Strong corporate results seemed to have revived sentiment at the Pakistan Stock Exchange (PSX), as the KSE-100 inched up 0.27% during the trading session on Wednesday, only a day after feeling the heat of Russia-Ukraine tension.
At close, the KSE-100 finished with a drop of 120.74 points or 0.27% to finish at 45,132.92.
“The ongoing results season helped in reviving investor confidence,” said Capital Stake in its post-market note.
KSE-100 feels the heat as Russia-Ukraine tension rises
On the economic front, the International Islamic Trade Finance Corporation (ITFC) signed the $1.2 billion Annual Plan for 2022 in favour of the government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors.
On the corporate front, OGDC posted a profit of Rs68.9 billion during 1HFY22, fueled by a hefty surge in oil prices (+77% YoY) and 1% YoY uptick in oil production.
Maple Leaf Cement Factory Limited (MLCF) announced its 2QFY22 result, posting a consolidated profit after tax (PAT) of Rs1,919 million, with an EPS of Rs1.75, in contrast to preceding years’ Rs1,070 million and an EPS of Rs0.97.
Sectors driving up the benchmark index included cement (71.72 points), banking (46.61 points) and automobile assembling (17.12 points).
Volume on the all-share index decreased to 186.35 million from 227.17 million on Tuesday. The value of shares traded declined to Rs6.80 billion from Rs7.63 billion recorded in the previous session.
Bank of Punjab was the volume leader with 13.63 million shares, followed by TeleCard Limited with 12.29 million shares, and WorldCall Telecom with 11.56 million shares.
Shares of 348 companies were traded on Wednesday, of which 178 registered an increase, 153 recorded a fall, and 17 remained unchanged.
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