Weekly Review 23 February 2018 - askarisecurities.com.pk Market Review.pdf · TREC Holder of the...

TREC Holder of the Pakistan Stock Exchange &

Corporate Member of the Pakistan Mercantile Exchange

Weekly Review 23th February 2018

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Research is registered with SECP under Research Entity Notification No. REP-284

SECP’s Investor Education Link: www.jamapunji.pk

Weekly Review –23th February 2018 Week 08 - 2018

Contents

About Askari Securities Ltd ................................................................................................. 2

Do’s & Don’ts of Investments ............................................................................................ 3

Market Snapshot .................................................................................................................... 4

Corporate Actions.................................................................................................................. 5

Upcoming Board Meetings .................................................................................................. 6

Regional Stock Markets and Commodities Performance Review .................................. 7

Stock Market Risk Level ....................................................................................................... 8

Stock Market Liquidity Level ............................................................................................... 8

Value Basket ........................................................................................................................... 8

Sentiment Basket .................................................................................................................... 8

Market Commentary .............................................................................................................. 9

Special Feature: Board Meeting Calendar – February 2018 .......................................... 10

Red List Companies - Sector Wise .................................................................................... 11




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About Askari Securities Ltd Askari Securities Ltd. (“ASL”) is one of the fastest developing investment houses in Pakistan's Capital market, offering a wide range of investment services for institutions and retail clients. ASL is a TREC Holder of the Pakistan Stock Exchange and Corporate Member of the Pakistan Mercantile Exchange. ASL is registered as a certified Mutual Fund Distributor with the Mutual Fund Association of Pakistan. ASL is a subsidiary of Askari Bank Ltd and associated company of the Army Welfare Trust. Askari Bank Ltd is a leading bank in Pakistan and is owned by the Fauji Foundation and its group of Companies. The Fauji Foundation and the Army Welfare Trust have launched companies, which are among the most renowned in Pakistan’s corporate arena. ASL’s success is built on its expanding presence in the market, service to the client, maturity in dealing with market situations and continuous evolution in services offered. For more information, you can visit our office, website or simply contact us.




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Do’s & Don’ts of Investments The following is a list of Do’s and Don’ts that you should go through. It is aimed at helping you gain an insight into what one’s mental framework should be in the process of investments. The following have been observed time and again and are also based on empirical evidence.

✓ Don’t try to beat the market. You simply can’t – moving sensibly with the market is good enough.

✓ Explore the idea: Sell when the market is rising, buy when the market is falling. This is an important way to make the best of price movements.

✓ Don’t be greedy. When you are making a profit, book it and become ready to buy at lower levels.

✓ Be ready to engage the market. If you are not ready, that opportunity will pass.

✓ Don’t fear. Markets will dip and they will rise.

✓ Be Patient. The market may make movements that are sudden, against your analysis or beyond your expectations – in all circumstances remain patient.

✓ Buy good things and don’t expect bad things to outperform good things. When you buy a good security, the probability of it giving you a positive return is higher than a bad security.

✓ Avoid deciding in a state of panic. Decisions taken while in a state of panic usually have bad results.

✓ Don’t over trade. Avoid trading unnecessarily.

✓ This is a game of averages. Success in investments is a function of averages. `




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Market Snapshot 16-Feb-18 23-Feb-18 Change % Change

