Pakistan Stock Exchange (PSX) Weekly Analysis 28 Oct, 2017

BUY recommendations are:  ABL, ACPL, AICL, AKBL, APL, ASL, ASTL, BAFL, BAHL, CHCC, DGKC, EFERT, ENGRO, FATIMA, FCCL, FFBL, FFC, GWLC, HBL, HASCOL, HCAR, HMB, HTL, HUBC, INDU, ISL, KAPCO, KOHC, LPL, LUCK, MARI, MCB, MEBL, MLCF, NBP, NATF, NCL, NCPL, NML, NPL, OGDC, PAEL, PIOC, PKGP, POWER, PPL, PSMC, PSO, PTC, TGL, UBL.

Top gainers of last week were: FML, BNWM, PAKT, PICT, DAWH, JLICL, GLAXO, EFOODS, PGF, and IGIIL.

Top losers of last week were: PAEL, CJPL, NCL, INIL, KTML, PIOC, HASCOL, POML, BATA and ATRL.

Top Volume Leaders of last week: TRG, PAEL, SNGP, BOP, KEL, FCCL, SSGC, EFERT, ISL and UBL.

The Pakistan Stock Exchange (PSX) market index loses steam as political landscape remains unclear. KSE-100 index has closed on 41,105 by losing 983 points or 2.33 %. While KSE-30 index closed on 20,871 by losing 546 points or 2.55%.

According to experts of http://www.karachistockexchange.org, following news have played vital role in Karachi Stock Market index movement:


  • US Secretary of State during his day‐long visit on Tuesday underscored the importance of Pakistan for United States and emphasized that Pakistan leadership needs to undertake "certain things" for working together as partners towards the same objective
  • Lack of clarity on the political landscape played a major role in deteriorating sentiments even more
  • On the macroeconomic front as well, issues over PKR/US$ parity and likely direction of economic policies also continued to haunt investors
  • Textile exports in Sept-2017 increased to US$1,078mn, up 12% YoY from US$959mn in Sept-2016
  • A consortium of six banks including Citi, DB, IDBC, DIB, Noor bank and SCB was approved to raise US$2bn in Sukook bonds to ease pressures on external front
  • HUBC has secured ~Us$1.5bn in financing for CHPGC, the 1,320MW coal fired power plant, expected to come online by August'19
  • The country's total foreign exchange reserves decreased 0.75%WoW (US$150.8mn) to US$19.9bn during the last week ended Oct 20'17
  • GoP has so far settled PkR2bn out of PkR20bn of subsidy claims of fertiliser manufacturers pending since last year
  • The outgoing week witnessed a number of financial result announcements. The ones that stood out positively were Engro Corporation (ENGRO; on higher payout), Engro Fertilizer (EFERT; on higher payout), National Bank of Pakistan (NBP; on provisioning reversals and capital gains), Pakistan State Oil (PSO; on higher penal markup income), Kohat Cement (KOHC; on better margins and offtakes), Maple Leaf Cement (MLCF; on better margins and offtakes) and Pakistan Petroleum (PPL; on upward revision in Sui wellhead gas pricing and retrospective impact of Tal Block’s wellhead gas pricing). On the flip side both Nishat Chunian Power (NCPL) and Nishat Power (NPL) disappointed as they skipped dividends. Other disappointments included Habib Metropolitan Bank (HMB; on booking of capital losses) and Pak Elektron (PAEL; on more than expected operating and distribution costs)
  • Dawood Hercules (DAWH) announced that it concluded share price agreement with Kot Addu Power (KAPCO) for its stake sale in Hub Power (HUBC) at PKR109.86/share. This results in value accretion for KAPCO where our EPS and Target Price will be revised up while DPS estimates will be revised down. DAWH will be booking one-time gain on sale of PKR10/share while the news should revive sentiments for HUBC as the transaction price is not at a discount to its market price
  • Foreigners remained net sellers as they offloaded shares worth USD5.4mn during the week, while selling from Mutual Funds also spiked up to USD11.3mn. Banks continued to be net buyers in the market with inflows of USD2.5mn while Individuals bought shares worth USD16.4mn, compared to USD5.2mn worth of net selling by them in the preceding week
  • Aisha Steel Mills' plans to expand are all 'laid out'
  • Large-scale manufacturing expands by 8.5pc

Following are few BUY recommendations:

Allied Bank Limited (ABL) – BUY 
Current Price: PKR 82.41
Target Price: PKR 132

Attock Cement (ACPL) – BUY 
Current Price: PKR 178.64 
Target Price: PKR 315

Adamjee Insurance (AICL) – BUY 
Current Price: PKR 55.78
Target Price: PKR 90

Askari Bank (AKBL) – BUY 
Current Price: PKR 19.62
Target Price: PKR 25

Attock Petroleum (APL) – BUY 
Current Price: PKR 610.00 
Target Price: PKR 796

Aisha Steels Limited (ASL) – BUY 
Current Price: PKR 19.0
Target Price: PKR 30

Amreli Steels Limited (ASTL) – BUY 
Current Price: PKR 88.80
Target Price: PKR 156

Bank Al-Falah (BAFL) – BUY 
Current Price: PKR 41.10   
Target Price: PKR 50

Bank Al-Habib (BAHL) – BUY 
Current Price: PKR 57.95
Target Price: PKR 72

Cherat Cement Company Limited (CHCC) – BUY 
Current Price: PKR 110.50 
Target Price: PKR 251

