ICM launches new certification programmes for capital markets

 Islamabad, January 20: The Institute of Capital Markets (ICM) is launching four new certification programmes for capital market professionals.

 

The new certification programmes are ‘Pakistan Markets and Regulations Certification’, ‘Fundamental of Capital Markets Certification’, ‘Financial Derivatives Traders Certification’ and ‘Financial Advisor Certification’. The first examination of new certification programmes will be held in February and March 2014.

 

ABL and ENGRO will announce financial statement

In next 2 days one bank and one big corporation will announce its results. Financial results of Allied Bank will be announced on August 21 and ENGRO will revile its financial statement on August 22, 2013. Stock market experts says both companies will show profits. 

Pakistan Stock Market Weekly Review

The KSE-100 Index gained 1.88%WoW to close at 23,673 points this week while average daily volumes recovered to 220.5mn shares after relatively subdued volumes last week. Key news flows this week included 1) tension between India and Pakistan escalated with exchange of fire over the border,

Banks and financial sector in Ramdan

Banks in Pakistan will close for public dealing on July 11, 2013 to deduct Zakat. During Ramdan Banks and Stock market reduced their working hours almost half.

Zakat Deduction form Bank Accounts. 

On 1st Ramdan Mubrak all banks close for public dealing. Bankers were busi to deduct Zakat form the bank accounts. In Pakistan Government deduct Zakat form banks accounts. This year federal government set Zakta Nisab Rs.41872. It means if any account holder had amount equivalent or more then Rs.41872 will face 2.5 percent Zakta deduction. Zakat deduction only applicable on saving accounts. Money deposited in current accounts or any other type of account are not come under the Zakat ordinance. It is also notable that if any person submitted Zakat declaration he also excluded form Zakat deduction.
   

Muslims holy month Ramdan starts in Pakistan form July 11, 2013. During Month of Ramdan Muslims are fasting (Roza) in day time. To facilitate Rozadars, duty time reduced to half during Ramdan. In financial sector regulates issue special Ramdan timings. 

 Ramdan Bank Timings  

During the ensuing holy month of Ramzan-ul-Mubarak, the following office hours will be observed in the State Bank of Pakistan, which will also be  followed by all banks/DFIs/MFBs:-

Days	Office Hours
Monday to Thursday	8.00 a.m. to 2.15 p.m.  (Without any break)
Friday	8.00 a.m. to 1.00 p.m.  (Without any break)

However, the banks are advised to observe the following business (banking) hours for public dealing:-

Days	Business (Banking) Hours for Public Dealing
Monday to Thursday	8:00 a.m. to 1:45 p.m.      (without any break)
Friday	8.00 a.m. to 12.30 p.m.    (without any break)

After the holy month of Ramzan-ul-Mubarak, the above timings will automatically be reverted to pre Ramzan-ul-Mubarak timings. 

Stock Market Ramdan Timing  

Management of Karachi Stock Market also announce reduction in trading timing. Karachi Stock Exchange Monday to Thursday starts treading from 8 am in morning till 2 pm in noon. On Friday Treading time will be from 8 am till 12.30 pm. 

Reporting Net Capital Balance: SECP issues guidelines for brokers

                                                                                                                 
Reporting Net Capital Balance: SECP issues guidelines for brokers

Islamabad, July 9, 2013: The Securities and Exchange Commission of Pakistan has issued guidelines for stock exchange brokers to ensure that a consistent approach should be followed while complying with the regulatory requirements of Securities and Exchange Rules, 1971 (SEC Rules) in calculating and reporting Net Capital Balance (NCB).

         

The Commission conducts inspections of the brokers of the stock exchanges in order to protect investors’ assets, to foster principles of good governance and to ensure that proper risk management procedures are in place in the capital market. During on-site inspections of the brokerage houses, it has been observed by the Commission that requirements prescribed in the Third Schedule of SEC Rules for preparing NCB are being interpreted differently by the brokers and auditors. Moreover, inconsistency has also been observed on the part of auditors with regard to format for certification of NCB.

The Commission deems it appropriate and expedient to issue certain clarifications to ensure clarity and consistency including treatment regarding new products and their resultant impact upon NCB. Accordingly, in light of the queries and suggestions received from different market participants from time to time,  guidelines have been issued with respect to Third Schedule read with Rule 2(d) of the SEC Rules including certification of NCB under the regulatory framework.  These guidelines are available on the Commission’s website at http://www.secp.gov.pk/Guides/2013/Guidelines_NCB-Calculation_2013.pdf.

