News Column

KSE gains 68 points on no hike in CGT

May 14, 2014

Our Staff Reporter

Stocks closed higher amid thin trade led by oversold oil stocks on strong valuations and rally in global stocks following Modi’s victory as Indian Prime Minister.

The Karachi stock market benchmark KSE-100 Share Index posted a fresh gain of 67.61 points or 0.24 percent to end the day at 28411.49 points compared to 28343.88 points of the last session.

Experts said that renewed foreign interest, record rise in home remittances to $12.9b Jul-Apr’14 and FM statements for no increase in CGT in federal budget impacted the sentiments. Improving SBP economic indicators on FX reserves and fiscal deficit played a catalyst role in positive sentiments at KSE despite pressure in energy sector on rising circular debt.

KSE-Allshare Index added 35.53 points or 0.17 percent to close the day at 21182.23 points, KSE-30 Index up by 47.86 points or 0.24 percent to stop the day at 19789.66 points while KMI-30 Index extended by 145.59 points or 0.32 percent to finish the trading at 45299.28 points.

Market traded 121.326 million shares compared to 88.069 million shares of a day earlier and the value of traded shares was climbed to Rs 6.107 billion from Rs 3.907 billion while the capitalisation of the market maintained at Rs 6.794 trillion after opening at Rs 6.781 trillion.

Trading took place in 340 companies where losers beat the gainers 201 to 119 while the value of 20 stocks remained intact. Rafhan Maize XD was the biggest price gainer of the day up by Rs 350 to 10150 followed by Phillip Morris Pak added Rs 44.91 to Rs 943.17. Siemens Pakistan and Shezan Inter led the downhill trend decreased by Rs 15.49 to Rs 11801.01 and Rs 15.20 to Rs 879. Active list was topped by Soneri Bank Ltd with 10.102 million shares up by Re 0.29 to Rs 14.19. It was followed by JS Co with 9.741 million shares off by Re 0.43 to Rs 11.22, Lafarge Pak. XD with 7.523 million shares shed by Re 0.13 to Rs 13.49, Bank of Punjab with 5.357 million shares off by Re 0.07 to Rs 9.88 and Byco Petroleum with 5.095 million shares added Re 0.92 to Rs 11.62.

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Source: Nation (Pakistan)

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