Market watch: Stocks rise as quarterly results trickle in
Benchmark KSE-100 index gains 170.75 points to settle at 46,458.13
Shares of 421 companies were traded. At the end of the day, 224 stocks closed higher. PHOTO: REUTERS
KARACHI:
The much-awaited corporate earnings season gained momentum and generated interest in the stock market on Wednesday as the benchmark KSE-100 index rose 171 points.
The market managed to sustain the gains recorded in the previous session, however, the benchmark index kept swinging between red and green zones as companies in certain sectors announced financial results for the quarter and half year ended December 31, 2020. The bullish trend was supported by technology and cement stocks.
Bank Al-Habib’s Profit Grows by 60% in 2020
Bank AL Habib is one of the banks which exhibited remarkable financial performance in 2020, cashing in on the opportunities from COVID-19, showing a double-digit profit growth of around 60 percent in 2020.
According to the financial results, the bank made a profit of Rs. 17.81 billion as compared to a profit of Rs. 11.1 billion recorded in 2019.
The bank’s profit before tax was recorded at Rs.28.58 billion, showing a growth of 50.34 percent as compared to last year, driven by the mark-up income as well as fees and commission income translating into an EPS of Rs. 16.03 per share as against Rs. 10.05 per share for the year 2019.