KSE 100 Index 43,627.10 43,267.20 -359.90 -0.82

Weekly Total KSE Volume: 919,644,190 Daily Avg.: 183,928,838

Daily Avg. KSE Traded Value: 8,119,656,751 Avg. Traded Val/Share: 44.15

Admajee Insurance 58.00 56.99 -1.01 -1.74

Allied Bank Ltd. 95.99 93.50 -2.49 -2.59

Arif Habib Corp 36.68 36.02 -0.66 -1.80

Askari Bank Ltd. 21.63 21.09 -0.54 -2.50

Attock Refinery 256.07 255.22 -0.85 -0.33

Attock Petroleum 560.00 553.50 -6.50 -1.16

Atlas Battery Ltd 465.92 435.47 -30.45 -6.54

Atlas Honda 550.00 537.00 -13.00 -2.36

Attock Cement 190.85 188.98 -1.87 -0.98

Azgard Nine 20.00 17.63 -2.37 -11.85

Bank Al-Falah 49.21 48.04 -1.17 -2.38

Bank Al-Habib Ltd 69.86 69.01 -0.85 -1.22

Bank of Punjab 9.61 9.18 -0.43 -4.47

Bestway Cement Ltd. 144.17 155.68 11.51 7.98

Biafo Industries 261.32 288.16 26.84 10.27

Archroma Pakistan Ltd 556.00 549.95 -6.05 -1.09

Colgate-Palmolive (Pakistan) Ltd 3000.00 3000.00 0.00 0.00

Crescent Steels & Allied Products 140.16 136.62 -3.54 -2.53

D.G.K.Cement 141.43 138.84 -2.59 -1.83

Dewan Cement 26.66 25.84 -0.82 -3.08

Engro Corp. 298.35 301.16 2.81 0.94

Engro Foods 85.90 86.88 0.98 1.14

Fatima Fert Co. 30.65 31.04 0.39 1.27

Fauji Cement 26.49 24.78 -1.71 -6.46

Fauji Fert Bin Qasim 36.54 36.52 -0.02 -0.05

Fauji Fertilizer Co. 86.77 86.91 0.14 0.16

Gatron Industries 124.01 158.25 34.24 27.61

Ghani Glass 70.10 68.53 -1.57 -2.24

Habib Bank Ltd. 211.70 210.53 -1.17 -0.55

Hub Power Co. 98.56 97.19 -1.37 -1.39

Jahangir Siddiqui & Co. 20.37 19.90 -0.47 -2.31

J.D.W. Sugar Mills Ltd 328.76 335.01 6.25 1.90

ICI Pakistan 783.00 765.00 -18.00 -2.30

Indus Motor Co. 1726.84 1698.09 -28.75 -1.66

K-Electric Limited 6.43 6.20 -0.23 -3.58

Kot Addu Power Co. 57.02 59.33 2.31 4.05

Lotte Chemical 8.62 8.69 0.07 0.81

Lucky Cement Ltd. 586.02 600.65 14.63 2.50

Maple Leaf Cement 69.76 65.07 -4.69 -6.72

Mari Gas Co. Ltd 1560.06 1562.64 2.58 0.17

MCB Bank Ltd. 222.95 217.95 -5.00 -2.24

Millat Tractors Ltd 1292.49 1324.71 32.22 2.49

National Bank 49.81 47.64 -2.17 -4.36

National Refinery Ltd. 438.39 434.50 -3.89 -0.89

Nestle Pakistan Ltd 11475.00 11970.00 495.00 4.31

Nishat (Chunian) 50.01 49.53 -0.48 -0.96

Nishat Chunian Power 32.90 31.22 -1.68 -5.11

Nishat Mills Ltd 161.38 161.72 0.34 0.21




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Nishat Power Ltd. 33.06 31.55 -1.51 -4.57

