KARACHI: Pakistan stocks continued positive momentum with an increase of 166 points on likely announcement of tax amnesty scheme later this week, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by cement and banking scrips amid speculation in the pre-budget session at PSX.
“Mid-session pressure remained on reports related to PM cabinet reshuffling,” he said. “Renewed hopes for economic stability ahead of disbursement of IMF bailout package, rupee stability and likely announcements on FM proposed tax amnesty scheme later this week played a catalyst role in bullish close.”
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index increased 166.21 points or 0.45 percent to 37,504.08 points against 37,337.87 points recorded in the last session. The highest index of the day remained at 37,698.32 points while the lowest level of the day was recorded at 37,281.62 points.
KSE-30 Index also rose 102.57 points or 0.58 percent to 17,753.12 points.
Turnover, however, dropped by 15 million shares to 172 million shares from 189.35 million shares. Trading value increased to Rs6.15 billion from Rs5.34 billion while market capital expanded to Rs7.66 trillion from Rs7.64 trillion. Out of 342 companies’ active in the session, 194 closed in green, 130 in red while 18 remained unchanged.
Analysts say that stocks went up on expectation for tax amnesty scheme, whose announcement is likely this week.
Highest increase was recorded in shares of Nestle Pakistan, which rose Rs280 to Rs8,060 per share, followed by Bata (Pak) that increased Rs53,73 to Rs1,656.37 per share. Major decline was noted in shares of Philip Morris Pak, which fell Rs126.67 to Rs3,673.33 per share, followed by Sapphire Textile that decreased Rs41.29 to Rs1,203.71 per share.
Significant turnover was recorded in stocks of Pak Elektron, K-Electric Ltd, Bank of Punjab XD, Fauji Cement, TRG Pak Ltd, Unity Foods (R), Maple Leaf Cement, Lotte Chemical, Pioneer Cement and Sui Northern Gas Pipelines Ltd.
Shares’ turnover in the future contracts increased to 70.01 million shares from 52.58 million in the previous session.