KSE-100: Selling pressure continues owing to pending futures open positions; index lost 186 points
May 4, 2021
Stocks at Pakistan Stock Exchange (PSX) were hammered on the first trading day of the week as the index continued to lose ground to selling pressure over rising political uncertainty and negative economic indicators.
However, pending futures open positions led to additional selling pressure on Monday. Irfan Saeed, Senior Vice president, BMA Capital Management Limited, said open positions on the last trading of the roll-over week stood at a gargantuan Rs.31 billion, and since Friday’s trading hours were cut short, investors were unable to square their positions. This situation led to heavy offloading of the equities on Monday, he noted.
Business
May 1, 2021
KARACHI: Hub Power Company (Hubco) has announced a net profit of Rs8.8 billion for the quarter ended March 31, 2021, up 20.54 percent from net profit of Rs7.38 billion recorded in the same period last year.
The earnings per share (EPS) for the quarter clocked in at Rs6.61 against EPS of Rs5.55 last year. The company did not announce any payout along with the corporate results.
“The increase in profit is mainly due to higher share of profit from an associate (China Power Hub Generation Company Limited, which started commercial operations on August 17, 2019), depreciation of rupee against USD and lower financing costs,” company noted.
Kse-100: Stocks battered over fears of additional Covid restrictions; index lost 600 points
May 1, 2021
Stocks at Pakistan Stock exchange were hammered on the last trading day of the week as index continued to lose ground to selling pressure over rising political uncertainty, while rising covid-19 cases in the country have also stoked fears of complete lockdown- denting market sentiments.
On Friday, the benchmark kse-100 opened on a positive note and touched intra-day high at 45,056.90 level after gaining 193 points, but reversing its trajectory the index lost 711.42 and touched intra-day low at 44,151.69 level. However, the index clocked at 44,262.35 level by the closing bell after posting a 600.75 points loss.
Similarly, non-markup/interest income increased to Rs2.53bn as against Rs2bn during 1QCY20 showing an increase of 27pc.
TRG Pakistan PAT surges
TRG Pakistan Ltd announced that its PAT soared to Rs2.8bn during 1QCY21 compared to Rs690,000 in 1QCY20. The PAT in 9MFY21 also posted a massive growth to Rs7.2bn from Rs19m in the same period last year.
Earnings of Nishat Chunian up 150pc
Nishat Chunian Ltd reported its PAT increased 150pc to Rs2.5bn during 1QCY21 from Rs1bn in the same period 2020. In 9MFY21 its profit swelled to Rs5.3bn from Rs3.2bn in the same period last year.
Business
May 1, 2021
Stocks suffered another blow on Friday as investors fiercely hedged their bets given the virus crisis, cold-shouldering some good results at the end of the rollover week, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index shed 1.34 percent or 600.76 points to close at 44,262.35 points. Volumes were almost flat at 293.74 million shares from 280.67 million shares in the last trading session.
Topline Securities in a note said the market opened on a positive note as index gained to make an intraday high of 194 points, attributable to healthy result announcements at the opening.
However, market soon came under selling pressure due to last day of rollover week and limited trading hours, the brokerage said.