Share market makes slight gain amid cautious trading

Share market makes slight gain amid cautious trading

KARACHI: The share market gained 33 points on Tuesday as investors maintained a cautious approach towards building positions.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,480 points as against previous day’s closing of 47,447 points, showing an increase of 33 points.

Analysts at Arif Habib Limited said that the investors maintained a cautious approach towards building positions, in the wake of Capital Gain Tax (CGT) liability that is due to be settled by mid of the month, whereby investors anticipate sell off by other than corporate and institutional investors.

Technology sector led the index with NETSOL hitting upper circuit and brisk trading in TRG & SYS. Power sector remained muted due to concerns over Petroleum Division’s stance on payments to IPPs under Power Policy of 2002.

Among scrips, WTL topped the volumes with 48 million shares, followed by GGGL (37.5 million) and TPL (28.4 million).

Sectors contributing to the performance include Technology (+36 points), Inv Banks (+25 points), Banks (+17 points), Fertilizer (+13 points), E&P (-17 points) and Autos (-15 points).

Volumes increased from 474.9 million shares to 496.8 million shares (+5 per cent DoD). Average traded value increased by 13 per cent to reach US$ 101.8 million as against US$ 90.2 million.

Stocks that contributed significantly to the volumes include WTL, GGGL, TPL, FFL and TPLP, which formed 32 per cent of total volumes.

Stocks that contributed positively to the index include PSX (+21 points), SYS (+18 points), TRG (+16 points), BAHL (+16 points) and CEPB (+8 points). Stocks that contributed negatively include PPL (-10 points), MCB (-9 points), KAPCO (-8 points), OGDC (-7 points) and COLG (-7 points).

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