A new low for the retreat: KSE-100 falls 1.18% to 165,124, 11.91% below the record, as no cement name rises and the securities complex drops 2.44% on a thin 363m tape
KSE-100
165,124
-1.18%
KSE-30
49,004
-1.68%
KMI-30 (Shariah)
237,814
-1.06%
All-Share
100,158
-0.95%
Market Pulse
Monday's 363m tape was thin and leaned lower, with 223m traded in declining names against 140m in advancing ones. TREET was the most active name, up 1.6% on 27m, with LSEFSLR - LSE Financial's rights line - at 21m after a 45.7% fall from Rs 2.19 to Rs 1.19, a move of exactly Rs 1 that its band allows on a low-priced stock, WAVESAPP up 0.7% on 20m and WTL down 2% on 20m. PRL rose 0.4% on 17m while CNERGY fell 0.9% on 14m, PIBTL rose 0.7% on 13m and FNEL fell 2.6% on 12m, with KEL down 2.6% on 8m, TPLP 0.6% on 8m, LOTCHEM 0.3% on 7m, TPLRF1 up 0.3% on 7m, ASL up 0.7% on 6m, BOP down 1.6% on 6m, OBOY 1.9% on 6m and DSIL 3.7% on 5m a day after Friday's limit-up. Nearly all the heavyweights were lower on small prints: BAFL down 2.2%, NBP 2%, HBL 1.9%, FCCL 2.1%, MLCF 1.4%, DGKC 1.8%, KOHC 3%, OGDC 1.9%, POL 2.7%, SSGC 2.1%, PTC 2.8%, TRG 2.3%, NPL 2.1%, NCPL 1.8% and PKGP 4.7%. UCAPM led the gainers at 14.3%, a Rs 1 move on a Rs 6.98 stock and its third straight gain of more than 14%, ahead of ASTL, PIAHCLA, SLGL and KOHP at the 10% limit; the losers were LSEFSLR down 45.7% and its parent LSEFSL down 10.3%, with FTSM and SHCM at limit-down and AKDHL down 9.7%.
Sector micro-analysis
Ten of 33 sectors closed higher and six closed without a single advancer: Cement with 18 of 19 names lower, Oil and Gas Marketing with all ten, Automobile Assembler with all ten, the E&Ps with all four, Fertilizer with all five and Property with none of six higher. The gains were small: Transport rose 1.6% on a three-three split, Cable and Electrical Goods 1%, Leather and Tanneries 0.89%, Engineering 0.79% with ten of 18 lower despite ASL's 0.7% and ASTL's limit-up, the Close-End Mutual Funds 0.74%, Modarabas 0.69% with 11 of 20 down, Textile Weaving 0.32% and Textile Spinning 0.23% with 21 of 43 lower, Automobile Parts and Accessories 0.14% and Glass and Ceramics 0.01%. The declines ran through the engines: the securities complex fell 2.44% with 26 of 35 lower, Cement 2.04% on KOHC's 3%, CHCC's 2.4%, FCCL's 2.1% and DGKC's 1.8%, Synthetic and Rayon 1.73%, the E&Ps 1.55% on POL's 2.7% and OGDC's 1.9%, Apparel 1.36%, Oil and Gas Marketing 1.28% on SSGC's 2.1%, Automobile Assembler 1.16%, Power Generation and Distribution 1% on PKGP's 4.7%, NPL's 2.1% and KEL's 2.6%, Technology and Communication 0.97% with 17 of 21 lower on PTC's 2.8%, TRG's 2.3% and WTL's 2%, and Commercial Banks 0.75% on BAFL's 2.2%, NBP's 2% and HBL's 1.9%. The Refinery sector eased only 0.07% on a two-two split, PRL up 0.4% against CNERGY down 0.9%. Chemical lost 0.27% with 18 of 25 down, Fertilizer 0.65% with all five names lower, Food and Personal Care Products 0.54% and Pharmaceuticals 0.67% with nine of 14 lower.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Transport | +1.60% | 3 / 3 |
| Cable & Electrical Goods | +1.00% | 2 / 3 |
| Leather & Tanneries | +0.89% | 2 / 4 |
| Engineering | +0.79% | 6 / 10 |
| Synthetic & Rayon | -1.73% | 1 / 3 |
| Cement | -2.04% | 0 / 18 |
| Inv. Banks / Inv. Cos. / Securities Cos. | -2.44% | 8 / 26 |
Gainers
- UCAPM +14.30%
- ASTL +10.00%
- PIAHCLA +10.00%
- SLGL +10.00%
- KOHP +10.00%
Losers
- LSEFSLR -45.70%
- LSEFSL -10.30%
- FTSM -10.00%
- SHCM -10.00%
- AKDHL -9.70%
Most active
- TREET 27m +1.60%
- LSEFSLR 21m -45.70%
- WTL 20m -2.00%
- WAVESAPP 20m +0.70%
- PRL 17m +0.40%
Market Action
Participant flows: the internals read as a market making a new low on thin volume rather than on a rush of selling. Down-volume of 223m was 1.6 times the 140m in advancing names and 322 names fell, but the tape was only 363m and the heaviest print, TREET's 27m, was a gain. The weight of the selling was spread thinly across the engines - the cements, the power group, the banks and most of the securities names lower on small prints, mostly under 6m - while the refinery names that had led the swings of the past month were small and mixed. The fringe had its own extremes on little volume: LSEFSLR's 45.7% fall on 21m, UCAPM's third straight double-digit gain and DSIL's reversal from Friday's limit-up. The latest foreign figure on the record is Friday's PKR 19m net sell, a marginal print that left the week's foreign ledger at roughly PKR 417m of net selling; today's flows are not yet in the record.
Outlook
- •The retreat has a new low: Monday's 165,124 is 743 points under the previous low of 5 October, 3,585 points under the 10% line for an eighth straight session, 11.91% below the record and 3.45% under the 24 July low for a thirteenth straight session, on a 363m tape that is the third-lightest since at least 24 August.
- •The selling has moved into the index engines - Cement with no advancer among 19, the securities complex down 2.44% with 26 of 35 lower, the E&Ps, oil marketing and automobile assemblers each without a gainer - while the refinery names that had led the swings of the past month were small and mixed, with PRL up 0.4% and CNERGY down 0.9%.
- •The fall of 1.18% is the sharpest since 5 October and comes after three straight weekly declines: the index is 1.80% below the 2 October close of 168,155 and 2.85% below September's close, with breadth of 134 advancers to 322 decliners a far milder reading than 5 October's 55 to 407.
What to watch
- •Whether the new low of 165,124 holds - it is 0.45% under the previous low, 1.69% under the 14 September low and 3,585 points below the 10% line, with the 24 July low of 171,021 now 3.57% overhead after thirteen sessions beneath it
- •Whether the cement and securities groups keep leading the decline - Cement fell 2.04% with 18 of 19 lower and the securities complex 2.44% with 26 of 35 down, while the refinery names were small and mixed
- •Whether foreign selling returns at scale - Friday's PKR 19m net sell followed Thursday's PKR 245m and left the prior week at roughly PKR 417m sold, with today's figure not yet in the record
- •USD/PKR, SBP rate signals and the global crude tape
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