“The Board of Directors of Lucky Cement Limited in their meeting held on February 20, 2025, have considered….to sub-divide the face value of shares of the company from Rs10/- to Rs2/- per share, in accordance with Section 85(1)(c) of the Companies Act 2017, in the ratio of 5 shares for each 1 share held,” read a notice to the Pakistan Stock Exchange (PSX) on Friday.

A subdivision of shares, also known as a share split, is a corporate action that increases the number of shares while decreasing the share price. The overall value of the company and the value of each shareholder’s investment remain unchanged.

Lucky Cement’s earnings jump 21% in 2024

In addition to the split, the board has also proposed amending Clause V of the Memorandum of Association “to reflect the proposed sub-division of shares”.

Sharing the rationale of the share split, the board expressed its gratitude to the shareholders for their continued trust since the company’s inception, saying that the split aims to enhance shareholder value.

“To further enhance shareholder value and broaden investor participation, the board has proposed the above sub-division, making the company’s shares more accessible to a variety of investors and sharing the success achieved over the years with them,” read the notice.

Once the proposal is approved in the Extraordinary General Meeting (EoGM), “the existing subscribed and paid-up capital of the company, currently at 293,000,000 ordinary shares of Rs10/- each, will be sub-divided into 1,465,000,000 ordinary shares of Rs2/- each”.

“Consequently, the eligible shareholders of the company will receive 5 shares in place of every 1 share held as of the date of determination, which will be announced subsequent to the EoGM,” Lucky Cement said.

In a statement, Muhammad Ali Tabba, CEO of Lucky Cement Limited, said that the stock split is aimed at sharing this success story with a broader base of investors, both locally and globally.

“He further highlighted that the company’s strategy of reinvesting profits into growth and expansion has consistently delivered strong results and made it more resilient to economic shocks.

“Citing the company’s two share buybacks, he noted that shareholders who chose to retain their shares will now own a larger percentage of the company for the same initial investment, benefiting from the company’s sustained growth,” read the statement.

The company informed that the EoGM will be convened on March 18, 2025, to vote on the proposal.

The KSE-100 started the session with a strong buying spree, hitting an intra-high of 78,709.14.

However, profit-taking in the second half provided the bears some relief but could not bring the index back below 78,000.

At close, the benchmark index settled at 78,105.98, up by 228.56 points or 0.29%.

The fertiliser, exploration and production (E&P), IT, and banking sectors saw significant contributions from FFC, POL, MCB, SYS, and MEBL, which together accounted for 253 points, brokerage house Topline Securities said in its post-market report.

Experts remain optimistic that the International Monetary Fund (IMF) Executive Board will approve Pakistan’s $7 billion Extended Fund Facility (EFF) in the coming days.

Last month, IMF reached a staff level agreement (SLA) with Pakistan for a $7-billion, 37-month loan programme aimed at cementing stability and inclusive growth.

On Tuesday, PSX’s benchmark index endured a range-bound session as it faced both bullish and bearish pressures before closing marginally in the red. The KSE-100 had settled at 77,877.42, down by 102.87 points or 0.13%.

The stock market was closed on Wednesday due to the Independence Day holiday.

Globally, Asian stocks were firm on Thursday while the dollar remained on the back foot amid lower US Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.

Regional equities took their lead from gains on Wall Street, with Japan’s Nikkei rising 0.5% as of 0139 GMT and Australia’s stock benchmark up 0.1%.

Mainland Chinese blue chips added 0.4%, although Hong Kong’s Hang Seng slipped 0.3%.

Traders remain convinced that the Fed will reduce rates on Sept. 18 for the first time in 4-1/2 years, but are split on whether policy makers will opt for a super-sized 50 basis-point reduction.

Volume on the all-share index decreased to 591.06 million from 604.147 million a session ago.

However, the value of shares increased to Rs20.10 billion from Rs19.98 billion in the previous session.

Kohinoor Spinning was the volume leader with 91.02 million shares, followed by Yousuf Weaving with 65.31 million shares, and WorldCall Telecom with 60.62 million shares.

Shares of 442 companies were traded on Thursday, of which 227 registered an increase, 162 recorded a fall, while 53 remained unchanged.

During the trading session, the index remained largely positive, hitting an intra-day high of 80,627.49, up 344 points.

