OVERVIEW
FY07-08 was an impulsive year in the Karachi Stock Market. It got start with volatile but
upward move, remained sustainable in the middle and then ended with highly erratic but
downward move. Market touched its highest ever level in April, 2008 but put up with a
crash at the end of year. Soaring oil Prices, food inflation and declining trends in the
international markets along with poor Law & Order situation in the country hit our share
market negatively.
Share Market stabilization measures taken by the Securities and Exchange Commission of
Pakistan (SECP), good operating financial results from the major scrip’s, adequate liquidity
in the market and comparatively stable macroeconomic environment contributed to positive
move in the market.
Key Statistics of Trading at Karachi Stock Exchange.
2007-08
KSE Turnover of Shares (Million)
High
Low
Average
June End
2006-07
525
11
242
11
467
27
212
448
4,754
3,417
4,187
3,744
3,981
2,645
3,099
3,981
590.40
419.31
541.40
455.34
547.47
404.11
439.29
547.47
KSE All Share Index (Sep 18, 1995=1000)
High
Low
Average
June End
11,148.68
8,038.39
9,880.11
8,834.24
9,758.81
6,399.29
7,575.89
9,758.81
State Bank Sensitive Index (2000-01=100)
High
Low
Average
June End
693.99
439.75
615.58
484.69
638.26
434.13
503.46
638.26
Market Capitalization (Billion Rupees)
High
Low
Average
June End
State Bank General Index (2000-01=100)
High
Low
Average
June End
KSE 100 Index (Nov 1, 1991=1000)
High
Low
Average
June End
15,676.34
11,162 .17
13,896.46
12,289.03
13,772.46
9,504.47
11,167.51
13,772.46
KSE 30 Index (June 30, 2005=10000)
High
Low
Average
June End
18,996.33
12,750.28
16,711.78
14,326.27
17,002.75
12,248.93
14,202.45
16,993.51
247
636
244
635
Number of Trading Days
No. of Listed Companies
viii
State Bank of Pakistan General Index:SBP General Index of share prices stood at 455.34 points on June 30, 2008 as compared
with 547.47 points reflecting a decrease of 92.13 points or 16.83 percent over the previous
year. The major decreases were observed in Auto & Allied 306.12 points or 30.11%,
Cement 228.06 points or 28.98%, Banks & Other Financial Institutions 210.95 points or
33.58%, Transport & Communication 145.71 points or 19.69% and Cables & Electrical
Goods 108.27 points or 16.92 % on year to year basis. Where as increases in the index were
recorded in Engineering 526.65 points or 44.88%, Miscellaneous 61.10 points or 13.84%,
Chemicals & Pharmaceuticals 53.37 points or 13.11%, Fuel & Energy 52.40points or
13.98% and Paper & Board 29.17 points or 7.91%.
State Bank General Index of Share prices (2000-2001=100)
As on
Groups
June 30,08
June 29,07
Cotton & Other Textiles
246.79
227.43
Chemicals & Pharmaceuticals
460.51
407.14
Engineering
1700.12
1,173.47
Auto & Allied
710.43
1,016.55
Cables & Electrical Goods
531.77
640.04
Sugar & Allied
462.61
473.36
Paper & Board
398.17
369.00
Cement
558.94
787.00
Fuel & Energy
427.09
374.69
Transport & Communication
594.27
739.98
Banks & other Financial Inst.
417.26
628.21
Miscellaneous
502.46
441.36
Overall General Index
455.34
547.47
Change
Points
%
19.36
8.51
53.37
13.11
526.65
44.88
-306.12
-30.11
-108.27
-16.92
-10.75
-2.27
29.17
7.91
-228.06
-28.98
52.4
13.98
-145.71
-19.69
-210.95
-33.58
61.1
13.84
-92.13
-16.83
June 30,08
June 29,07
ix
%
Miscellaneous
Transport &
Communication
Banks & other
Financial Inst.