OGDC 167.55 164.34 -3.21 -1.92

P.S.O. 302.00 293.50 -8.50 -2.81

P.T.C.L.A. 12.76 12.41 -0.35 -2.74

Pak Oilfields 561.71 617.92 56.21 10.01

Pak Petroleum Ltd. 201.78 201.12 -0.66 -0.33

Pak Reinsurance Ltd 42.99 41.99 -1.00 -2.33

Rafhan Maize Products 7200.00 6900.00 -300.00 -4.17

Security Papers Ltd. 120.50 120.16 -0.34 -0.28

Service Industries Ltd. 867.50 801.00 -66.50 -7.67

Shahtaj Sugar Mills Ltd 142.00 129.67 -12.33 -8.68

Sui North Gas 116.61 115.57 -1.04 -0.89

Sui South Gas 35.07 34.98 -0.09 -0.26

TRG Pakistan Ltd. 36.44 35.58 -0.86 -2.36

Tri-Pack Films Ltd. 153.57 163.54 9.97 6.49

United Bank Ltd. 203.55 196.91 -6.64 -3.26

Unilever Pakistan Food 8500.00 8900.00 400.00 4.71

Corporate Actions

Company Name Payouts EPS (PRs.) Book Closure

Cherat Packaging Limited 20% (I) 10.04 27.02.2018

Agriauto Industries Limited 80% (I) 17.09*, 9.87** 01.03.2018

Biafo Industries Limited 65% (II) 12.75 03.03.2018

Hi-Tech Lubricants Ltd 17.5% (I) 4.42 07.03.2018

Fauji Fertilizer Company 30% (F) 9.04*, 8.42** 07.03.2018

Kohinoor Energy Limited 15% (I) 1.83 07.03.2018

Bestway Cement Limited 30% (II) 10.39 08.03.2018

Hub Power Company Ltd 15% (II) 4.58*, 3.57** 09.03.2018

Murree Brewery Co. Ltd. 100% (II) 27.30 10.03.2018

Cherat Cement Company Ltd 10% (I) 7.64 15.03.2018

International Steels Limited 15% (I) 5.02 14.03.2018

Oil & Gas Development Company Limited 30% (II) 8.53 14.03.2018

Fauji Fertilizer Bin Qasim 7.50% (F) 2.03*, 1.08** 14.03.2018

Bank Al Habib Limited 30% (F) 7.79*, 7.78** 14.03.2018

Kohinoor Textile Mills Ltd 12.5% (I) 6.03*, 2.61** 14.03.2018

Maple Leaf Cement Factory 15% (I) 4.12*, 3.62** 14.03.2018

International Industries Ltd 20% (I) 14.04*, 6.00** 15.03.2018

Millat Tractors Limited 600% (I) 69.10*, 62.73** 15.03.2018

Mari Petroleum Company 35% (I) 61.82 15.03.2018

Habib Metropolitan Bank 30% (F) 5.41*, 5.26** 16.03.2018

Engro Fertilizers Limited 30% (F) 8.36*, 7.60** 19.03.2018

Engro Powergen Qadirpur 15% (F) 7.38 20.03.2018

MCB Bank Limited 40% (F) 19.13*, 19.56** 20.03.2018

Meezan Bank Limited 12.5% (F) 5.46*, 6.13** 21.03.2018

Engro Polymer & Chemical 8% (F) 3.09 22.03.2018

Rafhan Maize Products Company Limited 1250% (F) 475.54 22.03.2018

GlaxoSmithKline Consumer HealthCare Ltd. 50% (F) 7.39 23.03.2018

Soneri Bank Limited 7.50% (F) 1.4906 23.03.2018

Jubilee Life Insurance Co. Ltd 145% (F) 32.39 24.03.2018




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United Bank Limited 40% (F) 21.39*, 20.77** 24.03.2018

EFU Life Assurance Ltd 112.5% (F) 18.12 01.04.2018

EFU General Insurance Ltd 62.5% (F) 11.72 01.04.2018

Allied Bank Limited 17.5% (F) 11.29*, 11.12** 03.04.2018

Lotte Chemical Pakistan Ltd 2% (F) 0.27 11.04.2018

TPL Insurance Limited 10% (B) 1.39 11.04.2018

Nestle Pakistan Limited 800% (F) 322.86 12.04.2018

Tri-Pack Films Limited 100% (F) 14.76 13.04.2018

Pakistan Tobacco Co. Ltd. 200% (F) 37.47 14.04.2018

Bata Pakistan Limited 600% (F) 201.65 16.04.2018

Crescent Steel & Allied Products 10% (I) 10.79 17.04.2018

Engro Corporation Limited 20% (F) 17.96*, 21.76** 17.04.2018

Jubilee General Insurance Company Limited 40% (F) 6.00 19.04.2018

Engro Foods Limited 4% (F) 0.49 19.04.2018

Al-Ghazi Tractors Limited 500% (F) 53.88 19.04.2018

TRG Pakistan Limited ----- (1.30) *, 0.018** -----

Pakistan Refinery Limited ----- 0.47 -----

Pakistan State Oil Co. Ltd. ----- 26.14 -----

Pakistan Telecommunication Co. ----- 0.85*, 1.64** -----

Aisha Steel Mills Limited ----- 0.98 -----

Lucky Cement Limited ----- 24.47*, 20.25** -----

Nishat Power Limited ----- 4.715 -----

Synthetic Products Enterprises ----- 1.91 -----

Archroma Pakistan Ltd ----- 8.23 -----

Byco Petroleum Pakistan ----- 0.19*, 0.23** -----

*(Consolidated) ** (Unconsolidated Upcoming Board Meetings

Company Name Date / Day Time

Ghandhara Nissan Limited 24.02.2018 Saturday 10:00 a.m.