Dera Ghazi Khan Cement (DGKC) – BUY 
Current Price: PKR 142.94 
Target Price: PKR 262.0

ENGRO Fertilizer Limited (EFERT) – BUY 
Current Price: PKR 65.52
Target Price: PKR 83

ENGRO Corporations (ENGRO) – BUY 
Current Price: PKR 287.57
Target Price: PKR 400

Fatima Fertilizer (FATIMA) – BUY 
Current Price: PKR 29.85
Target Price: PKR 45.1

Fauji Cement Company Limited (FCCL) – BUY 
Current Price: PKR 29.97 
Target Price: PKR 54

Fauji Fert Bin Qasim (FFBL) – BUY 
Current Price: PKR 34.62
Target Price: PKR 67

Fauji Fertilizer Company (FFC) – BUY 
Current Price: PKR 84.0
Target Price: PKR 122.0

Gharibwal Cement Ltd. (GWLC) – BUY 
Current Price: PKR 26.83
Target Price: PKR 100.00

Habib Bank Limited (HBL) – BUY 
Current Price: PKR 168.76   
Target Price: PKR 253.08

Hascol Petroleum (HASCOL) – BUY 
Current Price: PKR 268.83 
Target Price: PKR 428

Honda Atlas Cars (Pak) Ltd. (HCAR) – BUY 
Current Price: PKR 536.7
Target Price: PKR 912.2

Habib Metro Bank (HMB) – BUY 
Current Price: PKR 32.80
Target Price: PKR 52

Hi-Tech Lubricants (HTL) – BUY 
Current Price: PKR 88.86
Target Price: PKR 133

HUBCO (HUBC) – BUY 
Current Price: PKR 107.84
Target Price: PKR 144

Indus Motors (INDU) – BUY 
Current Price: PKR 1,772.24   
Target Price: PKR 2,214.3

Inter Steel Limited (ISL) – BUY 
Current Price: PKR 108.9
Target Price: PKR 178

Kot Addu Power Company (KAPCO) – BUY
Current Price: PKR 66.92 
Target Price: PKR 85.00

Kohat Cement (KOHC) – BUY
Current Price: PKR 154.83 
Target Price: PKR 353

Lalpir Power (LPL) – BUY 
Current Price: PKR 20.41
Target Price: PKR 32

Lucky Cement (LUCK) – BUY
Current Price: PKR 537.11 
Target Price: PKR 1,159.0

MARI Petroleum (MARI) – BUY 
Current Price: PKR 1,415.8
Target Price: PKR 2,051

Muslim Commercial Bank (MCB) – BUY 
Current Price: PKR 207.74
Target Price: PKR 250

Meezan Bank (MEBL) – BUY 
Current Price: PKR 65.66
Target Price: PKR 91

Maple Leaf Cement (MLCF) – BUY 
Current Price: PKR 70.17 
Target Price: PKR 179.0

National Bank of Pakistan (NBP) – BUY 
Current Price: PKR 45.91
Target Price: PKR 74

National Foods (NATF) – BUY 
Current Price: PKR 310.50
Target Price: PKR 473

Nishat Chunian (NCL) – BUY 
Current Price: PKR 54.16
Target Price: PKR 74

Nishat Chunian Power (NCPL) – BUY 
Current Price: PKR 39.04 
Target Price: PKR 59

Nishat Mills (NML) – BUY 
Current Price: PKR 133.70
Target Price: PKR 186

Nishat Power (NPL) – BUY 
Current Price: PKR 42.00 
Target Price: PKR 81

Oil & Gas Development Co. (OGDC) – BUY 
Current Price: PKR 147.29   
Target Price: PKR 200

Pak Elektron Ltd. (PAEL) – BUY 
Current Price: PKR 64.3
Target Price: PKR 126.1

Pioneer Cement Limited (PIOC) – BUY 
Current Price: PKR 68.00
Target Price: PKR 161

Pakgen Power Limited (PKGP) – BUY 
Current Price: PKR 19.99
Target Price: PKR 34

Power Cement (POWER) – BUY 
Current Price: PKR 8.86
Target Price: PKR 16

Pakistan Petroleum Limited (PPL) – BUY 
Current Price: PKR 180.4
Target Price: PKR 218

Pak Suzuki Motors (PSMC) – BUY 
Current Price: PKR 511.25
Target Price: PKR 800.7

Pakistan State Oil (PSO) – BUY 
Current Price: PKR 352.60 
Target Price: PKR 490

Pakistan Telecommunication (PTC) – BUY 
Current Price: PKR 13.60
Target Price: PKR 19.00

Tariq Glass (TGL) – BUY 
Current Price: PKR 99.1
Target Price: PKR 128

United Bank Limited (UBL) – BUY 
Current Price: PKR 188.95
Target Price: PKR 294

Thank you very much for reading this article.

NOTE: The information posted in this blog /forum (http://www.karachistockexchange.org/) is based on current affairs & investors point of view. There may be discrepancy in the ground realities. The information given in this blog /forum (http://www.karachistockexchange.org/) is as of the date of this post and there can be no assurance that future results or events will be consistent with this information. This post is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each viewer of this post should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this post (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. This blog /forum (http://www.karachistockexchange.org/)  or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this post.

