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Tag: Pakistan Stock Exchange

  • Weekly Review: Pakistan stocks likely trade in green

    Weekly Review: Pakistan stocks likely trade in green

    KARACHI: Pakistan stocks likely to trade in positive zone during the next week owing to expected transfer of IMF tranche under Extended Fund Facility (EFF).

    Analysts at Arif Habib Limited said that with IMF and Pakistan meeting scheduled in the coming week, it is expected that IMF will approve the $1.17 billion tranche enabling the disbursement within a week or so.

    READ MORE: Profit taking hammers Pakistan stocks to fall by 441 points

    Albeit, we expect the market to be positive in the upcoming week. Keeping in view the ongoing result season, some sectors and scrips are expected to stay in the limelight.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.2x (2023) compared to Asia Pacific regional average of 12.7x while offering a dividend yield of 9.6 per cent versus 2.7 per cent offered by the region.

    READ MORE: Pakistan stocks dip 305 points in dull trading

    The market commenced on a negative note on the back of concerns over new tax measures taken by the government to increase revenue collection.

    However, the investor sentiment revived after SBP kept the policy rate unchanged. Moreover, the momentum further strengthened after Qatar announced plans to invest $3 billion in various commercial and investment sectors, while Saudi Arabia pledges to invest $1 billion.

    In addition to this, the latest figures released by the State Bank of Pakistan (SBP) this week shows, current account deficit during July 2022 shrank by 45 per cent MoM to $1.21 billion. However, the market turned negative again after the Pakistani Rupee (PKR) depreciated against USD, closing the week at PKR 220.66 (down by PKR 6.00|2.8 per cent WoW).

    READ MORE: Pakistan stocks end flat to 43,338 points

    Whereas, SBP reserves fall by $87 million, to settle at $7.8 billion. With the anticipation of the re-imposition of sales tax on petroleum products, the nervousness with regards to inflation re-surfaced.

    Hence, the market closed at 42,592 points, shedding 679 points (down by 1.57 per cent) WoW.

    Sector-wise negative contributions came from i) Banks (143 points), ii) Miscellaneous (138 points), iii) Power (101 points), iv) OMCs (80 points) and v) Chemical (59 points).

    Whereas, sectors which contributed positively were i) Fertilizer (70 points), and ii) Cement (28 points). Scrip-wise negative contributors were PSEL (137 points), HUBC (104 points), PSO (79 points), HBL (48 points) and TRG (48 points). Meanwhile, scrip-wise positive contribution came from LUCK (75 points), SYS (35 points), TGL (26 points), FFC (25 points) and POL (19 points).

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Foreigners selling continued this week, clocking in at USD 1.9 million compared to a net sell of USD 2.8 million last week. Major selling was witnessed in Commercial Banks (USD 3.7 million) and E&P (USD 0.7 million). On the local front, buying was reported by Banks/DFIs (USD 4.1 million) followed by Individuals (USD 3.8 million). Average volumes clocked in at 250 million shares (down by 52 per cent WoW) while average value traded settled at USD 37 million (down by 35 per cent WoW).

  • Profit taking hammers Pakistan stocks to fall by 441 points

    Profit taking hammers Pakistan stocks to fall by 441 points

    KARACHI: Pakistan stocks lost 441 points on Friday as the profit taking hammered the benchmark index to close in red zone.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down to 42,591 points from the previous day’s close of 43,032 points, showing a decline of 441 points.

    READ MORE: Pakistan stocks dip 305 points in dull trading

    Analysts at Arif Habib Limited said that the PSX witnessed a negative session due to the last day of rollover week as investors opted for profit-taking.

    The first session consisted of dull activity despite opening in the green zone. However, in the second session investors opted for profit taking which hammered the index to close in the red zone.

    READ MORE: Pakistan stocks end flat to 43,338 points

    Main board volumes stayed dry. On the contrary, hefty volumes were observed in the 3rd tier stocks.

    The Index closed at 42,591.51 points, down by 441.06 points (-1.02 per cent DoD). Sectors contributing to the performance include Banks (-85.5 points), Technology (-64.0 points), OMC’s (-61.1 points), E&P (-48.3 points) and Cement (-37.7 points).

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Volumes increased from 208.1 million shares to 265.8 million shares (+27.7 per cent DoD). Average traded value also increased by 16.1 per cent to reach US$ 40.9 million as against US$ 35.3 million.

    Stocks that contributed significantly to the volumes are KEL, PRL, PAEL, CNERGY and HASCOL.

    READ MORE: Pakistan equities fall by 444 points on political noise

  • Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil Company Limited (PSO) on Friday declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.

    The state oil company announced profit after tax at Rs95.72 billion for the year ended June 30, 2022 as compared with Rs29.55 billion in the preceding fiscal year.

