KARACHI: Pakistan stocks witnessed an increase of 384 points on Wednesday on expectations of coming out of grey list of FATF.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,439 points from previous day’s closing of 41,055 points, showing an increase of 384 points.
Analysts at Arif Habib Limited said that bullish momentum was witnessed at PSX today due to expectation of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).
KSE-100 index stayed in the green zone as investors opted for value hunting in the OMCs, cements and E&P sectors.
Volumes remained sluggish in the main board whereas 3rd tier stocks witnessed hefty volumes.
The Index closed at 41,438.79 points, up by 384.11 points (+0.94 per cent DoD). Sectors contributing to the performance include Cement (+73.6 points), Banks (+70.6 points), Fertilizer (+70.0 points), E&P (+54.7 points) and Power (+34.5 points).
Volumes increased from 120.1 million shares to 141.7 million shares (+18.0 per cent DoD). Average traded value also increased by 41.6 per cent to reach US$ 23.1 million as against US$ 16.3 million.
Stocks that contributed significantly to the volumes are TPLP, BGL, PRL, WTL and SNGP.
KARACHI: Pakistan stocks recovered 175 points on Tuesday after a massive decline of 1,135 points recorded a day earlier.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,055 points from previous day’s closing of 40,880 points, showing a gain of 175 points.
Analysts at Arif Habib Limited said that positive session was observed at PSX today due to expectations of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).
KSE-100 index stayed in the green zone as investors opted for value hunting in the OMCs, E&P and Cement sectors. Volumes remained sluggish in the main board whereas 3rd tier stocks witnessed healthy volumes.
Volumes decreased from 163.8 million shares to 120.1 million shares (-26.7 per cent DoD). Average traded value also decreased by 22.7 per cent to reach US$ 16.6 million as against US$ 21.5 million.
Stocks that contributed significantly are UNITY, KEL, HUMNL, PRL and TPLP.
KARACHI: Pakistan stocks plunged 1,135 points on Monday owing to concerns over measures taken in the budget 2022/2023.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,880 points from last Friday’s closing of 42,015 points, showing a decline of 1,135 points.
Analysts at Arif Habib Limited said that the PSX witnessed a bloodbath session today due to high inflationary and post-budget concerns.
The KSE-100 index plunged by over 1,179 points as investors were unable to digest the adverse measures announced in the budget.
Moreover, Pakistan rupee (PKR) continued to decline against US dollar. Banking sector stayed in the red zone due to harsh taxation imposed in the budget. Institutional investors remained on the sell-side due to redemptions arising from the mutual funds.
Volumes increased from 115.9 million shares to 163.8 million shares (+41.4 per cent DoD). Average traded value also increased by 41.8 per cent to reach US$ 21.4 million as against US$ 15.1 million.
Stocks that contributed significantly to the volumes are HUMNL, CNERGY, KEL, UNITY and PRL.
37A. Capital gain on disposal of securities.—(1) The capital gain arising on or after the first day of July 2010, from disposal of securities, other than a gain that is exempt from tax under this Ordinance, shall be chargeable to tax at the rates specified in Division VII of Part I of the First Schedule:
Provided that this section shall not apply to a banking company and an insurance company.
(1A) The gain arising on the disposal of a security by a person shall be computed in accordance with the following formula, namely: —
A – B
Where —
(i) ‘A’ is the consideration received by the person on disposal of the security; and
(ii) ‘B’ is the cost of acquisition of the security.
(2) The holding period of a security, for the purposes of this section, shall be reckoned from the date of acquisition (whether before, on or after the thirtieth day of June, 2010) to the date of disposal of such security falling after the thirtieth day of June, 2010.
(3) For the purposes of this section “security” means share of a public company, voucher of Pakistan Telecommunication Corporation, Modaraba Certificate, an instrument of redeemable capital,debt Securities, unit of exchange traded fund and derivative products.
(3A) For the purpose of this section, “debt securities” means –
(a) Corporate Debt Securities such as Term Finance Certificates (TFCs), Sukuk Certificates (Sharia Compliant Bonds), Registered Bonds, Commercial Papers, Participation Term Certificates (PTCs) and all kinds of debt instruments issued by any Pakistani or foreign company or corporation registered in Pakistan; and
(b) Government Debt Securities such as Treasury Bills (T-bills), Federal Investment Bonds (FIBs), Pakistan Investment Bonds (PIBs), Foreign Currency Bonds, Government Papers, Municipal Bonds, Infrastructure Bonds and all kinds of debt instruments issued by Federal Government, Provincial Governments, Local Authorities and other statutory bodies.
“Explanation: For removal of doubt it is clarified that derivative products include future commodity contracts entered into by the members of Pakistan Mercantile Exchange whether or not settled by physical delivery.”
