Pkrevenue.com

Category: Stock & Commodity

  • Stock market ends in green on banks earning

    Stock market ends in green on banks earning

    KARACHI: The stock market ended in green mainly on positive earning declared by banks on Wednesday.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,504 points as against 36,404 points showing an increase of 100 points.

    Analysts at Arif Habib Limited said that the market went green today and went up by 329 points.

    The positive drive was mainly attributed to positive earnings posted by Banks (HBL, UBL, MCB) as well as DGKC that showed promising results as against market expectation.

    Post result announcement, all the pertinent stocks gained in terms of price and volume, however, due to prevailing weak sentiment, profit booking ensued as well that largely eroded almost all the gains in Cement sector scrips.

    Cement sector garnered 23 million shares, which is the highest among other sectors, followed by Banks (18 million) and Chemical (15 million). LOTCHEM has consecutively been performing on the bourse after a long time and again topped the volumes table with 9.8 million shares, followed by BOP that also showed price improvement over yesterday.

    Sectors contributing to the performance include Banks (+77 points), Power (+35 points), E&P (+27 points), Food (+15 points), Pharma (-36 points), Tobacco (-10 points).

    Volumes dipped further to reach 116 million shares as against 120 million shares (-3 percent DoD). Average traded value also declined by 8 percent to reach US$ 32.5 millionas against US$ 35.4 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, BOP, TRG, PIOC and MLCF, which formed 36 percent of total volumes.

    Stocks that contributed positively include UBL (+42 points), HUBC (+37 points), NESTLE (+20 points), OGDC (+16 points), and HMB (+14 points). Stocks that contributed negatively include ABOT (-12 points), NBP (-11 points), FFBL (-11 points), PMPK (-10 points) and SEARL (-9 points).

  • Equity market extends losses on concerns over budgetary measures

    Equity market extends losses on concerns over budgetary measures

    KARACHI: The equity market extended previous day’s losses on Tuesday owing to concerns over new budgetary measures under planned IMF program.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,404 points as against 36,902 points showing a decline of 498 points.

    Analysts at Arif Habib Limited said that the index saw a significant draw down of 765 points.

    Issues contributing to the negative sentiment included a key meeting among Cement manufacturers to discuss the market share and possibly redefine the same in north and south regions.

    Besides, recent resignation of FM and joining of the Advisor to Finance Ministry caused concern among investors for deferral in finalization of IMF.

    In addition, future contract in the on-going rollover week attracted selling interest from investors. Cement Sector led the volumes with 19 million shares, followed by Chemical (15 million).

    LOTCHEM managed to move upward though the price gains were contained. SNGP after showing phenomenal results, announced yesterday, saw lower circuit by session’s end.

    Sectors contributing to the performance include Fertilizer (-66 points), Banks (-66 points), Cement (-58 points), E&P (-58 points), O&GMCs (-51 points).

    Volumes continued declining trend and reached 120 million shares from 126 million shares (-5 percent DoD). Average traded value increased by 13 percent to reach US$ 35.4 million from US$ 31.3 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, KEL, SNGP, BOP and PIOC, which formed 35 percent of total volumes.

    Stocks that contributed positively include MCB (+4 points), MUREB (+3 points), UBL (+2 points), FATIMA (+2 points), and MEBL (+2 points). Stocks that contributed negatively include HBL (-33 points), DAWH (-30 points), ENGRO (-23 points), OGDC (-23 points).

  • Shell Pakistan declares 81 percent decline in net profit

    Shell Pakistan declares 81 percent decline in net profit

    Shell Pakistan Limited announced a significant 81% decline in its profit after tax, as revealed by the company’s financial results for the quarter ended March 2019, approved by the board of directors in their meeting held on Tuesday.

    (more…)
  • Stock market down 391 points on selling pressure

    Stock market down 391 points on selling pressure

    KARACHI: The stock market lost 391 points to start the week on Monday with selling pressure witnessed during the trading.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,902 points as against 37,292 points showing a decline of 391 points.

