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PSX Closing Bell: Castles Made of Sand..

November 27, 2020 (MLN): The stock market turned bearish on Friday as it surrendered to the profit-taking activity owing to future rollover week which comes to an end.

 Accordingly, the benchmark KSE-100 Index recorded a negative close of 224 points to settle at 40,807 level. Moreover, investors also reacted to the announcement by OGDC in which the company informed regarding discovery of gas from its exploratory well Lakhirud X-1.

The Index traded in a range of 315.59 points or 0.77 percent of previous close, showing an intraday high of 41,067.13 and a low of 40,751.54.

Of the 97 traded companies in the KSE100 Index 35 closed up 58 closed down, while 4 remained unchanged. Total volume traded for the index was 247.89 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 86 points, Cement with 51 points, Fertilizer with 38 points, Commercial Banks with 31 points and Oil & Gas Marketing Companies with 23 points.

The most points taken off the index was by PPL which stripped the index of 33 points followed by LUCK with 28 points, OGDC with 24 points, ENGRO with 22 points and HUBC with 17 points.

Sectors propping up the index were Technology & Communication with 45 points, Automobile Assembler with 13 points, Chemical with 12 points, Vanaspati & Allied Industries with 7 points and Refinery with 3 points.

The most points added to the index was by TRG which contributed 40 points followed by MTL with 17 points, COLG with 11 points, UNITY with 7 points and SCBPL with 4 points.

All Share Volume increased by 8.60 Million to 397.79 Million Shares. Market Cap decreased by Rs.20.08 Billion.

Total companies traded were 394 compared to 405 from the previous session. Of the scrips traded 195 closed up, 181 closed down while 18 remained unchanged.

Total trades decreased by 14,188 to 127,373.

Value Traded decreased by 2.87 Billion to Rs.13.16 Billion

CompanyVolume

Top Ten by Volume

Unity Foods53,464,500
TRG Pakistan46,018,000
K-Electric23,109,000
Maple Leaf Cement Factory19,874,113
Hum Network19,807,500
Hascol Petroleum16,044,758
TPL Corp14,618,500
Pakistan Refinery14,426,000
Fauji Fert.Bin(R)12,381,000
Worldcall Telecom11,175,000

 

SectorVolume

Top Sector by Volume

Technology & Communication105,207,600
Vanaspati & Allied Industries53,490,500
Cement44,094,473
Power Generation & Distribution30,280,135
Fertilizer24,006,565
Oil & Gas Marketing Companies22,841,665
Refinery22,146,400
Food & Personal Care Products13,502,510
Commercial Banks11,313,076
Chemical11,266,530

 

 

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K-Electric registers a 58% decline in net profits during...

November 27, 2020(MLN): K-Electric Limited has announced its financial results for the 1st quarter ended September 30,2020 as per which, it has earned net profits of Rs 1.11 billion (EPS: 0.04), i.e. 58% lower than the net profits recorded in the same period of last year.

Pursuant to the details provided to Exchange, the company witnessed around a 5% decline in revenue on the back of decreased tariff adjustments (down by 37% YoY) whereas, the cost of sales fell by 7% YoY owing to a reduction in consumption of fuel and oil. However, the company managed to increase its gross profits by 7% YoY to Rs 13.86 billion during the said period.

The increase in the company’s other operating expenses by 2.36 times YoY, a 50% increase in impairment loss against trade debts along a 51% decline in non-income, undermined the financial health of the company during the period.

However, a decrease in the finance costs by 17% YoY, as well as income tax expense by 24%, provided some solace to the wellbeing of the company.

Financial Results for the quarter ended September 30, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% Change

REVENUE

 

 

 

Sale of energy-net

 68,401,199

 62,621,625

9.23%

Tariff adjustment

 17,148,508

 27,339,443

-37.28%

 

 85,549,707

 89,961,068

-4.90%

COST OF SALES

 

 

 

Purchase of electricity

 (27,582,204)

 (26,870,302)

2.65%

Consumption of fuel and oil

 (37,456,175)

 (44,319,479)

-15.49%

Expenses incurred in generation, transmission and distribution

 (6,643,191)

 (5,857,178)

13.42%

 

 (71,681,570)

 (77,046,959)

-6.96%

GROSS PROFIT

 13,868,137

 12,914,109

7.39%

Consumer services and administrative expenses

 (5,931,219)

 (5,531,953)

7.22%

Impairment loss against trade debts

 (3,922,093)

 (2,616,660)

49.89%

Other operating expenses

 (338,434)

 (142,933)

136.78%

Other income

 1,490,107

 3,048,985

-51.13%

PROFIT BEFORE FINANCE COST

 5,166,498

 7,671,548

-32.65%

Finance cost

 (3,020,580)

 (3,642,834)

-17.08%

Taxation

 (1,034,878)

 (1,362,611)

-24.05%

PROFIT AFTER TAXATION

 1,111,040

 2,666,103

-58.33%

EARNINGS PER SHARE-Basic and diluted

 0.04

 0.10

-60.00%

 

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Gold price falls to $1,807 an ounce owing to...

November 27, 2020 (MLN): The optimism over a potential vaccine for the extremely infectious COVID-19 disease knocked the demand for the safe-haven commodities. In the international market, gold reached $1,807 per ounce, down by $8 while silver was pegged at $23.24 an ounce.

On the other hand, the price of 24 karat gold rose by Rs 300 to Rs 110,800 per tola in the domestic bullion market. The price of yellow metal had closed at 110,500 per tola on Thursday.

According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also increased by Rs 257 to Rs 94,993 against the price of Rs 994,736 reported in the previous session.

Meanwhile, the price of per tola silver and 10-gram silver remained stable at Rs 1,180 and Rs 1,011.65 respectively, the association reported.

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Weekly SPI Increases by 7.48% YoY

November 27, 2020 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.92% during the week ended Nov 26, 2020 while the SPI increased by 7.48% compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 141.74 compared to 143.05 on Nov 19, 2020 while the index was recorded at 131.87 a year ago, on Nov 28, 2019

Out of the 51 monitored items, the average price of 11 items increased, 10 items decreased whereas 30 items registered no change during the week.

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 1.05% and 0.83%.

The Lowest Income Group witnessed a weekly decrease of 1.01% while the highest income group recorded a decrease of 0.83%.

On an yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 6.61% and 9.23%.

Yearly SPI for the Lowest Income Group increased by 9.23% while the highest income group recorded an increase of 6.61%.

The average price of Sona urea stood at Rs.1686 per 50 kg bag which is 0.12% lower than last week’s price and 15.99% lower when compared to last year.

Meanwhile, average Cement price was recorded at Rs.573 per 50 kg bag, which is 0.53% higher than the previous week and 0.52% lower than prices last year.

 

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PKR strengthens by 1.3 rupees in a week

November 27, 2020 (MLN): Pakistani rupee (PKR) depreciated by 20 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 159.46 per USD, against yesterday's closing of PKR 159.27 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 159.60 and an intraday Low offer of 159.30.

During the week, the currency has gained 1.3 rupees against the greenback, as the previous week was concluded at PKR 160.73 per USD.

Within the Open Market, PKR was traded at 159.50/160.50 per USD.

Meanwhile, the currency lost 41 paisa to the Pound Sterling as the day's closing quote stood at PKR 213.22 per GBP, while the previous session closed at PKR 212.81 per GBP.

Similarly, PKR's value weakened by 31 paisa against EUR which closed at PKR 190.2 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.758.5 billion for 7 days at 7.03 percent.

The overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the 1 week rate was 7.00/7.10 percent.

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