LAHORE - Investors sentiments remained bullish at the Pakistan Stock Exchange on Monday ahead of Prime Minister Imran Khan’s visit to China (expected by the end of this week) for another support package. Moreover, weekend news that Pakistan has asked UAE to provide deferred payment facility for oil import (a package of up to $6b as per media outlets), kept the momentum high. In last 4 trading sessions, market gained 9.6 percent (3,739pts), which is nearly a 9-year consecutive 4 session high (in percentage terms).

Consequently, Pakistan market traded 461m volumes (+25 percent), the highest since 24 May, 2017 just before the country was officially included in the MSCI EM Index. Value reached $119m, +13 percent, highest since Jan 2018.

Government on Saturday asked cement manufacturers to gear up for meeting an upsurge in demand from the construction sector, this greatly increased interest in LUCK (+5 percent), DGKC (+5 percent), FCCL (+4.97 percent) and MLCF (+4.98 percent) as the cement sector added 142 points to the index.

Pakistan Petroleum Limited (PPL) posted its 1QFY19 results, disclosing EPS of Rs6.09, up 5 percent YoY. This is due to a 19 percent YoY rise in sales, a 18 percent increase in other income and a 300bps YoY decline in effective tax rate.

Nishat Chunia (NCL) revealed its 1QFY19 results, disclosing EPS of Rs5.68, up 2.4x YoY. This is due to an 11 percent YoY rise in sales, a 6.6x YoY increase in other income and a 6ppts YoY rise in gross profit margins.

Nishat Chunian Power (NCPL) posted its 1QFY19 results recording EPS of Rs2.44, equal to its earnings in the same period last year. Earnings remained stagnant as gross profit margins fell 200bps YoY and other expenses decreased 62 percent YoY.

Unity Foods Limited (UNITY) revealed its 1QFY19 results, recording EPS of Rs0.66, up 22 percent QoQ. This is due to a 44 percent QoQ rise in sales, an 11 percent QoQ decline in distribution costs and a 6 percent QoQ fall in finance cost. The company started its commercial operations from Feb 2018.

Glaxo SmithKline Pakistan Limited (GLAXO) announced its 3Q2018 results, posting EPS of Rs1.7 vs EPS of Rs2.46 in the same period last year. The fall in earnings is due to a 6ppts YoY decrease in gross profit margins, a 17 percent YoY rise in sales and distribution costs and a 12ppts YoY increase in effective tax rate.

Shabbir Textiles & Ceramics (STCL) disclosed its 1QFY19, posting EPS of Rs0.21 vs LPS of Rs0.08 in the same period last year. The improvement in earnings is due to a 28 percent YoY rise in sales, a 43 percent YoY increase in other income and a 30 percent YoY decline in finance cost.