Fuel & Energy
Cement
(%) Change
50
40
30
20
10
0
-10
-20
-30
-40
Paper & Board
Sugar & Allied
Cables &
Electrical Goods
Auto & Allied
Engineering
1800
1600
1400
1200
1000
800
600
400
200
0
Cotton & Other
Textiles
Chemicals &
Pharmaceuticals
Index
State Bank General Index of Share Prices
State Bank of Pakistan Sensitive Index:SBP Sensitive index of share prices stood at 484.69 points on June 30, 2008 as
compared with 638.26 points reflecting a decrease of 153.57 points or 24.06 percent
over the previous year. The major decreases were observed in Sugar & Allied
1,015.83 points or 62.63%, Cables & Electrical Goods 858.06 points or 49.59%,
Auto & Allied 740.80 points or 48.85 %, Banks & Other Financial Institutions 387.92
points or 43.58%, Cement 374.64 points or 38.07%, Engineering 284.59points or
29.99% and Miscellaneous 204.70 points or 30.07 % over the previous year. Where
as significant increase in the index was recorded in Fuel & Energy 30.20 points or
7.72%.
State Bank Sensitive Index of Share prices (2000-2001=100)
As on
Groups
June 30,08
June 29,07
Cotton & Other Textiles
247.47
301.05
Chemicals & Pharmaceuticals
496.03
486.33
Engineering
664.51
949.10
Auto & Allied
775.61
1,516.41
Cables & Electrical Goods
872.32
1,730.38
Sugar & Allied
606.12
1,621.95
Paper & Board
356.59
449.19
Cement
609.49
984.13
Fuel & Energy
421.36
391.16
Transport & Communication
544.52
746.36
Banks & other Financial Inst.
502.25
890.17
Miscellaneous
476.00
680.70
Overall Sensitive Index
484.69
638.26
Change
Points
%
-53.58
9.70
-17.80
1.99
-284.59
-740.80
-29.99
-48.85
-858.06
-1,015.83
-92.60
-49.59
-62.63
-20.61
-374.64
30.20
-38.07
7.72
-201.84
-387.92
-204.70
-27.04
-43.58
-30.07
-153.57
-24.06
0
-10
-20
June 30,08
x
%
Miscellaneous
Banks & other
Financial Inst.
Transport &
Communication
Fuel & Energy
Paper & Board
June 29,07
Cement
-60
-70
Sugar & Allied
Cables &
Electrical Goods
Auto & Allied
Engineering
Chemicals &
Pharmaceuticals
-30
-40
-50
(%) Change
20
10
Cotton & Other
Textiles
Index
State Bank Sensitive Index of Share Price
2000
1800
1600
1400
1200
1000
800
600
400
200
0
Market Capitalization:Aggregate market capitalization amounted to Rs 3,744,125 million on June 30, 2008 as
compared to Rs 3,980,783 million at the end of previous year showing a decrease of Rs.
236,658.75 million or 5.95%. Major decreases were observed in Banks & Other Financial
Institutions Rs 141,460 million or 9.11%, Transport & Communication Rs 80,494 million
or 28.30%, Cement Rs. 48,495 million or 29.28% and Auto & Allied Rs. 28,850 million or
28.15%. And increase observed in the sectors, Chemical & Pharmaceuticals Rs. 45,319
million or 16.55%, Fuel & Energy Rs. 19,475 million or 1.78%, Engineering Rs.6,493
million or 34.57% and Miscellaneous Rs.4,430 million or 1.63%.
Market Capitalization
(Million Rupees)
Change
Points
%
As on
June 30,08
June 29,07
Groups
Cotton & Other Textiles
Chemicals & Pharmaceuticals
Engineering
Auto & Allied
Cables & Electrical Goods
Sugar & Allied
Paper & Board
Cement
Fuel & Energy
Transport & Communication
Banks & other Financial Inst.