However, profit-taking was witnessed in the final hours of the trading session as the index settled at 80,212.79, a decrease of 70.01 points or 0.09%.

A mixed trend was witnessed during the trading session with automobile assemblers, commercial banks, and refinery registering gains. On the other hand, oil and gas exploration companies, OMCs, fertiliser and cement settled in the red.

Index-heavy banking stocks including HBL and NBP settled in the green.

Despite the minor fall on Friday, the market has been on a winning run in anticipation of inking a new bailout programme with the International Monetary Fund (IMF).

Globally, Asian share markets scaled new highs on Friday as investors sized up US rate cuts for September and the mood was upbeat, while the euro hit a three-week peak ahead of French elections.

Japan’s Nikkei and broader Topix both nudged up to record levels, as did Taiwan’s benchmark.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% to a two-year high with Samsung’s estimate of a more than 15-fold rise in second-quarter profit helping South Korea’s KOSPI to a two-year peak as well.

Meanwhile, the Pakistani rupee registered a marginal gain against the US dollar in the inter-bank market on Friday.

In a key development, Farrukh H Khan resigned from the position of Chief Executive Officer (CEO) of PSX to “pursue other opportunities”.

Volume on the all-share index decreased to 448.98 million from 496.78 million in the previous session.

The value of shares declined to Rs18.9 billion from Rs19.3 billion in the last session.

B.O.Punjab was the volume leader with 34.4 million shares, followed by National BankXD with 28.5 million shares, and PIA Holding Company with 25.1 million shares.

Shares of 432 companies were traded on Friday, of which 152 registered an increase, 229 recorded a fall, while 51 remained unchanged.

During the day, positive momentum pushed the benchmark index to an intra-day high of 79,536.23, a gain of 1,091.26 points.

However, profit-taking in the final hours of trading trimmed the gains. At close, the KSE-100 index settled at 78,824.33, an increase of 379.37 points or 0.48%.

Buying was witnessed in key sectors including cement, commercial banks, fertilizer, oil and gas exploration companies and OMCs.

Index-heavy stocks including SNGPL, SSGC, PPL, OGDC, HBL, MCB and NBP were in the green.

The buying comes as market participants remain optimistic that authorities in Islamabad would reach a staff-level-agreement (SLA) with the International Monetary Fund (IMF) in the coming days.

“Investor optimism surged, driven by expectations that the approval of the new budget would facilitate the disbursement of an IMF loan,” said Capital Stake in its report on Monday.

In a key development, Federal Minister for Finance and Revenue Muhammad Aurangzeb on Sunday expressed optimism that Pakistan would secure a “larger and longer” bailout agreement in its negotiations with the International Monetary Fund (IMF) in July, following the approval of the $67.76 billion federal budget.

Pakistan began discussions about a new loan with IMF officials soon after completing a $3 billion program that helped the country stave off a sovereign debt default last year.

The PSX emerged as the best performing equity market in the world during fiscal year 2023-24 after its benchmark KSE-100 Index closed the final session at 78,444.96 on Friday, compared to 41,452.69 in the previous fiscal.

Globally, Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro rose after the first-round voting in France’s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.

The shock vote has unsettled markets as the far-right, as well as the left-wing alliance that came second on Sunday, have pledged big spending increases at a time when France’s high budget deficit has prompted the EU to recommend disciplinary steps.

In Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.07% higher, to kick off the second half of the year having risen 7% so far in 2024. Japan’s Nikkei rose 0.57%.

Volume on the all-share index decreased to 306.04 million from 347.67 million in the previous session.

However, the value of shares rose to Rs13.7 billion from Rs11.9 billion in the last session.

PTCL was the volume leader with 30.2 million shares, followed by WorldCall Telecom with 17.35 million shares, and Faysal Bank with 13.62 million shares.

Shares of 425 companies were traded on Monday, of which 183 registered an increase, 186 recorded a fall, while 56 remained unchanged.

The KSE-100 remained in positive territory for most part of the day and hit an intra-day high of 64,658.17.

At close, the benchmark index settled at 64,454.22, up by 514.81 points or 0.81%.

A mixed trend was witnessed among the index-heavy sectors with some including commercial banks, pharmaceutical, cement, oil and gas exploration companies and refinery trading in green, while others including automobile assemblers, and OMCs trading in red.

