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Stock Market Gains 1,081 Points on Tax Incentives for Foreign Investors

The benchmark KSE-100 of Pakistan stock exchange closed at 42,481 points as against 41,400 points showing an elevation of 1081 points.

Tax incentives granted to foreign traders in domestic debt securities led to a positive impact on the market.

Experts at Arif Habib Limited said that the second trading day of 2020 took the index to an even higher number with an increase of 1144 points and closing the session 1081 points.

Factors that contributed to the performance of index were rumor of downward adjustment in NSS rates through a substantial margin and purchasing activity from banks and foreign fund, in addition to the recent release of a host of high index targets from various brokerage houses.

A significant buying activity was observed in Banks, E&P and Cement Sectors.

Sectors contributing to the performance include:

•             Banks (+332 points)

•             E&P (+133 points)

•             Power (+107 points)

•             Cement (+95 points)

•             Fertilizer (+91points)

Average traded value enhanced by 111 percent to reach US$ 110.2 million as against US$ 52.1 million. Volumes also increased from 330.7 million shares to 412.4 million shares (+24 percent DoD).

Stocks that contributed positively include:

•             HUBC (+101 points)

•             HBL (+85 points)

•             ENGRO (+83 points)

•             UBL (+73 points)

•             PPL (+67 points)

Stocks that contributed negatively include:

•             KTML (-2 points)

•             SHEL (-1 points)

•             GSKCH (-1 points)

•             POL (-1 points)

•             FHAM (-1 points)



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