Miscellaneous
Overall Market Capitalization
128,951
136,240
-7,289
-5.35
319,084
273,765
45,319
16.55
25,275
18,781
6,493
34.57
73,650
102,501
-28,850
-28.15
21,402
25,306
-3,904
-15.43
20,632
19,421
1,211
6.24
29,210
32,306
-3,096
-9.58
117,133
165,628
-48,495
-29.28
1,116,254
1,096,779
19,475
1.78
203,953
284,447
-80,494
-28.30
1,412,025
1,553,485
-141,460
-9.11
276,555
272,125
4,430
1.63
3,744,125
3,980,783
-236,659
-5.95
1800
1600
1400
1200
1000
800
600
400
200
0
40
20
10
0
-10
-20
June 30,08
June 29,07
xi
%
Miscellaneous
Banks & other
Financial Inst.
Transport &
Communication
Fuel & Energy
Cement
-40
Paper & Board
Sugar & Allied
Cables &
Electrical Goods
Auto & Allied
Engineering
Chemicals &
Pharmaceuticals
-30
(%) Change
30
Cotton & Other
Textiles
Billion Rupees
Market Capitalization
Volume of Shares Traded at KSE:Total volume of shares traded during the year stood at 58.715 billion. The major sectors of
trading were Banks & Other Financial Institutions 20.991 billion, Fuel & Energy 11.339
billion, Cement 8.177 billion, Transport & Communication 6.648 billion, Chemical &
Pharmaceuticals 6.073 billion and Cotton & Other Textiles 3.6187 billion which constitutes
96.82% of the total volume of shares.
Volume of Shares Traded at KSE
As on
June 30,08
June 29,07
Groups
Cotton & Other Textiles
Chemicals & Pharmaceuticals
Engineering
Auto & Allied
Cables & Electrical Goods
Sugar & Allied
Paper & Board
Cement
Fuel & Energy
Transport & Communication
Banks & other Financial Inst.
Miscellaneous
Total Shares
(Shares in Millions )
Change
Points
%
3,618
2,516
1,102
43.82
6,073
3,596
2,478
68.90
386
45
340
748.51
350
201
148
73.64
59
34
25
74.39
217
110
107
96.67
168
67
102
152.75
8,178
8,853
-676
-7.63
11,339
11,446
-107
-0.93
15.85
6,648
5,739
910
20,991
18,275
2,716
14.86
690
340
351
103.21
58,716
51,221
7,495
14.63
Volume of Shares Traded
25,000
800
500
15,000
400
300
10,000
200
100
5,000
June 30,08
June 29,07
xii
%
Miscellaneous
Banks & other
Financial Inst.
Transport &
Communication
Fuel & Energy
Cement
-100
Paper & Board
Cables &
Electrical Goods
Auto & Allied
Engineering
Chemicals &
Pharmaceuticals
Sugar & Allied
0
0
(%) Change
600
Cotton & Other
Textiles
Million Shares
700
20,000
Monthly Progress of Indices during FY08:Karachi Stock Market reached at its peak during this fiscal year but could not sustain the
upward movement and at the end of the year it drop down to lowest. First and last quarters
of the FY07-08 observe volatile movements in trading at KSE. While second and third
quarters witnessed comparatively smooth trading as it is obvious from the following
figures. A sharp decline at the end of the year was mainly due to soaring oil prices and
disturbance on political front.
