KSE-100 Index plummets 752 points as Covid fears weigh on sentiments
April 6, 2021
Bears continued to wreak havoc at Pakistan Stock Exchange (PSX), as investors have struggled to gain a firm foothold ever since the benchmark KSE-100 index slipped from the recent high of 47,000 points, as market is being held hostage to the flare-up in Covid-19 infection cases that has forced fresh rounds of lockdown across the country.
Owing to weak economic indicators and Covid-19 fears, on Monday the kse-100 index lost another 752 points by the closing bell to clock at 43,548.21 level.
Investors have remained muted over positive exports data, which posted an increased to a ten-year high at $2.345 billion during March and appreciation of Rupee, which has led the chart of the world’s best-performing currencies in the first three months of CY21 as it closed on a stronger note with an appreciation of 4.43% against the US Dollars.
Honda Atlas Cars Announces a Massive Turnaround in 3rd Quarter
Honda Atlas Cars Pakistan Ltd. (HCAR) announced its financial results for the third quarter that ended December 31, 2020.
The company has reported a profit of Rs. 751.80 million during the 3rd quarter. It had reported a loss of Rs. 41.25 in the same period last year. During the first nine months, the profits of the company grew by 26.40 percent to Rs. 897.65 million as compared to Rs. 710.15 million.
During this quarter, the company sales bounced back massively by 80 percent to Rs. 17.64 billion as compared with Rs. 9.86 billion recorded in the same period last year, with multiple price hikes. The cost of sales was reported at Rs. 16.49 billion, up by 80 percent compared to Rs. 9.21 billion. This took the gross profits to Rs. 1.15 billion, up by 78.02 percent compared to Rs. 646 million.