Experts said that the buying is driven amid the commencement of corporate result season

Moreover, investors remain interested in the energy sector amid reports that the government has shared its “dividend plug-in back scheme” with the International Monetary Fund (IMF), said experts.

On Monday, led by a buying spree in oil and gas sector stocks, the bourse witnessed a bullish trend in the final hours of the trading session with the benchmark KSE-100 Index settling at 63,939.41, up by 657.19 points or 1.04%.

However, Business Recorder reported that the Ministry of Finance (MoF) has reportedly raised objections on circular debt reduction plan tailored by Caretaker Minister for Power and Petroleum Muhammad Ali, saying that under the Standby Arrangement (SBA) with the IMF, GoP has committed not to allow supplementary grants for any additional unbudgeted spending over the parliamentary approved level in CFY 20 23-24.

Globally, Asian stocks witnessed a rally on Tuesday as traders were cheered by reports that Chinese authorities were considering a blockbuster boost to equities after a painful start to the year.

The surge came after another record day on Wall Street where optimism about the outlook for the US economy has taken the place of expectations for a string of interest rate cuts starting in March.

Investors were also keeping an eye on the Bank of Japan’s board meeting, hoping for fresh clues about its plans for monetary policy as inflation remains elevated and the yen sinks, which has in turn sent the Nikkei towards an all-time high.

The Hang Seng Index in Hong Kong piled on more than three percent in the morning session and Shanghai also pushed higher after it emerged that Premier Li Qiang called for more “forceful” measures to support China’s battered stocks and give a shot in the arm to investor confidence.

The rupee maintained its upward momentum against the US dollar for the fifth consecutive session, appreciating 0.02% in the inter-bank market on Tuesday. As per the State Bank of Pakistan (SBP), the rupee closed at 279.79 after a gain of Re0.06 against the greenback.

Volume on the all-share index increased to 425.7 million from 298.7 million a session before.

The value of shares rose to Rs25 billion from Rs12.5 billion in the previous session.

Oil & Gas Dev. was the volume leader with 53 million shares, followed by Fauji Foods Ltd with 45 million shares, and K-Electric Ltd. at 28.4 million shares.

Shares of 354 companies were traded on Tuesday, of which 209 registered an increase, 127 recorded a fall, while 18 remained unchanged.

The KSE-100 witnessed range-bound trading in the first few hours of the session as it hit an intra-day low of 58,999.31. However, a strong buying-spree in the second part of the day helped the index gain ground.

At close, the benchmark index settled at 59,811.34, up by 724.99 points or 1.23%.

Heavy buying was witnessed in banks and construction sectors.

During the previous week, the PSX had hit its highest ever level. It closed with healthy gains on the back of aggressive buying by both local and foreign investors coupled with institutional support.

The benchmark index surged by 2,023.19 points on a week-on-week basis and crossed the 59,000 psychological level for the first time in its history to close at highest ever level of 59,086.35 points.

The stock market has been enjoying a bullish spree since after Pakistani authorities and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA) last week.

The government believes the IMF’s executive board will give its approval in December, after which Pakistan will receive the second tranche of the SBA.

The funding would also pave the way for inflows from other multilateral and bilateral partners.

Experts said that the market is also expecting a policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled to be held next month (December), which would improve the liquidity position at the bourse.

Meanwhile, the Pakistani rupee continued to fall for the third successive session against the US dollar as it depreciated 0.09% in the inter-bank market on Monday. As per the State Bank of Pakistan, the local currency settled at 285.64, a decrease of Re0.27.

Volume on the all-share index inched down to 657.5 million from 658.4 million a session before.

The value of shares decreased to Rs20.2 billion from Rs22 billion in the previous session.

Kohinoor Spinning remained the volume leader with 109.4 million shares, followed by WorldCall Telecom with 43.3 million shares and Yousuf Weaving with 22.7 million shares.

Shares of 391 companies were traded on Monday, of which 245 registered an increase, 121 recorded a fall, while 25 remained unchanged.

The NSE Nifty 50 index ended 0.61% lower at 17,999.2 and the benchmark S&P BSE Sensex fell 0.65% to 60,322.37.

The Nifty Bank Index fell as much as 1.27% before ending 1.02% lower, as concerns over rising prices and inflation remain.

SBI and Federal Bank were the bottom performers on the sub-index, falling 2.26% and 2.16%, respectively.

