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  • Pakistan stocks up 291 points on fiscal consolidation

    Pakistan stocks up 291 points on fiscal consolidation

    KARACHI: Pakistan stocks ended up 291 points on Thursday as the government took further harsh measures for fiscal consolidation.

    The benchmark KSE-100 index of Pakistan Stock exchange (PSX) ended at 41,730 points from last day’s closing of 41,439 points, showing an increase of 291 points.

    READ MORE: Pakistan stocks up 384 points ahead FATF decision

    Analysts at Arif Habib Limited said that the PSX continued positive momentum as investors’ confidence got boosted as the government announced to further increase fuel prices in order to keep in line with the IMF Program.

    The KSE-100 Index stayed in green zone throughout the day. Activity remained healthy across the board as cement sector remained in the limelight due to price increase in the North region.

    READ MORE: Pakistan stocks recover 175 points

    Sectors contributing to the performance include E&P (+63.7 points), Power (+55.8 points), Cement (+53.7 points), Fertilizer (+49.3 points) and OMC’s (+35.4 points).

    READ MORE: Stocks plunge 1,135 points on adverse budget measures

    Volumes increased from 141.7 million shares to 162.2 million shares (+14.4 per cent DoD). Average traded value also increased by 0.3 per cent to reach US$ 23.0 million as against US$ 22.9 million.

    Stocks that contributed significantly to the volumes are WTL, OBOYR1, MLCF, PRL and CNERGY.

    READ MORE: Stocks gain 279 points on budgetary concessions

  • Pakistan stocks up 384 points ahead FATF decision

    Pakistan stocks up 384 points ahead FATF decision

    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.

    READ MORE: Pakistan stocks recover 175 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.

    READ MORE: Stocks plunge 1,135 points on adverse budget measures

    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).

    READ MORE: Stocks gain 279 points on budgetary concessions

    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.

    READ MORE: Pakistan stocks gain 183 points on rupee appreciation

  • Pakistan stocks recover 175 points

    Pakistan stocks recover 175 points

    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.

    READ MORE: Stocks plunge 1,135 points on adverse budget measures

    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.

    READ MORE: Stocks gain 279 points on budgetary concessions

    Sectors contributing to the performance include Banks (+52.6 points), E&P (+43.2 points), OMC’s (+32.1 points), Technology (+28.4 points) and Fertilizer (+15.6 points).

    READ MORE: Pakistan stocks gain 183 points on rupee appreciation

    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.

    READ MORE: Stocks remain volatile on expected harsh measures

  • Stocks plunge 1,135 points on adverse budget measures

    Stocks plunge 1,135 points on adverse budget measures

    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.

    READ MORE: Stocks gain 279 points on budgetary concessions

    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.  

    READ MORE: Pakistan stocks gain 183 points on rupee appreciation

    Sectors contributing to the performance include Banks (-481.9 points), E&P (-134.9 points), Cement (-97.5 points), Technology (-96.6 points) and Fertilizer (-74.9 points).

    READ MORE: Stocks remain volatile on expected harsh measures

    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.

    READ MORE: Pakistan stocks end flat as investors eyeing budget

  • Stocks gain 279 points on budgetary concessions

    Stocks gain 279 points on budgetary concessions

    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.

    READ MORE: Pakistan stocks gain 183 points on rupee appreciation

    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.

    READ MORE: Stocks remain volatile on expected harsh measures

    Value buying was observed in the last trading hour which led the index to close in the green zone.

    Main board activity remained dry whereas significant volumes were observed in the 3rd tier stocks.

    READ MORE: Pakistan stocks end flat as investors eyeing 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.

    READ MORE: Pakistan stocks gain 262 points in mixed trading

    Stocks that contributed significantly to the volume are TPLP, GTECH, LOTCHEM, HUMNL and HASCOL.

  • Pakistan stocks gain 183 points on rupee appreciation

    Pakistan stocks gain 183 points on rupee appreciation

    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.

