KARACHI: The share market gained 177 points on Friday on anticipation of unchanged monetary policy rate, analysts said.
(more…)Category: Stock & Commodity
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FBR collects Rs1.8bn as capital gain tax on sale of securities
KARACHI: Federal Board of Revenue (FBR) has collected Rs1.8 billion as capital gain tax on sale of securities during first eight months (July – February) 2020/2021.
The collection of capital gain tax on sale of securities has increased by 31 percent to Rs1.8 billion during first eight months of the current fiscal year as compared with Rs1.37 billion in the corresponding period of the last fiscal year, sources in Large Taxpayers Office (LTO) Karachi said on Friday.
The collection was made under Section 147 (5B) of Income Tax Ordinance, 2001.
Adjustable advance tax on capital gain from sale of securities shall be chargeable as under, namely:—
Where holding period of a security is less than six months: the rate of advance tax shall be two percent of the capital gains derived during the quarter.
Where holding period of a security is more than six months but less than 12 months: the tax rate shall be 1.5 percent of the capital gains derived during the quarter.
Provided that such advance tax shall be payable to the Commissioner within a period of twenty-one days after the close of each quarter: Provided further that the provisions of this sub-section shall not be applicable to individual investors.
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Stock market witnesses decline of 726 points on MPS
KARACHI: The stock market saw a decline of 726 points on Thursday as investors’ were cautions over monetary policy statement (MPS) announcement due on March 19, 2021 and reports of tax exemption withdrawal.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,724 points as against previous day’s close of 45,450 points showing a decline of 726 points.
Analysts at Arif Habib Limited said that the market came down today by 809 points during the session, after posting an initial increase of 163 points.
Increase in leverage levels during the ongoing week from Rs. 35B level (across MTS, MFS and Futures) on March 12th to Rs. 41B till yesterday reignited the issue of overleveraging at a time, when key economic decisions are pending on account of monetary policy as well as withdrawal of tax exemptions.
Selling was observed across the board, with Cement, Steel, Refinery and Tech stocks contributing to the onslaught. Among scrips, BYCO topped the volumes with 57.8 million shares, followed by KEL (49.5 million) and TRG (39.1 million).
Sectors contributing to the performance include Tech (-118 points), Banks (-112 points), E&P (-87 points), Cement (-86 points) and O&GMCs (-48 points).
Volumes increased from 510.8 million shares to 554.1 million shares (+8 percent DoD). Average traded value declined by 5 percent to reach US$ 153.3 million as against US$ 160.4 million.
Stocks that contributed significantly to the volumes include BYCO, KEL, TRG, HUMNL and ANL, which formed 37 percent of total volumes.
Stocks that contributed positively to the index include FFC (+16 points), EPCL (+10 points), INDU (+6 points), AGP (+4 points) and NESTLE (+3 points). Stocks that contributed negatively include TRG (-101 points), ENGRO (-47 points), PSO (-35 points), PPL (-34 points) and BAHL (-33 points).
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PSX to observe holiday on March 23
KARACHI: Pakistan Stock Exchange (PSX) will observe a holiday on March 23, 2021 on occasion of Pakistan Day, a statement said on Thursday.
In a circular, the PSX informed that the stock exchange will remain closed on Thursday March 23, 2021 being public holiday declared by the government on the occasion of Pakistan Day.
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PSX issues notices to six companies for unusual price movement
KARACHI: Pakistan Stock Exchange (PSX) on Wednesday issued notices to six listed companies for explaining unusual movement in their prices of traded shares during past three months.
The PSX issued notices to the following companies:
M/s. Service Fabrics Limited
M/s. Soneri Bank Limited
M/s. Mughal Iron & Steel Industries Limited
M/s. Premium Textile Mills Limited
M/s. Fazal Cloth Mills Limited
M/s. Indus Dyeing & Manufacturing Co. Limited
The stock exchange said that listed companies are required to respond promptly by disclosing the following to the public if there are unusual movements in the price or volume of is traded securities is observed:
a. Details of any matter or development of which it is aware that is or may be relevant to the unusual movements, or
b. A statement of the fact that it is not aware of any such matter or development.
The stock market said that while reviewing the trading data of the companies, it had been observed that the prices of the companies had experienced substantial changes during the last three months.
The PSX said that in case of any material/price sensitive information that is likely to affect the market price/volume, the companies are required to share the same to the exchange for its onward dissemination to all market participants.
The stock market said that in view of above and in absence of any material announcement, the companies had been advised to furnish the reason and / or any material information in their knowledge which may have resulted in substantial decrease in price.
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Stock market gains 593 points on deferment in opposition protests
The stock market witnessed a significant surge on Wednesday, with the benchmark KSE-100 index gaining 593 points, closing at 45,450 points compared to the previous day’s close of 44,857 points.
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Tax credit for enlistment in stock exchange may be withdrawn
ISLAMABAD: The government likely to withdraw tax credit available to companies for enlistment in stock exchange.
The withdrawal of tax credit is part of proposal to rationalize tax exemption regime in the country. The law to withdraw tax exemption and incentives may be introduced soon.
