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Slow slide all the way
END September review
By Tabinda Shakeel
At the end of the September 2003, like all other indices, The New-Prime Bank Composite Index of VIS also had to lose certain points as market was being bearish or rather volatile during the month under review.On 30th September 2003, the index didn't let its point-level to fall below the barrier of 6,200 points so eventually, it closed at 6220.4 points by losing 411.0 points, which means, it had a decrease of 6.2% as compared to the last month's closing of 6631.4 points. On the 09th Sep the index touched 6795 points, which was the highest during the month under review, whereas the lowest recording of 6196 points was made on the 29th Sep 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. The two major constituents of the Composite Index; Financials and Industrials, both lost significant points and led the Composite index in downward drift.
Financials index fell down to 4110.6 points by losing 513 points, which is about 11% of it's last month's closing of 4623.8 points. Industrial Index, the other major component of the Composite, fell down to 7120.1 points by losing 298.4 points or 4.0% in comparison to its preceding month's closing of 7418.5 points.
Among the sector indices on the financials side, only the ‘Brokerage Firms' sector managed to possess the same level of 545 points as it secured in the last month, all other sectors under the same index lost points and achieved new lower levels. Modarabas fell down to 423.2 points by losing 40.7 points or decreased by 8.8% from its previous month's ending of 463.8 points. Mutual Funds fell down to 454.9 points by losing 93.3 points or decreased by 17% from its previous month's ending of 548.1 points.
Leasing Companies, Insurance and Banks & Investing Companies also dropped down to 273.9, 605.9 and 310 points respectively. Leasing Companies lost 33.6 points having decrease of 10.9% as compared to its previous month's closing of 307.5 points. Insurance sector lost 58.6 points and had a decrease of 8.8% as compared to its preceding month's closing of 664.5 points, whereas, Banks and Investing Companies lost 43.7 points, which means decrease of 12.3% from its last month's closing of 353.7 points.
In the industrial group, the index of 'Toiletries' sector topped the list and reached to 2889.4 points with a significant increase of 259.6 points or 9.9% from its preceding month's closing of 2629.8 points. Besides this, the sector of 'Food & Confectioneries' held runner up, reached at 1431.5 points with the addition of 38.5 points or increased by 2.7% compared to its previous month's closing of 1393.3 points. The index of 'Automotive Assembler' sector remained the most badly hit losing 17.2% during the month as it dipped to 1322.8 points from 1596.7 points with the loss of 273.9 points. The runner up on the loser side is 'Polyester Fibre/Chips/Filament' that fell down to 379.3 points with the loss of 58.2 points from its preceding month's closing of 437.5 points, which means it decreased by 13.3%.
Other Market-Indicators:
The KSE-100 of Karachi Stock Exchange hardly managed to remain above the barrier of 4000 points, as it closed at 4027.34 points and lost 434.16 points, which was 9.7% of its last month's closing of 4461.5 points. Trading at the Lahore and Islamabad Stock Exchanges remained dominated by the combination of bulls and bears both.
However, at the end of Sep, LSE-25 Index of Lahore closed at 2430.96 points having a decline of 260 points from 2690.91 points. Similarly, ISE-Network Index of Islamabad, which is also a price-based composite index developed by VIS, dropped to 9035.65 points in Sep by losing 1383 points from the last month's closing of 10418.36 points.
There was a significant decrease in the average daily turnover at the KSE. On an average, 424 million shares changed hands on each of the 22 days of trading as against an average turnover of 610 million shares estimated for Aug 2003.
News-Prime Bank Indexes
Major Index Closing as on Change over
Sep 30, 2003 Aug 31, 2003
Composite 6220.4 (-411) (-6.2%)
Financial 4110.6 (-513.2) (-11.1%)
Industrial 7120.1 (-298.4) (-4.0%)
Base: 10,000 December 29, 1994
Top Percentage Gaining Sector Indices
Sector Index Closing as on Change over
Sep 30, 2003 Aug 31, 2003
Toiletries 2889.4 259.6 (9.9%)
Food & Confectioneries 1431.5 38.2 (2.7%)
Engineering & Metals 715.9 18.6 (2.7%)
Jute 1197.3 29.2 (2.5%)
Woollen 943.4 22.6 (2.5%)
Base: 1,000 December 29, 1994
Top Percentage Losing Sector Indices
Sector Index Closing as on Change over
Sep 30, 2003 Aug 31, 2003
Automotive Assembler 1322.8 (273.9) (-17.2%)
Mutual Funds 454.9 (93.3) (-17.0%)
Polyester Fibre/Chips/Filament 379.3 (58.2)(-13.3%)
Energy 366.6 (53.9)(-12.8%)
Cement & Building Products 164.2 (23.1)(-12.3%)
Base: 1,000 December 29, 1994