KSE-100 gains 364 points on expected relief in mini budget

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended with gain of 364 points owing to expected relief in advance tax and capital gain tax.




The index closed at 39,413 points as against 39,049 points showing an increase of 364 points.

Market had a positive start of the week, on the back of budgetary measures in the mini budget adopted by the government due to be announced on January 23, 2019.

As per the recent press briefing conducted by Finance Minister, positive impact is anticipated for the stock brokers hinting relief on CGT, analysts at Arif Habib Limited said.

Market remained largely positive across the board and buying was observed in Technology, Cable, Power and Chemical sectors. Leading stocks on the volumes chart were PAEL, KEL, TRG and LOTCHEM that covered almost 35 percent of the total market volume.

Sectors contributing to the performance include Banks (+80 points), Fertilizer (+65 points), Cement (+54 points), Pharma (+39 points) and O&GMCs (+27 points).

Volumes declined from 123.5 million shares to 115.3 million (-7 percent DoD).

Average traded value also declined by 14 percent to reach $ 39.5 million as against $ 45.8 million.

Stocks that contributed significantly to the volumes include PAEL, KEL, TRG, LOTCHEM and BOP, which formed 38 percent of total volumes.

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