Karachi Stock Exchange (KSE) share index and aggregate market capitalisation of 12 different sectors increased by 50.1 percent and 80.3 percent, respectively, in the first nine months of the outgoing fiscal year, against 53.4 percent and 44.7 percent in the same period of last year.
The Lahore and Islamabad Stock Exchanges also showed record performance during the outgoing year.
The Economic Survey 2003-04 indicated that total funds mobilised during July-March 2003-04 in the three stock exchanges (KSE, LSE & ISE) amounted to Rs 169 billion, against Rs 39.4 billion last year. Total turnover of shares in the three stock exchanges during the first three-quarters of the current fiscal year was 100.8 billion, compared to 56.9 billion shares in the same period last year, recording an increase of 77.2 percent.
During the period under review (July-March 2003-04) TFCs by 8 companies, amounting to Rs 3.90 billion, were listed on the stock exchanges (5 on the KSE and 3 on LSE). Moreover, 8 companies with a paid-up capital of Rs 49.44 billion, 9 companies with a capital of Rs 51.30 billion and 5 companies with a capital of Rs 47.47 billion were listed on KSE, LSE and ISE respectively during the same period.
Total turnover of shares on the KSE was 65.2 billion in the first nine months of 2003-04 as compared to 36.2 billion in the same period last year. Funds mobilised by the KSE during this period amounted to Rs 61.7 billion as compared to Rs 23.8 billion in the same period last year.
All 12 major trading groups on KSE (cotton and other textiles, pharmaceuticals & chemicals, engineering, auto & allied, cables and electric goods, sugar and allied, paper and board, cement, fuel and energy, transport and communication, banks and other financial institutions, and miscellaneous) witnessed record growth in their share indices, ranging from 15.7 percent (sugar & allied) to 65.2 percent (cement). During the calendar year 2003, total profit before taxation of the 12 trading groups amounted to Rs 136.8 billion as compared to their before-taxation profit of Rs 90.9 billion in 2002.
The KSE was primarily influenced by some big blue chip companies including Hub Power, PTCL, Pakistan State Oil etc. During the first three quarters of the current fiscal year, the combined turnover of shares of ten big companies (OGDC, Hub Power, PTCL, Sui Northern Gas, FF Bin Qasim, D.G. Khan cement, Dewan Salman, PIAC, Fauji Cement and Lucky Cement) was 12.44 billion, which constituted 19.1 percent of total turnover of the KSE.
The turnover of shares on the Lahore Stock Exchange (LSE) during July-March 2003-04 was 34.5 billion compared to 19.5 billion shares in the same period last year. Total paid up capital with the LSE increased from Rs 280.1 billion in June 2003 to Rs 347.6 billion in March 2004. The LSE index, which was 2034.6 points in June 2003, increased to 2840.1 points in March 2004. The market capitalisation of the LSE increased from Rs 751.2 billion in June 2003 to Rs 1345.6 billion in March 2004.
The turnover of shares on the ISE was 1.11 billion during July-March 2003-04 as compared to 1.30 billion during the same period last year. The ISE share index increased from 8210.6 points in June 2003 to 10840.0 points in March 2004, recording a growth of 32.0 percent. Six new companies were listed and Rs 51.9 billion was mobilised on the ISE during the first nine months of the current fiscal year.
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