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YHSL Market Wrap Report 09-11-2021

Bears infected the market today and finally index closed in negative. Indices declined from the last close so as the volumes. The equity market around the world showed mixed performance.

• Govt will raise the tax-to-GDP ratio from nine to 20pc: Tarin - Adviser to Prime Minister on Finance and Revenue, Shaukat Tarin on Monday said that the current tax-to-Gross Domestic Product (GDP) rate in Pakistan was 9 percent which was very low and needed to be doubled to 20pc.
• Rupee Lost its value, KSE100 Drops more than 600 Points on uncertainty over the resumption of IMF Program - Karachi November 09, 2021: Prime Minister Imran Khan has “dropped” a plan to make a telephone call to the managing director of the International Monetary Fund (IMF), which the government had decided last week to seek the official’s intervention to remove barriers to the revival of $6 billion deal.

Index Performance
The benchmark KSE 100 index lost 715.13 pts closed at 46,399.91. During the day the index jumped to a day high of 47,174.49 with a gain of 59.45 pts 0.13% positive change. It then fell to day’s low of 46,306.91 with a loss of 808.13 pts. The KMI 30 index declined by 1,365 pts closing at 74,870.55. While KSE All-Share index was down by 458.95 pts ending at 31,673.34.

Volumes for the day
Overall KSE-ALL Share volume inclined from 364.8 mn shares in the last session to 434.6 mn shares. Telecard Limited (TELE -0.11%), FOOD & PERSONAL CARE PRODUCTS (FFLR1 -23.36%), and First National Equities Limited (FNEL +9.96%) led the volume chart. The scrips had 33.50 mn shares, 28.81 mn shares, and 25.35 mn shares traded, respectively.

Contributors to KSE100
Sectors that declined the benchmark KSE 100 index included Commercial Banks Sector (123.18 pts), Cement Sector (101.72 pts), and Technology Sector (78.63 pts). Company-wise, The Resource Group (TRG 41.04 pts), The Hub Power Company Limited (HUBC 40.95 pts), and United Bank Limited (UBL 32.34 pts) were top negative points contributors.

Selected Sector Performance
The Refinery Sector lost 5.85% of its total market capitalization. Byco Petroleum Pakistan Limited (BYCO -4.72%), National Refinery Limited (NRL -7.5%), and Attock Refinery Limited (ATRL -5.68%) all closed in the red.