Low volume strength led by frontline stocks yet again failed to trigger further activity, despite the positive impact of ‘top companies awards’ regarding proposed changes in CGT implementation in upcoming budget. Various reservations however did emerge over proposals forwarded by the KSE BODs with few triggers with mixed to negative activity in various regional and international equity markets.
The KSE-100 index stood at 12,130.58 with a gain of 99.94 points while total volume stood at 61,117,239 with the total value at 2,333,069,999. KSE-30 index gained 96.10 points to close at 11754.80 levels and All Share index closed at 8,431.20 with the gain of 67.46 points. A total of 171 scrips advanced, 67 declined and 112 were unchanged out of a total of 350 scrips traded.
Although turnover stayed on the lower side, dividend yielding frontline stocks on back of corporate influx allowed the traded value to display improvement while snap rallies in various low priced and illiquid stocks. Various trading opportunities allowed the turnover to witness mild improvement in comparison to previous session. Positive stance did restrict the expected sell-off in various high priced stocks; however sector and stock swapping stayed a prominent feature thus forcing the index to stay in consolidation phase.
Hasnain Asghar Ali at Aziz Fidahusein said that a good bargain on CGT providing option of a full and final settlement on a reasonable percentage, the availability of funds in MTS at lower rates will allow the local bourse to trade on a healthy turnover despite the leak horizon on economic, financial and geopolitical scenarios. It is however recommended that investors wait for dips for accumulation in frontline dividend yielders, while high priced stocks can be looked for short term trades upon positive activity, he added.
