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Stock Review

TWO HISTORIC OUTCOMES FAIL TO IMPRESS TRADING, INVESTORS

Market kept the bearish spell throughout the week despite government introduction of more taxes on non-filers and of historic upgrade and in fact re-including of Pakistan stocks index into MSCI status as all this outcome pushed market into the negative territory. Pakistani stocks closed lower on Monday as investors anticipated the introduction of additional taxes for those who do not file income tax in the country’s budget announcement, dealers said. The benchmark 100-share index of the Pakistan Stock Exchange finished lower by 1.25 percent, or 459.57 points, at 36,234.69.

Government’s decision to impose taxes on dividends and capital gains along with reintroduction of super tax hurt investors’ sentiments while the investors went for profit-taking.

Among heavyweights, shares of Habib Bank Ltd closed 2.65 percent lower, MCB Bank Ltd fell 3.55 percent and Fauji Cement Company Ltd closed down 5 percent.

On average shares of 378 companies were traded. Of these 97 were gainers and 268 were losers and 13 remained unchanged.

Foreigners were net seller of $149.53m during the week; companies were net seller $7.75m, Banks were buyer $31.69m; Mutual fund net buyers $11.90m and individuals net buyer $74.74m.

Volume leaders during the week were: Power Cement (R) 87m; K-Electric 83m; Engro Polymer 52m; United Bank xd 37m; OGDC 27m; Engro Corp 23m; Aisha Steel Mill & Fauji Cement 21m each; Bank of Punjab 11m and Inter Steel Ltd 9m.

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