    Analysts at Arif Habib Limited said that profit booking was apparently the only idea on investors’ mind.

    SNGP, which hit upper circuit the other day with high volume was scheduled to announce financial results today.

    Although SNGP beat street consensus and did hit upper circuit today, it couldn’t sustain selling pressure and price went below last trading day’s closing price.

    LOTCHEM retained investors’ interest and despite trading below upper circuit several times, it managed to close at upper circuit.

    Overall, the index lost 453 points during the session besides marking +187 points in the beginning.

    Cement sector led the volumes with 24 million shares, followed by Chemical (21.8 million) and Banks (12.5 million). Among scrips, LOTCHEM topped the chart with 19.7 million shares, followed by PIOC (10.6 million).

    Sectors contributing to the performance include Banks (-118 points), E&P (-40 points), Fertilizer (-37 points), Cement (-29 points), Power (-27 points).

    Volumes declined considerably from 177.4 million shares to 125.9 million shares (-29 percent DoD). Average traded value also declined by 33 percent to reach US$ 31.3 million as against US$ 46.9 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, PIOC, KEL, SNGP and PAEL, which formed 45 percent of total volumes.

    Stocks that contributed positively include LOTCHEM (+8 points), INDU (+2 points), DCR (+2 points), ICI (+2 points), and PKGS (+2 points). Stocks that contributed negatively include HBL (-56 points), PPL (-22 points), MCB (-20 points), LUCK (-18 points) and FFC (-17 points).

  • PSO declares 55 percent decline in net profit for nine-month period

    PSO declares 55 percent decline in net profit for nine-month period

    KARACHI: The net profit of Pakistan State Oil (PSO) has declined substantially by 55 percent to Rs5.92 billion for the period July – March 2018/2019 as compared with Rs13.22 billion in the corresponding period of the last fiscal year.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Monday for nine-month period ended March 31, the earning per share of the company also fell to Rs15.15 as compared Rs33.80 in the same period of the last year.

    The gross sales of the company was flat at Rs950.93 billion during July – March 2018/2019 as compared with Rs930.38 billion in the same period of the last fiscal year.

    The gross profit of PSO reduced to Rs23.88 billion for the nine-month period ended March 31, 2019 as compared with Rs28.87 billion in the same period of the last fiscal year.

    The profit of the company for the quarter January – March 2019 also fell to Rs1.67 billion as against Rs4.70 billion, posting 64 percent decline.

    Analysts at Topline Securities said that the company recorded loss of around Rs2.3 billion on petrol, while, gain of around Rs2 billion and Rs95 million on Furnace Oil (FO) and HSD respectively.

    Further, volumetric decline of 6 percent YoY in HSD/Petrol and 31 percent YoY decline FO sales also weighed on overall gross profits of the company.

  • Ghandhara Nissan declares 44 percent decline in net profit for nine-month period

    Ghandhara Nissan declares 44 percent decline in net profit for nine-month period

    KARACHI: Ghandhara Nissan Limited, the assembler of light commercial and heavy vehicles in Pakistan, has posted significant decline in net profit by 44 percent for nine-month period ended March 31, 2019.

    The company submitted its finance results for July – March 2018/2019 to Pakistan Stock Exchange (PSX) on Monday.

    The company declared Rs135.92 million profit after tax for the period as compared with Rs242.85 million for the corresponding period of the last fiscal year.

    The earnings per share also fell to Rs2.38 for the period under review as compared with Rs4.91 in the same quarter of the last fiscal year.

    The revenue off the company was stagnant at Rs1.7 billion for the first nine months of the current fiscal year as compared with Rs1.74 billion in the same period of the last fiscal year.

    After excluding the cost of sales the gross profit of the company was at Rs300.89 million as against Rs358.95 million in last year.

    The profit before taxation of the company stood at Rs178.84 million for the nine-month period ended March 31, 2019 as compared with Rs316.82 million in the same period of the last fiscal year.

