Earnings Releases

Systems Limited (PSX:SYS) reported its Q2 financial results for the period ending June 30, 2024. In this quarter, SYS earned a net income of Rs. 4.2 per share, though no cash dividend was declared. See Note. See Systems Presentation

Symmetry Group Limited (PSX:SYM) has announced its annual results for the period ending June 2024. SYM announced a cash dividend of 10% and Earnings Per Share (EPS) of Rs 0.48. The profit after tax at Rs 130.5 million is slightly less than the previous year, while the operating profit at Rs 150 million is 24% higher than the last year. SYM was listed on the Pakistan Stock Exchange (PSX) in September 2023. See announcement.

TPL Insurance Limited (PSX: TPLI) 2nd Quarter 2024; Cash Dividend nil, EPS: Rs. 0.25.‘Underwriting Results’ of Rs 27.4 million for the quarter ending June 2024 are higher by 12.5% than the same quarter last year. See note

HUB Power Company (PSX:HUBC), through its wholly owned subsidiary HPHL, has established Mega Motor Company (Private) Limited (MMCL). MMCL has formed a partnership with BYD Auto Industry Company Limited to introduce BYD New Energy Vehicles (NEVs) to Pakistan. Beyond the distributorship agreement, MMCL is also exploring a technical licensing agreement with BYD to set up an assembly plant in Sindh. See Presentation

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.

A Snapshot of Exchange Traded Funds at PSX

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.

PakStox Outlook

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