Sell-off to a new low for the retreat: KSE-100 falls 1.21% to 163,924.31, 12.55% below the record, as 355 names decline and PTC drops 9.91%
KSE-100
163,924.31
-1.21%
KSE-30
48,313.80
-1.53%
KMI-30 (Shariah)
235,637.18
-1.36%
All-Share
99,526.87
-1.08%
Market Pulse
Thursday's 367m tape was down from Wednesday's 380m and the lightest since 12 October's 363m, yet it was overwhelmingly one-sided: 313m traded in declining names against 53m in advancing ones, with 1m in unchanged names. The busiest names were PRL, down 4.77% to Rs 95.12 on 26m for a third straight fall, which has taken it 12.58% under Monday's Rs 108.81 though it remains 2.07% above 13 October's Rs 93.19, CNERGY down 1.36% to Rs 12.35 on 23m, WTL down 3.23% to Rs 0.90 on 22m, MACFL down 9.99% to Rs 65.83 on 16m for a sixth straight limit-down, which has taken it 46.86% below 14 October's Rs 123.87, and PTC down 9.91% to Rs 47.07 on 12m, which leaves it 21.67% under 8 October's Rs 60.09. TISL rose 3.05% on 12m, TPLP fell 1.14% on 9m, NCPL fell 4.76% on 9m after Wednesday's 9.53% gain, TPL fell 7.62% on 8m, FNEL fell 0.92% on 7m, PIBTL fell 1.83% on 7m, TPLT fell 3.75% on 6m, WAVESAPP fell 3.94% on 6m, PASL fell 0.66% on 6m, BOP fell 1.10% on 6m and EPCL fell 0.51% on 5m. LSEFSLR, the rights line, fell 6.35% to Rs 0.59 on 4m, 73.06% under its Rs 2.19 reference price. At the extremes, 13 names closed up 9.9% or more against six down by that much: UCAPM rose 10.03% to Rs 17.67 for an eleventh straight gain of 10% or more, with NCL, STML, KOHE and DNCC among the others at or near the 10% limit, while the losers were GRYL at 10.01%, CFL, FIL and MACFL at the 10% limit-down, TPLL at 9.96% and PTC at 9.91%.
Sector micro-analysis
Only three of the 33 sectors with three or more names closed higher and 30 lower, with seven closing without an advancer: the Refinery sector (all four names lower), Oil and Gas Marketing Companies (all ten), Pharmaceuticals (all 14), Cable and Electrical Goods (all seven), Fertilizer (all five), the E&Ps (all four) and the Close-End Mutual Funds (two lower, one unchanged). The three gainers were narrow: Property rose 0.58% on HUSI's 6.96% on almost no volume with one of six up, Modarabas 0.38% with seven of 19 up on UCAPM's 10.03% and PIM's 10%, and Transport 0.26% on CLVL's 9.99% on 3m with one of six up. The weakest sectors were the Refinery sector, with PRL down 4.77%, NRL 5.43%, ATRL 4.22% and CNERGY 1.36%, then Oil and Gas Marketing Companies at 2.22%, Cable and Electrical Goods 2.06% on WAVES' 4.15% and WAVESAPP's 3.94%, Paper, Board and Packaging 2.03% on MACFL's limit-down, Technology and Communication 1.99% with 17 of 21 lower on PTC's 9.91%, TPL's 7.62% and MDTL's 5.58% against ITANZ's 7.84%, Leather and Tanneries 1.97% on FIL's 10% limit-down, the Close-End Mutual Funds 1.65%, Pharmaceuticals 1.61% and Engineering 1.55% with 14 of 18 lower. Among the larger groups, Commercial Banks fell 1.05% with 15 of 19 lower, BOK down 4.65%, NBP 2.37% and HBL 2.23% against MCB up 0.39%, Cement 1.13% with 16 of 19 lower despite DNCC's 10.01% on 4m, Power Generation and Distribution 1.16% with 13 of 16 lower, NCPL down 4.76% on 9m and NPL 4.11% against KOHE's 10.01%, Fertilizer 1.35%, Investment Banks, Investment Companies and Securities Companies 1.18% with 27 of 34 lower, and the E&Ps 0.72% with OGDC down 0.84% and PPL 1.14%.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Property | +0.58% | 1 / 3 |
| Modarabas | +0.38% | 7 / 11 |
| Transport | +0.26% | 1 / 5 |
| Miscellaneous | -0.14% | 5 / 11 |
| Cable & Electrical Goods | -2.06% | 0 / 7 |
| Oil & Gas Marketing Companies | -2.22% | 0 / 10 |
| Refinery | -3.94% | 0 / 4 |
Most active
- PRL 26m Rs 95.12 -4.77%
- CNERGY 23m Rs 12.35 -1.36%
- WTL 22m Rs 0.90 -3.23%
- MACFL 16m Rs 65.83 -9.99%
- PTC 12m Rs 47.07 -9.91%
Gainers
- UCAPM Rs 17.67 +10.03%
- NCL Rs 41.86 +10.01%
- STML Rs 46.48 +10.01%
- KOHE Rs 15.83 +10.01%
- DNCC Rs 23.86 +10.01%
Losers
- GRYL Rs 32.82 -10.01%
- CFL Rs 67.59 -10.00%
- FIL Rs 407.11 -10.00%
- MACFL Rs 65.83 -9.99%
- TPLL Rs 18.63 -9.96%
Market Action
Participant flows: NCCPL participant flows for Thursday are not yet in the record. The internals read as a broad, one-sided sell-off: 100 advancers against 355 decliners, 53m traded in advancing names against 313m in declining ones, three of 33 sectors higher and seven closing without an advancer. The last foreign figure on record is Wednesday's net sell of PKR 718.80m, the largest since 11 September's PKR 1.79bn, which more than reversed Tuesday's PKR 206.30m net buy.
Outlook
- •The index closed at a new low for the retreat, 163,924.31, after a 2,006.67-point fall: 4,785 points under the 10% line for a sixteenth straight session, 12.55% below the record, 4.15% under the 24 July low for a twenty-first, and 0.52% below the previous low close of 164,776.44 on 13 October.
- •Breadth gave the fewest advancers and most decliners since 5 October, 100 against 355, with three of 33 sectors higher and seven without an advancer, and volume was one-sided, 313m in declining names against 53m in advancing ones on a 367m tape, the lightest since 12 October.
- •Among the busiest names, PTC fell 9.91%, PRL 4.77% for a third straight fall and WTL 3.23%, and TPL fell 7.62% on 8m, while MACFL fell for a sixth straight limit-down and UCAPM rose 10.03% for an eleventh straight gain of 10% or more.
What to watch
- •Whether the 163,924.31 close holds as the low of the retreat - it was 0.52% under the 13 October low of 164,776.44 and 1.17% under the 5 October close of 165,867.31
- •Whether PTC's 9.91% fall extends - it is 21.67% under 8 October's Rs 60.09 close and fell 9.08% on 13 October as well
- •Whether foreign selling continues once Thursday's NCCPL flows post - Wednesday's PKR 718.80m net sell was the largest since 11 September and more than reversed Tuesday's PKR 206.30m net buy
- •USD/PKR, SBP rate signals and the global crude tape
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