KARACHI: On Tuesday, the Pakistani stocks further gained 596.45 points at closing as there was an enthusiasm among the investors after receiving the announcement from Federal Board of Revenue (FBR) to collect Capital Gain Tax (CGT) annually instead, on a monthly basis.
The Karachi Share Index (KSE-100) went up by 596.45 points (1.45 per cent) after closing at 41,665.27 against the previous closing of 41,068.82 points. The market went up to 41,716.15 points intra-day trading while recorded as low as 41,065.02 points.
Trading volume slightly jumped to 489.6 million shares today as compared to 388.5 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 19.484 billion from Rs 14.061 billion in the previous session, the data said.
According to the analysts, the FBR has announced to collect the Capital Gain Tax (CGT) on annual basis instead of on monthly basis, which will create liquidity in the market. The decision came late last night and the market remained positive throughout the day.
The analysts further claimed that coronavirus cases are still declining because of the federal government policies and smart lockdown. Meanwhile, the PDM’s procession also concluded in Multan without any problem yesterday.
On the other side, the inflation figures come down on weekly basis, while US Dollar was stable after gaining 40-45 paisas in the interbank market.
The market opened on a positive note today with +23 points and added a total of 655 points on the board. Buying activity was observed across the board, however, the power sector (HUBC) contributed heavily. Cement, fertilizer, bank, E&P and OMCs also helped the Index put a formidable number. International crude oil prices inched up as well during the session, which helped the E&P sector, see brisk buying activity.
Stocks that contributed significantly to the volumes include UNITY, TRG, HUMNL, PIBTL and PRL, which formed 37% of total volumes.
Stocks that contributed positively to the index include HUBC (+110pts), ENGRO (+32pts), PAKT (+28pts), MEBL (+23pts) and UNITY (+20pts).
Stocks that contributed negatively include JLICL (-11pts), NESTLE (-5pts), BAFL (-3pts), SCBPL (-2pts) and FML (-2pts).