Written by: Rana Khuram

Pakistan Stock Exchange (PSX) Weekly Analysis 15 Oct, 2017

BUY recommendations are:  ABL, ACPL, AICL, AKBL, APL, ASL, ASTL, BAFL, BAHL, CHCC, DGKC, EFERT, EFOODS, ENGRO, FATIMA, FCCL, FFBL, FFC, GWLC, HBL, HASCOL, HCAR, HMB, HTL, HUBC, INDU, ISL, KOHC, LOTCHEM, LPL, LUCK, MARI, MCB, MEBL, MLCF, MTL, NBP, NATF, NCL, NCPL, NML, NPL, OGDC, PAEL, PIOC, PKGP, POWER, PPL, PSMC, PSO, PTC, RPL, TGL, UBL.

Top gainers of last week were: ARM, SCBPL, POL, NATF, PAKT, INDU, JLICL, ABOT, SNBL and BAFL.

Top losers of last week were: PSO, CJPL, GHGL, CSAP, SSGC, ASTL, MLCF, ACPL, PIOC and FML.

Top Volume Leaders of last week: KEL, TRG, BOP, PAEL, SNGP, FCCL, SSGC, MLCF, DGKC, and ISL.

The Pakistan Stock Exchange (PSX) market index was in for a wild journey as it recorded five straight negative sessions shedding more than 1,400 points with rising heat on the political front and heightened fears regarding the country’s economic health. KSE-100 index has closed on 39,847 by losing -1,466 points or -3.55 %. While KSE-30 index closed on 20,210 by losing -808 points or -3.94%.

According to experts of http://www.karachistockexchange.org, following news have played vital role in Karachi Stock Market index movement:


  • Political headwinds, concerns regarding the macroeconomic situation and seemingly tensed relations between the civil and military factions of the country kept the market under pressure
  • Average daily trading activity during the week slightly advanced by 4.96%WoW to 145.79mn shares
  • NEPRA announcing its decision on KEL’s MYT review petition where the regulator approved a minor 5% increase in previously announced tariff to PkR12.77/KwH against the company’s demand of PkR16.1/KwH
  • ECC approving the rise in margins of petroleum products, deregulation of HSD and renewal of textile package with 50% of rebates to be offered without any condition
  • World Bank reiterating its concerns over the external sector of Pakistan
  • Sales of cars and light commercial vehicles (LCVs), jeeps and vans increasing 27%YoY to 60,469 units in 1QFY18
  • Though further proceedings on the accountability issue of ousted PM Nawaz Sharif and his family members is set to resume next week
  • The Army chief voiced his concerns over the deteriorating macro-economic indicators, while the State Bank of Pakistan (SBP) in its annual report also admitted to external and fiscal accounts pressures
  • Pakistan Oilfields was amongst the top performing stocks during the week thanks to release of higher than anticipated reserve size for its most recent discovery of hydro-carbons at the Ikhlas Block
  • Cement names were the biggest losers during the week as rumors of further price reduction by north based players made rounds
  • Net foreign flows for the week clocked in at USD38.8.0mn vs a USD9.6mn outflow in the previous week. Despite the improvement in foreign flows, the KSE-100 index declined by 1,419 points owing to domestic selling, particularly by mutual funds (USD30mn) and individuals (USD7.8mn)

Following are few BUY recommendations:

Allied Bank Limited (ABL) – BUY 
Current Price: PKR 86.0
Target Price: PKR 132

Attock Cement (ACPL) – BUY 
Current Price: PKR 171.9
Target Price: PKR 315

Adamjee Insurance (AICL) – BUY 
Current Price: PKR 55.97
Target Price: PKR 90

Askari Bank (AKBL) – BUY 
Current Price: PKR 18.36
Target Price: PKR 25

Attock Petroleum (APL) – BUY 
Current Price: PKR 585.0
Target Price: PKR 796

Aisha Steels Limited (ASL) – BUY 
Current Price: PKR 16.2
Target Price: PKR 30

Amreli Steels Limited (ASTL) – BUY 
Current Price: PKR 79.7
Target Price: PKR 156

Bank Al-Falah (BAFL) – BUY 
Current Price: PKR 41.2
Target Price: PKR 50

Bank Al-Habib (BAHL) – BUY 
Current Price: PKR 56
Target Price: PKR 72

Cherat Cement Company Limited (CHCC) – BUY 
Current Price: PKR 101.1
Target Price: PKR 251

Dera Ghazi Khan Cement (DGKC) – BUY 
Current Price: PKR 136.8
Target Price: PKR 262.0

ENGRO Fertilizer Limited (EFERT) – BUY 
Current Price: PKR 60.0
Target Price: PKR 83

ENGRO Foods Limited (EFOODS) – BUY 
Current Price: PKR 78.95
Target Price: PKR 138.66

ENGRO Corporations (ENGRO) – BUY 
Current Price: PKR 280.8
Target Price: PKR 400

Fatima Fertilizer (FATIMA) – BUY 
Current Price: PKR 30.10
Target Price: PKR 45.1

Fauji Cement Company Limited (FCCL) – BUY 
Current Price: PKR 28.6
Target Price: PKR 54

Fauji Fert Bin Qasim (FFBL) – BUY 
Current Price: PKR 34.0
Target Price: PKR 67

Fauji Fertilizer Company (FFC) – BUY 
Current Price: PKR 79.4
Target Price: PKR 122.0