The Commission reiterates its commitment for development of efficient capital market and sound regulatory principles through responsive policy measures and effective enforcement practices.

KSE show up ward in last week

FY14 kicked off on a robust note with the KSE-100 Index gaining 5.58%WoW to end at 22,178 points after a decline of 3.2% last week. Average daily volumes during the week also increased by a robust 26.7%WoW to 262.6mn shares. In this regard, the key event this week was the staff-level agreement between IMF and Pakistan regarding a new program worth US$5.3bn which carries positives for medium-term macroeconomic stability. In terms of corporate news flows, key developments included 1) release of PkR161.2bn to IPPs to partly settle circular debt alongside a planned bond issue worth PkR127bn to OGDC, PPL and PSO and 2) proposed diversion of 60mmcfd gas reserved for Guddu Power Plant to the fertilizer sector. Bullish sentiment was also perpetuated by visiting UK PM David Cameron’s  promise to increase bilateral ties with Pakistan. Top gainers in the AKD Universe during the week included SNGP (+24.2%WoW), MEBL (+ 17.2%WoW), DAWH (+16.2%WoW), and ENGRO (+15.3%WoW). On the flipside, losers this week included INDU (-2.3%WoW) and PSMC (-2%WoW). Volumes during the week were led by PTC (107.9mn shares), KESC (98.2mn shares), FCCL (94.1mn shares), BOP (49.2mn shares) and MDTL (47.5mn shares).

NIT ANNOUNCES RESULTS FOR FY13

NIT ANNOUNCES RESULTS FOR FY13

July 04 2013: National Investment Trust Limited (NITL), the first and largest Asset Management Company of Pakistan has declared results for all Funds under its management for the year ended 30^th June 2013. This was stated by Acting Managing Director – NIT, Mr. Manzoor Ahmed in a press release issued by NITL on July 04, 2013 after its Board of Directors approved the annual accounts of all Funds under its management. He further stated that as of 30^th June 2013, NIT is managing 5 Funds with net assets under management of around Rs. 81.0 billion.

NI(U)T Fund

NIT has declared a dividend @ Rs. ­­­3.75 per unit for unit holders of NI(U)T for the year ended June 30, 2013 as compared to Rs. 3.50 per unit for the year ended on 30th June 2012. The payment of dividend @ Rs.3.75 per unit would involve a huge cash payout of Rs.4,182 million among its unit holders.

The Acting MD stated that during FY13, the Fund earned a total return of 58.4% where its NAV increased from Rs. 26.77 (Ex-Dividend) as on 30.06.12 to Rs. 42.41 as on 30.06.13 against the benchmark KSE-100 index which increased by 52.2%. Thus the NIUT Fund outperformed its benchmark by a healthy margin of 6.2%.

During FY13, NI(U)T Fund realized capital gains of Rs. 4,448 million against Rs. 1,439 million in FY12, depicting a huge growth of over 209% YoY.  The dividend income earned by the Fund grew by 16.6% YoY and stood at Rs. 2,822 million as compared to Rs. 2,421 million in FY12.

With a substantial increase in the stock market, many investors opted to book capital gains by redeeming their units. The Fund witnessed an unprecedented amount of redemption to the tune of Rs. 17.2 billion during the year ended on 30^th June 2013. All redemptions were met in a timely manner to the utmost satisfaction of investors. However, NIT expects these investors to reinvest at an opportune time. The accounting treatment of element of income which resulted due to huge redemptions impacted the core earnings of the Fund negatively. However, in spite of  all this, the Fund registered a net income of Rs. 1,365 million translating into earning per unit of Rs. 1.22 compared to a net income of Rs. 4,508 million translating into earning per unit of Rs. 3.29 last year. Nevertheless, excluding the element of income, NIUT earned an income of Rs. 7,129 million (EPU of Rs. 6.39) during FY13 from its operating activities compared to Rs. 2,577 million (EPU of Rs. 1.88) during last year, showing a remarkable growth of 177% YoY in income from operating activities. During FY13, gross sales of units (including CIP) increased by 23% and stood at Rs. 8,974 million, compared to Rs. 7,298 million in FY12.

