PSX soars 737 points as bulls take charge

  • Govt’s reassurance helped revive investor sentiment

KARACHI: Investor sentiment remained optimistic at the Pakistan Stock Exchange (PSX) on Monday following the meeting of Prime Minister Imran Khan with a delegation comprising of PSX management, board of directors, PSX Stock broker Association and prominent investors.

The finance minister, who was accompanying the PM along with Sindh governor, assured the investors during the meeting that the government would reduce the capital gain tax (CGT) as well as tax on share turnover.

The KSE 100 index benchmark appreciated by 876.63 points to reach the day’s high. It then settled on the upper side at 39,299.62 after gaining 737.57 points. The KMI 30 index was up by 3.01 per cent to touch its intraday high, ending higher by 1,659 points at 66,423.37. Similarly, the KSE All Share index gathered 461.61 points to close at 28,793.11. Out of 337 traded scripts, 225 advanced while 93 declined.

Trading volumes improved from the previous session and were recorded at 154.17 million. The volume chart was led by K-Electric Limited (KEL +8.14pc) with 34.68 million shares exchanging hands, followed by Engro Polymer and Chemicals Limited (EPCL +2.75pc) and The Bank of Punjab (BOP +2.17pc). The scripts had traded 7.95 million and 5.99 million shares respectively.

Major gainers of the day included the oil and gas exploration sector (+4.39pc), technology and communication sector (+4.34pc), power generation and distribution sector (+3.80pc), leather and tanneries sector (+3.52pc) and automobile parts and accessories sector (+3.32pc).

The automobile assembler sector managed to add +0.62pc in its cumulative market capitalization. Honda Atlas Cars (Pakistan) Limited (HCAR) was up by +1.59pc, Al-Ghazi Tractors Limited (AGTL) by +1.07pc, Ghandhara Nissan Limited (GHNL) by +4.99pc and Millat Tractors Limited (MTL) by +1.62pc. Failing to follow the market trend, Atlas Honda Limited (ATLH +2.08pc) closed in red.

Sazgar Engineering Works Limited (SAZEW +5.00pc) touched its upper-circuit breaker after the company announced its production and sales figures for the month of November. A total of 1,044 units were produced while 1,055 were sold.