Macter International Limited 24.02.2018 Saturday 11:30 a.m.

Ghandhara Industries Limited 24.02.2018 Saturday 11:30 a.m.

Sazgar Engineering Works Ltd 24.02.2018 Saturday 11:30 a.m.

Rupali Polyester Limited 24.02.2018 Saturday 11:30 a.m.

Ittehad Chemicals Limited 24.02.2018 Saturday 03:00 p.m.

Sui Northern Gas Pipelines Ltd 24.02.2018 Saturday 04:00 p.m.

Dost Steels Limited 24.02.2018 Saturday 04:00 p.m.

Shifa International Hospitals 24.02.2018 Saturday 04:00 p.m.

Bank Alfalah Limited 24.02.2018 Saturday 05:30 p.m.

Askari Bank Limited 26.02.2018 Monday 10:00 a.m.

Mughal Iron & Steel Industries 26.02.2018 Monday 10:00 a.m.

Kohat Cement Company Ltd 26.02.2018 Monday 11:00 a.m.

Arif Habib Corporation Ltd 26.02.2018 Monday 11:00 a.m.

Abbott Laboratories (Pakistan) 26.02.2018 Monday 11:30 a.m.

Ghani Glass Limited 26.02.2018 Monday 11:30 a.m.

Roshan Packages Limited 26.02.2018 Monday 12:00 p.m.

Azgard Nine Limited 26.02.2018 Monday 12:30 p.m.

Dolmen City REIT 26.02.2018 Monday 12:30 p.m.

The Searle Company Limited 26.02.2018 Monday 02:00 p.m.




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Ghani Value Glass Limited 26.02.2018 Monday 02:00 p.m.

Unilever Pakistan Foods Limited 26.02.2018 Monday 02:30 p.m.

Power Cement Limited 26.02.2018 Monday 02:30 p.m.

Sitara Energy Limited 26.02.2018 Monday 02:30 p.m.

Gul Ahmed Textile Mills Ltd 26.02.2018 Monday 02:30 p.m.

Ghani Automobile Industries 26.02.2018 Monday 03:00 p.m.

Pakistan Petroleum Limited 27.02.2018 Tuesday 10:00 a.m.

Wah Nobel Chemicals Limited 27.02.2018 Tuesday 10:30 a.m.

Burshane LPG (Pakistan) Ltd 27.02.2018 Tuesday 11:00 a.m.

Ittefaq Iron Industries Limited 27.02.2018 Tuesday 11:00 a.m.

Quice Food Industries Limited 27.02.2018 Tuesday 11:00 a.m.

Nishat Chunian Power Ltd 27.02.2018 Tuesday 11:00 a.m.

Nishat Chunian Limited 27.02.2018 Tuesday 11:30 a.m.

Matco Foods Limited 27.02.2018 Tuesday 11:30 a.m.

Clover Pakisan Limited 27.02.2018 Tuesday 11:30 a.m.

Ghani Global Glass Limited 27.02.2018 Tuesday 02:30 p.m.

GlaxoSmithKline Pakistan Ltd 27.02.2018 Tuesday 03:00 p.m.

Ghani Gases Limited 27.02.2018 Tuesday 03:30 p.m.

Byco Petroleum Pakistan Ltd 27.02.2018 Tuesday 06:00 p.m.

AkzoNobel Pakistan Limited 28.02.2018 Wednesday 09:00 a.m.

Faysal Bank Limited 28.02.2018 Wednesday 09:30 a.m.

Packages Limited 28.02.2018 Wednesday 10:30 a.m.

Loads Limited 28.02.2018 Wednesday 11:30 a.m.

Wyeth Pakistan Limited 28.02.2018 Wednesday 12:00 p.m.

Johnson & Phillips (Pakistan) 28.02.2018 Wednesday 12:00 p.m.

Tri-Star Polyester Limited 28.02.2018 Wednesday 02:30 p.m.

TeleCard Limited 28.02.2018 Wednesday 03:00 p.m.

TRG Pakistan Limited 28.02.2018 Wednesday 07:30 p.m.

Silk Bank Limited 01.03.2018 Thursday 12:00 p.m.

The Bank of Khyber 02.03.2018 Friday 11:00 a.m.