Mr. Manzoor Ahmed explained that existing accounting policy of recognition and determination of “element of income” causes unnecessary volatility on the bottom line earning of the Fund as it heavily depends upon sale & repurchase of units rather than purely on actual performance of the Portfolio management. It overshadows the core earnings realized through operating activities of the Fund. He further stated that after a thorough study, the issue of “element of income” was discussed in length in the meeting of the Board of Directors in the presence of Auditors wherein it was decided to resolve this issue once for all across all funds under management of NITL. After approval from Board of Directors, an appropriate policy for “element of income”, as per the international accounting standards and worldwide industry practices, has been adopted with effective from 1^st July 2013. Thus, in future, the results of the Funds would reflect the core earnings based on quality portfolio management.

NIT-State Enterprise Fund (NIT-SEF)

While referring to the results of NIT-SEF for the year ended June 30, 2013, the MD-NIT stated that NITL has declared a bonus @ 12.92% on the face value of Rs. 50/- for the unit holders of NIT-SEF.

While presenting a brief on the results of NIT-SEF, the Acting MD said that during FY13, the Fund recorded an impressive growth of 177% in realized capital gains which stood at Rs 4,589 million against capital gains of Rs 1,658 million in FY12. The Fund also earned a dividend income of Rs 1,134 million compared to Rs 1,259 million last year.

The Fund’s NAV increased by 40.90% from Rs. 84.67 (Ex-Dividend) as on 30.06.12 to Rs. 119.3 as on 30.6.13 against an increase of 52.2% in the benchmark KSE-100 Index. However, since inception, the Fund has massively outperformed its benchmark by 33.94%.

Mr. Manzoor Ahmad further stated that as per the instructions of Government of Pakistan to gradually repay the loans obtained for NIT – State Enterprise Fund, NIT has repaid an amount of Rs 13.7 billion to the financiers of SEF till 30^th June 2013 out of the total loans of Rs. 17.2 billion. Thus, the borrowing now stands at just Rs. 3.5 billion. As a result of redemption of units to repay to the financiers of the Fund, NIT-SEF also witnessed a negative element of income. Despite the negative element of income, the Fund earned a net income of Rs. 958 million in FY13 translating into earning per unit of Rs. 4.67 against Rs. 1,201 million translating into earning per unit of Rs. 4.27 during FY12, showing over 9% growth in earning per unit. 

NIT – Equity Market Opportunity Fund (NIT-EMOF)

While unveiling the results of NIT-EMOF, MD-NIT informed that the Board has declared a bonus of Rs. 20 per unit for its unit holders for the year ended June 30, 2013.

Referring to the result of NIT-EMOF, the Acting MD said that during the period under review, the Fund earned a net income of Rs. 849 million (earning per unit of Rs. 18.81) compared to Rs. 337 million (earning per unit of Rs. 7.10), a growth of 152% YoY in the net income. During FY13, the Fund earned a dividend income of Rs. 341 million compared to Rs. 357 million in FY12 whereas, the capital gains realized by the Fund during FY13 stood at Rs. 782 million compared to Rs. 433 million in FY12, a huge growth of  80.7% YoY.

The Fund’s NAV increased by 41.85%  from Rs. 127.37 (Ex-Dividend) as on 30.06.12 to Rs. 180.68 as on 30.06.13 against an increase of 52.20% in the benchmark KSE-100 Index. However, since its start, NIT-EMOF has outperformed its benchmark by a healthy margin of 21.39%. During the period under review, further redemptions of 15% holdings of units were offered to the investors of the Fund. Since inception to date, the Fund has offered total redemptions of 65% to its unit holders.

NIT Government Bond Fund (NIT-GBF):

Acting MD – NIT informed that NIT has declared a per unit distribution of Rs. 0.8803 for unit holders of NIT GBF. Those who have opted for growth units with the option to receive bonus will be allocated 8.7303 units per 100 units at the ex-dividend NAV.

During FY13, the Fund has earned a net income of Rs. 385 million as compared to Rs. 315 million in FY12. Net income translates into a per unit earning of Rs. 0.98 as compared to Rs. 1.21 per unit last year.

The NAV of NIT GBF increased from Rs. 9.9729 (Ex dividend) as on June 30, 2012 to Rs. 10.9636 as on June 30, 2013, thus yielding an annualized return of 9.93% compared to the benchmark return of 8.80% hence outperformance by a good margin of 1.13%. As of June 30, 2013 the net assets of NIT Government Bond Fund have increased by almost 53% in the current fiscal year and stood at Rs. 4.8 billion.

