Karachi, September 2, 2024 – Pakistan stocks experienced a mixed trading session on Monday, ultimately closing with a loss of 205 points. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended the day at 78,283 points, down from last Friday’s closing of 78,488 points.
Throughout the trading day, the Pakistan stocks saw a tug-of-war between bullish and bearish forces. Analysts at Topline Securities Limited noted that the Pakistan stock market moved in both directions as investors grappled with mixed sentiments. Despite some optimism, bearish momentum prevailed, pushing the index down by 0.26%.
Several significant financial results were announced during the trading hours, influencing market dynamics.
Indus Motor Company Limited reported a strong performance for the fourth quarter of the fiscal year 2024 (4QFY24) with an earnings per share (EPS) of Rs72.09, up 48% year-on-year (YoY) and 27% quarter-on-quarter (QoQ). The full-year FY24 EPS stood at Rs191.76, marking a substantial 56% YoY increase. The company’s earnings were in line with industry expectations. The declared dividend per share (DPS) for 4QFY24 was Rs43, and the full-year DPS for FY24 was Rs114.7, both meeting market expectations.
Pakistan Oilfield Limited also posted noteworthy results, with an EPS of Rs32.45 for 4QFY24, reflecting a 57% YoY increase, although it was down 25% QoQ. For the full year, the FY24 EPS was Rs137.93, a 7% increase YoY. The company’s earnings were in line with industry expectations, but its DPS for 4QFY24 at Rs70 and FY24 DPS at Rs95 were higher than anticipated, showcasing strong performance.
AIRLINK showed impressive growth with a 4QFY24 EPS of Rs3.92, up 49% QoQ. The full-year FY24 EPS soared to Rs11.7, an astonishing 382% YoY increase. While the earnings were in line with expectations, the DPS for 4QFY24 and FY24 at Rs4 and Rs6 respectively were higher than market forecasts.
Investors engaged in profit-taking in selective sectors, particularly banks, fertilizers, autos, and steel at Pakistan stocks. This led to significant losses in stocks such as Meezan Bank (MEBL), Habib Bank Limited (HBL), Engro Corporation (ENGRO), Millat Tractors Limited (MTL), and International Industries Limited (INIL), which collectively pulled the index down by 410 points. Conversely, renewed buying interest in stocks like Hub Power Company Limited (HUBC), Mari Petroleum Company Limited (MARI), and Bank AL Habib Limited (BAHL) added 326 points to the index.
The day saw substantial trading activity, with over 456 million shares traded at the bourse, amounting to a total value of Rs15.8 billion. HASCOL Petroleum Limited led the volumes chart with the trading of over 46 million shares, reflecting strong investor interest in the stock.
Despite the day’s losses, market participants remain cautiously optimistic about future trading sessions, looking for more stability amid ongoing economic developments.
