KARACHI: Pakistan Stock Exchange extended its gains and hit new highest-ever level on Friday as there’s no increase in tax rate on dividend and capital gain from stock market for filers against market rumors. The increase in taxes on other asset classes continues to garner investor interest in the market.
The benchmark KSE-100 Index crossed 77,000 level for the first time in history to hit 77,310.45 points intra-day highest ever level, however profit taking in some stocks minimized intra-day gains. The index finally closed at its new highest ever level of 76,706.77 points with net gain of 498.61 points or 0.65 percent.
Trading activity however remained low as total daily volumes on ready counter decreased to 395.897 million shares as compared to 635.525 million shares traded on Thursday while total daily traded value on the ready counter declined to Rs 21.366 billion against previous session’s Rs 30.745 billion.
BRIndex100 gained increased by 65.13 points or 0.82 percent to close at 8,041.64 points with total daily turnover of 333.874 million shares.
BRIndex30 lost 75.95 points or 0.3 percent to close at 25,526.17 points with total daily trading volumes of 188.371 million shares.
Foreign investors also remained net buyers of shares worth $1.409 million. Total market capitalization increased by Rs 45 billion to Rs 10.178 trillion. Out of total 439 active scrips, 205 closed in negative and 160 in positive while the value of 74 stocks remained unchanged.
K-Electric was the volume leader with 23.043 million shares however lost Rs 0.10 to close at Rs 4.62 followed by WorldCall Telecom that closed at Rs 1.32, down Rs 0.01 with 22.436 million shares. Air Link Communication increased by Rs 2.13 to close at Rs 80.37 with 17.995 million shares.
Nestle Pakistan and Hoechst Pakistan were the top gainers increasing by Rs 89.24 and Rs 49.79 respectively to close at Rs 7,097.92 and Rs 1,598.99 while Sazgar Engineering Works and Pakistan Services Limited were the top losers declining by Rs 50.66 and Rs 38.48 respectively to close at Rs 802.06 and Rs 804.40.
An analyst at Topline Securities said that the KSE-100 Index extended its gain as the index gained to make an intraday high of plus 1,102 points, as no increase in tax rate on dividend and capital gain from stock market for filers against market rumors and increase in taxes on other asset classes continue to garner investor interest in the market.
Some intraday profit taking was observed during the latter part of trading session, as investors preferred to book their profit before the long weekend on account of Eid ul Azha holidays.
Major positive contribution to the index came from banks, as MEBL, MCB, BAFL, UBL, BAHL and HBL cumulatively contributed plus 642 points to the index.
BR Automobile Assembler Index declined by 331.36 points or 1.9 percent to close at 17,126.00 points with total turnover of 12.428 million shares.
BR Cement Index decreased by 101.6 points or 1.27 percent to close at 7,904.24 points with 36.441 million shares.
BR Commercial Banks Index increased by 732.21 points or 3.6 percent to close at 21,076.22 points with 41.408 million shares.
BR Power Generation and Distribution Index gained 67.43 points or 0.37 percent to close at 18,218.23 points with 32.654 million shares.
BR Oil and Gas Index inched up by 5.2 points or 0.08 percent to close at 6,591.54 points with 30.485 million shares.
BR Tech. & Comm. Index fell by 39.78 points or 0.97 percent to close at 4,043.42 points with 77.427 million shares.
Ahsan Mehanti at Arif Habib Corporation said stocks closed all-time high in the post-budget rally at PSX as investor weigh fall in Government Treasury bond yields, rupee recovery and status quo in tax measures for tax filers of capital markets.
He said FM plans over launch of Eurobonds of up to $1.0 billion and fresh bid for $4.0 billion foreign bank loans, projections for massive increase in SOEs dividends and SOEs privatisation proceeds in FY25 played catalyst role in record close.
Copyright Business Recorder, 2024
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