Pakistan Stock Exchange (PSX) benchmark saw a bullish trend throughout the day as the KSE 100 touched an intraday high of 44,404.86 points on the back of news that rupee had depreciated against the dollar to Rs 118 in the inter-bank market – down by almost 5%.
Experts had already anticipated this, as World Bank also recommended that rupee should be devalued to decrease the trade deficit.
The benchmark KSE-100 index closed with a gain of up +770.14 or +1.77% points to close at 44,309.75 points.
Volumes got better as the local markets have taken the depreciation of the rupee positively.
The textile and oil sectors gained due to a direct advantage, while shares of banks got a boost due to expectations of an early interest rate hike that would come on the back of higher inflation readings.
Top contributors to the market were UBL (91.64 points), HBL (90.53 points), MCB (81.88 points), PPL (73.58 points) and BAHL (52.23 points)
Another positive news for the market was the meeting between Finance adviser and PSX board which ended on a positive note. PSX officials proposed the government to rationalize taxes on bonus shares and capital gains.
The Pakistan Stock Exchange (PSX) has proposed to the government to rationalize Capital Gains Tax (CGT) on the transaction of shares.
They also demanded rationalization of taxation regime for brokers and taxability of inter-corporate dividends to rev up the benchmark KSE 100-share Index that lost around 16 percent during the last year.
PSX has also been seeking extension in tax credit period for newly-listed firms to encourage corporate sector’s listing in the capital market.
PSX officials at the meeting said the budget proposals are for the growth and betterment of the capital market, which will result in revenue generation and contribution to the exchequer.
The market saw an intraday high of +865 points on the back of rupee depreciation and expected tax reforms for the stock market.
All shares index had a traded volume of 219.90 million shares today. Overall, stocks of 374 companies were traded on the exchange, of which 209 gained in value, 147 declined and 18 remained unchanged. In KSE 100, 92.61 million shares were traded with a net worth of just Rs 7.94 billion.
Top traded sectors:
Nimir Resin was the volume leader with 15.21 million shares, gaining Rs0.58 to close at Rs 11.69. It was followed by TRG Pak Ltd with 13.42 million shares, gaining Rs1.41 to close at Rs36.81, Lotte Chemical with 13.19 million shares, losing Rs0.20 to close at Rs10.09 and Unity Foods Ltd with 10.50 million gaining Rs0.70 to close at Rs28.19.
Top Gainers of the Market were:
Top Decliners of the Market were:
|Philip Morris Pak.||2842.88||-149.62||-5.00%|
|Atlas Honda Ltd||552.59||-16.50||-2.91%|