KARACHI: Pakistan Stock market failed to break the bearish spell and remained range-bound due to a break in flow of positive news and corporate activities. The benchmark KSE-100 Index traded in narrowband up and around 48,500 points with several intra-day attempts to break the bearish spell.
KSE-100 Index was trading at 48,611 points at 1 pm, 21 points down from yesterday’s closing levels. The index went as high as 48,878 points and observed 48,578 as the day low by mid-day. The market started the day in a very positive mood with a flow of fresh buying after correction in the previous session.
However, the inflated prices and the psychological barrier over 48,500 points levels triggered profit-taking that leads the index back in negative territory by 11 am.
The market despite the selling pressure kept coming back in positive territory with help of selective buying by the investors. The traders and analysts said there was some news regarding disagreement by the business and industry association regarding budget that also added to the pressure on the market.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo has slammed the Section 203A of the budget 2021-22 which gives powers to arrest and prosecute any person for concealment of income to assistant commissioners of Inland Revenue Service merely on the basis of an accusation or doubt.
He said in a statement issued on Tuesday that the income tax is a civil liability and could not be treated as a criminal liability; and this has always remained a civil matter historically.