Gharibwal Cement Ltd. (GWLC) – BUY 
Current Price: PKR 27.84
Target Price: PKR 100.00

Habib Bank Limited (HBL) – BUY 
Current Price: PKR 167.9
Target Price: PKR 253.08

Hascol Petroleum (HASCOL) – BUY 
Current Price: PKR 264.4
Target Price: PKR 428

Honda Atlas Cars (Pak) Ltd. (HCAR) – BUY 
Current Price: PKR 508.5
Target Price: PKR 912.2

Habib Metro Bank (HMB) – BUY 
Current Price: PKR 32.50
Target Price: PKR 52

Hi-Tech Lubricants (HTL) – BUY 
Current Price: PKR 86.48
Target Price: PKR 133

HUBCO (HUBC) – BUY 
Current Price: PKR 106.0
Target Price: PKR 144

Indus Motors (INDU) – BUY 
Current Price: PKR 1,699.2
Target Price: PKR 2,214.3

Inter Steel Limited (ISL) – BUY 
Current Price: PKR 103.5
Target Price: PKR 178

Kohat Cement (KOHC) – BUY
Current Price: PKR 132.0
Target Price: PKR 353

Lotte Chemical Pak Ltd. (LOTCHEM) – BUY 
Current Price: PKR 7.2
Target Price: PKR 10.2

Lalpir Power (LPL) – BUY 
Current Price: PKR 21
Target Price: PKR 32

Lucky Cement (LUCK) – BUY 
Current Price: PKR 484.2
Target Price: PKR 1,159.0

MARI Petroleum (MARI) – BUY 
Current Price: PKR 1,409.0
Target Price: PKR 2,051

Muslim Commercial Bank (MCB) – BUY 
Current Price: PKR 205.2
Target Price: PKR 250

Meezan Bank (MEBL) – BUY 
Current Price: PKR 67
Target Price: PKR 91

Maple Leaf Cement (MLCF) – BUY 
Current Price: PKR 66.3
Target Price: PKR 179.0

Millat Tractors Ltd. (MTL) – BUY 
Current Price: PKR 1,207.6
Target Price: PKR 1,675.3

National Bank of Pakistan (NBP) – BUY 
Current Price: PKR 48.3
Target Price: PKR 74

National Foods (NATF) – BUY 
Current Price: PKR 323
Target Price: PKR 473

Nishat Chunian (NCL) – BUY 
Current Price: PKR 59.2
Target Price: PKR 74

Nishat Chunian Power (NCPL) – BUY 
Current Price: PKR 37.5
Target Price: PKR 59

Nishat Mills (NML) – BUY 
Current Price: PKR 139.3
Target Price: PKR 186

Nishat Power (NPL) – BUY 
Current Price: PKR 44.0
Target Price: PKR 81

Oil & Gas Development Co. (OGDC) – BUY 
Current Price: PKR 145.0
Target Price: PKR 200

Pak Elektron Ltd. (PAEL) – BUY 
Current Price: PKR 67.1
Target Price: PKR 126.1

Pioneer Cement Limited (PIOC) – BUY 
Current Price: PKR 71.1
Target Price: PKR 161

Pakgen Power Limited (PKGP) – BUY 
Current Price: PKR 21.32
Target Price: PKR 34

Power Cement (POWER) – BUY 
Current Price: PKR 9.05
Target Price: PKR 16

Pakistan Petroleum Limited (PPL) – BUY 
Current Price: PKR 168.0
Target Price: PKR 218

Pak Suzuki Motors (PSMC) – BUY 
Current Price: PKR 452.9
Target Price: PKR 800.7

Pakistan State Oil (PSO) – BUY 
Current Price: PKR 335.1
Target Price: PKR 490

Pakistan Telecommunication (PTC) – BUY 
Current Price: PKR 13.56
Target Price: PKR 19.00

Roshan Packages Limited (RPL) – BUY 
Current Price: PKR 44.3
Target Price: PKR 87

Tariq Glass (TGL) – BUY 
Current Price: PKR 95.1
Target Price: PKR 128

United Bank Limited (UBL) – BUY 
Current Price: PKR 189.7
Target Price: PKR 294

Thank you very much for reading this article.

NOTE: The information posted in this blog /forum (http://www.karachistockexchange.org/) is based on current affairs & investors point of view. There may be discrepancy in the ground realities. The information given in this blog /forum (http://www.karachistockexchange.org/) is as of the date of this post and there can be no assurance that future results or events will be consistent with this information. This post is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each viewer of this post should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this post (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. This blog /forum (http://www.karachistockexchange.org/)  or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this post.

Written by: Rana Khuram

Pakistan Stock Exchange (PSX) Weekly Analysis 22 Oct, 2017

BUY recommendations are:  ABL, ACPL, AICL, AKBL, APL, ASL, ASTL, BAFL, BAHL, CHCC, DGKC, EFERT, ENGRO, FATIMA, FCCL, FFBL, FFC, GWLC, HBL, HASCOL, HCAR, HMB, HTL, HUBC, INDU, ISL, KOHC, LPL, LUCK, MARI, MCB, MEBL, MLCF, NBP, NATF, NCL, NCPL, NML, NPL, OGDC, PAEL, PIOC, PKGP, POWER, PPL, PSMC, PSO, PTC, TGL, UBL.