NIT Income Fund (NIT-IF):

For NIT IF, NIT declared a per unit distribution of Rs. 1.0590 Those who have opted for growth units with the option to receive bonus will be allocated 10.3668 number of units per 100 units at the ex-dividend NAV.

During FY13, the Fund earned a net income of Rs. 346 million as compared to Rs.283 million the previous year. This net income translates into per unit earning of Rs. 1.16 as compared to Rs. 1.46 per unit last year.

The NAV of NIT IF increased from Rs. 10.2901 (Ex-Dividend) as on 30^th June 2012 to Rs. 11.2743 as on June 30, 2013, thus, yielding an annualized return of 9.56% compared to the benchmark return of 9.92% hence underperformance by margin of 0.36%. As of June 30, 2013 the net assets of NIT Income Fund increased by about 40% over the current fiscal year and stood at Rs. 3.7 billion which reflects the growing confidence of investors.

Softbank Deal to Force Sprint Out of S&P 500 Stock Market Index

ne of the more subtle side-effects of Softbank's takeover of Sprint in the USA is being felt in the S&P 500 stock market index.

Although the deal by Softbank to buy a 70% stake in Sprint is still waiting for final regulatory approval, it is widely expected to get that approval.

As a result of the deal, Sprint's public float is expected to fall substantially below the 50% public float criteria necessary for continued inclusion in the index and the company will be removed from the S&P 500 after the close of trading next Monday.

Softbank is buying a 78% stake in Sprint, while the remaining 22% will stay listed on the New York Stock Exchange.

Sprint's place in the index is being taken by Nielsen Holdings, an information and measurement company.

HBL OFEER FOR SALE OF SHARES 0F M/s LALPIR POWER LIMITED

 HBL OFEER FOR SALE OF SHARES 0F M/s LALPIR POWER LIMITED 

HBl become the officile bank to accept the applications for the IPO LALPIR POWER LIMITED the managmet issue the guide line for its staff for this issue.

We are pleased to advise that M/s. Lalpir Power Limited has appointed us as one of the Bankers for the collection of  Subscription against Sale of their 9,496,000 Ordinary Shares. The shares are being offered Rs.22.05 per share in case of physical delivery and  Rs.22.01 per share in case of CDC, which includes share transfer fee of 0.05 paisa per share in case ot' physical transfer and 0.01 paisa per share in case of transfer under book entry system (CDC). 

DATES 0F SUBSCRIPTION: 3"” AND 4T" JULY1 2013 OUR BANK CODE: 02

ALL BRANCHES (EXCEPT ISLAMIC BANKING BRANCHES) ARE ADVISED TO ACCEPT SUBSCRIPTIONS WHICH WILL BE SUBJECT TO THE FOLLOWING CONDITIONS BEING STRICTLY ADHEREI) T02 APPLICATION ACCEPTANCE L PROCESSING AND TRANSFER INSTRUCTIONS INVESTOR ELIGIBILITY

Eligible Investors include:

·          

Pakistani citizens resident in or outside Pakistan or persons holding dual nationalities including Pakistani Nationality. "

·         Foreign Nationals whether living in or outside Pakistan. Companies, Corporate bodies or other Legal entities incorporated or established in or outside Pakistan (to the extent permitted by their respective constitutive documents and existing regulations, as the case may be);

·         Mutual funds, Provident/Pension/Gratuity funds/Trusts (subject to the terms of their respective Trust Deed under existing regulations); and '

·         Branches in Pakistan of Companies and Corporate bodies 1`Incorporated outside Pakistan.

FACILITIES AVAILABLE TO NON-RESIDENT PAKISTANIS AND FOREIGN INVESTORS

Non-resident Pakistani investors under foreign investors may subscribe for the shares being issued through this OFSD by using their Special Convertible Rupee Account (“SCRA”) as set out in Chapter 20 of the Foreign Exchange Manual of the State Bank.

GENERAL INSTRUCTIONS  `

Detailed procedure to be followed in respect of acceptance and processing of share applications  transfer  subscription money has already been conveyed vide Head Office Circular NOP/m8173490 dated  February 15, 20l3 pei-taining which should also be ronmwa lor this public issue besides the following specific instructions pertaining to this particular issue.