    PSO announced Earnings Per Share (EPS) of Rs194.35 for the fiscal year under review as compared with Rs62.63 in the preceding fiscal year.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    According to consolidated financial results submitted to Pakistan Stock Exchange (PSX), the Board of Directors of PSO in their meeting on August 26, 2022 approved final cash dividend for the financial year ended June 30, 2022 at the rate of Rs10 per share i.e. 100 per cent.

    According to the consolidated results, the net sales of the company surged to Rs2,541.73 billion for the year ended June 30, 2022 as compared with Rs1,223.68 billion in the preceding year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The gross profit of the company jumped to Rs178.13 billion for the fiscal year 2021/2022 as compared with Rs57.25 billion in the preceding fiscal year.

    Annual expenses of PSO also increased to Rs37.62 billion as compared with previous year’s Rs20.69 billion.

    Profit from operations sharply increased to Rs165.83 billion during fiscal year 2021/2022 as compared with Rs55.98 billion.

    READ MORE: Shell Pakistan announces Rs7.47 billion profit for 1HCY22

  • Pakistan stocks dip 305 points in dull trading

    Pakistan stocks dip 305 points in dull trading

    KARACHI: Pakistan stocks ended down by 305 points on Thursday in dull trading activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 43,033 points from previous day’s closing of 43,338 points, showing a decline of 305 points.

    READ MORE: Pakistan stocks end flat to 43,338 points

    Analysts at Arif Habib Limited said that the market was remained range bound throughout the day owing to concerns over rising inflation and political noise.

    The benchmark KSE-100 index opened in the positive zone but dull activity was observed. In the last trading hour, profit taking was witnessed across the board which dragged the index in the red zone.

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.

    Sectors contributing to the performance include Power (-142.4 points), Fertilizer (-32.0 points), E&P’s (-28.4 points), Banks (-27.6 points) and Technology (-25.0 points).

    READ MORE: Pakistan equities fall by 444 points on political noise

    Volumes decreased from 256.5 million shares to 208.1 million shares (-18.9 per cent DoD). Average traded value also decreased by 11.0 per cent to reach US$ 35.5 million as against US$ 39.9 million.

    Stocks that contributed significantly to the volumes are WTL, HASCOL, PIAA, TELE and HUBC.

    READ MORE: Weekly Review: monetary policy decision likely to dictate market

  • Pakistan stocks end flat to 43,338 points

    Pakistan stocks end flat to 43,338 points

    KARACHI: Pakistan stocks ended flat on Wednesday as range bound trading activities observed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,338 points from previous day’s closing of 43,367 points, showing a decline of 29 points.

    READ MORE: Pakistan stocks gain 540 points on unchanged policy rate

    Analysts at Arif Habib Limited said that a range bound session was observed in the market today due to roll-over week.

    The benchmark KSE-100 index opened in the positive zone but sluggish activity was witnessed throughout the day.

    READ MORE: Pakistan equities fall by 444 points on political noise

    In the last trading hour profit taking was observed which led the index to close in the red zone.

    Volumes remained dry in the main board although healthy volumes were witnessed in the 3rd tier stocks.

    Sectors contributing to the performance include Cement (-43.8 points), Misc. (-43.5 points), Inv Banks (-19.1 points), Textile Composite (-12.2 points) and E&P (-12.1 points).

    READ MORE: Weekly Review: monetary policy decision likely to dictate market

    Volumes decreased from 324.4 million shares to 256.5 million shares (-20.9 per cent DoD). Average traded value also decreased by 9.4 per cent to reach US$ 40.1 million as against US$ 44.2 million.

    Stocks that contributed significantly to the volumes are HASCOL, KEL, PIAA, BAFL and TPLP.

    READ MORE: Weekly Review: stock market likely to move in positive zone

  • Hascol Petroleum announces rehabilitation plan

    Hascol Petroleum announces rehabilitation plan

    KARACHI: Hascol Petroleum Limited on Wednesday announced a rehabilitation plan for the company through settlement of liabilities.

    In a communication sent to Pakistan Stock Exchange (PSX), Hascol Petroleum said that the Board of Directors of the company, in its meeting held on August 23, 2022, approved the plan for rehabilitation of the company through restructuring and settlement of liabilities of the company as per proposal prepared by the management.

    READ MORE: Shell Pakistan stops aviation operations across country

    The board has also approved the draft of letter to be sent to all secured creditors/banks/financial institutions conveying the rehabilitation plan and the process intended to be followed by the company for implementing the same i.e. through a Scheme of Arrangement to be presented to the High Court of Sindh at Karachi.

    The board has further given the management a go-ahead to prepare the scheme on the basis of the rehabilitation plan in consultation with the transaction legal counsel and auditors/accountants engaged by the company for such purpose and present the same for approval of the board for submission before the relevant competent court.

