Wednesday, last trading day of February, saw a bullish trend throughout the day as confirmation by the Securities and Exchange Commission of Pakistan of the implementation of the proposed tax reforms on Capital Gains Tax (CGT) helped the investors’ sentiments falling in the positive zone. “A meeting of Tax Reform Coordination Group decided for minimum 120 day holding period with a presidential order on an ordinance,” viewed Ahsan Mehanti, a director at Arif Habib Securities adding “Pakistan stocks closed bullish led by oil and fertilizer stocks amid higher trades after apex regulator confirmed reformed CGT regime implementation from April1”. After witnessing a slight lose of 4.44 points a day earlier, the benchmark KSE 100-share index gained 138.66 points to close at 12,877.88 points against 12,739.22 points of on Tuesday.
The index hit the intraday high of 12,912.96 points and then plunged to the intraday low of 12,739.22 points.
Total traded shares at the ready counter were counted at 206.475 million shares against 217.592 million shares of the previous day. The trading value upped to Rs6.636 billion from Tuesday’s Rs6.209 billion. The market capitalisation marked a slight gain and closed at Rs3.338 trillion against Rs3.316 trillion of the previous session. Of the total 359 scrips traded, 140 gained, 153 lost while 66 remained unchanged.
The turnover in the future contracts increased to 14.102 million shares compared to 12.880 million shares of last trading day.
Lotte PakPTA as a volume leader of the day counted its traded shares at 25.728 million each priced at Rs7.90 in the opening and Rs8.90 in the closing. “Bullish sentiments prevailed throughout the trading session and the index managed to close on its highs amid higher global commodities, easing political outlook and institutional consolidation across stocks by retail and institutional investors,” Mehanti said.
The analyst said strong earnings announcements in banks, oil and fertiliser sector played a catalyst role in bullish sentiments post major announcements at KSE.
