Pakistan equities Monday closed in green with benchmark KSE-100 Index settling at 39,413, up 0.93 percent for the day on the back of anticipation of relief for the stock market in the government’s upcoming mini-budget.
Market kicked off on a positive note after Finance Minister’s assurances to the business community over the weekend on the upcoming Finance Bill, scheduled to be presented in the National Assembly on January 23, 2019.
An analyst at Trust Securities said positive direction also kept the investors occupied after the news circulated that federal government has decided to abolish the 0.02 percent advance tax on sale/purchase of shares and the federal government was considering giving a massive relief to stockbrokers and real estate sectors in the mini budget.
Investors tracked down developments after Pakistan might face its worst gas crisis in the upcoming years as the Pakistan Tehreek-e-Insaf (PTI) government.
The Minister promised that the upcoming measures are being devised to lower the cost of doing business, rather than increasing the tax revenues for the government; in order to promote the Investment Climate in the country. Additionally, he hinted that the issue of GIDC will likely be resolved for the Fertilizer sector while the unjustified taxation on the Brokerage Industry will be rationalized.
Positive momentum was thus observed across the board with the highlight of the day being the Automobile Assemblers as Pak Suzuki (PSMC) gaining 5.0 percent and Honda Altas Cars (HCAR) gaining 5.0 percent both closed on their respective upper circuits on market speculations that the upcoming Finance Bill may remove the restriction on Non-Tax Filers from purchasing new cars.
Volumes Chart remained dominated by retail/speculative names i.e. Pak Electron Limited (PAEL), K-Electric Limited (KEL) and TRG Pakistan Limited (TRG) which collectively traded 35 million shares.
An analyst at Elixir Research Murtaza Jafar says current rising momentum is likely to test 40,100-40,300 levels.
Overall volumes clocked in at 115 million shares with traded value settling at US$39 million. Pharmaceutical sector remained in the limelight with SEARL (+4.0%), AGP (+3.2%), ABOT (+3.8%) and GLAXO (+5%) closing in the green.
Published in Daily Times, January 15th 2019.
Our calendar may be littered with difficult commemorations. Still, every December 27th, we are forced…
Patience seems to be wearing thin as the chaos surrounding the Medical and Dental College…
We lost you 17 years ago on 27 December to terrorists and suicide bombers which…
In his book Animal Farm, George Orwell said, "All animals are equal, but some animals…
“Warfare being under perpetual transformation from unmanned systems to AI-powered combat to grey-hybrid conflict and…
Leave a Comment