Top gainers of last week were: GHGL, CSAP, SSGC, CHCC, PAEL, KOHC, ATRL, DGKC, LUCK, and ISL.

Top losers of last week were: PAKT, SCBPL, JDWS, SEARL, JGICL, KAPCO, ARM, MTL, FML, and NPL.

Top Volume Leaders of last week: KEL, TRG, PAEL, SNGP, EFERT, BOP, ISL, FCCL, SSGC, and DGKC.

The Pakistan Stock Exchange (PSX) market index staged a strong comeback (up by 5.6%/+2,241pts) during the outgoing week as KSE‐100 managed to close over 42k level zone after a fortnight. KSE-100 index has closed on 42,088 by gaining 2,241 points or 5.62 %. While KSE-30 index closed on 21,417 by gaining 1207 points or 5.97%.

According to experts of http://www.karachistockexchange.org, following news have played vital role in Karachi Stock Market index movement:


  • The local bourse slungshot higher, as expectations started to build over a potential Rs20-25bn bailout package by the government for the stock market alongside some tax reliefs, after the Prime Minister met a delegation of PSX officials and brokers over the weekend 
  • The government notified imposition/hike in regulatory duties on imports to cut the overall import bill and a revised package to boost country’s exports
  • The Foreign Direct Investment (FDI) too was up 56% YoY in 1QFY18 and 7% YoY in Sept-2017, where 65% of the US$662mn FDI during the quarter originated from China compared to 32% in the corresponding period last year 
  • Another major highlight during the week was imposition of 5-100% Regulatory Duty (RD) on imported products in a bid to curtail CA deficit by the government. The duty was mainly focused on consumer products, including motor vehicles, mobile phones, home appliances, ceramics and tiles. In our view, the measures are likely to have a modest impact of ~USD400mn on curtailing imports for FY18
  • Cement, Oil & Gas and Fertilizer sectors were star performers cumulatively adding ~1150pts (60% contribution). Cement stocks gained on indications of strong offtakes in Oct-17, in addition to hopes of resolution on retail prices by the end of the month
  • The government also borrowed US$450mn loan from commercial banks to boost its foreign exchange reserves by a net US$381mn from the previous reported week to US$20.05bn
  • The growth outlook received a boost as well as cotton production so far this season registered a growth of 37% YoY
  • Banks/DFIs (US$9.2mn), Insurance Companies (US$3.6mn) and Brokers (US$2.6mn) were key net buyers during the week, while Foreigners were net sellers of US$7.3mn
  • The cement sector (+11% WoW) led the index rally, even though confusion surrounded the market over potential increase/decrease in discounts offered by the cement manufacturers
  • Minister favoring textile industry’s demand of reducing gas and power tariffs
  • Sector‐wise Refinery was up 78%; ATRL posted higher than expected 1QFY18 result which boosted sentiments while NRL and APL also rallied post their result announcements, Cement sector rose 11% and contributed 476ppts as concerns of further price dip eases while DGKC’s higher than expected result announcement lifted confidence, OMC’s rose 8%, E&Ps and Ferts were up 6% 
  • During the outgoing week Banks bought US$9.2mn, while individuals sold US$5.2mn worth of Pak equities. Foreigners were net sellers of US$7.4mn during the week vs. net buying of US$38.9mn during last week
  • International Industries (INIL) disclosed its 1QFY18 earning per share (EPS) of Rs5.5, up 30% YoY. Sales grew by 57% YoY whereas gross profit rose by 38% YoY. Gross Margins also declined by 200bps to 16%. However, the earning fell short of market expectations
  • Foreign exchange reserves of the country improved to US$20bn as of Oct 13, 2017 vs. US$19.7bn in the previous week. SBP reserves during the week increased to US$14.1bn vs. US$13.8bn during the last week
  • Government of Pakistan hinting towards relief measures to address investor concerns over declining trend in the market
  • Government of Pakistan imposing regulatory duty on import of 36 new products and raising its rates on the existing 240 items in a bid to contain rising trade deficit of the country
  • Finance Minister Ishaq Dar dispelling the impression that the country is facing an economic emergency and will need to return to the International Monetary Fund (IMF) soon
  • LHC suspending a GoP’s notification which seeks NEPRA under the administrative control of cabinet division
  • Major news for the week included an increase in DAP fertilizer prices by PKR110/bag to PKR2,620/bag. The manufacturers had already increased DAP prices by PKR60-80/bag during the previous month. Moreover, SSGC has suspended supply to Fatima Fertilizers over a dispute regarding tolling charges
  • SSGC stops LNG transmission for fertiliser manufacturer


Following are few BUY recommendations:

Allied Bank Limited (ABL) – BUY 
Current Price: PKR 87.41
Target Price: PKR 132

Attock Cement (ACPL) – BUY 
Current Price: PKR 181.42 
Target Price: PKR 315

Adamjee Insurance (AICL) – BUY 
Current Price: PKR 59.86
Target Price: PKR 90

Askari Bank (AKBL) – BUY 
Current Price: PKR 19.76
Target Price: PKR 25

Attock Petroleum (APL) – BUY 
Current Price: PKR 605.14 
Target Price: PKR 796

Aisha Steels Limited (ASL) – BUY 
Current Price: PKR 19.7
Target Price: PKR 30

Amreli Steels Limited (ASTL) – BUY 
Current Price: PKR 88.32
Target Price: PKR 156