SPECIFIC INSTRUCTIONS

l. Application for shares by the public, including institutions and individuals, must be made for 500, 1000, 1500, 2000 shares or above 2000 shares in multiples of 500 shares only. Applications which are not for 500, 1000„ 1500, 2000 shares or above 2000 shares in multiples of 5000 shares shall not be entertained.

The amount of the application must be tendered in the form cheque drawn on applicants own account in case of bank’s account holder / draft/pay order drawn on the applicant’s Bank in case of account holder of non Banker to the issue and payable to  OFFER FOR SALE OF SHARES OF M/s LALPIR POWER LIMITED”. 

2. AUTHORIZED BRANCHES MUST ALLOT BANK SERIAL NUMBERS SEPARATELY TO EACH

CATEGORY i.e. 500l1000, 1500, 2000 shares & ABOVE 2000 SHARES. As the Subscription will be open for two days, Branches must ensure that on the second working day of the subscription, the Serial No. must be allotted in continuation from the last number allotted on the first working day. Under no circumstances should a branch on second working day revert to allotting Serial No. l again or repeating numbers allotted previously, as this will lead to duplication of numbers, which are used to identify the applications.

3. On the close of Subscription, Statement/ SOFT COPY (in MS EXCEL) on the` prescribed format as per attached Annexure ‘A’, must be prepared containing all necessary details under sent via  email,

. Note: Hand written statements are unacceptable therefore branches are strictly advised not to submit hand written statements with the application forms.

4. The subscription amount is to be transferred toiA/c No.05997900354703 at HBL Shaheed e Millat Road Branch Karachi (Colle No.0599l through cross branch facility at close of business hours on 04.07.2013. Please quote your branch code in the transaction in Narration Line l.

5. Confirmation of the funds transferred should be sent through Courier along with two copies  prescribed Statements and the Applications to  & Zakat Unit  Floor, Habib Bank Annexe, Hasrnt Mohmni Road, Karachi. (Telephone  32276839-40) latest by next working l da! after the close of  Subscription i.e. Jul! 05'a 2013.

6. After the balloting (ifit is requiredl1 oil receipt of refund amount from HOK, all unsuccessful applicants must be refunded their subscription money oni)I by credit t0 their respective accounts maintained with the branch or bl issuing Banker’s Cheques for applicants who have their accounts with other Banks and had tendered their applications through Pay Order / Bank Draft. Branches must deduct normal charges for issuance of Banker’s Cheque while making refund of subscription money to unsuccessful applicants through Bankers Cheques individual! for each application.

7. The Branches should ensure to submit the Share Applications to Authorized Branch only and not directly to Shares Floatation Department. Revised List of Authorized Corporate  Commercial Centers / RBC Branches have already been conveyed vide our Instruction Circular  P/INST/3490 dated February 15, 2013.

8. Branches should note that no share subscription fee is to be recovered from the subscribers.

9. Sufficient quantity of Share application forms are being dispatched to Authored Branches as well as for distribution to the Branches under their jurisdiction. »

We reiterate that:

 Time frame is the main factor which has to be adhered to by all concerned and the deadlines set forth for transfer of subscription money and dispatch of applications must be strictly followed.

Refusal/Non-acceptance of subscription without any genuine reasons will render the branch liable to . strict disciplinary action.

Depicting Exhaustion In Downwards Pressure

Depicting Exhaustion In Downwards Pressure

 

Short-Term: Previous five diminutive candles with falling volume depict exhaustion in downwards pressure as the index approaches 20,783 level —38.2% retracement of 17,388 to 22,881 ascend. Recovery through 21,235 would produce an upwards retracement towards 21,525 — 21,702 levels. Reduce exposure at such strength, while needing a convincing break above 22,312 to go bullish.

General View: Recent shift in demand and supply imbalance in favor of bears has confirmed an intermediate restriction at 22,881 level —coinciding with our intermediate target of 22,740 — 23,682 levels. This can produce a bearish reversal towards 20,363 — 20,134 levels —50% retracement of 17,388 to 22,881 ascend. Additional pressure would expose the deeper 61.8% retracement at 19,486 level. Intermediate corrective theme would remain valid till the end of July’2013, with max downside possibility for 18,806 level. On a larger degree, we still see the primary impulse striding for 25,000 level. However, to ride this wave, investors should keep enough room (buying power) for intermediate correction up to 19,500 — 18,800 levels —coinciding with the cloud support. We find strong potential in ENGRO, PSO, PTC, SNGP, MARI, NRL, EPCL, and BOP. 

