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Market playing on sentiments
END November review
By Tabinda Shakeel
By the end of November 2003, The News-Prime Bank Composite Index of VIS had successfully managed to pull up its point-level, which witnessed its amazing performance during the month. On 25th November 2003, the index managed to sustain its position above the barrier of 5700 points, as it closed at 5716 points by obtaining 186.8 points, having rise of 3.4% as compared to the last month's closing of 5529.3 points.
On the 25th Nov, the index held 5716 points, which found to be the highest during the month under review, whereas the lowest recording of 5592 points was made on the 06th Nov 2003.
The two vital ingredients of the Composite Index; Financials and Industrials, both moved in the positive direction by adding significant points in their respective indices, so drove the Composite index on the same way.
Financial index recorded remarkable increase of 303.9 points and reached at 3657.2 points; it grew about 9.1% from its last month's closing of 3353.3 points.
Industrials Index, the other chief component of the Composite, also managed to add-up 83.3 points and closed at 6613.5 points having increment of 8.3% in comparison to its preceding month's closing of 6530.2 points.
Displaying the breadth of the mounting trend, 27 out of 36 sector indices of the News-Prime Bank Index Family closed positively whereas only 9 sectors lost value during the month under review.
Among the sector indices on the financials side, 'Brokerage Firms' sectors topped the list by securing further 89.5 points and closed at 407 points, having the rise of 28.2% as compared to its preceding month's closing of 317.5 points.
Mutual Funds went up to 388.8 points by adding 26.4 points or increased by 7.3% from its previous month's ending of 362.4 points. Modarabas grew up by obtaining 18 points and closed at 362 points or increased by 5.2% from its previous month's ending of 344 points.
Leasing Companies, Banks & Investing Companies and Insurance, also went up to 259.8, 301 and 545.3 points respectively. Leasing Companies gained 28.3 points having increase of 12.2% as compared to its previous month's closing of 231.5 points. Banks and Investments Companies secured 18 points, increased by 6.4% from its last month's closing of 282.7 points. Finally Insurance sector obtained 61.3 points and increased by 12.7% as compared to its preceding month's closing of 483.9 points.
On the industrial side, the index of 'Automotive Assemblers' sector topped the list as it closed at 1393 points by gaining 196.5 points and had an increase of 16.4% from its previous closing of 1196.4 points. Besides this, the sector of 'Petroleum & Oilfields' held runner up by securing 122.65 points and closed at 957.9 points, it rose by 14.7% from its points from its previous closing of 853.4 points. The index of 'Jute' sector remained the most badly hit losing 4.6% during the month as it dipped to 1022.4 points from 1071.3 points with the loss of 49 points. The runner up on the loser side is 'Glass & Ceramics' that fell down to 583.8 points with the loss of 27.7 points from its preceding month's closing of 611.5 points, which means it decreased by 4.5%.
Other Market-Indicators
The KSE-100 of Karachi Stock Exchange retained its position above the fence of 4000 points. It closed at 4068.3 points and gained 287.3 points, which was 7.6% of its last month's closing of 3781 points.
Trading at the Lahore and Islamabad Stock Exchanges remained dominated more by the bulls. However, at the end of Nov, LSE-25 Index of Lahore closed at 2295.53 points having increment of 146.5 points from 2149.03 points.
Similarly, ISE-Network Index of Islamabad, which is also a price-based composite index developed by VIS, increased to 8324.13 points in Nov by gaining 528.25 points from the last month's closing of 7795.88 points.
There was a significant decrease in the average daily turnover at the KSE. On an average, 126 million shares changed hands on each of the 17 days of trading as against an average turnover of 214 million shares estimated for Oct 2003.
News-Prime Bank Indices
Major Index Closing as on Change over
Nov 25, 2003 Oct 31, 2003
Composite 5716.1 (186.8) (3.4%)
Financials 3657.2 (303.9) (9.1%)
Industrials 6613.5 (83.3) (1.3%)
Base: 10,000 December 29, 1994
Top Percentage Gaining Sector Indices
Sector Index Closing as on Change over
Nov 25, 2003 Oct 31, 2003
Brokerage Firms 407 89.5 (28.2%)
Automotive Assembler 1393 196.5 (16.4%)
Petroleum & Oilfields 957.9 122.6 (14.7%)
Insurance 545.3 61.3 (12.7%)
Leasing Companies 259.8 28.3 (12.2%)
Base: 1,000 December 29, 1994
Top Percentage Losing Sector Indices
Sector Index Closing as on Change over
Nov 25, 2003 Oct 31, 2003
Jute 1022.4 (-49) (-4.6%)
Glass & Ceramics 583.8 (-27.7) (-4.5%)
Vanaspati & Allied 556.3 (-24.4)(-4.2%)
Electronics & Electrical Goods 252.6 (-8.7)(-3.3%)
Textile Weaving 470.3 (-8.4)(-1.8%)
Base: 1,000 December 29, 1994