Pakistan Stock Exchange was down by intraday low of – 858 points after new taxation measures were announced in Budget 2017-18. The benchmark index witnessed a second bearish session of the week after closing in negative. The budgetary developments are still negative for the market sentiment.
The Finance Minister announced imposing a flat capital gains tax (CGT) rate of 15% for filers, and a whopping 20% for non-filers of tax returns which will be applicable from July 1.
The policy saw a huge negative reaction as the profit taking was seen. The investors were looking to sell at a lower CGT rate which is applicable now.
KSE-100 index fell by -685.74 points, or 1.32 pc by the close of Tuesday’s trading session to reach 51453.16 points.
Overall, volumes surged to 234 million shares, while in KSE 100 index volumes surged to 86.44 million shares.
CEMENT was the top traded sector with total traded volume of 35,936,000 shares. It was followed by ENGINEERING with a total traded volume of 29,026,000 shares and COMMERCIAL BANKS sector with a total traded volume of 26,538,300.
Shares of 379 companies were traded. At the end of the day, 81 stocks closed higher, 289 declined while 9 remained unchanged.
Power Cement (R) was the volume leader with 23.98 million shares, losing Rs 0.28 to close at Rs 2.51. It was followed by Engro Polymer with 11.62 million shares, losing Rs 0.90 to close at Rs 31.63, TRG PAK Ltd with 9.42 million shares, losing Rs 0.57 to close at Rs 52.07 and International Steels Ltd with 8.58 million shares, losing Rs 8.18 to close at Rs 155.87.
Top Contributors of the Market were:
HBL, MCB, LUCK, HUBC and ENGRO.
PAKT, MARI, PIOC, ABOT and JLICL
The top advancers of the market were:
Top decliners of the market were: