KSE-100 INDEX WEEKLY

Record biding of US$1.6bn of HBL offering and recovery in international oil prices helped market to remain bullish in current week. Market has observed an increase of almost 3,400 points since 30^th march after seeing a decline of 6,000 point. Other news triggering market were delay in announcement of gas price hike, new discoveries by OGDC in Mardankhel, increasing Forex reserves to US$16.11bn by SBP, higher dispatches & result posting from cements, announcement of new power policy by government and fixation of 17 per cent GST on LNG by ECC.

The benchmark KSE-100 index was up by 936.97 points to close at 32,350.93 points. KSE All Share Index increased by 623.18 points to end at 22,893.21, KSE 30-Index improved by 628.82 points to conclude at 20,515.01.

The ready market average volume reduced by 5.30 per cent to 240.37 million shares compared to 253.82 million shares traded on last week. The market capitalization of KSE enhanced by Rs 181.76 billion to Rs 7.116 trillion against Rs 6.934 trillion observed last week. Pakistan Elektron Limited remained overall volume leader during the week at 100.74 million shares, up by Rs 7.16 to close at Rs 57.94. Second on the volume leader was, Maple Leaf Cement increased by Rs 5.08 to close at Rs 60.68 by trading nearly 99.21 million shares. Jahangir Siddiqui Company remained as the third volume leader of the week by trading well over 91.33 million shares got better by Rs 3.85 to close at Rs 22.39.

In the past week 375 scrips traded in which 230 scrips advanced, 134 declined while the value of 11 scrips remained intact. Nestle Pakistan and Unilever Foods remained the top gainer by Rs 525 and Rs 256.95 to close at Rs 10,500 and Rs 8,312 respectively, while Rafhan Maize and Hinopak Motors Limited were among the major loser which lost Rs 189.86 and Rs 34.05 to close at Rs 9,700 and Rs 886.50 respectively.

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Strong Foreign Interest in Habib Bank’s (HBL PA +1.47%) Sell-Off

The deal to offload the government's 41.5 percent share in HBL. The government was expecting around $750 million from this transaction as against has had offers of more than $1.2 billion for its remaining stake in the country's largest private bank HBL. This would be the largest transaction in the history of Pakistan’s capital market. The first day of the trading of the offered shares on the local exchanges is expected before May 2015. The offering has received offers from both local and foreign funds. The bids will be entertained in such a manner that the highest bidders will be considered first no matter if they are local or foreign.

The Privatisation Commission recommended divesting the remaining shares earlier this year and that the offers were made through book building at a floor price of Rs166/share. Offerings were made at stock markets in London, New York, Singapore and Dubai. 

The offer, through the book building, was made only to the institutional investors and high net worth individuals, consisting of 250 million ordinary shares representing 17 percent of the total paid- up capital of HBL with an upsize option of up to additional 359.317 million shares, which denote a further 24.5 percent of the paid-up capital. HBL posted a profit after tax of Rs31.819 billion, translating into earning per share of Rs21.63 for the year ended December 31, 2014. The bank’s total assets stood at Rs1.867 trillion as of end December 2014.

HBL, which opened in 1947, has 1,425 branches in Pakistan. Its foreign network is spread over 26 countries. HBL, formerly known as Habib Bank Limited, was part-privatised in 2003, with the Agha Khan Foundation buying the bulk of the shares.

  

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KSE - 100 Weekly Market

After witnessing correction of almost 6,000 points since Feb 2015 market flipped on its head in current week observing a Positivity of almost 2,400 points. Recovery in foreign inflows broke the shackles of bearish phase and became the foremost reason for market Positivity. 11 year

record low CPI of 2.5% YOY & anticipation of further key rate cut in next MPS, US-IRAN nuclear deal, declining international oil prices, SBP received US$499.09mn trench from IMF, Signing of MOU led to ease in political confrontation between Karachi related political giants, new discoveries of oil well in Tal Bloc at Mardankhel by POL and invitations of EOI for appointment of financial advisor to divest shares of Kapco were other major reasons helping market to end in green zone.

The benchmark KSE-100 index was up by 1,456.13 points to close at 31,413.96 points. KSE All Share Index increased by 719.94 points to end at 22,270.03, KSE 30-Index improved by 817 points to conclude at 19,886.19.

The ready market average volume improved by 45.28 to 253.82 million shares compared to 174.72 million shares traded on last week. The market capitalization of KSE enhanced by Rs 221.32 billion to Rs 6.934 trillion against Rs 6.713 trillion observed last w eek. K-Electric limited remained overall volume leader during the week at 121.41 million shares, up by Rs 0.67 to close at Rs 7.43. Second on the volume leader was, Pakistan Elektron Limited increased by Rs 6.23 to close at Rs 50.78 by trading nearly 109.27 million shares. Bank of Punjab remained as the third volume leader of the week by trading well over 89.46 million shares got better by Rs 0.50 to close at Rs 8.31.

In the past week 380 scrips traded in which 268 scrips advanced, 103 declined while the value of 9 scrips remained intact. Rafhan Maize and Siemens Pakistan remained the top gainer by Rs

188.86 and Rs 165.53 to close at Rs 9,889.86 and Rs 1,047.82 respectively, while Unilever Foods and Wyeth Pakistan were among the major loser which lost Rs 445.95 and Rs 375 to close at Rs 8,055.05 and Rs 2,300 respectively.

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