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Tag: PSX

  • 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).

  • Equity market ends higher in seesaw trade

    Equity market ends higher in seesaw trade

    KARACHI: The equity market gained 59 points on Thursday after witnessing seesaw trading during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,811 points as against 36,753 points showing an increase of 59 points.

    Analysts at Arif Habib Limited said that the market had an exciting session where the Index slipped in and out of green zone several times but ended the session in green.

    Besides after shock of TSA and regardless of SBP’s clarification on the matter, BOP’s price went down again and after initial trading in a narrow range, the price hit lower circuit and closed near that level.

    By the end of session, news of Finance Minister, Asad Umer again caused panic but market saw recovery after initial reaction.

    Banking sector ranked top in terms of volume with 62 million shares, followed by Vanaspati (54 million) and Cement (21 million).

    BOP ranked top consecutively on the volumes table with 53 million shares.

    Sectors contributing to the performance include Banks (+37 points), Power (+33 points), E&P (+28 points), Fertilizer (+26 points) Autos (+7 points), Cement (-47 points).

    Volumes increased from 173 million shares to 216 million shares. Average traded value also increased by 5 percent DoD to reach US$ 36.6 million as against US$ 34.8 million.

    Stocks that contributed significantly to the volumes include BOP, UNITYR1, UNITY, LOTCHEM and PAEL, which formed 60 percent of total volumes.

    Stocks that contributed positively include HBL (+39 points), FFC (+37 points), HUBC (+30 points), UBL (+28 points), and PPL (+25 points). Stocks that contributed negatively include BOP (-22 points), LUCK (-18 points), MCB (-12 points), DAWH (-10 points) and PSO (-10 points).

  • Zubyr Soomro appointed as NBP board chairman

    Zubyr Soomro appointed as NBP board chairman

    KARACHI: Zubyr Soomro has been appointed as chairman of Board of Directors of National Bank of Pakistan (NBP), said a notice to Pakistan Stock Exchange (PSX) on Thursday.

    A day earlier the finance division notified appointment of chairman and directors on the board of NBP with immediate effect.

    According to the notice the following members have been appointed on the NBP board:

    01. Zubyr Soomro, chairman on vacant slot

    02. Mohammad Sohail Rajput AFS (IF/Inv), Finance Division, Director representing the government. He has replaced A Akbar Sharifzada, Ex-AFS, Finance Division

    03. Tawfiq Asghar Hussain, Director, who replaced Muhammad Imran Malik

    04. Ms. Sadaffe Abid, Director, who replaced Asad Munir

    05. Zafar Masud has been appointed as director on the vacant slot

    06. Imam Bakhsh Baloch has been appointed as director on the vacant slot

  • Equity market plunges by 600 pts on selling pressure

    Equity market plunges by 600 pts on selling pressure

    KARACHI: The equity market plunged by over 600 points on Wednesday owing to selling pressure and proposed treasury single account.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,753 points as against 37,382 points showing a decline of 629 points.

    Analysts at Arif Habib Limited said that the profit booking at the bourse turned into panic selling, courtesy of banking sector.

    Market opened 5 points plus and could gain a total of 37 points after which the selling pressure started building.

    O&GMCs, Cement and Fertilizer were the sectors that saw some uptick in the beginning however, selling pressure in Engineering (ISL) on the back of yesterday’s disappointing result and Banks (due to proposal of setting up Treasury Single Account) caused havoc.

    BOP saw lower circuit breaker and +50M shares by the end of session.

    Amongst other banking sector scrips, HBL also saw lower circuit that added pressure on the Index.

    Overall, Banking sector realized 65M shares, followed by Vanaspati (UNITYR1) and Cement. Besides BOP, MLCF and FCCL ranked among top 10 scrips in traded volume.

    Sectors contributing to the performance include Banks (-245 points), Power (-58 points), O&GMCs (-46 points), E&P (-38 points) and Cement (-38 points).

    Volumes bounced back from 140 million shares the other day to 173 million shares (+23 percent DoD). Average traded value also increased by 5 percent to US$34.8 million and from US$33.3 million.