Bank Al-Falah (BAFL) – BUY 
Current Price: PKR 42.30 
Target Price: PKR 50

Bank Al-Habib (BAHL) – BUY 
Current Price: PKR 57.96
Target Price: PKR 72

Cherat Cement Company Limited (CHCC) – BUY 
Current Price: PKR 117.73 
Target Price: PKR 251

Dera Ghazi Khan Cement (DGKC) – BUY 
Current Price: PKR 154.74 
Target Price: PKR 262.0

ENGRO Fertilizer Limited (EFERT) – BUY 
Current Price: PKR 64.39
Target Price: PKR 83

ENGRO Corporations (ENGRO) – BUY 
Current Price: PKR 307.40
Target Price: PKR 400

Fatima Fertilizer (FATIMA) – BUY 
Current Price: PKR 30.95
Target Price: PKR 45.1

Fauji Cement Company Limited (FCCL) – BUY 
Current Price: PKR 31.31 
Target Price: PKR 54

Fauji Fert Bin Qasim (FFBL) – BUY 
Current Price: PKR 35.75
Target Price: PKR 67

Fauji Fertilizer Company (FFC) – BUY 
Current Price: PKR 82.32 
Target Price: PKR 122.0

Gharibwal Cement Ltd. (GWLC) – BUY 
Current Price: PKR 30.00
Target Price: PKR 100.00

Habib Bank Limited (HBL) – BUY 
Current Price: PKR 172.92 
Target Price: PKR 253.08

Hascol Petroleum (HASCOL) – BUY 
Current Price: PKR 296.49 
Target Price: PKR 428

Honda Atlas Cars (Pak) Ltd. (HCAR) – BUY 
Current Price: PKR 571.9
Target Price: PKR 912.2

Habib Metro Bank (HMB) – BUY 
Current Price: PKR 32.75
Target Price: PKR 52

Hi-Tech Lubricants (HTL) – BUY 
Current Price: PKR 93.96
Target Price: PKR 133

HUBCO (HUBC) – BUY 
Current Price: PKR 109.00
Target Price: PKR 144

Indus Motors (INDU) – BUY 
Current Price: PKR 1,785.14 
Target Price: PKR 2,214.3

Inter Steel Limited (ISL) – BUY 
Current Price: PKR 116.9
Target Price: PKR 178

Kohat Cement (KOHC) – BUY
Current Price: PKR 151.00 
Target Price: PKR 353

Lalpir Power (LPL) – BUY 
Current Price: PKR 20.52
Target Price: PKR 32

Lucky Cement (LUCK) – BUY 
Current Price: PKR 547.74 
Target Price: PKR 1,159.0

MARI Petroleum (MARI) – BUY 
Current Price: PKR 1,524.2
Target Price: PKR 2,051

Muslim Commercial Bank (MCB) – BUY 
Current Price: PKR 213.24
Target Price: PKR 250

Meezan Bank (MEBL) – BUY 
Current Price: PKR 69.41
Target Price: PKR 91

Maple Leaf Cement (MLCF) – BUY 
Current Price: PKR 72.99 
Target Price: PKR 179.0

National Bank of Pakistan (NBP) – BUY 
Current Price: PKR 47.52
Target Price: PKR 74

National Foods (NATF) – BUY 
Current Price: PKR 320.00
Target Price: PKR 473

Nishat Chunian (NCL) – BUY 
Current Price: PKR 62.35
Target Price: PKR 74

Nishat Chunian Power (NCPL) – BUY 
Current Price: PKR 39.66 
Target Price: PKR 59

Nishat Mills (NML) – BUY 
Current Price: PKR 143.39
Target Price: PKR 186

Nishat Power (NPL) – BUY 
Current Price: PKR 43.24 
Target Price: PKR 81

Oil & Gas Development Co. (OGDC) – BUY 
Current Price: PKR 152.27 
Target Price: PKR 200

Pak Elektron Ltd. (PAEL) – BUY 
Current Price: PKR 78.0
Target Price: PKR 126.1

Pioneer Cement Limited (PIOC) – BUY 
Current Price: PKR 75.46
Target Price: PKR 161

Pakgen Power Limited (PKGP) – BUY 
Current Price: PKR 20.52
Target Price: PKR 34

Power Cement (POWER) – BUY 
Current Price: PKR 9.79
Target Price: PKR 16

Pakistan Petroleum Limited (PPL) – BUY 
Current Price: PKR 182.1
Target Price: PKR 218

Pak Suzuki Motors (PSMC) – BUY 
Current Price: PKR 509.58
Target Price: PKR 800.7

Pakistan State Oil (PSO) – BUY 
Current Price: PKR 358.86 
Target Price: PKR 490

Pakistan Telecommunication (PTC) – BUY 
Current Price: PKR 13.76
Target Price: PKR 19.00

Tariq Glass (TGL) – BUY 
Current Price: PKR 97.6
Target Price: PKR 128

United Bank Limited (UBL) – BUY 
Current Price: PKR 193.69 
Target Price: PKR 294

Thank you very much for reading this article.