JS Bank Limited 03.03.2018 Saturday 12:00 p.m.

Dawood Hercules Corporation 06.03.2018 Tuesday 11:30 a.m.

Shell Pakistan Limited 08.03.2018 Thursday 09:00 a.m.

Dawood Lawrencepur Limited 08.03.2018 Thursday 10:00 a.m.

Regional Stock Markets and Commodities Performance Review

Regional Markets Country Last Level Daily %

WTD % MTD % CYTD %

KSE-100 Index Pakistan 43,267 (0.60) (0.82) (1.77) 6.91

BSE-30 SENSEX Index India 34,142 0.95 0.39 (5.07) 0.25

DSI Index Bangladesh 5,907 0.00 (2.37) (2.20) (5.41)

CSE All Shares Index Sri Lanka 6,575 0.06 0.18 1.53 3.24

SSE Composite Index China 3,289 0.63 2.81 (5.51) (0.55)

NASDAQ Dubai UAE 20 Index U.A.E. 3,352 0.00 (0.41) (1.92) 1.91

Commodities

Brent Crude Oil ($/bbl) 66.20 (0.29) 2.10 (3.90) (1.00)

Gold ($/oz.) 1,332.60 (0.01) (1.74) (0.78) 1.62




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Silver ($/oz.) 16.57 (0.10) (0.85) (3.89) (3.35)

In $ Millions

Foreign Investors Portfolio Invest. (FIPI) Pakistan 0.12 (3.73) (31.75) 53.95

Source: Indices Website, Chicago Mercantile Exchange (CME). FIPI as of 22/02/2018, DSI Index & NASDAQ Dubai Closed on Friday.

Stock Market Risk Level

Low Moderate High Stock Market Liquidity Level

Low Moderate High Value Basket • Allied Bank Ltd (“ABL”)

• Attock Cement Pakistan (“ACPL”)

• Adamjee Insurance Co. (“AICL”)

• Attock Petroleum(“APL”)

• Atlas Battery (“ATBA”)

• Atlas Honda (“ATLH”)

• Bank Al-Habib (“BAHL”)

• Biafo Industries (“BIFO”)

• Colgate-Palmolive Pakistan (“COLG”)

• Clariant Pakistan (“CPL”)

• Engro Corporation (“ENGRO”)

• Fauji Fertilizer Co. (“FFC”)

• Fauji Fertilizer Bin Qasim (“FFBL”)

• Gatron Industries (“GATI”)

• Ghani Glass (“GHGL”)

• Habib Bank (“HBL”)

• Hascol Petroleum (“HASCOL”)

• Hub Power Co. (“HUBC”)

• ICI Pakistan (“ICI”)

• Indus Motor Co. (“INDU”)

• J.D.W. Sugar Mills (“JDWS”)

• KotAddu Power (“KAPCO”)

• Lucky Cement (“LUCK”)

• Mari Petroleum. (“MARI”)

• MCB Bank (“MCB”)

• Meezan Bank (“MEBL”)

• Millat Tractors (“MTL”)

• National Bank of Pakistan (“NBP”)

• Nestle Pakistan (“NESTLE”)

• Nishat Chunian Power (“NCPL”)

• Nishat Mills(“NML”)

• Nishat Power (“NPL”)

• Oil & Gas Dev. Co. (“OGDC”)

• Pak Oil Field (“POL”)

• Pak Petroleum (“PPL”)

• Pak State Oil (“PSO”)

• Pak Telecommunication (“PTC”)

• Rafhan Maize Product (“RMPL”)

• Security Papers (“SEPL”)

• Sui North Gas (“SNGP”)

• Sui South Gas (“SSGC”)

• Thal Ltd. (“THAL”)

• Tri-Pack Films (TRIPF”)

• United Bank (“UBL”)

• Unilever Food (“UPFL”)

• Pak Tobacco (“PAKT”)

Sentiment Basket • Arif Habib Corporation (“AHCL”)

• Azgard Nine (“ANL”)

• Attock Refinery (“ATRL”)

• Bank Alfalah (“BAFL”)

• Bank of Punjab (“BOP”)

• Crescent Steel (“CSAP”)

• D.G.K. Cement (“DGKC”)

• Jahangir Siddiqui Co. (“JSCL”)

• Karachi Electric (“KEL”)