(3B) For the purpose of this section, “shares of a public company” shall be considered as security if such company is a public company at the time of disposal of such shares.
(4) Gain under this section shall be treated as a separate block of income.
(5) Notwithstanding anything contained in this Ordinance, where a person sustains a loss on disposal of securities in a tax year, the loss shall be set off only against the gain of the person from any other securities chargeable to tax under this section and no loss shall be carried forward to the subsequent tax year:
Provided that so much of the loss sustained on disposal of securities in tax year 20l9 and onwards that has not been set off against the gain of the person from disposal of securities chargeable to tax under this section shall be carried forward to the following tax year and set off only against the gain of the person from disposal of securities chargeable to tax under this section, but no such loss shall be carried forward to more than three tax years immediately succeeding the tax year for which the loss was first computed.
(6) To carry out purpose of this section, the Board may prescribe rules.
The rate of tax to be paid under section 37A shall be as follows:—
KARACHI: Pakistan stocks gained 279 points on Friday on expectations of incentives in the budget 2022/2023.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,015 points from previous day’s closing of 41,736 points, showing an increase of 279 points.
Analysts at Arif Habib Limited said that the KSE-100 index remained range bound with low volumes due to concerns regarding upcoming budget and inflationary pressure.
Pharma and IT Sector remained in the limelight due to expectation of incentives in the budget.
Sectors contributing to the performance include E&P’s (+64.4 points), Fertilizer (+57.1 points), Automobile (+41.0 points), Technology (+29.2 points) and Chemicals (+27.0 points).
Volumes decreased from 235.3 million shares to 115.9 million shares (-50.4 per cent DoD). Average traded value also decreased by 43.9 per cent to reach US$ 15.2 million as against US$ 27.4 million.
KARACHI: Pakistan stocks gained 183 points on Thursday owing to appreciation in rupee value and rumors of tax incentives in the upcoming budget.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,736 points from previous day’s closing of 41,553 points, showing an increase of 183 points.
The PSX remained positive throughout the day due to strengthening of Pak Rupee against US Dollar and accumulation of value stocks.
Pharmaceutical and Technology sectors remained in the limelight due to rumors of tax relief in the upcoming budget. Mainboard activity gained momentum while hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include E&P’s (+44.5 points), Technology (+32.3 points), Power (+29.9 points), Pharmaceuticals (+29.2 points) and Investment Banks (+23.1 points).
Volumes increased from 151.1 million shares to 235.34 million shares (+55.7 percent DoD). Average traded value also increased by 22.0 percent to reach US$ 27.3 million as against US$ 22.4 million.
KARACHI: Pakistan stock remained volatile on Wednesday as investors are expecting harsh measures in the upcoming federal budget 2022/2023.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,553 points as compared with previous day’s closing of 41,568 points, showing a decline of 15 points.
Analysts at Arif Habib Limited said that the PSX continued to remain under pressure throughout the day due to concerns regarding adverse upcoming budget and mounting inflation.
The federal budget is scheduled on June 10, 2022.
The benchmark KSE-100 index witnessed a volatile session as investors opted to remain sideways as lackluster volume was witnessed in the main board stocks whereas hefty volumes were observed in 3rd-tier stocks. Banking sector stayed in the red zone due to expectation of higher super tax and increase in other taxes in the upcoming budget.
The Index closed at 41,553.16 points, down by 15.25 points (-0.04 per cent DoD). Sectors contributing to the performance include Banks (-62.9 points), Fertilizer (-18.2 points), Textile (-15.7 points), Automobile Assemblers (-14.2 points) and Insurance (-8.9 points).
Volumes decreased from 157.4 million shares to 151.1 million shares (-4.0 per cent DoD). Average traded value increased by 6.2 per cent to reach US$ 22.3 million as against US$ 21.0 million.
Stocks that contributed significantly to the volumes are UNITY, DGKC, OBOYR1, TPLP and PRL.
KARACHI: Pakistan stocks ended flat on Tuesday as investors are waiting for federal budget announcement, which is scheduled on June 10, 2022.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,568 points from previous day’s closing of 41,577 points, showing decline of nine points.
Analysts at Topline Securities said that Pakistan equities witnessed a mix trend today as all eyes are now on the upcoming budget.
Investors opted to stay sidelines which compelled benchmark index to slide. During the day, the KSE 100 index made an intraday low at 41,524 (-53 points; down 0.12 per cent) and an intraday high at 41,854 (+277 points; up 0.66 per cent) before eventually settled at 41,568 (-9 points; down 0.02 per cent) for the day.
Banks, Tech, Food and Power sector’s stocks contributed negatively today to the benchmark index where HBL, TRG, UNITY & HUBC lost 57 points, cumulatively. On the flip side, NML, SNGP & MARI have seen some buying interest as they added 44 points collectively today.