The tax credit for enlistment is available under Section 65C of the Income Tax Ordinance, 2001. The tax credit is available for three years. The first year tax credit for enlistment in stock exchange is 20 percent of the tax payable for the year in which the company is enlistment. Meanwhile tax credit for the following two years is 10 percent of the tax payable.
The government is considering omitting this tax credit. The Federal Board of Revenue (FBR) granted an amount of Rs357 million as tax credit during fiscal year 2019/2020 to the companies listed with stock exchange availing this incentive.
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SECP advises verification of legitimate entities for investment
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SEC) on Tuesday advised the general public to verify legitimacy of entities before investing their hard-earned money and savings.
The regulator in a statement said that in order to promote protection of investors and the public interest, it regularly issues warnings and alerts, guiding the general public to refrain from investing in fraudulent investment schemes that promise hefty profits and unrealistic returns.
As clearly covered in Section 84 of the Companies Act, 2017, inviting and accepting deposits from the public is a prohibited activity, and can only be offered by specialized companies duly authorized by the SECP or SBP.
In view of various complaints and queries received by the SECP concerning an entity “All Pakistan Projects”, it has emerged that the entity is offering lucrative investment packages through its website (https://allpakistanprojects.com/).
The general public is being informed that “All Pakistan Projects” is not registered with the SECP. However, it has been noted that few individuals, whose names are appearing on the website of the entity, are directors/members in the following registered companies.
APP Projects and Real Estate (Private) Limited,
AITS Traders (SMC-Private) Limited,
APP Restaurants & Cafe (Private) Limited,
APP Riders (Private) Limited;
APP Shopping Mall (Private) Limited.
As previously clarified, mere registration of a company with the SECP does not necessary mean that these companies can invite or accept deposits from the public.
In view of above, the general public is advised in their own interest, to refrain from investing their hard-earned savings in unauthorized schemes and verify the legitimacy of any investment scheme before investing. List of other entities/companies involved in similar unauthorized schemes is available on SECP’s website at the following link: https://www.secp.gov.pk/document/list-of-companies-indulged-in-unauthorized-activities/?wpdmdl=41058&refresh=5ff2b4f5a82801609741557
Complaints or evidences against companies involved in unauthorized activities and illegal deposit taking can be sent at email ID [email protected]
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Share markets gains 91 points amid narrow range trading
KARACHI: The share market gained 91 points on Tuesday amid trading in narrow range during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,857 points as against previous day’s closing of 44,767 points, showing an increase of 91 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range after posting an increase of around 2500 points from 42,700 level in the past 2 sessions.
Leveraged positions continued causing jitters every now and then, which kept activity in tech stocks as well as food sector a bit volatile.
Cement sector stocks went up earlier in the session, however, selling pressure brought the levels down by the end of session. Besides Cement, O&GMCs, Steel and E&P sectors bore selling pressure.
Among scrips, UNITY led the table with 37.2 million shares, followed by TELE (35.6 million) and TRG (28.5 million).
Sectors contributing to the performance include Tech (+124 points), Banks (+60 points), Fertilizer (+42 points), Textile (+23 points), Cement (-54 points), O&GMCs (-28 points), Power (-28 points), and E&P (-27 points).
Volumes declined from 455.5 million shares to 408.3 million shares (-10 percent DoD). Average traded value also declined by 9 percent to reach US$ 127.5 million as against US$ 140.1 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, TRG, GGL and PRL, which formed 34 percent of total volumes.
Stocks that contributed positively to the index include TRG (+104 points), HBL (+28 points), EFERT (+21 points), MEBL (+19 points) and SYS (+15 points). Stocks that contributed negatively include HUBC (-37 points), PSO (-17 points), DGKC (-14 points), MLCF (-12 points) and OGDC (-12 points).
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Share market gains 979 points on buying activity
KARACHI: The share market gained 979 points on Monday owing to positive sentiments prevailed on stable political front.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,767 points as against last Friday’s closing 43,788 points showing an increase of 979 points.
Analysts at Arif Habib Limited said that the market opened on a positive note today and added a total of 1051 points, similar to the performance witnessed on Friday.
Leveraged positions have come off lately, whereby leverage in MTS, MFS and Futures stood Rs. 45 billion on March 8th, and by the end of the week declined to Rs. 35 billion.
The Govt’s win of Senate chairmanship also helped investors make view on index. Buying was witnessed across the board, with Cement and Steel sectors contributing the most to the Index.
Among scrips, TRG led the volumes with 24.8 million shares, followed by UNITY (23.6 million) and FCCL (21.1 million).
Sectors contributing to the performance include Cement (+170 points), Technology (+152 points), O&GMCs (+100 points), Banks (+92 points) and Power (+79 points).
Volumes increased from 442.5 million shares to 455.6 million shares (+3 percent DoD). Average traded value also increased by 2 percent to reach US$ 139.9 million as against US$ 137.5 million.
Stocks that contributed significantly to the volumes include TRG, UNITY, FCCL, BYCO and KEL, which formed 24 percent of total volumes.
Stocks that contributed positively to the index include TRG (+97 points), PSO (+71 points), LUCK (+58 points), SYS (+54 points) and HUBC (+47 points). Stocks that contributed negatively include ENGRO (-12 points), MCB (-5 points), PKGS (-4 points), MUREB (-4 points) and HGFA (-4 points).