PSX gains 42 points amid cautious trading

KARACHI
Pakistan Stock Exchange (PSX) snapped a two-day losing streak in a range-bound session on Thursday amid uncertainty regarding the government measures in the upcoming budget, with the benchmark KSE-100 Index gaining 41.82 points (+0.06 percent) to close at 74,878.12 points.
The market opened on a positive note and gained over 300 points within a few minutes. The benchmark index remained in the green territory for the first two-and-a-half hours. The bears gripped the market for the next more than an hour.
However, the buying switched in again, helping the index close in the green despite profit-taking at the end.
The market gurus attributed the volatility at the bourse to the government’s anticipated measures in the upcoming fiscal year 2024-25 budget.
The government aims to achieve fiscal discipline and enhance its tax revenues. As per media reports, major changes are expected in tax laws through the Finance Bill 2024 to increase the cost of financial transactions of the non-filers of income tax returns and introduce enforcement measures of Rs300-400 billion in 2024-25.
The Finance Bill 2024 would also enhance the powers of the Directorate General of Digital Invoicing, Federal Board of Revenue (FBR) to document the supply chains of all major businesses.
The market has turned in a cautious performance as investors look for fresh positive triggers ahead of the monetary policy meeting and budget announcement. The benchmark index has surged by 79.69 percent during the last one year and 15.80 percent during the current year.
The benchmark index traded in a range of 714.68 points, showing an intraday high of 75,300.03 points and an intraday low of 74,585.35 points.
Among other indices, the KSE All Share Index shed 84.83 points (-0.18 percent) to close at 48,334.64 points. However, the KMI All Share Islamic Index gained 41.54 points (+0.12 percent) to close at 34,393.86 points.
Total volumes traded for the KSE-100 Index remained 175.80 million shares, while the overall market volumes remained 410.58 million shares.
Among scrips, FCCL topped the volumes with 42.52 million shares, followed by DCL (26.32 million) and DFML (25.94 million). Stocks that contributed significantly to the volumes included FCCL, DCL, DFML, WTL and CSIL, which formed over 33 percent of total volumes.
A total of 413 companies traded shares in the stock exchange, out of which shares of 161 closed up, shares of 196 companies closed down while shares of 56 companies remained unchanged.
A total of 100 companies traded shares in the KSE-100 Index, out of which share prices of 42 companies closed up, 53 companies closed down and five remained unchanged. The number of total trades remained 194,871, while the value traded was recorded at Rs14.92 billion.
In terms of rupee, SRVI remained the top gainer with an increase of Rs57.78 (+6.29 percent) per share, closing at Rs976.41.
The runner-up remained JDWS, the share price of which climbed up by Rs37.52 (+8 percent) to Rs506.52. ISIL remained the top loser with a decrease of Rs127.37 (-7.66 percent) per share, closing at Rs1,535.38, followed by MARI, the share price of which fell by Rs48.4 (-1.73 percent) to close at Rs2,754.44 per share.
The major sectors taking the index towards north remained cement (134 points), automobile assembler (60 points), leather & tanneries (46 points), power generation & distribution (29 points), engineering (21 points), investment banks/investment companies/securities companies (12 points) and food and personal care products (9 points).
Major companies adding points to the index remained MTL (61 points), SRVI (46 points), FCCL (35 points), LUCK (33 points), PPL (30 points), DGKC (25 points), HUBC (18 points), PIOC (15 points), and KAPCO and DAWH (14 points each).
The major sectors taking the index towards south remained fertilizer (93 points), commercial banks (63 points), oil & gas exploration companies (25 points), miscellaneous (19 points), and oil & gas marketing companies (17 points).
Major companies depriving the index of points remained FFC (51 points), MARI (40 points), ENGRO (32 points), MCB (29 points), PSEL (19 points), FABL (17 points), BAFL (11 points), TRG and OGDC (10 points each), and PSO (9 points).