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Closing Bell: Hit the Skids

October 27, 2020 (MLN): The stock market remained bearish throughout the day today as it surrendered to the profit-taking activity owing to rollover week that dragged the KSE-100 index down by 468 points (1.21 per cent) to close at 41,381 points.

As per Aba Ali Habib Securities, the investors preferred to book profit on attractive levels despite of impressive corporate results, as crucial futures rollover effect kicks-in. Moreover, long weekend ahead also influenced investors’ trading strategy. Moreover, selling pressure in international markets further hampered sentiments.

Besides, amid corporate earnings season, investors also reacted to earnings announcement by Mughal, FFBL, GATM, UNITY, PSO, DAWH, NBP and PSMC , wherein all the companies except for PSMC reported increase in profits.

The Index traded in a range of 600.52 points or 1.43 percent of previous close, showing an intraday high of 41,927.68 and a low of 41,327.16.

Of the 94 traded companies in the KSE100 Index 16 closed up 78 closed down, while 0 remained unchanged. Total volume traded for the index was 305.46 million shares.

Sector wise, the index was let down by Commercial Banks with 139 points, Cement with 90 points, Oil & Gas Exploration Companies with 63 points, Oil & Gas Marketing Companies with 29 points and Fertilizer with 26 points.

The most points taken off the index was by HBL which stripped the index of 60 points followed by BAHL with 46 points, PSO with 33 points, TRG with 28 points and OGDC with 22 points.

Sectors propping up the index were Power Generation & Distribution with 19 points, Vanaspati & Allied Industries with 12 points and Transport with 3 points.

The most points added to the index was by HUBC which contributed 28 points followed by MCB with 15 points, UNITY with 12 points, SEARL with 11 points and FFBL with 7 points.

All Share Volume decreased by 6.11 Million to 481.05 Million Shares. Market Cap decreased by Rs.85.59 Billion.

Total companies traded were 407 compared to 430 from the previous session. Of the scrips traded 101 closed up, 295 closed down while 11 remained unchanged.

Total trades decreased by 156 to 160,629.

Value Traded decreased by 3.08 Billion to Rs.18.44 Billion

CompanyVolume

Top Ten by Volume

Unity Foods77,190,500
Power Cement33,042,000
Fauji Fertilizer Bin Qasim31,335,500
Pakistan International Bulk Terminal26,894,000
Maple Leaf Cement Factory25,892,638
Fauji Cement Company22,532,000
Fauji Foods15,825,000
Pakistan Refinery14,677,000
Pak Elektron13,265,000
Hascol Petroleum12,844,069

 

SectorVolume

Top Sector by Volume

Cement94,576,530
Vanaspati & Allied Industries77,199,400
Technology & Communication43,989,100
Fertilizer38,146,754
Commercial Banks27,694,694
Transport27,075,400
Oil & Gas Marketing Companies25,504,299
Food & Personal Care Products25,120,500
Refinery18,628,400
Power Generation & Distribution16,676,101

 

 

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Unilever Pakistan posts a 61% YoY rise in profits...

October 27, 2020 (MLN): Unilever Pakistan Foods Limited (UPFL) has posted its profit after tax of Rs 2.49 billion (EPS: Rs 391.53) for the nine-months ended September 30, 2020, showing a robust growth of 61% YoY against the net profits of Rs 1.54 billion (EPS: Rs 243.04) of the corresponding period last year.

Alongside financial results, the Board of Directors of the company recommended a third interim cash dividend of Rs 120.52 i.e. (1205.2%) per ordinary share of Rs 10 each (nine months ended September 30, 2019 Rs. 93.00 i.e. 930% per ordinary share of Rs. 10/- each). This will be payable to the Members on the number of ordinary shares held by them at the close of business on November 10th , 2020.

As per the financial statement issued by the company, sales grew by 18.7% on the back of strong brand equity, wider reach and effective spending on advertisement and promotion matched by timely pricing. Gross Margin increased by 1.99% to 42.5% due to better cost absorption and savings initiatives.

Meanwhile, the company witnessed a drop in finance cost by 82% YoY to Rs 18 million along with the decrease in tax expenses by 22% YoY which contributed to the financial performance of the company.