Around 157 million shares traded today at the bourse while total value clocked in at Rs4.2 billion. TPLP was the volume leader of the day with trading of 17 million shares in it, today.
Analysts at Arif Habib Limited said that a range-bound session was observed at PSX today given further devaluation of PKR against USD tagged with concerns of new taxes in the upcoming budget, keeping the investors at bay. The volumes remained dry in the main board although 3rd tier stocks continued positive momentum.
Sectors contributing to the performance include Banks (-21.0 points), Technology (20.5 points), Power (-13.1 points), Vanaspati & Allied (-11.9 points) and Investment Banks (-8.7 points).
Volumes decreased from 189.2 million shares to 157.4 million shares (-16.8 per cent DoD). Average traded value also decreased by 13.8 per cent to reach US$ 20.8 million as against US$ 24.2 million.
Stocks that contributed significantly to the volume are TPLP, UNITY, PRL, OBOYR1 and SNGP.
KARACHI: Pakistan stocks gained 262 points on Monday after witnessing a mixed trading sessions during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,577 points as compared with last Friday’s closing of 41,315 points, showing an increase of 262 points.
Analysts at Topline Securities said that Pakistan equities closed on a green note where benchmark KSE-100 Index settled at 41,577 Level (up 0.63 per cent).
During the day, the KSE-100 index made an intraday low at 282 points. However, value hunting kicked in at the aforesaid level which assisted benchmark index to show some recovery which led to make an intraday high of 360 points.
Initial positivity came from Cement sector as cement prices in the South region have increased by Rs25/bag (effective from June 6, 2022) where LUCK, MLCF,DGKC, KOHC closed higher.
Further investors’ interest also witnessed E&Ps sector where PPL, OGDC and SNGP closed higher as news flows suggest that OGRA has raised gas prices for SNGPL & SSGC by 45 per cent & 44 per cent.
Around 186.31 million shares traded today at the bourse while total value clocked in at Rs4.9 billion. UNITY was the volume leader of the day with trading of 33.13 million shares in it, today.
KARACHI: Pakistan stocks likely to move with report of federal budget 2020-2023, which is scheduled to be presented on June 10, 2022.
Analysts at Arif Habib Limited said that the market is expected to remain range bound given Federal Budget 2022-2023 is anticipated to be announced on June 10, 2022.
“The outcome of the budget presented will determine the market direction in the future,” the analysts said.
Moreover, the government may opt to roll-back the remaining subsidy on petrol and diesel next week, which may further ignite inflationary concerns.
All said, one positive development which market be looking forward to is the inflow from Chinese banks (about $2.3 billion) which, according to Finance Minister, is due shortly.
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.1x (2022) compared to Asia Pacific regional average of 12.4x while offering a dividend yield of 9.6 per cent versus 2.7 per cent offered by the region.
Following the decision of partial removal of subsidy on petrol and diesel, increasing the prices by PKR 30/liter each, market commenced on a positive note this week on hopes of resumption of IMF as these measures are deemed to be a pre-requisite for the Fund’s approval for seventh review.
As a result, Pak Rupee staged a recovery against the greenback (closing at PKR 197.92 this week). However, concerns over inflation (which reached a 28-month high of 13.8 per cent in May 2022) and uptick in government securities yields in T-Bill auction, dampened the sentiment at the index.
Moreover, the jump in National Saving Schemes (NSS) rate (150bps) and the expected hike in power prices (PKR 7.91/unit) sent alarm bells ringing.
Meanwhile, the last trading saw panic at the local bourse after Moody’s Investors Service downgraded Pakistan’s outlook from stable to negative while the announcement of another PKR 30/liter fueled inflationary concerns.
The market closed at 41,315 points, shedding 1,547 points (down by 3.6 per cent) WoW.
Sector-wise negative contributions came from i) Commercial Banks (363 points), ii) Cement (309 points), iii) Fertilizer (163 points), iv) Technology & Communication (124 points), and v) Chemical (93 points).
Whereas, sectors which contributed positively was Vanaspati & Allied Industries (1 points). Scrip-wise negative contributors were LUCK (141 points), HBL (129 points), FFC (87 points), TRG (68 points) and EPCL (55 points). Meanwhile, scrip-wise positive contribution came from POL (13 points), ABOT (10 points), MARI (9 points), SCBPL (6 points) and COLG (6 points).
Foreign selling was witnessed this week, clocking in at $ 0.42 million compared to a net sell of $ 1.51 million last week. Major selling was witnessed in Banks ($ 4.2 million) and Cement ($ 0.4 million).
On the local front, buying was reported by individuals ($ 5.6 million) followed by Companies ($ 5.6 million). Average volumes clocked in at 210 million shares (down 25 per cent WoW) while average value traded settled at $ 30 million (down 23 per cent WoW).
