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Market Summary In a week dominated by corporate earnings announcements, expectations of a renewed monetary policy and a fragile economic and political scenario, trading reflected caution throughout all sessions. After reaching a six month high on Tuesday, the index closed at 12,232 gaining 95 points WoW with a total of 108 stocks gaining, 127 losing and 71 unchanged in the last trading session. Although trading volumes depicted a decline over the week, the last trading session closed on a slightly higher note reflecting investors’ cautious optimism regarding the monetary policy. Market capitalization declined by 12.05% WoW from PKR 3.07 trillion to PKR 2.70 trillion. WoW percentagewise, BWC was the leader gaining 37.87% to close at PKR 12.96. PICT ranked second gaining 24.35% to close at PKR 104.5 and SILK gained 15.20% to close at PKR 1.97 at the end of the week. Learn More        

Market Summary The market continued to depict a bullish momentum throughout the week registering a 77 point gain on Friday to close off trading at 11,960 with the main catalyst being the acceptance of reforms over capital gains tax proposals. Investor trading activity was heavily dominant in the oil and fertilizer sector. The index surpassed the 12,000 benchmark several times during the week indicating positive investor sentiment.   On Friday, a total of 88 stocks gained, 121 lost and 98 were unchanged. Market turnover fell to 20.86 percent and the overall market capitalization rose by 0.58 percent to PKR 3.105 trillion compared to PKR 3.087 trillion last week. Midweek, trading volumes were subject to the deteriorating law and order situation in Karachi, but bounced back on rising international oil prices which renewed investor interest. Furthermore, overvalued fertilizer scrips and positive earnings announcements also pushed trade to take positions in that sector. Learn More    

Has ENGRO Bounced Back to Claim its Throne From FFC? Last weekend, a number of interesting developments were observed in local equity markets. Firstly, a CGT tax implication related to unexplained income and assets was deferred until June 2014 providing a sigh of relief for the depressed market. Secondly, GST on tractor manufacturers was also revoked back to 5% from the level of 16% ending the tug of war between the GoP and tractor assemblers. In addition to these events, a crucial hearing was also scheduled in the Sindh High Court for recommencement of gas supply to ENGRO’s new plant, ENVEN. Although no decision was announced in the hearing, given the fragile situation surrounding the Gas Supply Agreement of ENGRO with GoP, it is expected that SNGPL will be required to resume the supply of gas to ENVEN at 75% for the winter season and 100% for the remaining year. Learn More           

Market Summary Thin volumes, cautious investors and nervous events kept the bourse under pressure as was indicated by investor behaviour throughout the week. Trading was overshadowed by the growing rifts between the establishment and the military on account of the severity of the memo scandal. Rising oil prices and lack of necessary funds further fueled the negative sentiment amidst a likely embargo to be levied on Iran’s oil supply. However, the index recovered by the end of the trading week on positive news that the SECP proposed new taxation rules to the FBR including a two year capital gains tax exemption and a reduction in corporate tax from 35 percent to 25 percent. The announcement of the Kunnar-Pasakhi Gas Pipeline project also boosted the index by week end. Learn More          

Market Summary The week began with a drop in trade volumes on account of negative sentiment prevailing  which  was  reflective  in  trading  behaviour  and  was  mainly  due  to political  and  industrial  pressures  in  the  fertilizer  sector,  which  were  carried forward from the previous week. However, the index gained 47 points (i.e. 0.40% percent) over the week to close at 11,348 on Friday. Expectations of a capital gain tax resolution and easing concerns on the political front assisted the market in closing in the green. Trade volumes improved to 47.32 million shares traded in the previous session from 17.56 million shares during the beginning of the week. Learn More            

Cautious behavior was evident throughout the week as trading was dominated by rumors of a change in regime stemming from tumultuous events emerging from the memo scandal. Traders held on to their positions later in the week on expectations of a relaxation in capital gains tax rules. Learn More                  

Market Summary Bears were in the reign as trading was overshadowed by national events due to uncertain US-Pakistan relations and the increasing severity of the memo scandal. Negative sentiment was evident throughout the week as investors exhibited increasingly cautious  behaviour.  The index closed  at  11,028  falling  by  111.38 points. Trading volumes declined by 7.30 million and a total of 317 stocks were traded on Friday. Learn More              

Yields surged to their highest ever levels since May 1997 to 6.47 percent on the auction of three billion Euros, which was up from 6.29 percent that the sovereign government paid last month. Yields on 5-year bonds were 6.69 percent after the auction. These bonds mature on September 15, 2016 and carry a coupon rate of 4.75 percent. Confidence surrounding the ten year Italian bond yield seemed to plummet as yields were back up again well jumping past the 7 percent anxiety benchmark on Wednesday to pass 7.115 percent. Learn More              

Bouncing back, the KSE 100 index climbed 0.63% by 72 points to close at 11,465 in the last trading session with 43 million shares traded. The market capitalization increased by Rs 18 billion to Rs 2,982 billion. Out of total 298 shares traded, 102 declined, 101 advanced, while 95 closed unchanged. A flurry of activity was witnessed from Thursday’s trading session onwards with positive expectations between the SECP and KSE collectively agreeing on relaxing the rules for capital gains tax collection. KSE members developed a consensus that tax should be collected under the Presumptive Tax Regime (PTR) instead of on the sale of shares. In addition, an agreement was made on differing capital adequacy requirements for both traders and stock clearing members. Learn More            

Mixed investor sentiments prevailed throughout the week with the market reflecting pessimism on Friday as the index closed at 11,372 falling by 185 points. Trading volumes declined by 9.70 million on Friday dipping the index by 1.60%. Learn More