KSE-100: Covid fears weigh down index by 93 points
April 22, 2021
Investors treaded cautiously at Pakistan Stock Exchange (PSX) on Wednesday, as overall lack of positive triggers, and rising Covid fears restrained the index and resulted in range-bound trading.
On Wednesday, the benchmark KSE-100 opened on a bullish note and touched intra-day high at 45,626.88 level after gaining 227.1 points. However, paring early gains the index reversed its trajectory and clocked at 45,306.54 level by the closing bell after posting a 93 points loss.
During the session the market was gripped with fears of rising Covid cases, after the Federal Minister for Planning and Development and the Chief of the National Command and Operation Centre (NCOC) Asad Umar on Wednesday issued a warning and said that if the coronavirus situation continues to worsen in the country, the government will be compelled to impose more restrictions, which dampened investors’ confidence.
Business
February 13, 2021
KARACHI: Nishat Power Limited (NPL) on Friday said its profit for the quarter ended on December 21, 2020 plunged 52.9 percent to Rs545.85 million (EPS: Rs1.542).
The power producers had earned a net profit of Rs1.158 billion (EPS: Rs3.272) recorded in the corresponding period of the previous year.
“The decline in revenues and earnings can be attributed to absence of debt portion, lower furnace oil prices and 3.5 percent lower dispatches compared with same period last year,” Rao Aamir Ali at Arif Habib Limited said.
The company did not announce any payouts along with the corporate results.
NPL recorded sales of Rs1.289 billion during the quarter under review, down 44.17 percent compared with the sales revenue of Rs2.309 billion recorded in the quarter ended December 31, 2019.
Stocks broadened the rout on Friday with energy sector taking most of the beating owing to retreating crude oil amid continued profit-selling at the local market, dealers said.Pakistan Stock.