News Column

KSE-100 stays bearish over CGT confusion

May 21, 2014

The Karachi Stock Exchange (KSE) remained confused over the government' s direction on the Capital Gains Tax (CGT) issue which forced the country's leading bourse to record bearish trading activities for the second straight day on Wednesday.

The benchmark KSE 100-Index declined by 0.29 percent or 82.80 points to 28,760.12 points Wednesday as compared to 28,842.92 points posted Tuesday.

The KSE All Share Index shed 0.43 percent or 92.72 points to 21, 309.68 points, the KSE 30-Index fell by 0.5 percent or 98.31 points to 19,724.26 points, whereas the KMI 30-Index skidded lower by 0.19 percent or 87.98 points to 45,731.26 points.

During Wednesday's trading session, the key index scaled an intraday high of 28,967.53 points as against an intraday low of 28, 738.04 points.

Due to confusion over capital gain tax rate in the upcoming budget, some profit-taking was seen in leading stocks.

Pakistan State Oil and Nishat Mills Ltd dropped heavily where PSO closed 3.22 rupees down and NML shed 2.80 rupees per share.

Market volumes improved by 91.541 million shares to 225.984 million shares, capitalization dipped by 29.709 billion rupees to 6.835 trillion rupees, whereas trading value dropped 159.176 million rupees to 6.791 billion rupees.

Among 365 active scrips Wednesday, prices of 199 issues plunged, 140 advanced, whereas values of 26 other companies stayed unchanged.

K-Electric Ltd continued leading the top traded companies with volume of 76.403 million shares, followed by Lafarge Pakistan and Dewan Motors with turnovers of 39.207 million shares, and 8. 96 million shares, respectively.

Rafhan Maize was the top price gainer with increment of 250. 75 rupees to 10,750 rupees whereas Bata Pakistan was the top price shedder with decrement of 162.81 rupees to 3,701.48 rupees.

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Source: Daily Messenger (Pakistan)

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