Analysts at Topline Securities said that Pakistani equities started the week on a positive note and closed the day at 46,946.21.
Sentiments turned positive as the government announced on Sunday that it had reached an agreement with Tehreek-e-Labbaik Pakistan (TLP) to end a 10-day standoff with the latter.
Sentiments were further buoyed after Prime Minister Imran Khan rejected the Oil and Gas Regulatory Authority (OGRA) and Finance Ministry’s proposals to increase the prices of petroleum products.
Slight profit-taking was witnessed near the close of the session after the monthly CPI clocked in at 9.2 per cent YoY for the month of October 2021, which was above market expectations.
The total volume and value traded in the KSE All Share Index clocked in at 430.01 million shares and Rs14.78 billion respectively.
The volume leader for today was WTL with 53.86mn shares traded during the session.
KARACHI: The Pakistan Stock Exchange (PSX) on Saturday announced to implement the previous trading system KATS after difficulties surfaced in running the new trading system (NTS).
“In order to address the concerns with JTT, PSX, in consultation with brokers and SECP, is reverting to the previous system (KATS) as a short-term measure to provide uninterrupted trading for all TREC-Holders,” the PSX said in a statement.
The PSX implemented the NTS, which was procured from the Shenzhen Stock Exchange (SZSE), China, and went live on Monday, October 25, 2021.
According to the PSX, the new system is a state-of-the-art, robust, advanced trading and surveillance system having readiness for new products and additions.
“The SZSE NTS is working exactly as per specifications and is delivering in terms of its trading engine performance in a live environment. During the week, the average order processing latency was seen at about 1.74 ms, the actual peak order speed after going live was 387 orders per second, and the total trades achieved were about 600,000 per trading day on the NTS,” the PSX said.
The designed capacity far outweighs the peak actual value after going live.
Some material issues have been encountered in the Jade Trading Terminal (JTT), which is the front-end Order Management System (OMS) developed by a local vendor upon brokers’ demand.
It is important to note that most brokers also have other OMS’ and KITS terminals to trade on the NTS as well. Hence, during this week 1.98 billion shares have traded on PSX’s NTS.
Implementation of such a complex new system is a monumental task to ensure that there is no interruption of service to all market participants, the PSX said.
It is pertinent to mention that 18 mock sessions were held before go-live. The live environment, however, presents its own unique set of challenges.
PSX IT team and the SZSE technical teams are working with local vendors to address the issues in JTT. PSX recognizes the commitment, devotion, selfless effort, and supports extended by the SZSE technical team.
PSX may opt to adopt SZSE’s trading terminal for TREC-Holders and end-users at switchover as a part of NTS. PSX will initiate and organize marketwide testing before go-live.
Once the matters concerning the front-end system are fully resolved, we expect to implement the NTS in a few weeks.
KARACHI: The stock market ended with a gain of 273 points on Friday amid range-bound trading. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 46,219 points as against the previous day’s closing of 45,946 points.
Analysts at Topline Securities said that the range-bound session was observed on the last trading session of the week as the index traded within a range of an intraday high of 273 points and intraday low of 265 points to close at 46,219 level and up by 0.6 per cent.
Major contributions to the index came from LUCK, HBL, MLCF, CHCC and NML, as they cumulatively contributed 199 points to the index. On the other hand TRG, HUBC, MEBL, UBL and COLG lost value to weigh down on the index by 195 points.
Traded volume and value for the day stood at 243 million shares and Rs9.67 billion respectively.
HUMNL was today`s volume leader with 28 million shares.
KARACHI: The Pakistan Stock Exchange (PSX) on Thursday defended its new trading system and said that Jade Trading Terminal (JTT), which was developed on demand of stockbrokers, is causing problems of disconnections and slow speed.
The Pakistan Stock Exchange (PSX) experienced a positive uptick on Thursday as the benchmark KSE-100 index gained 199 points, closing at 45,991 points from the previous day’s closing at 45,792 points.
KARACHI: The stock market gained 623 points on Wednesday as new trading system suspended for more than two hours. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended 45,851 points from previous day’s closing of 45,228 points.
Analysts at Topline Securities said that the KSE-100 index rose 1.38 per cent to settle the day at 45,851 points.
The rally is attributed to improvement in sentiments owing to reports suggesting that Saudi Arabia would deposit $3 billion cash in the State Bank of Pakistan (SBP) and also provide $1.2 billion worth of oil on deferred payments which will further pave way for the resumption of the IMF program.
However, the new trading system kept activity restricted and trading was also suspended at noon for 2 hours and 30 minutes in order to resolve technical issues.
Volumes remained thin with 88 million shares traded in the KSE-100 index while the KSE All Share index saw a total traded volume of 163 million shares.
The volume leader for today was WTL with 11.84 million shares traded during the shortened session.
KARACHI: Pakistan Stock Exchange (PSX) on Wednesday declared Rs151 million as net profit for the first quarter ended September 30, 2021.
The board of directors of the PSX in its meeting held on October 27, 2021 approved the first quarterly financial statements of the exchange for the period ended September 30, 2021.
The board has not recommended any cash dividend, bonus shares, or right shares.
The PSX revenue increased to Rs380.62 million for the quarter ended September 30, 2021 as compared with Rs318 million in the same quarter of the last year.
Under the head of revenue, the listing fee increased to Rs166.64 million as compared with Rs133.59 million. Income from exchange operation surged to Rs180.33 million as against Rs154.61 million. Rental income from investment property grew to Rs13.09 million as compared with Rs12.06 million.
Administrative expenses of the exchange recorded increase to Rs356.85 million during the first quarter ended September 30, 2021 as compared with Rs287.03 million in the same quarter of the last year.
Share of profit from associates recorded a growth of Rs157.14 million as compared with Rs128.81 million.