Financial Results for the Nine Months Ended September 30th, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% Change

Sales

 11,340,691

 9,555,297

18.68%

Cost of Sales

 (6,525,151)

 (5,687,989)

14.72%

Gross profit

 4,815,540

 3,867,308

24.52%

Distribution, admin & other operating expenses

 (2,243,569)

 (2,228,379)

0.68%

Other incomes

 158,744

 295,101

-46.21%

Finance cost

 (18,691)

 (106,712)

-82.48%

Profit before taxation

 2,712,024

 1,827,318

48.42%

Taxation

 (217,982)

 (279,180)

-21.92%

Profit after tax

 2,494,042

 1,548,138

61.10%

EPS - basic and diluted (Rupees)

 391.53

 243.04

61.10%

 

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PSO reports profit after tax of PKR 5.1 billion...

October 27, 2020: Pakistan State Oil (PSO), the leading oil marketing company of Pakistan,...

MCB reports a 45% growth in earnings during 9MCY20...

October 27, 2020 (MLN): MCB Bank Limited has reported a 45% growth in its earnings for the nine months ended September 30, 2020, from Rs. 16.1 billion (EPS: 13.63) to Rs. 23.5 billion (EPS: 19.75).

The Bank did not announce any dividend for the third quarter. However, the first interim cash dividend has already been paid at Rs. 5 per share i.e. 50% for the quarter ended March 31, 2020.

The improvement in earnings resulted from a 28% increase in net interest income, as well as a 21% increase in non-interest income. The growth in the latter transpired on the back of the presence of Gains on securities, which amounted to Rs. 2.8 billion.

On the other hand, the total expenses changed by only 1%, despite there being an increase in workers’ welfare fund and other charges by 39% and 51%, respectively.

While the above points contributed positively to the Bank’s profits, the increase in provisioning cost by 1.85x came as a huge setback. Moreover, the income tax paid during the period surged by 41%, thereby further restricting the increase in earnings.

Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000)

 

Sep-20

Sep-19

% Change

Mark-up / return / interest earned

114,516,948

105,533,314

9%

Mark-up / return / interest expensed

(55,717,040)

(59,508,698)

-6%

Net mark-up / interest income

58,799,908

46,024,616

28%

NON-MARK-UP / INTEREST INCOME

  

Fee and commission income

8,791,768

9,048,543

-3%

Dividend income

629,210

828,495

-24%

Foreign exchange income

2,100,027

2,214,113

-5%

Income / (loss) from derivatives

(3,604)

3,045

 

Gain / (loss) on securities - net

2,877,447

(186,879)

 

Other income

168,490

115,393

46%

Total non-markup / interest income

14,563,338

12,022,710

21%

Total income

73,363,246

58,047,326

26%

NON-MARK-UP / INTEREST EXPENSES

  

Operating expenses

(28,232,321)

(28,385,235)

-1%

Workers welfare fund

(767,073)

(551,441)

39%

Other charges

(259,326)

(171,882)

51%

Total non-markup / interest expenses

(29,258,720)

(29,108,558)

1%

Share of profit of associates

518,852

374,289

39%

Profit before provisions

44,623,378

29,313,057

52%

Provisions and write offs - net

(5,189,574)

(1,823,093)

185%

Extraordinary / unusual items

  

PROFIT BEFORE TAXATION

39,433,804

27,489,964

43%

Taxation

(15,921,924)

(11,327,158)

41%

PROFIT AFTER TAXATION

23,511,880

16,162,806

45%

Earnings per share

19.75

13.63

45%

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Gold drops marginally to $1903 an ounce

October 27, 2020 (MLN): Gold inched lowered on Tuesday in international market as uncertainty over US stimulus package and second wave of coronavirus dented investors’ sentiments. Gold prices moved down by $1 and traded at $1,903 per ounce, while silver was pegged at $24.37 an ounce.

On the domestic front, the price of 24 karat gold decreased by Rs750 to Rs114,500 in the domestic bullion market. The precious yellow metal of 24-Karat had closed at Rs115,250 per tola on the last day.

According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also dropped by Rs643 to Rs98,165 against the price of Rs98,808 reported on Monday.  

On the other hand, the price of silver tola and 10-gram silver remained unchanged at Rs1,230 and Rs1,063.10 respectively, the association reported.

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