Karachi
After the benchmark index of the Pakistan Stock Exchange (PSX) lost 1,097 points during the outgoing week, market gurus expect the bourse will turn green on the basis of expected healthy financial results to be announced during the upcoming week.
Some of big giants in cement, banking and oils sectors which are set to announce financial results in the coming week include Fauji Cement, DG Khan Cement, Kohat Cement, Power Cement, Habib Bank, Askari Bank, Meezan Bank, Soneri Bank, Allied Bank, Faysal Bank, Bank Of Punjab, Pakistan State Oil and Mari Petroleum.
Likewise other major companies announcing results in the next week include Kot Addu Power Company, Millat Tractors Limited, Engro Fertilizers Limited, Engro Corporation Limited, Al-Shaheer Corporation Limited, Sitara Chemical Industries Limited, Gatron Industries Limited, Mughal Iron and Steel Industries, National Foods Limited, and Tariq Glass Industries Limited, besides others.
Analysts at Arif Habib Limited said that the market will turn positive in the coming week given healthy earnings expectations in the ongoing result season. They also highlighted that rupee appreciated against the USD to PKR 158.82 in the outgoing week.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.4x (2021) compared to Asia Pac regional average of 17.7x and while offering DY of 6.5 percent versus 2.5 percent offered by the region.
The market commenced on a negative note as investors resorted to profit taking. Despite finalization of agreement between IPPs and the government, sentiment in the power sector remained lacklustre. While international oil prices crossed USD 60/bbl during mid-week, brief interest was witnessed in the E&P sector.
Albeit this was short-lived as oil prices corrected slightly by week end, and market participants were sidelined from the E&P stocks. Pertinently, this week the market witnessed its highest ever single day volume of 1,125 million shares. With that said, the market closed red on all five days, closing at 45,808 points, down by 1,098 points / 2.4 percent week-on-week (WoW) basis.— TLTP
