Bulls took control at the Pakistan Stock exchange (PSX) on Friday to end the week on a positive note as uncertainty around Capital Gain Tax (CGT) submission ended, lifting investors’ sentiments.
On Thursday the benchmark kse-100 index had climbed past 47,800 level after posting about 206 points gain by the closing bell.
The trading kicked off on an optimistic note right after the opening bell as the index climbed steadily for most part of the day and touched intraday high of 47,892.20.
Investors continue to cheer up Eurobond proceeds of $1 billion, which also propped up the State Bank of Pakistan’s (SBP) foreign currency reserves to four-and-a-half-year high, which was also a major positive macroeconomic indicator.
Irfan Saeed, Senior Vice President, BMA Capital Management Limited, said that as investors submitted their CGT payables to the NCCPL with the deadline that expired on Friday,investors took fresh positions in the market with major contributions driven by Insurance Companies.
The deadline for the Investors to submit CGT to the NCCPL by the July 16th, since the NCCPLs’s move to collect CGT till May 21, ahead of the normal 12 month time-which ends on June 30th- disrupted the investors’ payables, as most of them booked losses in June to net off gains.
However, resurgence of Covid-19,which took 24-hours positivity ratio above 4% mark and the political uncertainty in Afghan region kept the index in check.
The volume at kse-100 receded from 191.69 million shares recorded in the previous session to 109 million shares, while the all-share index recorded a volume of 348 million shares, down from 506.29 million shares from the previous session.
At KSE-100 the volume chart was led by TPL corp Limited followed by AL Shaheer Corporation Limited and Treet Company Limited. The scrips exchanged 29.69 million, 17.75 million and 17.09 million shares.
As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $0.229 million worth of shares.
Among local investors Individuals and Other organizations led the selling chart, which offloaded $4.25 million and $1.08 million worth of equities. Whereas, Insurance Companies led the buying chart, and mopped up $7.9 million worth of equities.
During the session, sectors which lifted the index were Commercial Banks with 74 points, Cement with 70 points, Technology & Communication with 51 points, Chemical with 14 points and Automobile Assembler with 8 points.
Among the scrips, the most points added to the index was by Lucky Cement which contributed 59 points followed by Systems Limited with 47 points, Habib Bank Limited with 27 points, United Bank Limited with 17 points and Bank al Falah Limited with 13 points.
However, sectors which dented the index were Oil & Gas Exploration Companies with 28 points, Investment Banks with 10 points, Oil & Gas Marketing Companies with 6 points, Automobile Parts & Accessories with 4 points and Fertilizer with 3 points.
Among the scrips, the most points taken off the index was by Pakistan Oilfields Limited which stripped the index of 19 points followed by PSX with 9 points, ENGRO with 8 points, Pakistan State Oil with 6 points and Mari Petroleum Company with 5 points.