Movements in SBP General Index & KSE All Share Index
600
12,000
SBP General Index
11,000
10,500
500
10,000
450
9,500
9,000
400
8,500
8,000
350
KSE All Share Index
11,500
550
7,500
300
7,000
J ul,07
Aug
Sep
Oc t
No v
De c
J an
S B P Ge ne ra l Inde x
Feb
Mar
Apr
M a y J un,08
KS E All S ha re s Inde x
KSE All Share Index (Sep.18, 1995=1000)
SBP General Index (2000-2001=100)
Movements in SBP Sensitive Index & KSE-100 Index
700
16,000
15,000
600
14,000
550
500
13,000
450
12,000
400
11,000
350
300
10,000
J ul,07
Aug
Sep
Oc t
No v
De c
S B P S e ns itive Inde x
KSE-100 Index (Nov.1, 1991=1000)
SBP Sensitive Index (2000-2001=100)
Month End Indices are used.
xiii
J an
Feb
Mar
KS E-100 Inde x
Apr
May
J un,08
KSE-100 Index
SBP Sensetive Index
650
Monthly Sector wise Analysis of Trading at KSE:
Monthly sector wise analysis of SBP General Index, Sensitive Index and Market
Capitalization shows that a few sectors perform well during the year but at the end market
fell a prey to Bearish move. Fuel & Energy sector was the star performer of the year.
Engineering, Chemical & Pharmaceutical and Banks & Other Financial Institutions also
perform well. Sugar & Allied was the most volatile sector. Auto & Allied, Cables &
Electrical Goods and Transport & Communication remain in red zone almost throughout
the year.
SBP General/Sensitive Price Index and Market Capitalization, 2007-08, for:
400
180
350
160
140
Index
300
120
250
100
200
80
150
60
100
40
50
20
0
Billion Rupees
Cotton & Other Textile
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
Feb
S e ns itive Inde x
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Engineering
2000
35
1800
30
1400
25
1200
20
1000
800
15
600
10
400
5
200
0
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xiv
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Index
1600
700
400
600
350
300
Index
500
250
400
200
300
150
200
100
100
Billion Rupees
Chemical & Pharmaceutical
50
0
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
Feb
S e ns itive Inde x
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
1800
140
1600
120
1400
100
Index
1200
1000
80
800
60
600
40
400
20
200
0
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xv
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Auto & Allied
1600
35
1400
30
Index
1200
25
1000
20
800
15
600
10
400
Billion Rupees
Cabel & Electrical Goods
5
200
0
0
J ul,07
Aug
Sep
Oc t
No v
Ge na ra l Inde x
De c
J an
Feb
S e ns itive Inde x
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
900
21
800
21
700
20
600
20
500
19
400
19
300
18
200
18
100
17
0
17
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xvi
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Index
Sugar & Allied
Paper & Board
600
45
35
Index
400
30
25
300
20
200
15
10
100
Billion Rupees
40
500
5
0
0
J ul,07
Aug
Sep
Oc t
No v
Ge na ra l Inde x
De c
J an
Feb
S e ns itive Inde x
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
1000
180
900
160
800
140
Index
700
120
600
100
500
80
400
60
300
200
40
100
20
0
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xvii
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Cement
Transport & Communication
900
350
800
300
250
Index
600
500
200
400
150
300
100
Billion Rupees
700
200
50
100
0
0
J ul,07
Aug
Sep
Oct
No v
Genaral Index
Dec
J an
Feb
Sens itive Index
Mar
Apr
May J un,08
Market Capitalizatio n
600
1400
500
1200
1000
Index
400
800
300
600
200
400
100
200
0
0
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xviii
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Fuel & Energy
Banks & Other Financial Institutions