    The profit after tax for the third quarter (January – March) 2019 was sharply declined by 85 percent to Rs6.87 million as compared with Rs45.8 million declared for the same quarter of the last year.

  • PSX, China investment company hold seminar to facilitate cross border investments

    PSX, China investment company hold seminar to facilitate cross border investments

    KARACHI: VIS Credit Rating Company (VIS) in collaboration with Pakistan Stock Exchange Limited (PSX) and Pak China Investment Company Limited (PCIC) organized an event on Saturday to celebrate collaboration between VIS and China Chengxin International Credit Rating Company Limited (CCXI).

    The theme of the event was to facilitate cross border investments into Pakistan and promote informed investment decision making along CPEC and Belt & Road.

    The event, graced by Dr. Ishrat Hussain – Advisor to the Prime Minister as the chief guest, was attended by leading professionals and business personalities from the financial and industrial sectors of the country.

    CCXI is the largest rating agency in China with over 20,000 ratings outstanding currently and a work force of over 900 analysts based in China.

    During the event, VIS & CCXI launched their jointly developed methodology, ‘Investment Strength, Governance, Environment & Social (ISG-ES) Grading’.

    ISG-ES is a pioneering grading methodology jointly developed by the two credit rating agencies, VIS & CCXI, keeping in mind the information required by foreign investors while making long term investment decisions.

    The product is meant to grade organizations based on long term investment ability criterion with emphasis on overall investment financial strength, corporate governance standards established within the organization as well as a flavor of social responsibility and environmental accountability in processes and systems.

    ISG-ES is especially envisioned to be useful for those organizations seeking long term local/foreign equity investment or those seeking to establish partnerships with companies for business opportunities under CPEC and/or the B&R initiative.

    The product is envisioned to attract international investors and play a major role in the space of informed investment decision making.

    “Pakistan Stock Exchange, being one of the stakeholders in VIS, is proud to have this collaboration between VIS and China Chengxin International Credit Rating Company Limited”, stated Richard Morin, MD, Pakistan Stock Exchange.

    He added that rating agencies have a very important role to play in that they grade companies and organizations for analysts, investors, customers and other stakeholders and this grading serves as a benchmark for these companies’ performance going forward.

    Three prominent players from the financial and industrial sectors of Pakistan, Habib Bank Limited, Jubilee General Insurance Limited and International Industries Limited, who have already conducted ISG-ES assessment shared their experience and discussed benefits of such a pioneering product that provides them opportunities to showcase themselves as potential investment in Pakistan.

  • Market Review: technocrats’ inclusion seen positive for policy making

    Market Review: technocrats’ inclusion seen positive for policy making

    KARACHI: The stock market likely to gain momentum following major reshuffle in the federal cabinet and inclusion of technocrats.

    Analysts at Arif Habib Limited expected the market to continue the momentum it gained on Friday and remain in the green next week.

    “Inclusion of technocrats into the federal cabinet may be seen as a positive step for policy making.”

    Valuations across the board have opened up and investors are advised to build positions in value stocks.

    The domestic equity bourse remained under pressure the entire week owing to lack of clarity over the PM’s decision to make changes in the cabinet, which finally ended with major changes including the removal of Asad Umar from the Finance Ministry on Wednesday.

    Failure to get an Amnesty Scheme approved by the cabinet by the Finance Minister also depressed sentiment. Moreover, Commercial Banks remained under pressure mid-week as news of consultation process for creation of a Treasury Single Account (TSA) that would transfer government deposits in Commercial Banks to the SBP, took rounds in the market.

    However on the last trading day of the week the market rebounded strongly, accelerating 481 points during the day. The benchmark index closed at 37,292 points at the end of the week, receding by a mere 45 points WoW.

    Negative sector-wise contributions came from i) Tobacco (59 points), ii) Cement (55 points), and iii) Engineering (26 points). On the flip side, sectors that contributed positively include i) Fertilizers (72 points), ii) Oil & Gas Exploration Companies (26 points), iii) Automobile Assembler (25 points), and iv) Power Generation & Distribution (25 points).

