PakStox Outlook

In the last 5 trading sessions, the KSE100 Index has gained a total of 410 points. Here is a snapshot of major gainers and losers. This week, foreign corporates sold heavily at the PSX, with a net sale of $6.5 million for the week. With today's net selling of over $3.7 million, foreign corporates have become net sellers of a cumulative USD 1.71 million over the last 30 trading sessions. The local mutual funds on the other hand changed their recent trend and were net buyers of $ 1.2 million. But this net buying was primarily because of their net buying on the last day of this trading week.

JS Momentum Factor Index (JSMFI) has been recomposed. See Ann. This Index is highly concentrated with only 10 constituents with half of them having more than 83% of weight. The Index even contains the newly formed PIA Holding Company. JS Momentum Factor Exchange Traded Fund is based on this Index. See its performance on PSX site. Kohat Cement Company Limited (PSX:KOHC) has approved  buy-back of up to 12 million of its shares. See Ann. This makes up to slightly over 6% of the the issued capital of the KOHC. The purchases will be made between 23 Oct 2024 and 12 April 2025. Symmetry Group Limited ( PSX:SYM) Corporate Briefing Session FY 2024 - Presentation. Download

Brent below $75 - down 4% A recent release of economic data from China has intensified fears that the country's economic growth, particularly in the context of its substantial oil consumption, may not rebound in 2024. This concern is further fueled by the significant decline in key indicators of domestic factory demand in August, which surpassed initial projections. The price of Brent crude oil has fallen significantly in recent days. This decline was triggered by a news report suggesting that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) might increase oil production due to a disruption in Libyan oil production. However, the price drop accelerated when news emerged that the Libyan oil disruption was nearing resolution. This means that the initial concern about a potential oil supply shortage, which had led to higher prices, was now alleviated.

Attock Petroleum Limited (PSX:APL) has reported its annual financial results for the year ending June 30, 2024. The company reported a net income of Rs. 111.1 per share and declared a total cash dividend of Rs. 27.5 per share. On an annual basis, revenue increased by 11%, while gross profit decreased by 15%. Profit before tax rose by 12%, primarily due to a significant increase in finance income, which was 2.85 times higher than the previous year. The profit after tax increased by 11%. The tax rate remained steady at 39%, consistent with the previous year.

Attock Refinery Limited (PSX:ATRL) has announced its annual financial results for the year ending June 30, 2024. The company earned a net income of Rs. 236.8 per share and declared a total cash dividend of Rs. 15 per share for the year. On an annual basis, ATRL's revenue saw a 4% increase; however, profit before tax decreased by 15% and profit after tax by 14%. The tax rate for the year remained stable at 36%, compared to 37% in the previous year.

Pakistan Oilfields Limited (PSX:POL) reported its annual financial results for the year ending June 30, 2024. The company earned a net income of Rs. 137.9 per share and declared a total cash dividend of Rs. 95 per share. On an annual basis, POL's revenue increased by 7%, with profit before tax and profit after tax also rising by 7%. Financial charges decreased significantly by 65%, while the tax rate remained stable at 26%, compared to 27% last year.

AirLink Communication Limited (PSX: AIRLINK)) has reported its annual financial results for the year ending June 30, 2024. The company earned a net income of Rs. 7.7 per share and declared a total cash dividend of Rs. 6 per share. On an annual basis, AIRLINK's revenue saw a remarkable 162% increase, while profit before tax surged by 351% and profit after tax rose by 242%. Financial charges increased by 81%, and the tax rate remained at 5%, compared to a tax write-back last year.

National Refinery Limited (PSX:NRL) released its annual financial results for the year ending June 30, 2024. For the year, NRL reported a substantial loss of Rs. 197.5 per share. In the last quarter (Q4 June 2024), the company incurred a loss of Rs. 103.4 per share. This year, the NRL experienced significant financial challenges, incurring gross losses in three quarters. Additionally, the strain on cash flows has exacerbated financial difficulties, which are now approximately three times higher than last year.