|
Sustainable upward trend
END December review
By Tabinda Shakeel
In the last month of 2003, The News-Prime Bank Composite Index of VIS very well managed to pull up its point-level, which substantiated its remarkable performance during the month under review. On 31st December 2003, the index managed to sustain its position above the barrier of 5900 points, as it closed at 5965.1 points by obtaining 249.1 points, having rise of 4.4% as compared to the last month's closing of 5716.1 points.
On the 29th Dec, the index held 5971 points, which found to be the highest during the month under review, whereas the lowest recording of 5760 points was made on the 09th Dec 2003. On as many as 12 out of 22 days, when trading commenced at the KSE, the index closed in the positive column whereas it lost value at the end of the remaining 10 days only. The two vital ingredients of the Composite Index; Financials and Industrials, both moved in the desirable positive direction by adding noteworthy points in their respective indices, so drove the Composite index the same way.
Financial index recorded remarkable increase of 209.3 points and reached at 3866.5 points; it grew about 5.7% from its last month's closing of 3657.2 points. Industrials Index, the other ruler of the Composite, also managed to add-up 270.7 points and closed at 6884.1 points having increment of 4.1% in comparison to its preceding month's closing of 6613.5 points.
Displaying the breadth of the mounting trend, 29 out of 36 sector indices of the News-Prime Bank Index Family closed positively whereas only 7 sectors lost value during the month under review.
Among the sector indices on the financials side, 'Modarabas' sectors topped the list by securing further 46.6 points and closed at 408.5 points, having the rise of 12.9% as compared to its preceding month's closing of 362 points.
Mutual Funds went up to 391.7 points by adding 2.9 points or increased by 0.8% from its previous month's ending of 388.8 points. Brokerage Firms went down by losing 21.3 points and closed at 385.7 points or decreased by 5.2% from its previous month's ending of 407 points.
Leasing Companies, Banks & Investment Companies and Insurance, also went up to 259.9, 327.9 and 573.3 points respectively. Leasing Companies gained 0.1 point having increase of 0.1% as compared to its previous month's closing of 259.8 points. Banks and Investments Companies secured 27.3 points, increased by 9.1% from its last month's closing of 300.6 points. Finally Insurance sector obtained 28.1 points and increased by 5.1% as compared to its preceding month's closing of 545.3 points. On the industrial side, the index of 'Textile Weaving' sector topped the list as it closed at 608 points by gaining 137.7 points and had an increase of 29.3% from its previous closing of 470.3 points. Besides this, the sector of 'Petroleum & Oilfields' held runner up by securing 133.2 points and closed at 1091.1 points, it rose by 13.9% from its previous closing of 957.9 points. The index of 'Apparels' sector remained the most badly hit losing 4.8% during the month as it dipped to 215.9 points from 226.7 points with the loss of 10.8 points. The runner up on the loser side is 'Paper & Board' that fell down to 671 points with the loss of 30 points from its preceding month's closing of 701 points, which means it decreased by 4.3%.
Other Market-Indicators:
The KSE-100 of Karachi Stock Exchange retained its position above the fence of 4400 points. It closed at 4471.6 points and gained 403.3 points, which was 9.9% of its last month's closing of 4068.3 points.
Trading at the Lahore and Islamabad Stock Exchanges showed increase in their respective indices. At the end of Dec, LSE-25 Index of Lahore closed at 2491.49 points having increment of 195.96 points which mean it increased 8.54% from its previous closing of 2295.53 points.
Similarly, ISE-Network Index of Islamabad, which is also a price-based composite index developed by VIS, increased to 8831.31 points in Dec by gaining 507.18 points, it grew about 6.09% from the last month's closing of 8324.13 points.
There was a huge increase in the average daily turnover at the KSE. On an average, 277 million shares changed hands on each of the 22 days of trading as against an average turnover of 126 million shares estimated for Nov 2003.
News-Prime Bank Indices
Major Index Closing as on Change over
Dec 31, 2003 Nov 25, 2003
Composite 5965.1 (249.1) (4.4%)
Financials 3866.5 (209.3) (5.7%)
Industrials 6884.1 (270) (4.1%)
Base: 10,000 December 29, 1994
Top Percentage Gaining Sector Indices
Sector Index Closing as on Change over
Dec 31, 2003 Nov 25, 2003
Textile Weaving 608 137.7 (29.3%)
Petroleum & Oilfields 1091.1 133.2 (13.9%)
Auto Parts & Batteries 535.8 63.7 (13.5%)
Modarabas 408.5 46.6 (12.9%)
Dairy & Beverages 707.8 72.1 (11.3%)
Base: 1,000 December 29, 1994
Top Percentage Losing Sector Indices
Sector Index Closing as on Change over
Dec 31, 2003 Nov 25, 2003
Brokerage Firms 385.7 (-21.3) (-5.2%)
Apparels 215.9 (-10.8) (-4.8%)
Paper & Board 671 (-30)(-4.3%)
Sugar & Allied 555.8 (-20.3)(-3.5%)
Woollen 911.8 (-30.6)(-3.2%)
Base: 1,000 December 29, 1994