"Mixed global cues are keeping participants on the edge and we expect the trend to continue, at least in the near future," Ajit Mishra, VP-Research, Religare Broking, wrote in a note.

"Among the sectors, the continuous underperformance of the banking pack was dragging the benchmark lower while others helped the index cap the damage," he added.

Among energy stocks, Adani Transmission, Reliance Industries and NTPC Ltd closed lower, shedding 2.99%, 2.32% and 2.08%, respectively, while the Nifty Energy Index ended 1.34% down.

Auto stocks, however, were upbeat, rising as much as 3.35% before ending the day 2.48% higher.

Indian shares end higher

Maruti Suzuki gained as much as 8.3% to record its biggest intraday gain since April 2020, before ending 7.29% higher.

Mahindra and Mahindra Ltd and Tata Motors climbed 3.44% and 2.69%, respectively.

Gains in IT company Coforge, which ended 4.10% higher after filing to list American depositary shares on the New York Stock Exchange, helped boost the Nifty IT Index 0.49% higher.

Global stock markets marched towards new peaks on Tuesday as U.S. President Joe Biden and Chinese leader Xi Jinping held over three hours of virtual talk, helping to nudge China's yuan to a five-month high and pulling the dollar lower.

The blue-chip NSE Nifty 50 index rose 0.18% to 18,135.5 and the benchmark S&P BSE Sensex rose 0.21% to 60,811.7 by 0459 GMT.

The Nifty Pharma Index was up about 1.13%, led by Laurus Labs and Biocon Ltd that rose 6.5% and 2.3% respectively.

Apollo Hospitals climbed 9% after the company's net profit and revenue rose in the September quarter.

Top gainers on the indexes included government-run Oil and Natural Gas Corporation, up as much as 4.91%, after reporting a near seven-fold jump in second-quarter net profit.

Indian cosmetics-to-fashion platform FSN E-Commerce Ventures Ltd, which owns the Nykaa brand, fell as much as 7.4% on Monday.

In its first earnings report following a blockbuster market debut last week, the Falguni Nayar-led Nykaa on Sunday reported a 96% slump in quarterly net profit, hurt by higher marketing and advertisement expenses.

Among market debutants, SoftBank-backed PolicyBazaar's parent PB Fintech opened at a premium 17% to the IPO price. Refined wood pulp maker Sigachi Industries listed at a 250% premium over its IPO price of 163 rupees.

Indian shares end week more than 1% higher; inflation data eyed

"The domestic market looks comfortable, with a lot of IPOs and an overall good quarterly performance by Indian companies," said Sumit Pokharna, VP Research at Kotak Securities.

He also said that the market was upbeat about the listing of new digital companies, and that the only concerns that remain are global factors such as inflation and a strengthening dollar.

In broader Asian markets, shares edged higher as Chinese economic data surprised on the high side, with annual growth in retail sales and industrial output both handily beating forecasts.

The benchmark Nikkei 225 index was up 0.75 percent, or 220.85 points, at 29,830.82 in early trade, while the broader Topix index edged up 0.71 percent, or 14.53 points, to 2,055.13.

"Investors are encouraged to buy stocks following rallies in US shares," Mizuho Securities said in a note, adding traders were closely watching Japan's third-quarter GDP data released before the opening bell.

Japan's economy shrank far more than expected in the three months to September, as a surge in virus cases hit spending and supply chain issues hampered business, data released by the Cabinet Office showed 10 minutes before trade started.

The world's third largest economy shrank 0.8 percent quarter-on-quarter, much worse than the 0.2 percent economists had forecast.

But analysts predict that the slowdown was likely shortlived as Japan's vaccination programme has picked up speed, with the government lifting virus restrictions in October.

Tokyo stocks close lower

Among major shares in Tokyo, Toshiba was up 1.62 percent at 4,951 yen after the conglomerate said it will split into three companies following a campaign by investors to boost the firm's shares after a period of enormous upheaval.

Chip-making equipment manufacturer Tokyo Electron advanced 1.70 percent to 58,610 yen after it revised up full-year operating profit forecast.

Sumitomo Mitsui Financial Group climbed 2.25 percent to 3,951 yen after it revised up its full-year net profit forecast.

The dollar fetched 113.92 yen in early Asian trade, against 113.85 yen in New York late Friday.