PSX ends in green amid range-bound trading

KARACHI: The Pakistan Stock Exchange witnessed a slow start to the trading week, as the indices remained range-bound while volumes remained thin. Foreign investors, much to everyone’s surprise, closed the preceding week (from June 24 to June 28) as net buyers with a net outflow of $7.94 million.

According to news reports, over 92,000 people benefited from the tax amnesty scheme as on June 30, paying Rs42 billion. The government has extended the asset declaration scheme until July 3.

Meanwhile, the total provisional tax collection of the Federal Board of Revenue (FBR) stood at Rs3,820 billion till June 30, as against the revised tax target of Rs4,150 billion, a shortfall of Rs330 billion.

Moreover, President Arif Alvi signed the Finance Bill for the year 2019-20, bringing the bill into force on Monday. The total outlay of the budget is Rs7.022 trillion.

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Losing 75.73 points, the KSE-100 Index touched its intraday low of 33,825.85. The index then managed to recover its losses to reach its intraday high of 34,068.58. The index settled higher by 94.75 points at 33,996.33. The KMI-30 Index surged by 105.30 points to close at 54,223.81, while the KSE All Share Index appreciated by 9.73 points only, ending at 24,995.78. The advancers to decliners ratio stood at 135 to 152.

The overall market volumes remained thin and were recorded at 48.05 million. Unity Foods Limited (UNITY +5.63pc) was in the lead on the volume chart with 13.91 million shares exchanging hands. TRG Pakistan Limited (TRG +0.12pc) and Maple Leaf Cement Factory Limited (MLCF -1.76pc were next in line with 2.08 million shares and 1.82 million shares swapping hands respectively.

On the market front, Fauji Cement Company Limited (FCCL -0.32pc), in a notification sent to the exchange, announced that the company has commissioned a 12.50MW Captive Solar Power Plant which will add to the captive generation capacity of FCCL.

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