    Stocks that contributed significantly to the volumes include BOP, UNITYR1, MLCF, TRIBL and LOTCHEM, which formed 54 percent of total volumes.

    Stocks that contributed positively include POL (+10 points), KTML (+4 points), NRL (+2 points), SCBPL (+2 points), and LOTCHEM (+2 points). Stocks that contributed negatively include HBL (-97 points), HUBC (-38 points), NESTLE (-28 points), OGDC (-26 points) and BOP (-24 points).

  • Stock market ends down by 122 points on profit taking

    Stock market ends down by 122 points on profit taking

    KARACHI: The stock market ended down by 122 points on Tuesday following profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,382 points as against 37,504 points showing a decline of 122 points.

    Analysts at Arif Habib Limited said that the market saw attrition of 91 points (unadjusted) by session’s end, where the index swayed +132 points and -165 points during the day.

    Profit booking became the mantra for investors, who keenly waited for ISL’s results, they added.

    Financial results were announced close to session’s end and disappointed investors and analysts alike.

    The stock ultimately hit lower circuit and dampened investor sentiment too.

    Cement sector remained in the limelight with 29 million traded volume, however, the underlying scrips witnessed selling pressure on the back of disagreement among Cement manufacturers regarding sales quota.

    KEL saw activity to the downside in last half hour of trading that saw price dropping below Rs. 5 shortly. The sector that stood out and defied the selling pressure was Autos, which saw most scrips trading at Upper circuit.

    Sectors contributing to the performance include Banks (-39 points), E&P (-22 points), Engineering (-17 points), O&GMCs (-16 points), Tobacco (-16 points), Autos (+14 points).

    Volumes declined further from 172 million to 140 million shares (-19 percent DoD). Average traded value also declined by 24 percent to reach US$ 33.3 million as against US$ 43.6 million.

    Stocks that contributed significantly to the volumes include UNITYR1, KEL, PAEL, PIOC and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively include UBL (+18 points), FFC (+16 points), HUBC (+7 points), HASCOL (+7 points), and AICL (+6 points).

    Stocks that contributed negatively include MCB (-17 points), POL (-15 points), PMPK (-12 points), ISL (-12 points) and PSO (-11 points).

  • Equity market gains 166 points in mixed trading

    Equity market gains 166 points in mixed trading

    KARACHI: The equity market gained 166 points on Monday in mixed trading sessions.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,504 points as against 37,338 points showing an increase of 166 points.

    Analysts at Arif Habib Limited said that the market continued the trend showed last week with an upward move of 361 points during the session but also saw profit booking in sectors (Cement, Engineering, Banks) which took the Index up last week.

    Among Cement sector, FCCL, MLCF and PIOC contributed significantly in the top 10 traded volumes.

    O&GMCs continued driving upward with SNGP trading at upper circuit and closing at that level.

    Friday saw SNGP announcing Board meeting in last week of April, which gave Investors confidence in scrip.

    Among Banks, HBL and UBL saw price gains but last half hour saw selling pressure in HBL.

    Cement Sector topped volumes table with around 37 million shares, followed by Banks (around 25 million).

    Among Scrips, PAEL consecutively outperformed with 18 million traded volume and trading near upper circuit. KEL was also able to garner around 14 million shares however, its price declined by 3.4 percent.

    Sectors contributing to the performance include Banks (+55 points), O&GMCs (+31 points), Fertilizer (+27 points), Cement (+20 points), Food (+18 points), Insurance (-14 points).

    Volumes declined slightly from 189.4 million shares to 172 million (-9 percent DoD). Average traded value however, increased by 15 percent to reach US$ 43.6 million as against US$ 37.8 million.

    Stocks that contributed significantly to the volumes include PAEL, KEL, BOP, FCCL and TRG, which formed 38 percent of total volumes.

    Stocks that contributed positively include HBL (+33 points), SNGP (+22 points), NESTLE (+14 points), FCCL (+11 points), and MCB (+11 points). Stocks that contributed negatively include PMPK (-8 points), KEL (-8 points), EFUG (-7 points), POL (-7 points) and ABOT (-6 points).