KSE-100 Index Market Summary

Market Commentary

KSE-100 Index commenced the week with a notable decline of 221 points closing at 21,865. Furthermore, turnover for the day was this calendar year’s lowest clocking in at 84m shares traded. Lack of triggers and approaching Eid holidays kept investor interest timid.

  

Key Data

KSE-30 16573.08 -204.03 -1.22%

KSE-100 21864.85 -221.11 -1%

USD/PKR 106.32 0 0%

NYMEX Crude Future (USD) 102.89 -0.49 -0.47%

Gold (USD) 1325 +11.8 +0.9%

FIPI (USD `000) -86875.84 +491.73 +0.56%

KIBOR (6 months / %) 9.52% 0 0%

Notable Price Movers

Sym                 % Chg             StDev change

SSGC                    4.93                          3.10

FFC                      (2.16)                        2.61

CSAP                    (4.80)                        2.34

CHCC                  (2.89)                        1.93

FATIMA               (1.41)                        1.69

Notable Shares Traded

Sym                 Turnover         StDev change

NCPL                            2,936,500                     2.86

Top Stories

Þ     Lafarge plans to issue shares

Þ     World Bank lowers East Asia growth forecast

Þ     Zong opts out of race for Warid’s acquisition

Þ   Privatisation — the sequel: Of 31 enterprises, half a dozen to be sold outright

Þ     3G spectrum: Government targets to complete auction by February 2014

Þ     TAPI pipeline: Chevron likely to lead consortium that will finance, run the project

Þ     Going for listing: Engro Fertilizers to float shares for Rs20

Þ     Tarbela’s generation capacity to get boost by 2016: Expansion plan

Þ     IT boom: Tech giants announced $25 million investment

Þ     Belt tightening: Committee proposes cost-cutting steps for PIA

Þ     Overseas Pakistanis remit over $55bn in five years

Þ     Oil prices drop on US debt ceiling crisis

Þ     Cotton market: prices of fine variety improve

Þ     World Bank to give $2.2 billion for 15 projects: EAD informs Senate body

Verdict

With 3G spectrum auctions finally getting a date and Zong pulling out of the bid race for Warid, we anticipate Telcos to perform well during the day. However, rest of the market is expected to remain lackluster.