Economic Survey 2017-18: Foreign investors divested securities worth $123.9 million

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LAHORE: Foreign investors divested securities worth $123.9 million during the first nine months of the financial year 2017-18 from the country’s capital market, revealed the Economic Survey 2017-18.

According to the survey, the country’s capital market operated in a wide range during July-March of FY 2017-18.

In the period under review, the market showed signs of volatility as till August 2017 it touched a peak of 47,084 points on August 3rd, 2017.

Following this peak, the market started scaling downwards, touching the lowest closing point of 37,919 points on December 19th, 2017.

This could be attributed to the depreciation of the Pakistani rupee in the early part of December 2017, which took place due to market adjustment, stated the survey.

However, the start of the fiscal year 2018 augured well for the market with major positive economic indicators like the promising GDP growth, improved country image, continuity of inflow of remittances by overseas Pakistani’s and the SME’s acknowledged as the prime mover of the country’s economy said the survey.

By the start of 2018, the capital market propelled and by March 30th, 2018 KSE-100 index closed at 45,560.30 points, whereas market capitalization touched Rs9,370.6 billion.

And the average daily value traded (T+2) during first nine months of FY 2017-18 was recorded at Rs8.54 billion and average daily turnover was 192.25 million shares, the survey mentioned.

The average daily trade value in future was 3.7 billion and the trading volume stood at 61.4 million shares.

The economic survey highlighted “The foreign investors offloaded securities worth USD 123.9 million during July 2017 – March 2018 which was absorbed by domestic individual investors, companies and insurance companies. This strong buying by local investors has shown the confidence of the investors in Pakistan equity market.”

Sector Wise Analysis

Oil & Gas Exploration Companies

In this sector, 4 companies are listed at Pakistan Stock Exchange with accumulated paid-up capital of Rs 66,194.40 million. The market capitalization of this sector is Rs 1,485,48 million. The profit after tax of this sector is Rs 118,296.75 million.

Oil & Gas Marketing Companies

In this sector, 8 companies are listed at Pakistan Stock Exchange with the paid-up capital of Rs 23,144.20 million. The market capitalization of this sector is Rs 346,961 million. The profit after tax of this sector is Rs 37,479.14 million.

Refinery Companies

In this sector, 4 companies are listed with the paid-up capital of Rs 58,101.44 million. The market capitalization of this sector is Rs 144,309 million. The profit after tax of this sector is Rs 16,641.96 million.

Cement

This sector comprises 20 companies, with a total listed capital of Rs 72,618.94 million and the

market capitalization of Rs 610,576.9 million. On the back of higher consumption and better exports, the sector showed tremendous growth which translated into good financial results. The sector recorded the profit after tax at Rs 59,933.97 million.

Power Generation and Distribution

The sector comprises 19 companies and the listed capital was Rs 148,042.3 million with a market capitalization of Rs 449,531.9 million. The profit after tax of the sector is 31,602.50 million.

Chemicals

In this sector 27 companies are listed, having a total paid up capital of Rs 38,413 million and the market capitalization is Rs 351,913 million. The profit after tax is Rs 14,429.93.

Automobile Assembler

The sector comprises of 12 companies with the total paid up capital of Rs 7694.03 million and the total market capitalization was Rs 451,501.7 million. The profit after tax of this sector is Rs 36,497.54.

Technology & Communication

The sector comprises of 10 companies which include PTCL with a capital of Rs 51,000 million. The market capitalization of this sector was Rs 103,526.7 million and the profit after tax is Rs 10,489.59 million.

Commercial Banks

The sector comprises 20 listed banks with the listed capital of Rs 379,851.45 million & Market Capitalization of Rs 1,625,052.6 million. The profit after tax of the sector is Rs 144,270.4

Pharmaceuticals

The sector comprises 11 listed pharmaceutical companies with the paid-up capital of Rs 8,516.56 million & market capitalization of Rs 321,854.7 million. This total profit after tax of this sector is Rs 14,120.45

Textile Spinning

In this Sector 81 companies are listed at Karachi Stock Exchange, having total paid up capital of Rs 22,282.23 million and the market capitalization is Rs 47,655 million.

Textile Weaving

In this Sector 13 companies are listed at Karachi Stock Exchange, having total paid up capital of Rs 2,279.17 million and the market capitalization is Rs 25,564.7 million.

Textile Composite

In this Sector 52 companies are listed at Karachi Stock Exchange, having a total paid-up capital of Rs 14,721.07 million and the market capitalization was Rs 217,805.6 million.

Sugar & Allied

The sector comprises 32 companies with the total paid up capital is Rs 10,894.67 million and market capitalization is Rs 84,713.5 million.