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END January review
News-Prime Bank Stock Price Indexes
Ups and downs continue
Karachi stock market remained highly volatile during January 2003. Towards the mid of the month, market witnessed all time high stock values before the highly overbought market plunged drastically. Exuberant carry-over charges, which soared as high as 48 per cent at one time, also contributed to panic selling on almost all counters.The News-Prime Bank Composite Index of VIS closed at 4,445.8 points losing 62.3 points or 1.4 per cent over its end-January close of 4,508.1 points. During January, the index topped at 4,688.7 points which was on the 15th of the month whereas the lowest recording was made on the last day of the month. On 12 out of 22 days of trading at the KSE, the index closed in the negative column whereas it gained value at the end of the remaining 10 days, primarily in the first half of the month.
The two major components of the Composite Index, Financials and Industrials depicted different pictures as the former closed on a slightly positive note whereas the later lost substantially over the month.
Financials index closed at 2,825.1 points with a nominal increase of 69.8 points or 2.5 per cent over its end-Decemberís close of 2,755.4 points. Industrial index, on the other hand reached 5,149.2 points with loss of 145.7 points or 2.8 per cent over its preceding monthís close of 5,294.9 points.
An overall bearish mood of the traders could also be gauged from the fact that there were as many as 25 out of 36 sector indices of the News-Prime Bank Index family that posted loss during January 2002 whereas only 10 gained value with one sector index remaining unchanged.
Three out of six sector indices on the financials side closed positively whereas the other three declined during the month. The index of ëBrokerage Firmsí sector topped the list with an over-the-month increment of 32.4 points or 12 per cent. The most badly hit financial sector index was that of ëInsurance Companiesí which dropped by over 3 per cent and closed 454.3 points.
On the industrial side, the index of ëPetroleum & Oilfieldsí sector topped the list by reaching 900.9 points with an increment of 42 points or 5 per cent. During the month, index of ëAuto Parts & Batteriesí sector dropped the most, losing about 11 per cent during the month, ended up at 325.7 points.
Other Market-Indicators:
The KSE-100, which is a market capitalization based index of Karachi Stock Exchange, after touching its all-time high value of 2,955 points dropped drastically towards the end of the month. KSE-100 index closed at 2,545.1 points with a substantial month-over loss of 156.4 points or 5.8 per cent over its Decemberís closing of 2,701.4 points.
Sentiment indicators of the Lahore and Islamabad Stock Exchanges also displayed bearish trends during January as both the markets follow the overall trends prevailing in Karachi.
The average daily turnover at the KSE was however, higher than the last month. On an average, almost 400 million shares changed hands on each of the 22 days of trading in January as against 376 million shares recorded for December 2002.
News-Prime Bank Indexes
Major Indexes
Major Index Closing as on Change over
Jan. 31, 2002 Dec. 31, 2002
Composite 4445.8 ñ62.3 (ñ1.4%)
Financials 2825.1 69.8 (2.5%)
Industrials 5149.2 ñ145.7 (ñ2.8%)
Base: 10,000 January 29, 1994
Top Percentage Gaining
Sector Indexes
Sector Index Closing as on Change over
Jan. 31, 2002 Dec. 31, 2002
Brokerage Firms 301.1 32.4 (12.0%)
Mutual Funds 348.1 31.5 (10.0%)
Modarabas 282.7 15.5 (5.8%)
Petroleum & Oilfields 900.9 41.9 (4.9%)
Leather & Tanneries 519.1 17.5 (3.5%)
Base: 1,000 January 29, 1994
Top Percentage Losing
Sectors Indexes
Sector Index Closing as on Change over
Jan. 31, 2002 Dec. 31, 2002
Auto Parts & Batteries 325.7 ñ38.7 (ñ10.6%)
Glass & Ceramics 373.5 ñ42.0 (ñ10.1%)
Cement & Bldg. Products 92.9 ñ10.4 (ñ10.1%)
Energy 249.4 ñ25.2 (ñ9.2%)
Transport & Communication 415.7 ñ41.2 (ñ9.0%)
Base: 1,000 January 29, 1994