KARACHI: A range-bound trading session took place on the Pakistan Stock Exchange on Tuesday due to further devaluation of the rupee against the dollar as well as growing investor concerns over new taxes in the upcoming budget, a report said. declared Arif Habib Ltd.
The government is expected to set a tax collection target of 7.25 trillion rupees for 2022-2023, up 19% from the revised target of 6.1 trillion rupees for the current financial year. The budget is expected to include new tax measures worth between 400 billion and 450 billion rupees, according to Topline Securities.
“Going forward, we expect range-bound activity to continue and recommend investors adopt a buy-down strategy focused on dividend-paying stocks,” JS Global said in a note. to investors.
The KSE-100 index came in at 41,568.41 points, down 8.8 points or 0.02pc from the previous day.
Trading volume decreased 16.8% to 157.4 million shares while value traded decreased 13.8% to $20.8 million on a daily basis.
Stocks contributing significantly to trading volume included TPL Properties Ltd (17.45 million shares), Unity Foods Ltd (15.52 million shares), Pakistan Refinery Ltd (13.41 million shares), Oilboy Energy Ltd (12.94 million shares) and Sui Northern Gas Pipelines Ltd (6.57 million shares).
The sectors that took the most points off the benchmark were commercial banking (21.03 points), technology and communication (20.52 points), food and personal care (15 points ), electricity production and distribution (13.07 points) and investment banking (8.7 points).
The shares contributing the most negatively to the index are Habib Bank Ltd (20.47 points), TRG Pakistan Ltd (13.4 points), Unity Foods Ltd (12.01 points), Hub Power Company Ltd (11.25 points ) and MCB Bank Ltd (10.95 points).
The stocks that contributed most positively to the index were Nishat Mills Ltd (17.26 points), Sui Northern Gas Pipelines Ltd (15.64 points), Mari Petroleum Company Ltd (11.21 points), Engro Poymer and Chemicals Ltd (11.04 points) and Pakistan Petroleum Ltd (10.4 points).
Foreign investors were net buyers as they bought shares worth $0.47 million.
Posted in Dawn, June 8, 2022