap valuations and political uncertainty discouraging equity investment,” it said in the report released on Wednesday. The single IPO that the PSX saw in 2023 was of Symmetry Group Ltd. This was Pakistan’s first publicly listed digital technology company with a focus on digitalisation of consumer-centric functions of organisations. The company offered 101.24m shares at a strike price of Rs4.30 per share, raising Rs435m in August with an oversubscription of 1.58 times.
Related news categories: business economic-indicators psx stock-exchanges

Sui Southern Gas Company subsidiary to go public
Sui Southern Gas Company Ltd (SSGC) said on Wednesday it’s going to convert SSGC LPG Ltd, a wholly owned subsidiary, into a public limited firm by offering its shares to the general public. The government-owned gas distribution company said it’ll initiate the process for the “issuance of 33.3 million shares” of the converted company by means of an initial public offering (IPO) at “any time in (the) future”. SSGC LPG Ltd is a fully integrated LPG marketing and distribution company, which acquires gas from local producers besides importing it through its terminal at Port Qasim. Since the LPG subsidiary’s existing paid-up capital consists of 100m shares, the issuance of 33.3m new shares through the IPO will reduce SSGC’s shareholding to about 75pc post-listing. SSGC LPG Ltd recorded sales of 98,700MT in 2022-23, up 127 per cent from a year ago. Its total terminal volume hit 164,204MT, up 27.3pc year-on-year. Industry-wide, its share in the terminal business remained 70pc versus 50pc a year ago. Its share in overall LPG sales was 7pc as opposed to 2.8pc in the preceding fiscal year.
Related news categories: business economic-indicators oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

Toyota rolls out first hybrid vehicle
Federal Secretary Industries and Production Asad Rehman Gilani has said that while embarking on this journey with locally manufactured hybrid electric vehicles (HEVs) on our roads, let’s keep in mind, that the country must expedite exports to reduce the trade deficit. “I see no better partner to support this goal, than our long-term standing partner, Toyota,” he said while gracing the rolling out of much awaited 4th generation Toyota Corolla Cross Hybrid Vehicle at the manufacturing facility of Indus Motor Company (IMC). The federal secretary said that the government remains committed to supporting the auto sector’s endeavours in introducing hybrid and electric technologies in Pakistan, as outlined in the Auto Policy 2021-26. IMC Chairman Mohamedali R. Habib said stakeholders’ continued support and trust made this dream of “Make in Pakistan” come true which is an ode to localisation which also reflects the deep-rooted friendship between Japan and Pakistan.
Related news categories: auto-assembler business economic-indicators

Rupee makes paltry gains vs dollar in 7 sessions
The rupee continued its winning streak for the seventh session in a row gaining 24 paise against the US dollar in the interbank market on Wednesday. However, the local currency’s performance remained unimpressive as it appreciated by just Rs1.50 in the last seven trading sessions. Some senior bankers say the exchange rate stability is good for attracting foreign investments and supporting economic growth. The SBP reported the dollar closing price at Rs284.14 compared to Rs284.38 a day before. Bankers said influencing rupee-dollar parity through verbal instructions by the State Bank is a settled practice in the interbank market, which has resulted in a kind of stability with slow imports and better inflows of export proceeds.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)