NOTE: The information posted in this blog /forum (http://www.karachistockexchange.org/) is based on current affairs & investors point of view. There may be discrepancy in the ground realities. The information given in this blog /forum (http://www.karachistockexchange.org/) is as of the date of this post and there can be no assurance that future results or events will be consistent with this information. This post is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each viewer of this post should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this post (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. This blog /forum (http://www.karachistockexchange.org/)  or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this post.

Written by: Rana Khuram

Pakistan Stock Exchange (PSX) Weekly Analysis 8 Oct, 2017

BUY recommendations are:  ABL, ACPL, AICL, AKBL, APL, ASL, ASTL, BAFL, BAHL, CHCC, DGKC, EFERT, EFOODS, ENGRO, FATIMA, FCCL, FFBL, FFC, GWLC, HBL, HMB, HASCOL, HCAR, HMB, HTL, HUBC, INDU, ISL, KOHC, LPL, LUCK, MARI, MCB, MEBL, MLCF, NBP, NATF, NCL, NCPL, NML, NPL, OGDC, PAEL, PIOC, PKGP, POWER, PPL, PSMC, PSO, PTC, TGL and UBL.

Top gainers of last week were: NCL, PSEL, IBFL, PSMC, MARI, JDWS, THALL, NPL, FFBL and JSCL.

Top losers of last week were: CSAP, ATRL, SNGP, ATLH, SSGC, PIOC, PGF, SEARL, CHCC, and ASTL.

Top Volume Leaders of last week: TRG, KEL, BOP, MLCF, SSGC, NCL, SNGP, DGKC, PAEL and FCCL.

The Pakistan Stock Exchange (PSX) market index came under the political hammer yet again as the benchmark KSE-100 index lost 1,948pts (-4.6%) during the first three days of the week, however spurt of positive sectors-related news flows helped the index gain 844pts (+2.1%) on Friday. KSE-100 index has closed on 41,312.59 by losing -1,096.68 points or -2.6 %.

Average trading volumes for the week clocked in at 140mn shares, down 18% WoW as investors remained vary of the market amidst the ongoing NAB proceedings against the Ex-PM Nawaz Sharif and family.

According to experts of http://www.karachistockexchange.org, following news have played vital role in Karachi Stock Market index movement:


  • SBP in its recent monetary policy kept policy rates unchanged and maintains policy rate at 5.75% yet again, in-line with expectation
  • The cement sector helped pullback up the sentiments on Friday as rumors of settlement between manufacturers over pricing arrangement circulated in the market along with Wednesday’s release of better-than-expected dispatches numbers for the month of Sept-2017 
  • As per the data released by APCMA, cement sector dispatched 3.19mn tons (local 2.79mn, export 0.40mn tons) in Sep’17, up by 5%YoY. Local consumption was up by 10%YoY while export went down by 23%YoY
  • Foreign exchange reserve continued to slide downwards, reporting a weekly decline of US$228mn, where more concerning reserves held by the State Bank of Pakistan (SBP) dropped to a 25-month low of US$13.86bn 
  • The CPI inflation for Sept-2017 was also released on Monday, with headline inflation clocking in expectedly at 3.9% YoY and 0.6% MoM
  • Inflation edged up from last month’s reading of 3.4% YoY because of higher food prices
  • Cotton production registering 50% YoY growth
  • Shanghai Electric writing to NEPRA highlighting the new multi-year tariff for K-Electric (KEL) as a major impediment in its endeavours to purchase the utility
  • Pioneer Cement (PIOC) looking to acquire Galadari Cement
  • The governemnt issuing Office Memorandum for export of sugar with a subsidy of Rs10.7/kg
  • Foreign institutional investors remained net seller during the week with an outflow of USD9.8mn
  • Pakistan Oilfields (POL) in its material notification announced its recent discovery at Ikhlas Block that is expected to have an annualized positive EPS impact of PKR12/sh
  • Growing consumption of retail fuels led to 3%YoY rise in sales of POL products to 2.16mn tons in Sep’17
  • The ex Prime Minister appeared before the Accountability Court on October 02, 2017, when the Court issued non-bail able arrest warrants for his sons and son-in-law
  • The government has notified increase in petroleum products'' prices effective October 1. In a monthly review
  • Government assured the fertiliser industry of disbursing nine billion rupees in lieu of pending subsidy claims within a week


Following are few BUY recommendations:

Allied Bank Limited (ABL) – BUY 
Current Price: PKR 86.00
Target Price: PKR 132

Attock Cement (ACPL) – BUY 
Current Price: PKR 199.48
Target Price: PKR 315

Adamjee Insurance (AICL) – BUY 
Current Price: PKR 61.23
Target Price: PKR 90

Askari Bank (AKBL) – BUY 
Current Price: PKR 18.90
Target Price: PKR 25

Attock Petroleum (APL) – BUY 
Current Price: PKR 617.50
Target Price: PKR 796

Aisha Steels Limited (ASL) – BUY 
Current Price: PKR 17.8
Target Price: PKR 30

Amreli Steels Limited (ASTL) – BUY 
Current Price: PKR 93.1
Target Price: PKR 156

Bank Al-Falah (BAFL) – BUY 
Current Price: PKR 41.07 
Target Price: PKR 50

Bank Al-Habib (BAHL) – BUY 
Current Price: PKR 56.50
Target Price: PKR 72

Cherat Cement Company Limited (CHCC) – BUY 
Current Price: PKR 109.47
Target Price: PKR 251

