MLCF ranked first amongst volume leaders with 4.8M shares, followed by KEL (3.1M) and HUBC
To grapple with this capacity trap, the GoP has initiated an inquiry of certain FO based IPPs (NCPL) allegedly earning excess returns, while also neglecting demands for PPA extension (KAPCO to work on take and pay model post FY21) or coal conversion of existing FO based plant (HUBC
Scrip-wise, Fauji FertiAliser Ltd was down 4.73pc, PPL 2.84pc, Engro CorporaAtion 2.95pc, OGDC 2.25pc, POL 3.25pc, Engro Fertiliser 3.34pc, MCB Bank Ltd 1.65pc, Bank Al Habib Ltd 1.7pc and HUBC
1.64pc contributed the most to 100 index decline.
The principal activity of Thar Power Limited, a subsidiary of HUBC
, is to develop, own, operate and maintain a 330 MW mine-mouth coal fired power plant to be established at Thar Block II, Thar Coal Mine, Sindh.
To recall, HUBC
has not paid dividends during 9MFY19, as against 65% payout in 9MFY18.
Major contribution to the 100 Index downside came from HBL (-1.6 per cent), OGDC (-1.5 per cent), PPL (-1.4 per cent), LUCK (-1.4 per cent) and HUBC
(-1.6 per cent), together taking away 157 points.
Stocks that contributed negatively included HBL that shed 70 points, HUBC
31 points, MCB 23 points, DAWH 20 points and BAHL that took away 19 points.
Some of the top gainers during the week included ENGRO (on ECC's decision to allocate gas from Reti Maru, Sara West and Mari), EFOODS (on strong growth prospects) and HUBC
(on strong cash payout and positive investor response regarding demerger of Narowal) and other notable gainers during the week were PSMC and AICL.
As per the company notice, HUBC
(+5%) has decided to offer 12.5% right issue (139.9 million shares) at a price of Rs50/share (Rs40/share premium) to raise its equity stake from 26% to 47.5% in CPHGC.
Decent financial results of index names such as ASTL, HUBC
, FCCL, UBL and OGDC failed to boost investor sentiments.
According to experts, a major change in Hub Power Company's shareholding is in offering as Dawood Hercules Ltd (DAWH), the single largest shareholder in HUBC
, has announced acceptance of offer from Mega Conglomerate Pvt Ltd (MCPL) for acquisition of 14.91 percent stake in HUBC
Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC
and PPL, which formed 41% of total volumes.