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July Review

7/31/2017

1 Comment

 
After a whopping 8pc decline in June, the market fell 1.2pc(555pts) in July to 46010, after recovering from a low of 43027. Average turnover fell 32pc  to 175mln shares while value traded tumbled 25pc to Rs.9.6bln.

Politics moved center stage during the month, with the JIT summoning PM and his family. As the proceedings moved palpably against the ruling family, the market took a hit, touching 43027 intra day on Jul 12 and closing at 43207. Thereafter the market sought some semblance of political direction and sensing reduction in political speculation, after the SC verdict on Jul 28, it pulled back to 46000. At the end of July the KSE100 is down 1800pts(3.75pc) for the year.

During the course of the month, turnovers took a beating with volumes skewed towards second tier stocks, consequently suppressing value traded.

Apart from rocky politics, July saw macroeconomic concerns somewhat cloud the shine in the country's growth trajectory. Chief among these concerns were the external account situation and revenue generation. A surprise devaluation by the central bank, of the Rupee caused jitters, even though it was subsequently reversed by the GOP. The IMF voiced some differences with the GOP over macro stability.

That said, companies remain upbeat over growth projections. KEL announced USD1bln investment, four auto companies were allowed to set up assembly plants.

Top scrips by value traded were SNGP, ISL, TRG, ENGRO and DGKC. Volume leaders were POWERR, BOPR2, TRG, KEL, ANL, EPCL and BOP.

Top performers among active scrips were SSGC, PPL, ISL.
Worst performers were HCAR, PSMC, ACPL, KOHC, LUCK, FFC, UBL, HBL and DGKC.  Cement stocks came under pressure over capacity concerns, while HBL took a hit because of worries over imposition of a heavy fine in the USA.

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Outflow during the month was USD38mln compared to an inflow of USD 7.9mln. We expect investor focus to follow individual earnings annoucements as sectoral excitement recedes. With the PM's disqualification out of the way, the prospective election of Shahbaz Sharif will ensure political continuity, strengthening growth prospects for the country. Sectors that offer hedge against currency devaluation, Power, E&P's are likely to perform better.
1 Comment

Pakistan's PM Falls Again-NYT

7/31/2017

0 Comments

 

Opinion | Pakistan's Prime Minister Falls, Again

For those hoping for signs of a deepening of democracy in Pakistan, the ouster of Nawaz Sharif provides no help. On the surface, the decision of the Pakistani Supreme Court to disqualify Mr. Sharif and his family from holding office over allegations of corruption seems a triumph for the rule of law, but the way it was done smacks too much of political infighting to celebrate, and the ensuing confusion is in no one's interest.

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Pakistan to Choose PM on Tuesday

7/30/2017

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Pakistan set to elect new prime minister Tuesday

ISLAMABAD (Reuters) - Pakistan's lawmakers will elect a new prime minister on Tuesday to replace ousted leader Nawaz Sharif, with ruling party stalwart Shahid Khaqan Abbasi expected to become interim leader until Sharif's own brother is eligible.

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Nawaz Disqualification and Prospects for Pakistan

7/29/2017

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The ousting of Nawaz Sharif is a double-edged sword for Pakistan

Amidst heavy security in the capital, the Supreme Court of Pakistan today disqualified Prime Minister Nawaz Sharif over a corruption scandal that originated in last year's Panama Papers. While Sharif himself wasn't mentioned in the leaks, his children were named with reference to properties they own in London.

0 Comments

Shabaz to Become PM

7/29/2017

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Pakistan's Ruling Party to Choose Younger Sharif as Premier

Pakistan's ruling party will nominate Punjab's Chief Minister Shehbaz Sharif as prime minister ahead of elections next year, after his older brother resigned from the post following a historic Supreme Court ruling on Friday that barred him from office.

0 Comments

Press Coverage of Nawaz Disqualification

7/29/2017

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Opinion | Why Ousting Nawaz Sharif Sets a Dangerous Precedent for Pakistan

Civil-military tensions had intensified after the killing of Osama bin Laden in May 2011 and Mr. Gilani was put on the chopping block after he openly denounced the military for being "a state within a state," and for allowing Mr. bin Laden to hide in Pakistan for six years.

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Nawaz Sharif Disqualification

7/29/2017

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Opinion: A 'judicial coup' against Pakistani PM Sharif | Opinion | DW | 28.07.2017

In a dramatic but widely expected verdict, the Supreme Court of Pakistan has disqualified Pakistan's Prime Minister Nawaz Sharif from public office. This decision practically ends the political career of Sharif who has enjoyed political power for more than three decades. The apex court has also disqualified Sharif's family members and his finance minister.

0 Comments

Another One Bites the Dust

7/29/2017

1 Comment

 

Another one bites the dust

"It has not been denied that respondent No. 1 being Chairman of the Board of Capital FZE was entitled to salary, therefore, the statement that he did not withdraw the salary would not prevent the un-withdrawn salary from being receivable, hence an asset.

1 Comment

Sharif Ouster is Bad News

7/28/2017

0 Comments

 

Sharif's Ouster Is Bad News

In Pakistan's 70 years of existence, not one prime minister has served a full five-year term. They've been fired by governor-generals and army chiefs and judges. So it was always fruitless, I expect, to hope that Nawaz Sharif, elected with a massive mandate in 2013, would become the first.

0 Comments

Nawaz Sharif Disqualified

7/28/2017

0 Comments

 

Prime Minister Nawaz Sharif of Pakistan Is Ordered Removed

The charges against Mr. Sharif and three of his children - two sons and a daughter - stemmed from disclosures last year in the Panama Papers, which revealed that the children owned expensive residential property in London through a string of offshore companies.

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  • Home
  • About
    • Mission
    • Company Information
    • Governance
  • Account Center
    • Account Details Update
    • Account Open Request
    • Account Form
    • Close Account Request
    • Online trading Request
    • Online Trading Software >
      • Java Download for PC
      • TradeCast for PC
      • TradeCast Help
      • Mobile Trading Android
      • Mobile Trading IOS
    • Transfer Shares Letter
  • Investor Portal
    • Downloads >
      • Claim Form
      • Complaint Guide
    • Feedback
    • Investor Grievances
    • Investor Info >
      • Auditors
      • Account Form
      • Financial Information
      • KYC Policy
      • Net and Liquid Capital
    • PSX Complaint
    • SECP Complaint
  • Investor Education
    • Investor Awareness Guide
    • Invest in Pakistan
    • Investment 101
    • Psx Webinars
  • Market View
    • Corporate Briefings
    • Company Announcements
  • Contact
    • Useful Links
    • FAQ's