 

Pakistan Market: Jun'13 Review & Outlook

Pakistan Market: Jun'13 Review & Outlook

Partly influenced by the fall in global equities (MSCI FM Index shed 5%MoM) and a degree of profit taking post 15% returns in May'13 alone, the KSE-100 Index shed 4% in Jun'13. Nevertheless, the Pakistan Market has still returned a stellar 24%CYTD and 52% in FY13. While most sectors lost out in Jun'13 (Cements and Telecoms being notable exceptions to the rule), precedence encouragingly points to a rebound in the months ahead. In this regard, over the last 10yrs the KSE-100 Index has without fail managed to gain in the Jul-Sep quarter, with average gains from the Jun low to the following quarter's high standing at a strong 19%. In our view, similar dynamics could play out this quarter as well provided the upcoming energy policy does not disappoint, a fresh IMF program is entered in a timely manner and corporate results keep depicting resilience. Our Dec'13 Index target is 23,300 points with preferred plays being PSO, ENGRO, PTC, UBL and DGKC. Political noise and law & order conditions remain the key risk to our call.

Jun'13 Review: Following steep returns in the previous month, the KSE-100 declined by 4% in Jun'13. While the market witnessed significant positives - a generally accepted FY14 Budget, continued monetary easing (DR cut by 50bps to 9%) and a weight gain ahead for Pakistan in the MSCI FM Index among others, investor sentiment was affected by a bearish turn in global equity markets (MSCI World Index down 3.6%MoM) as well as by an escalation in political noise post PM Sharif's announcement that General (retd.) Musharraf will be tried for treason. Jun'13 witnessed net FPI of US$41.8mn with key outperforming sectors being Cements (+7.2%MoM), Telecoms (+1.5%MoM) and Electricity (+0.1%MoM). On the flipside, losers included Chemicals (-7.9%MoM) and Autos (-7.3%MoM).  

The Jul-Sep rebound: While the KSE-100 has shed 4% on a MoM basis, the market's decline from its CYTD high stands at 8%. This could potentially represent an opportunity where precedence encouragingly points to a rebound in the months ahead. In this regard, over the last 10yrs the KSE-100 Index has without fail managed to gain in the Jul-Sep quarter, with average gains from the Jun low to the following quarter's high standing at a strong 19% (range: 3% - 48%). While we remain cognizant of bearish global sentiment in equities, Pakistan's un-stretched valuations (forward P/E: 6.9x according to Bloomberg) coupled with a 34% discount to the MSCI Asia Ex-JP Index leads us to eye further upside. 

Market outlook: Factors that could lead to a market rebound going forward include the upcoming energy policy and consequent execution of plans, a fresh IMF program where a LoI may be submitted shortly and any uptick corporate sector profitability particularly if Index heavyweights Oil & Gas and Banks surprise on the upside. In this regard, our Dec'13 Index target is 23,300 points with preferred plays being PSO, ENGRO, PTC, UBL and DGKC. Political noise and law & order conditions remain the key risk to our call where any escalation in the same may act as a reality check, potentially curbing investor enthusiasm over expected macroeconomic reforms.  

Karachi Stock Market Down

The KSE-100 Index ended the week at 21,005 points, down by 3.19%WoW, a second consecutive weekly decline after shedding 3.74% last week. Average daily volumes during the week also slipped to 207mn shares, a decline of 35.6%WoW. Major news flows included, i) the government finalized its Energy Policy to ease the energy crisis, ii) the ECC approved settlement of the PkR503bn circular debt in two installments following an MoU with IPPs, iii) the government decided to increase CNG prices by over 80% and withhold a power tariff increase of PkR2.61/unit, iv) IMF expressed displeasure over the recent 50bps cut in DR, and v) the NA passed the Finance Bill 2013 amidst a boycott by the opposition. Top gainers in the AKD Universe during the week included PSMC (+6.3%WoW), PTC (+5.5%WoW), LUCK (+4.5%WoW), FATIMA (+1.7%WoW) and HBL (+1.3%WoW). Losers this week were MCB (-13.7%WoW), ENGRO (-8.2%WoW), DAWH (-6.7%WoW), AICL (-6.2%WoW) and NML (-5.9%WoW). Volumes during the week were led by FCCL (89.37mn shares), PTC (82.75mn shares), MLCF (52mn shares), JSCL (47.26mn shares) and BOP (43.96mn shares).