After weeks of the downward trend on the KSE100 index, it made a comeback on Thursday, and the index gained 1,112 points. This week index increased by 345 points to close at 44,822. The possibility of successful negotiation with IMF, exclusion of Pakistan from the FATF gray list and global equity market showing recovery drove the investor’s confidence in PSX as well. Analysts expect that the result season will provide support, and the upward momentum will continue.
RESULT ARE IN
Habib Bank Ltd(HBL: -0.10%) has announced the 3QCY21 result on Friday where the bank reported a consolidated PAT of PKR 9.0bn (EPS: PKR 6.11). Meezan Bank Ltd(MEBL:-0.07%) announced the 3QCY21 result on Thursday where the bank reported consolidated PAT of PKR 7.0bn along with PKR 1.50 interim cash dividend. Lotte Chemical Pakistan Ltd(LOTCHEM: +2.02%) announced the 3QCY21 result on Friday, where the company posted a net profit of PKR 628mn (EPS: PKR0.41).
JUST CAN'T DO IT
Archroma Pakistan Limited (ARPL: -3.34%) has announced force majeure due to the company’s inability to procure raw materials and supplies coming from China. Force majeure is a standard clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance is beyond the parties’ control. However, this event will not do long-term damages but will impact the company’s profitability in the short term.