The clarification by the Advisor to Prime Minister on Finance, denying imposition of additional taxes on share business, invited healthy buying on Friday said and the KSE-100 index surged by 176.42 points to close at 7,146.24 points level.
An aid package of $1.5 billion per annum, approved by US Congress and pledge of $224 million for IDPs by donor agencies also revived interest of foreign investors and encouraged local institutions and retail investors to take fresh position in the oversold market, analysts said.
The market opened on a positive note and index hit 7,179.73 points intra-day high, up by 209.91 points, but closed slightly lower due to profit taking in some select stocks. Trading improved and the volume at ready counter increased to 201.875 million shares as compared to 111.467 million shares traded on Thursday.
Market capitalisation increased by Rs 51 billion to Rs 2.118 trillion. Of 318 active scrips, 243 closed in positive and 61 in negative, while the value of 14 scrips remained unchanged. Pak PTA was the volume leader with 55.193 million shares as gained Re. 0.68 to close at Rs 3.67. Jahangir Siddiqui Co increased by Rs 1.20 to close at Rs 25.33 with 11.383 million shares.
Fresh buying was also seen in the cement sector, as DG Khan Cement and Lucky Cement surged by Re. 0.80 and Rs 2.66 to close at Rs 26.30 and Rs 56.03 with 11.378 million shares and 5.256 million shares respectively. NIB Bank and NBP increased by Re. 0.45 and Rs 2.21 to close at Rs 5.66 and Rs 72.89 with 7.350 million shares and 4.214 million shares respectively.
Fauji Fertiliser Co gained Rs 3.15 to close at Rs 101.35 with 5.651 million shares. PTCL increased by Re. 0.44 to close at Rs 16.90 with 5.567 million shares. KESC closed at Rs 2.64, up by Re. 0.15 with 5.520 million shares. OGDC surged by Rs 1.40 to close at Rs 74.80 with 4.884 million shares.
Unilever Pakistan and Siemens Pakistan were the highest gainers and gained Rs 45.01 and Rs 41.50 to close at Rs 1995.01 and Rs 919.50 respectively, while Nestle Pakistan and Bata (Pak) were the worst losers and lost Rs 45.00 and Rs 30.00 to close at Rs 950.00 and Rs 578.00 respectively. Ahsan Mehanti at Shehzad Chamdia Securities said that intense buying was witnessed at the market as Advisor to PM on Finance clarified stance on capital market taxation.
The investors built portfolios as proposal for Rs 650 billion PSDP allocation for FY2010 forwarded by APCC taken positive for cement sector and the economy. The $1.5 billion per annum aid bill passed by US Congress pledge of $224 million for IDPs by donor agencies and advancement in operation against militancy in Swat taken positive by investors, he added.
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