    READ MORE: Businessmen express shock over petroleum price hike in Pakistan

    The scheme is, however, subject to its approval by the creditors and shareholders and sanction of the competent court as per requirement of the relevant law and requisite approvals to be obtained from competent authorities.

  • NetSol opens sales point in Dubai

    NetSol opens sales point in Dubai

    KARACHI: NetSol Technologies Limited on Wednesday announced opening of a sales and delivery center in Duabi, United Arab Emirates (UAE).

    In a communication sent to Pakistan Stock Exchange (PSX), the company said that the board of directors of NetSol Technologies Limited in its meeting held on August 23, 2022 decided to increase its footprints by opening up a further sales and delivery centre in Dubai, United Arab Emirates in any legal form.

    The company already has a strong presence worldwide.

    The United Arab Emirates is one of the highest-ranking countries in terms of ease of doing business and with a strong economy and innovative business licensing policies, the country is seen as a preferred location for business operations by many.

    The company has functioned over forty years in providing state-of-the-art solutions, cost-effective capabilities and consulting services to the global finance and leasing industry.

    The company claims to cater to companies with ever growing and diverse business requirements across the world.

  • Pakistan stocks gain 540 points on unchanged policy rate

    Pakistan stocks gain 540 points on unchanged policy rate

    KARACHI: Pakistan stocks gained 540 points on Tuesday as investors posed confidence on central bank’s decision to leave policy rate unchanged.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,367 points from previous day’s closing of 42,827 in the interbank foreign exchange market.

    READ MORE: Pakistan equities fall by 444 points on political noise

    Analysts at Arif Habib Limited said that the stock market witnessed a bullish session today.

    The benchmark KSE-100 index traded in the green zone throughout the day as investors’ confidence boosted due to policy rate being unchanged, they added.

    The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) a day earlier decided to keep the policy rate unchanged at 15 per cent.

    READ MORE: Weekly Review: monetary policy decision likely to dictate market

    Cement sector remained in the limelight. Hefty volumes were witnessed in the main board and 3rd tier stocks.

    The Index closed at 43,366.78 points, up by 540.1 points (+1.26 per cent DoD). Sectors contributing to the performance include Fertilizer (+124.8 points), Cement (+121.7 points), E&P’s (72.2 points), Technology (+62.2 points) and Banks (+43.9 points).

    READ MORE: Weekly Review: stock market likely to move in positive zone

    Volumes increased from 194.7 million shares to 324.4 million shares (+66.7 per cent DoD). Average traded value also increased by 81.1 per cent to reach US$ 44.4 million as against US$ 24.5 million.

    Stocks that contributed significantly to the volumes are HASCOL, KEL, WTL, PRL and CNERGY.

    READ MORE: Weekly Review: market likely to continue positive sentiments

  • Pakistan equities fall by 444 points on political noise

    Pakistan equities fall by 444 points on political noise

    KARACHI: Pakistan equities have declined by 444 points on Monday owing to rising political noise in the country.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,826 points from last Friday’s closing of 43,270 points, showing a decline of 444 points.

    READ MORE: Weekly Review: monetary policy decision likely to dictate market

    Analysts at Topline Securities said that Pakistan equities had a bearish day on the back of increasing political noise as news flow regarding possible arrest of top leadership of PTI (an opposition to the ruling alliance) since last night.

    In addition to this, Monetary Policy Statement is scheduled to announce in the evening today where the Central Bank of Pakistan is expected to maintain interest rate at 15 per cent as reflected in the Topline survey conducted earlier this month.

    READ MORE: Weekly Review: stock market likely to move in positive zone

    During the session, the benchmark index made an intraday high at 43,314 (+44 points; up 0.10 per cent) and an intraday low at 42,788 (-483 points; down 1.1 per cent) before eventually settled at 42,827 (-444points; down 1.03 per cent) for the day.

    Banks, E&P and Tech sector stocks contributed negatively to the index where PSEL, HBL, OGDC, UBL & SYS lost 154 points, cumulatively.

    READ MORE: Weekly Review: market likely to continue positive sentiments

    On the flip side, POL, DAWH and IDNU have witnessed some buying interest as they added 32 points collectively, during the day.

    Over 195 million shares traded today at the bourse while total value clocked in at Rs5.3 billion. PRL led the volumes chart today with trading of 17.5 million shares in it, today.

    READ MORE: Pakistan stocks up 671 points on continuous rupee gain

  • Weekly Review: monetary policy decision likely to dictate market

    Weekly Review: monetary policy decision likely to dictate market

    KARACHI: The upcoming monetary policy decision scheduled for August 22, 2022 likely to dictate the stock market during the next week.

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