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Continuing upward journey
END July review
Karachi Stock Market as usual carried on its swift upward journey during July 2003. All the stock market indicators remained highly bullish attaining impressive new records.
The News-Prime Bank Composite Index of VIS gained significantly over the month, as it closed at 6637.6 points having increment of 803.2 points. This was about 13.8% of its end June close of 5834.4 points.
KSE 100, the market capitalization based index of Karachi Stock Exchange closed at its all time high value of 3933.4 points, registering a substantial increase over the month i.e. 530.9 points or 15.6% over its June 2003 closing of 3402.5 points.
The two major components of Composite Index, Financial and Industrial, also moved in the upward direction and financial Index registered a gain of over 22% with Industrial Index gaining about 10%.
Financial Index closed at 4623.8 points and increased by 842.1 points or 22.3% over its June's closing of 3781.8 points, where as the Industrial Index, on the other hand reached 7432.3 points with a rise of 675.2 points or 10% over its June's close of 6757.2 points.
An over all bullish trend can also be appraised from the fact that 34 out of 36 sector indices of the News-Prime Bank Index family recorded gains during July 2003 where as only two sectors lost value over June 30, 2003.
All six-sector indices on the financial side closed positively during the month. The index of "Mutual Funds" sector topped the list with an over the month increment of over 28.9%, followed by Leasing Companies sector that climbed by 27.2%.
On the Industrial side, it was the index of "Coating/Resins/Alkalis" sector that became the winner with an increment of 27.6% followed by that of "Sugar & Allied" sector having the increment of 23.9%.
During the month, there were only two indices on the industrial side; "Tobacco" and "Toiletries", that declined, both losing about 2.2% and 0.5% respectively.
Other Market-Indicators:
Sentiment indicators of Lahore and Islamabad Stock Exchanges also displayed bullish trends during July 2003, following the over all trends that prevailed in Karachi.
LSE-25 that already crossed 2000 points mark in June, maintained its upward trend in July and closed at 2356.17 with a rise of 321.60 or 15.81% over 2034.57 points it marked at the end of June 2003.
Similarly, the ISE Composite index also showed positive trend. The ISE Composite after a long while crossed above its base value of 10,000 points and ended up at 10,197.73 with a handsome rise of 1,987.60 points over its preceding closing which was 8,210.13 points.
Volumes also remained on the higher side on all the local bourses.
News-Prime Bank Indexes
Major Indexes
Major Index Closing as on Change over
July 31, 2003 June 30, 2003
Composite 6,637.6 803.2 (13.8%)
Financials 4,623.8 842.1 (22.3%)
Industrials 7,432.3 675.2 (10.0%)
Base: 10,000 December 29, 1994
Top Percentage Gaining
Sector Indexes
Sector Index Closing as on Change over
July 31, 2003 June 30, 2003
Mutual Funds 560.6 125.8 (28.9%)
Coating/Resins/ Alkalis 498.4 107.8 (27.6%)
Leasing Companies 302.7 64.7 (27.2%)
Modarabas 504.3 104.3 (26.1%)
Sugar & Allied 714.5 138.0 (23.9%)
Base: 1,000 December 29, 1994
Top Percentage Losing
Sectors Indexes
Sector Index Closing as on Change over
July 31, 2003 June 30, 2003
Toiletries 2567.8 -56.4 (-2.2%)
Tobacco 928.3 -5.0 (-0.5%)
Base: 1,000 December 29, 1994