PakStox Outlook

National Bank of Pakistan (PSX:NBP) reported a loss of Rs 4.3 per share for the 2nd Quarter ending June 2024. See Note Askari Bank Limited (PSX:AKBL) reported an EPS of Rs 3/- for the second quarter ending Ju 2024. NO cash dividend was declared. See Note Askari General Insurance Co Ltd (PSX:AGIC ) reported earnings for the second quarter ending Jun 2024. AGIC earned Rs 2.5 per share for the second quarter and declared an interim cash dividend of Rs 2 per share. See Note

Oil registered its second monthly drop this year, with Goldman Sachs and Morgan Stanley lowering price forecasts due to weak demand from China, which is the world's largest importer. Brent crude futures fell by 1.4% to settle at $78.8 per barrel on Friday on the back of likelihood of a rise in OPEC+ supply starting in October. OPEC+ is expected to move forward with a planned oil output hike despite recent Libyan outages and production cuts by some members to offset overproduction. In addition hopes for a significant US interest rate cut next month have been dashed after strong consumer spending data, this has also impacted Oil price downward.

 

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 Compa...

Moody's Investors Service has upgraded Pakistan's credit rating, citing improved economic conditions and strengthened government liquidity. The international rating agency raised the country's rating from Caa3 to Caa2, indicating a lower risk of default. This positive assessment follows a staff-level agreement with the International Monetary Fund (IMF) for a $7 billion loan. The IMF's support has provided greater certainty regarding Pakistan's external financing sources. Previously, Moody's had maintained a lower rating for Pakistan due to concerns about debt affordability and investment risks. However, the recent upgrade reflects a more optimistic outlook for the country's economic prospects. see Moody's page

Brent crude oil futures declined by 2.3%, closing at $79.5 per barrel on Tuesday. This marked a reversal after a significant increase of over 7% during the preceding three trading sessions. The decline was attributed to easing tensions in the Middle East and worries about a possible closure of Libyan oil fields subsiding. AGP Limited (PSX:AGP ) reported its Q2 financial results for the period ending June 30, 2024. In this quarter, AGP earned a net income of Rs. 1.4 per share. No dividend was declared. See note. Packages Limited (PSX:PKGS) for the second quarter -Jun 2024 earned just a profit after tax of Rs 29.6 million compared to Rs 114.2 million in the same quarter last year. No dividend was declared. Packages is a closely held company with low liquidity. See announcement Fatima Fertilizer Co. Ltd ., (PSX:FATIMA) announced its Q2 financial results for the period ending June 30, 2024. In the latest quarter (Q2 June 2024), FATIMA earned a net income of Rs. 2.4 per share and declare...

The KSE100 Index closed at 78,084, down 487 points, marking a total loss of 339 points over the last five trading sessions.  Today, foreign corporates made net purchases of USD 809,982, contributing to a cumulative net buying of USD 11.76 million over the last 30 trading sessions. Conversely, mutual funds sold USD 989,333 today, bringing their cumulative net selling to USD 6.48 million in the past 30 sessions. Insurance companies also showed activity today with net purchases of USD 562,396, although they have cumulatively sold USD 8.72 million over the same period.

Adamjee Insurance Company (PSX:AICL) has declared an interim cash dividend of Rs. 1.5 per share for the second quarter ending June 2024. See note Power Cement (POWER); the strategic investor has disclosed its intention to sell its stake of 6.1% (80.5 million shares). See disclosure. Abbott Laboratories (PSX: ABOT) reported earnings per share of Rs. 6.35 for the second quarter ending June 30, 2024, compared to a loss per share of Rs. 5.9 in the same quarter last year. No dividend was declared. See note. BankIslami Pakistan Limited (PSX:BIPL), in its earnings release for Q2 Jun-2024, declared a cash dividend of Rs. 1.5 per share. See note The Hub Power Company Limited ( PSX: HUBC) announced its annual financial results for the year ending June 30, 2024. HUBC earned a net income of Rs. 23.9 per share for the year and declared a total cash dividend of Rs. 20 per share. See Note . See Chart .

Engro Corporation Limited (PSX:ENGRO) reported its Q2 financial results for the period ending June 30, 2024. In this quarter, ENGRO earned a net income of Rs. 15.3 per share and declared a cash dividend of Rs. 8 per share. The effective tax rate for the quarter was 20%, a significant decrease from the 46% tax rate in the same quarter last year. Over the last four quarters, ENGRO earned net income of Rs. 41.6 per share and declared a cash dividend of Rs. 25 per share. The company’s net income for the last four quarters is 27.5% higher than the total net income from the preceding four quarters.

The KSE100 Index closed at 78,571, down 230 points (26-Aug-2024). In the last 5 trading sessions, the KSE100 Index has lost a total of 741 points. After a massive net sale of $8 million on the last working day of the previous week, ‘Insurance Companies’ were also net sellers today, with a large net selling of $2.1 million.

Habib Metropolitan Bank (PSX:HMB) in its latest quarter (Q2 June 2024), reported a net income of Rs. 5.3 per share and declared a cash dividend of Rs. 2.5 per share.  Over the last four quarters, HMB earned a cumulative net income of Rs. 23 per share, while distributing a total cash dividend of Rs. 10.5 per share. However, the company's net income for the last four quarters was 1.9% lower than the total net income from the preceding four quarters. The effective tax rate for the latest quarter stood at 47% compared to 51% in the same quarter last year. Currently, HMB is trading at a price-to-earnings ratio of 3, offering a dividend yield of 15%. The stock has gained over 32% in last six months.