• Lafarge Pakistan (“LPCL”)

• Lotte Pak PTA (“LOTPTA”)

• National Refinery (“NRL”)

• Service Industries (“SRVI”)

• Shahtaj Sugar Mills (“SHJS”)

• Silk Bank Ltd. (“SILK”)

• TRG Pak Ltd. (“TRG”)

Note: “Ltd.” excluded for the sake of brevity



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Market Commentary The KSE100 Index ended this week at 43,267 losing 360 points i.e. -0.82% in this week (last week: -0.41%). Daily total volumes for this week were 184 million shares (last week: 199 million shares). Risk is moderate and liquidity is moderate. Average traded price per share for this week was Rs. 44.15 (last: Rs. 37.00). The Bangladesh stock exchange approved China’s bid for purchase and rejected the Indian bid. The FATF decision to reject putting Pakistan on the watch list was welcomed by the business community. The EU renewed the GSP+ Status for Pakistan. The State Bank of Pakistan said that conditions were positive to push up credit demand. Government debt and liabilities as at December were $89 bln. The Government’s short term borrowing from China and other banks was at $1.8 bln for July to January, against a target of $1 bln for the whole year. The oil and food import bill for July to January increased 26% to $11.6 bln. Infrastructure spending for July to December was up 44% to Rs. 315 bln. Textile exports for July to January were up 12.8% to $4.4 bln. Pakistan’s current account for July to January was up 48% to $9.2 bln. It is 3.1% of GDP. Telcos deposited Rs. 27.5 bln in the July to January period (last: Rs. 28 bln). LSM growth for December was at -1.4% over last year. Forex reserves were at $18.83 bln. The Pakistani Rupee was trading at Rs. 112.20 / $US at the end of the week and Rs. 111.50 / $US in the beginning of the week. Gold was trading at $1330.40 at the end of the week (week’s beginning: $1360.90), Silver was trading at $16.65 at the end of the week (week’s beginning: $16.34) and Crude Oil was trading at $62.79 at the end of the week (week’s beginning: $61.67). Going Forward Market activity has been mixed with political events dominating sentiment. Clients should engage and build positions in both the Value and the Sentiment Basket.



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Special Feature: Board Meeting Calendar – February 2018

Monday Tuesday Wednesday Thursday Friday Saturday Sunday

Tuesday Wednesday Thursday Friday Saturday Sunday

1 EPQL,

2 MCBAH, LOTCHEM,

3 4

5 6 SPEL, PSO,

7 CHCC,

8 EFERT, CPPL,

9 10 11

12 13 14 PTC, DYNO, MEBL,

15 STCL, MCB, SHEZ, AWWAL,MLCF

16 TRIPF, HMB, KTML,

17 ASTL, GATI,

18

19 FCCL, FEROZ, HUBC, UBL, SITC, CYAN, UBL,

20 PAKT, NBP, OTSU, IBLHL, SAZEW, DGKC,

21 AGIL, ENGRO, ISIL, PPP, NPL, PIOC, TGL,

22 KAPCO, BATA, SHEL, MARI, MTL,

23 INDU, PICT, TOWL, AYTM, GRYL, INDU,

24 SNGP, ICL, SHFAS, SPL, GHNL, STML

25 BAFL,

26 UPFL, ANSM, HAFL, AHCL, AKBL, ANL, DCR,

27 TSML, GGGL, GGL, CLOV, MSOT, NCL, QUICE,

28 PKGS, FABL, LOADS, TRG, WYETH, AKZO,



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Red List Companies - Sector Wise

Chemicals

Company Symbols Company Symbols Mandviwala Mauser Plastic Industries MWMP Pakistan PVC PPVC

United Distributors Pakistan UDPL Commercial Banks

Apna Microfinance Bank AMBL KASB Bank KASBB

Construction & Materials(Cement)