1000
2500
800
2000
Index
700
600
1500
500
400
1000
300
200
Billion Rupees
900
500
100
0
0
J ul,07
Aug
Sep
Oc t
No v
Ge na ral Inde x
De c
J an
Feb
Se ns itive Inde x
Mar
Apr
M a y J un,08
M a rke t Ca pita lizatio n
700
310
600
300
290
Index
500
280
400
270
300
260
200
250
100
240
0
230
J ul,07
Aug
Sep
Oc t
Ge na ra l Inde x
No v
De c
J an
S e ns itive Inde x
xix
Feb
Mar
Apr
M a y J un,08
M a rke t C a pita liza tio n
Billion Rupees
Miscellaneous
Monthly State Bank of Pakistan Share Indices and Market Capitalization during 2007-08
Groups
July
Aug
Sep
228
325
134
414
218
276
117
377
222
293
123
400
506
283
1,206
809
19
1,061
1,439
459
257
1,206
619
19
928
1,276
108
635
Oct
Nov
Dec
Jan
Feb
Mar
May
Jun
229
297
127
449
215
290
125
470
221
305
130
488
243
296
126
479
243
302
134
499
246
298
140
489
255
336
154
517
239
248
123
438
244
246
129
459
494
285
1,342
659
21
985
1,378
596
320
1,489
784
23
1,148
1,562
594
332
1479
810
26
1,065
1,422
578
342
1,643
912
29
1,075
1,420
551
326
1,643
824
27
967
1,191
613
350
1,769
790
28
939
1,200
588
347
1,723
777
27
904
1,138
600
366
1,766
864
28
943
1,229
490
310
1,619
665
24
751
887
498
319
1,692
667
25
712
777
95
530
105
575
118
647
110
605
112
631
98
681
98
671
94
659
100
640
78
545
74
532
1,468
1,197
1,295
1,215
1,173
1,176
26
477
701
20
390
417
31
744
949
153
424
22
435
643
18
340
386
28
685
823
135
387
24
448
697
20
363
447
35
705
932
152
423
29
452
766
21
383
504
38
724
923
153
459
26
452
718
21
398
520
38
678
869
147
452
26
436
617
20
397
555
39
678
900
151
457
1,086
1,090
1,096
1,064
822
865
26
418
518
18
366
492
36
627
816
138
444
26
413
568
20
390
514
37
654
900
149
462
26
412
584
19
412
518
42
661
938
154
455
26
422
568
21
425
495
40
650
949
158
508
23
417
512
19
395
347
28
544
668
121
426
21
463
611
21
398
355
29
561
615
118
429
432
1,116
751
823
296
614
840
1,505
444
656
274
393
987
694
765
248
553
797
1,339
426
555
255
431
1,084
744
793
267
577
782
1,678
439
601
273
462
1,186
800
834
265
604
828
1,799
463
626
284
451
1,146
713
687
236
591
795
1,792
485
586
297
457
1,175
753
709
236
648
892
1,950
498
588
297
444
1,129
664
623
207
618
817
1,806
496
553
281
460
1,210
711
612
225
647
861
2,017
536
575
288
457
1,239
685
579
238
601
778
2,025
511
556
279
508
1,270
732
685
245
573
720
1,992
544
566
288
417
1,118
619
566
209
410
485
1,403
507
501
260
423
1,126
597
548
206
419
506
1,423
499
473
271
553
653
3,963
504
595
3,521
537
635
4,067
571
679
4,363
551
632
4,295
582
664
4,508
552
610
4,218
579
637
4,582
556
611
4,630
566
636
4,688
452
486
3,715
457
488
3,761
2007
Cotton & other
Textile
Chemicals &
Pharmaceuticals
Engineering
Auto & Allied
Cables & Electrical
Goods
Sugar & Allied
Paper & Board
Cement
Fuel & Energy
Transport &
Communication
Banks & Other
Financial Inst.
Miscellaneous
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
GI
SI
MC
Overall SBP General Index
Overall SBP Sensitive Index
Overall Market Capitalization
GI= SBP General Index,
SI=SBP Sensitive Index,
2008
MC=Market Capitalization in Billion Rupees
Last Friday Indices are used.
xx
Apr
State Bank Turn Over Index:State Bank Turn Over index remains volatile during FY08, particularly in last two quarters.
It reached at a peak of 613 in February 2008. While at the end of the December it fall down
to 70, the lowest of the year.
State Bank Turn Over Index of Ordinary Shares During 2007-08
(2000-01=100)
700
600
Index
500
400
300
200
100
T urn Over Index
Jul,07
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun,07
396
384
272
467
333
285
394
613
404
452
309
70
xxi