    Scrip-wise major negative contributions came from PMPK (32 points), BAHL (29 points), PAKT (27 points) and BOP (24 points). Positive contributions came from FFC (78 points), UBL (58 points), PPL (37 points) and HUBC (36 points).

    Foreign selling continued this week clocking-in at USD 1.9 million compared to a net sell of USD 2.2 million last week.

    Selling was witnessed in Exploration & Production (USD 5.3 million) and Oil & Gas Marketing Companies (USD 0.4 million).

    On the domestic front, major buying was reported by Companies (USD 4.6 million) and Individuals (USD 2.3 million). Volumes settled at 176 million shares (up by 18 percent WoW) while value traded clocked in at USD 39mn (up by 16 percent WoW).

  • Stock market welcomes finance minister resignation with 481 points gain

    Stock market welcomes finance minister resignation with 481 points gain

    KARACHI: The stock exchange on Friday welcomed the resignation of Asad Umar from the post of finance minister by gaining 481 points.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,292 points as against 36,811 points showing an increase of 481 points (+1.3 percent DoD).

    Analysts at Arif Habib Limited said that resignation of the finance minister gave the market the required impetus and investors showed their confidence with an increase of 917 points.

    Almost everything from banks to steel saw healthy buying activity, which was further aided by prospects of discovery in offshore Indus, giving way to buying activity in OGDC and PPL.

    BOP reversed the negative tide with the news of SBP issuing clarification regarding implementation of TSA.

    Resultantly, BOP saw considerable activity at upper circuit.

    SNGP, which is due to consider Financials over the weekend, saw the scrip trading at an near upper circuit.

    Likewise, LOTCHEM which was estimated to post lower earnings came with a positive surprise and double the market expectation. LOTCHEM also closed at upper circuit.

    Sectors contributing to the performance include Banks (+188 points), E&P (+61 points), Fertilizer (+46 points), Food (+40 points) Power (+40 points).

    Volumes declined from 216 million shares to 177 million shares (-18 percent DoD). Average traded value on the contrary increased by 28 percent DoD to reach US$ 46.9 million as against US$ 36.6 million.

    Stocks that contributed significantly to the volumes include BOP,KEL, UNITY, PAEL and WTL, which formed XX percent of total volumes.

    Stocks that contributed positively include MCB (+65 points), HBL (+51 points), FFC (+38 points), PPL (+36 points), and NESTLE (+35 points).

    Stocks that contributed negatively include MARI (-8 points), IGIHL (-6 points), MEBL (-6 points), HMB (-5 points) and DAWH (-4 points).

  • Turkish consul general visits CDC

    Turkish consul general visits CDC

    KARACHI: A delegation from the Turkish Consulate General in Karachi, headed by Tolga Uçak, Consul General of Republic of Turkey, and his team visited the Central Depository Company (CDC).

    Representatives of leading Pakistani corporate and Turkish Businesses in Pakistan attended this event.

    Moin M. Fudda, Chairman CDC Board of Directors, and Badiuddin Akber, CEO CDC, welcomed the delegation.

    Moin M. Fudda spoke briefly about the long term friendly relations between Turkey & Pakistan while stressing on the need to foster greater ties on economic, business and other platforms.

    Badiuddin Akber gave a presentation on the achievements of CDC and its key role in the development of Pakistan’s Capital Market.

    He also spoke about the collaboration between MKK Turkey and CDC Pakistan, the securities depositories of both the countries.

    Consul General Tolga Uçak apprised, while giving his presentation at Central Depository Company about the Turkish economic status, in particular macroeconomics, growth rate and investment.

    He further stated that Turkish exports to the world are increasing on yearly basis and made a peak last year.

    He stated that bilateral trade between Turkey and Pakistan is on rise.

    Ucak also briefed the participants about banking and finance sector of Turkey and Turkish official development assistance to the world.

    He further explained overall tourism figures of Turkey as well as bilateral tourism relation between Turkey and Pakistan.