Frontier Ceramics FRCL Dadabhoy Cement Industries DBCI

Haydary Construction Company HADC Emco Industries EMCO

Safe Mix Concrete Products SMCPL

Electricity

Japan Power Generation JPGL Kohinoor Power Company KOHP

Southern Electric Power Company SEPCO Tri-Star Power * TSPL

Electronic & Electrical Goods

Climax Engineering Company CECL Engineering

Dewan Automotive Engineering DWAE Equity Investment Instruments

Crescent Standard Modaraba* CSM First Fidelity Leasing Modaraba FFLM

First IBL Modaraba FIBLM B.R.R. Guardian Modaraba BRR

First Punjab Modarba FPJM First Prudential Modarba PMI

First Tri-Star Modarba* FTSM Tri-Star Mutual Fund TSMF

First Equity Modarba FEM Modaraba Al – Mali MODAM

Financial Services

First Dawood Investment Bank FDIBL Trust Securities and Brokerage TSBL

Dawood Capital Management DCM Security Investment Bank SIBL

First Capital Securities Corporation FCSC Security Leasing Corporation SLCL

Grays Leasing GRYL Saudi Pak Leasing Company SPLC

IGI Investment Bank IGIBL Trust Investment Bank TRIBL

Dawood Equities DEL KASB Securities KASBSL

Escorts Investment Bank ESBL Pervez Ahmed Securities PASL

First Credit & Invest Bank FCIBL Sigma Corporation SIGL

Invest Capital Investment Bank ICIBL UNICAP Modaraba UCAPM

Food Producers

Dewan Sugar Mills DWSM Khairpur Sugar Mills KPUS

Abdullah Shah Ghazi Sugar Mills AGSML Mirza Sugar Mills MZSM

Goodluck Industries * GLIN Pangrio Sugar Mills PNGRS

Hussain Sugar Mills HUSS

General Industrials

Baluchistan Particle Board BPBL Ecopack ECOP

Industrial Metals & Mining

Metropolitan Steel Corporation MSCL Life insurance

East West Life Assurance Company EWLA Non-Life Insurance

Asia Insurance Company * ASIC United Insurance Company of Pakistan UNIC

Century Insurance Company CENI Reliance Insurance Company RICL



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Crescent Star Insurance Company CSIL Pakistan Guarantee Insurance Company PGIC

East West Insurance Company * EWIC Premier Insurance PINL

Silver Star Insurance Co. SSIC Universal Insurance Company UVIC

Shaheen Insurance Company SHNI

Personal Goods(Textile)

Ghazi Fabrics International GFIL Sajjad Textile Mills SJTM

Haji Mohammed Ismail Mills HMIM Kohat Textile Mills KOHTM

Crescent Jute Products CJPL Mian Textile Industries MTIL

DewanFarooque Spinning Mills DFSM S.G. Fiber SGFL

Fateh Industries. FIL Pak Leather Crafts PAKL

I.C.C. Textile ICCT Ravi Textile Mills RAVT

Chenab - Preference Shares CLCPS Salman Noman Enterprises* SANE

Glamour Textile Mills * GLAT Taha Spinning Mills THAS

D.M. Textile Mills DMTX United Brands UBDL

D.S. Industries DSIL Khalid Siraj Textile Mills KSTM

International Knitwear * INKL Mubarak Textile Mills MUBT

Amtex AMTEX Redco Textiles REDCO

Ayesha Textile Mills AYTM Jubilee Spinning and Weaving Mills JUBS

Crescent Cotton Mills CCM Khyber Textile Mills KHYT

Chenab CHBL Kohinoor Industries KOIL

Ishaq Textile Mills ISTM Mohummed Farooq Textile Mills MFTM

J.A. Textile Mills JATM Sargodha Spinning Mills * SRSM

Globe (OE) Textile Mills Mills GOEM Yousuf Weaving Mills YOUW

National Silk and Rayon Mills NSRM Zephyr Textile * ZTL

Quality Textile Mills * QUAT Travel and Leisure

Dreamworld Limited DREL

We have identified “The Red Companies” which are taken from the PSX All companies list and are sorted out on the basis of their past performance as they are not liquid (i.e. having low volumes) and have not paid dividends in last 3 to 4 years and they have lesser chances of any capital gain as well. * These are the scrips which have declared dividend at least once or twice in the last four years. For further details and queries please contact at: +92 51 2894521, [email protected] Disclaimer: This market and expectation review is meant solely for the purpose of information and discussion. Any liability arising of an investor consequent to the consumption of this review is the sole responsibility of the investor and can in no way whatsoever be attributed to this review or Askari Securities Ltd. Expectations and pertinent risks are subject to market conditions and can change, which is outside the view of this review.

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