The Abacus Prompt - June 2017 Issue

Click here to download the complete Abacus Prompt™.

Stock Market

  • The KSE-100 index decreased 8% during June, closing at 46,565 pts Graph-Jun17
  • Average daily turnover decreased 28% Mo M to ~242 mn shares
  • Foreigners reported a net buy of USD 7.9 mn in June. Individuals reported a net sell of USD 61 mn whereas Insurance Companies reported a net buy of USD 40 mn.
  • Oil & Gas, Cement, Fertilizer and Power sector stocks were negative contributors

Currency and Commodity MarketsCurrency-Jun17

  • The PKR depreciated 0.05% MoM against the USD, 0.80% MoM against the GBP, and 1.78% MoM against the EUR
  • Domestic Gold prices increased by 0.30% MoM, while domestic Silver prices decreased by 2.7% MoM
  • WTI Crude decreased by 4.8% MoM. Domestic HSD and Motor Spirit prices decreased 1.8% and 2% respectively on a MoM basis
  • Cotton (KCA) prices decreased by 2.9% MoM to PKR 6,600/maund
  • Urea prices remained stable MoM at PKR 1,365/bag
  • Total cement dispatches during June 2017 were recorded at 2.73 mn tonnes, down 26.5% MoM and 18.62% YoY. Prices remained stable.

Macroeconomic Profile

  • The SBP remained unchanged at 5.75%
  • Forex Reserves increased by USD 0.18 bn to USD 21.37 bn Keystat-Jun17
  • CPI Inflation was recorded at 3.90% YoY
  • Exports increased by 17.5%% MoM to USD 1.91 bn and imports decreased by 10.9% MoM to USD 4.53 bn; resultantly, the trade deficit decreased by 24.3% MoM to USD 2.62 bn
  • Foreign remittances decreased by 1.45% MoM to USD 1.84 bn
  • The FBR reported provisional revenue collection at around PKR 527 bn in June 2017

News Highlights

  • A five-member bench of Supreme Court in a unanimous decision disquali¬fied the Prime Minister and ordered the NAB to ¬file criminal charges against Nawaz Sharif and family in six weeks and complete the proceeding in six months.
  • State Bank of Pakistan approved the amalgamation of NIB Bank with MCB Bank Limited
  • BOC Group announced to divest its entire shareholding in Linde Pakistan Limited
  • Saudi Arabia and five other countries severed diplomatic ties with Qatar
  • Daimler and Volkswagen announced plans to enter China’s electric car market
  • The UK snap General Election 2017 took place, which cost the Conservatives their majority