Dera Ghazi Khan Cement (DGKC) – BUY 
Current Price: PKR 146.65
Target Price: PKR 262.0

ENGRO Fertilizer Limited (EFERT) – BUY 
Current Price: PKR 62.02
Target Price: PKR 83

ENGRO Foods Limited (EFOODS) – BUY 
Current Price: PKR 87.96
Target Price: PKR 138.66

ENGRO Corporations (ENGRO) – BUY 
Current Price: PKR 292.65
Target Price: PKR 400

Fatima Fertilizer (FATIMA) – BUY 
Current Price: PKR 31.48
Target Price: PKR 45.1

Fauji Cement Company Limited (FCCL) – BUY 
Current Price: PKR 30.96
Target Price: PKR 54

Fauji Fert Bin Qasim (FFBL) – BUY 
Current Price: PKR 36.27
Target Price: PKR 67

Fauji Fertilizer Company (FFC) – BUY 
Current Price: PKR 81.26 
Target Price: PKR 122.0

Gharibwal Cement Ltd. (GWLC) – BUY 
Current Price: PKR 31.46
Target Price: PKR 100.00

Habib Bank Limited (HBL) – BUY 
Current Price: PKR 173.51 
Target Price: PKR 253.08

Habib Metro (HMB) – BUY 
Current Price: PKR 33.00 
Target Price: PKR 52

Hascol Petroleum (HASCOL) – BUY 
Current Price: PKR 267.52
Target Price: PKR 428

Honda Atlas Cars (Pak) Ltd. (HCAR) – BUY 
Current Price: PKR 518.5
Target Price: PKR 912.2

Habib Metro Bank (HMB) – BUY 
Current Price: PKR 33.45
Target Price: PKR 52

Hi-Tech Lubricants (HTL) – BUY 
Current Price: PKR 90.23
Target Price: PKR 133

HUBCO (HUBC) – BUY 
Current Price: PKR 109.99
Target Price: PKR 144

Indus Motors (INDU) – BUY 
Current Price: PKR 1,670.02 
Target Price: PKR 2,214.3

Inter Steel Limited (ISL) – BUY 
Current Price: PKR 113.1
Target Price: PKR 178

Kohat Cement (KOHC) – BUY
Current Price: PKR 141.71
Target Price: PKR 353

Lalpir Power (LPL) – BUY 
Current Price: PKR 21.12
Target Price: PKR 32

Lucky Cement (LUCK) – BUY 
Current Price: PKR 528.31
Target Price: PKR 1,159.0

MARI Petroleum (MARI) – BUY 
Current Price: PKR 1,542.1
Target Price: PKR 2,051

Muslim Commercial Bank (MCB) – BUY 
Current Price: PKR 206.27
Target Price: PKR 250

Meezan Bank (MEBL) – BUY 
Current Price: PKR 70.00
Target Price: PKR 91

Maple Leaf Cement (MLCF) – BUY 
Current Price: PKR 77.2
Target Price: PKR 179.0

National Bank of Pakistan (NBP) – BUY 
Current Price: PKR 49.51
Target Price: PKR 74

National Foods (NATF) – BUY 
Current Price: PKR 311.00
Target Price: PKR 473

Nishat Chunian (NCL) – BUY 
Current Price: PKR 60.30
Target Price: PKR 74

Nishat Chunian Power (NCPL) – BUY 
Current Price: PKR 39.27
Target Price: PKR 59

Nishat Mills (NML) – BUY 
Current Price: PKR 146.13
Target Price: PKR 186

Nishat Power (NPL) – BUY 
Current Price: PKR 45.45
Target Price: PKR 81

Oil & Gas Development Co. (OGDC) – BUY 
Current Price: PKR 145.89 
Target Price: PKR 200

Pak Elektron Ltd. (PAEL) – BUY 
Current Price: PKR 74.2
Target Price: PKR 126.1

Pioneer Cement Limited (PIOC) – BUY 
Current Price: PKR 81.35
Target Price: PKR 161

Pakgen Power Limited (PKGP) – BUY 
Current Price: PKR 21.75 
Target Price: PKR 34

Power Cement (POWER) – BUY 
Current Price: PKR 10.28
Target Price: PKR 16

Pakistan Petroleum Limited (PPL) – BUY 
Current Price: PKR 173.1
Target Price: PKR 218

Pak Suzuki Motors (PSMC) – BUY 
Current Price: PKR 476.43
Target Price: PKR 800.7

Pakistan State Oil (PSO) – BUY 
Current Price: PKR 439.59
Target Price: PKR 490

Pakistan Telecommunication (PTC) – BUY 
Current Price: PKR 14.00
Target Price: PKR 19.00

Tariq Glass (TGL) – BUY 
Current Price: PKR 102.15
Target Price: PKR 128

United Bank Limited (UBL) – BUY 
Current Price: PKR 189.98 
Target Price: PKR 294

Thank you very much for reading this article.

NOTE: The information posted in this blog /forum (http://www.karachistockexchange.org/) is based on current affairs & investors point of view. There may be discrepancy in the ground realities. The information given in this blog /forum (http://www.karachistockexchange.org/) is as of the date of this post and there can be no assurance that future results or events will be consistent with this information. This post is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each viewer of this post should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this post (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. This blog /forum (http://www.karachistockexchange.org/)  or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this post.

Written by: Rana Khuram