Basic and diluted earnings per share were remained unchanged at Rs0.19.
The KSE-100 index ended at 45,419 points as compared with previous day’s closing of 45,256 points.
Analysts at Topline Securities said that another lack lustered day at PSX where bourse witnessed a range bound activity.
The benchmark index cycled in 270 points during trading hours as KSE-100 index made an intraday high and low of 45,517 and 45,214, respectively before closing at 45,256.
Investors’ sentiment remained low today in absence of any positive trigger as no progress on IMF program front, Chief of intelligence agency notification is yet to get issued and no updates on Saudi oil deferral payment facility.
During the day, Technology, E&P and Banking sector’ stocks seen some profit taking where TRG, MARI, HBL, UBL, PPL & OGDC cumulatively lost 182 points while, SYS, MEBL & HUBC provided some support by contributing 86 points positively.
On the corporate announcement fronts, MARI posted 1QFY22 EPS at Rs68.21. Earnings were inline with industry expectations. ISL earned the EPS of Rs6.13 1QFY22. Earnings were higher than industry expectations.
During the day, all shares volumes and values stood at 162.97 million shares and Rs5.7 billion, respectively. HUMNL led the volumes chart today as 24.88 million shares traded today in it.
KARACHI: Philip Morris (Pakistan) Limited on Tuesday announced a 39 per cent decline in its profit after tax for the quarter ended September 30, 2021.
According to financial results shared with the Pakistan Stock Exchange (PSX), the company declared a profit of Rs351 million for the quarter ended September 30, 2021 as compared with the profit of Rs575.56 million in the same quarter of the last year.
The board of directors of Philip Morris (Pakistan) Limited at its meeting held on October 26, 2021 approved the quarterly financial statements of the company for the quarter ended September 30, 2021.
The company declared a net profit of Rs2.07 billion for the nine months period ended September 30, 2021 as compared with Rs1.83 billion in the same period of the last year.
During the nine months ended September 30, 2021, the company’s net turnover stood at Rs12,789 million reflecting an increase of 7.5 per cent versus the same period last year.
During the period, the Company’s contribution to the National Exchequer, in the form of excise duty, sales tax and other government levies, stood at Rs20,449 million (higher by 17.4 per cent compared to the same period last year) reflecting 60.9 per cent of nine months gross turnover.
Unaltered excise rate on cigarettes in June 2021 during Federal Budget 2021/2022 is supporting Government Revenues and added to FBRs record revenue collection.
During the first Quarter ended September 30, 2021 of the ongoing fiscal year 2021/22, the Company’s contribution to the National Exchequer (July’21-Sep’21) in the form of excise duty, sales tax and other Government levies, stood at Rs6,014 million (higher by 22.1 per cent versus prior period).
No change in excise rates also led to consumer price stability of the tax paying cigarette brands, however, the price gap between tax paid and non-tax paid brands remains very significant and non-tax paid brands continue to sell lower than the minimum price for the purposes of levy and collection of federal excise duty of i.e. Rs63 per pack.
We are of the view that Pakistan’s economy which started to gain momentum in the first half of the calendar year, is now facing serious challenges.
The continuing rise of commodity and fuel prices internationally accompanied by a devaluation of the PKR v/s US$ has pushed up the inflation rate.
The country’s economic challenges, therefore, need greater focus by the Government as it has already eroded the purchasing power of the common man.
The management is concerned that the current volatile domestic and international economic environment might have serious consequences for the Company’s operations especially, as it may divert the cigarette consumer to cheaper illicit brands to offset the decline in their income.
KARACHI: Unilever Pakistan Foods Limited on Monday announced a sharp growth of 55 per cent in net profit for the quarter ended September 30, 2021. The company made a profit of Rs1.19 billion for the quarter July – September 2021 as compared with Rs767 million in the same quarter of the last year.
The company declared Rs187.08 as earnings per share (EPS) for the quarter under review as compared with EPS of Rs120.52 in the same quarter of the last year.
The board of directors of Unilever Pakistan Foods Limited in its meeting held on October 25, 2021 approved the un-audited condensed interim financial information for the nine months ended September 30, 2021.
The after tax profit for nine months period ended September 30, 2021 has also surged by 45 per cent. The company announced the net profit of Rs3.61 billion during January – September 2021 as compared with Rs2.49 billion in the same period of the last year.
The company announced Rs567.20 EPS for the period under review as compared with Rs391.53 in the same period of the last year.
The company said that sales grew by 28 per cent on the back of strong fundamentals i.e. brand equity, wider reach and effective spending on advertisement and promotion.
The growth was broad based with both retail business and food solution delivering strong result of easing lockdowns.
Gross margin increased by 1.23 per cent to 43.69 per cent versus same period last year, through a combination of pricing, better cost absorption and a rigorous savings agenda.
EPS increased by 45 per cent versus the same period last year driven by growth, margin improvement and tax credits pertaining to capital expenditure.
About the future outlook of the country, the company said that Pakistan’s economy has shown resilience in the face of global COVID-19 pandemic, witnessing GDP growth of 3.94 per cent in fiscal year 2021 as a result of timely monetary and fiscal measures.
This was supported by a nation-wide vaccination drive which has, so far, played an important role in successfully fighting COVID. With restriction easing out further, commercial activity expected to return to pre-covid levels.
“However, rising global commodity prices and energy costs coupled with sharp rupee devaluation is expected to further aggravate the inflationary headwinds which in turn, may have significant implications on the economic activity in the country,” the company said.
“In such challenging times, the management remains committed to navigate by leveraging the power of our brands and our global and local expertise to drive efficiencies within the value chain. We will continue our efforts on providing value to our consumers to meet their daily needs and on delivering competitive, consistent, responsible, and profitable growth benefitting all stakeholders.”
