StockSmart Weekly Reviews Release of IMF US$1.05bn, and supplementary fourth, fifth reviews and accompanying documents by the IMF setting the tone for crucial GoP policies to come, the KSE-100 index reflected a resilient rise of 3.17%WoW, with the index settling at 31,993pts in just 4 trading days, for the last complete trading week of 2014. Key news flows influencing the market included 1) Nepra approved a PkR2.97/unit reduction in power tariff for Nov’14 under a monthly fuel price adjustment formula but the government decided to pass on only PkR2.37/unit to consumers and keep the remaining PKR0.6 for debt servicing of Discos, 2) According to a recent projection made by the IMF, Pakistan’s oil imports will stand at US$14.6bn in the current year, a decline of US$1.2bn compared to the purchases projected in the budget. Last year, oil imports stood at US$14.67bn. According to PBS, oil imports of the country fell 5.37% to US$6.11bn in the 5MFY15. In comparison, they stood at US$6.46bn in 5MFY14, and 3) SBP in its latest auction of T-Bills raised PkR44bn against the target of PkR75bn, with a high level of participation seen in the 12-month paper. Scrips gaining value were UBL (+9.8%WoW), EFERT (+8.7%WoW), FATIMA (+7.8%WoW) and MCB (+6.8%WoW). While, laggards within the AKD universe included AGTL (-5.5%WoW), ICI (-2.7%WoW), HCAR (-2.2%WoW) and ABL (-2.2%WoW). During the week under-review we saw healthy activity at the bourse as daily avg. traded volumes rose by 10.73% to 224.55mn vs. 202.79mn in the last week. Net FPI turned positive after four weeks of consecutive selling, inflow for the week clocked in at US$7.76mn vs. a net outflow of US$30.08mn in the previous week.
Posted on: Sat, 27 Dec 2014 10:52:07 +0000
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