KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 237 points on Monday on expected tax measures for the equity market in mini-budget.
The market anticipates relaxation of taxes will boost the market in near future, analysts said.
The index closed at 39,544 points as against 39,307 points showing an increase of 237 points.
Analysts at Arif Habib Limited said that market moved upwards today on the back of positive news flow on financial support from friendly countries in Gulf, as well as anticipation of China’s support in the offing.
Higher international crude prices helped E&P sector to perform better, with OGDC and PPL scoring 4M and 3.1M shares respectively.
Besides, expectation of improvement in Core Delta for EPCL, helped stock reach new highs and last half hour’s trading pulled the price back above 41.
Cement sector lagged behind mainly due to expectation of poor results as well as likelihood of sales being hit due to measures adopted in the upcoming mini-budget.
Sectors contributing to the performance include Banks (+120 points), E&P (+116 points), Autos (+34 points), Fertilizer (+32 points), Power (+14 points), Cement (-45 points), Insurance (-17 points), Refinery (-15 points).
Volumes declined from 155 million shares as against 124 million shares (-20 percent DoD).
Average traded value however, increased by 17 percent to reach $43 million as against $36.9 million.
Stocks that contributed significantly to the volumes include KEL, FFL, BOP, TRG and PACE, which formed 35 percent of total volumes.