    READ MORE: Stocks remain volatile on expected harsh measures

    Analysts at Arif Habib Limited said

    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.

    READ MORE: Pakistan stocks end flat as investors eyeing budget

    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.

    READ MORE: Pakistan stocks gain 262 points in mixed trading

    Stocks that contributed significantly to the volumes are TPLP, WTL, UNITY, HASCOL and GGL.

  • Stocks remain volatile on expected harsh measures

    Stocks remain volatile on expected harsh measures

    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.

    READ MORE: Pakistan stocks end flat as investors eyeing budget

    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. 

    READ MORE: Pakistan stocks gain 262 points in mixed trading

    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).

    READ MORE: Weekly Review: stocks to move with budget reports

    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.

    READ MORE: Pakistan stocks plunge by 923 points on fiscal weakness

  • Pakistan stocks end flat as investors eyeing budget

    Pakistan stocks end flat as investors eyeing budget

    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.

    READ MORE: Pakistan stocks gain 262 points in mixed trading

    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.

    READ MORE: Weekly Review: stocks to move with budget reports

    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.

    READ MORE: Pakistan stocks plunge by 923 points on fiscal weakness

    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).

    READ MORE: Stocks shed 518 points on monetary tightening concerns

    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.

  • Pakistan stocks gain 262 points in mixed trading

    Pakistan stocks gain 262 points in mixed trading

    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.

    READ MORE: Weekly Review: stocks to move with budget reports

    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.

    READ MORE: Pakistan stocks plunge by 923 points on fiscal weakness

    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.

    READ MORE: Stocks shed 518 points on monetary tightening concerns

    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.

    READ MORE: Pakistan stocks shed 322 points on budgetary concerns

  • Compliance cost much higher for corporatization: PSX

    Compliance cost much higher for corporatization: PSX

    KARACHI: Pakistan Stock Exchange (PSX) has said that tax rates for compliance by corporate entities is much higher than the persons out of the tax net.

    The PSX in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said corporate business profits are taxed twice. Once at company level at 29 per cent and on dividend distribution at 15 per cent.

    READ MORE: FBR suggested reduction in tax rates for equity funds

    As compare to 44 per cent of total tax in case of companies, unincorporated businesses are being taxed from 0 per cent to 35 per cent in slabs.

    This inequality in taxation is discouraging corporatization and documentation as unincorporated businesses are subject to substantially lower taxes.

    Absence of clarity in tax laws is causing issues of taxation of Limited Liability Partnership (LLPs) as companies whereas LLPs are essentially AoPs with perpetual life.

    Removal of exemption on inter-corporate dividend under section 59B of the Income Tax Ordinance, 2001 is unfavorable to potential corporate groups discouraging compliance with the best practices of corporate governance requirements.

    READ MORE: PSX proposes tax exemption on property transactions

    The PSX said that inequality of taxation of business shall gradually be removed by reducing corporate tax rate/increasing tax rates for AoPs [First Schedule Part 1, Division I, II, IIA & III].

    Restoration of exemption on inter-corporate dividend between companies eligible for group taxation under section 59B of the Income Tax Ordinance, 2001.

    Giving rationale to the proposal, the PSX said that equality of tax regime will promote corporatization culture leading towards documentation and will therefore generate more tax revenue.

    Adding clarity with respect to status of LLP will encourage more business particularly in services sector to opt for this perpetual business structure. It will also help in increasing tax revenue from these segments.

    READ MORE: SMEs should be given tax credit to encourage listing

    Definition of AoP in section 80(2) of Income Tax Ordinance, 2001 be amended to include LLP till the time same tax rates are not applied to all forms of business.

    Part I, Second Schedule, clause 103C reinstated as follows:

    “Dividend income derived by a company, if the recipient of the dividend, for the tax year is eligible for group relief under section 59B.”

    READ MORE: FBR urged to eliminate minimum tax for listed companies