ISLAMABAD: The unabated bullish sentiment prevailed in the stock market which boosted the KSE-100 index above 49,300 points on Thursday morning.
The market started trading at 48,947 points this morning and within a few minutes, the KSE-100 index surged beyond the 49K level. The index gained 374 points by 10:20 am.
The Pakistan Stock Exchange recorded 60.21 million shares trading till this time. In monetary terms, shares worth 2.841 billion changed hands in the stock market.
The recent visit of the vice prime minister of China He Lifeng, Chinese President Xi’s statement in support of Pakistan and CPEC encouraged investment in shares.
Since the resumption of the IMF loan, the KSE-100 index has gained more than 5,000 points. Thus, robust growth in the stock market trading indicates the revival of economic activities in the country.
Mega companies report huge profits in 2023. The stock market again crossed 49,300 points
Meanwhile, four mega companies operating in Pakistan reported huge profits in 2023. Some companies have reported half-yearly profits while some have announced full-year financial results, ending June 2023.
Nestle Pakistan reported a bumper profit of 17.58 billion rupees for six months (from Jan-June 2023). The post-tax profit of Nestle Pakistan Limited amounted to 10.98 billion rupees for the first half of the year, ending June 2023.
he value of the company’s share surged by 242 rupees in the stock market this year.
Similarly, Engro Fertilizers earned 13.91 billion rupees profit before tax payment from January to June 2023.
File photo of Pakistani currency notes as four mega companies report huge profits in 2023.
After payment of taxes, the net profit of the company fell to 5.46 billion rupees. It means the company paid a major chunk of its profit to the government as tax in the first half of this calendar year.
Earlier, Habib Bank Limited stunned corporate circles by reporting a bumper profit of 51.5 billion rupees for the half-year, ending June 2023.
The bank’s net profit ended at 26.33 billion rupees after the payment of taxes to the government. HBL is among the top three banks in Pakistan in terms of size and profitability.
Moreover, Colgate-Palmolive Pakistan Limited reported 16.55 billion rupees pre-tax profit for the fiscal year 2022-23, ending June 2023. The profit after tax of the company closed at 10.49 billion rupees. The value of the share of the company in the stock market increased by 99.48 rupees during the period under review.
Importantly, all these mega companies have shared their financial results with the Pakistan Stock Exchange, SECP, and their shareholders. It is a mandatory requirement for the listed companies in Pakistan.
