ROUNDUP: KSE SWELLS 0.18 PCT AHEAD OF BUDGET ANNOUNCEMENT

ROUNDUP: KSE SWELLS 0.18 PCT AHEAD OF BUDGET ANNOUNCEMENT

ISLAMABAD, Jun 02, 2014 (Xinhua via COMTEX News Network) —

Pakistan’s Karachi Stock Exchange (KSE) recorded mixed trends Monday ahead of Federal Finance Bill 2014-15, to be presented at the National Assembly Tuesday, as investors decided to act cautious amid uncertainty over rate of Capital Gains Tax (CGT).

The benchmark KSE 100-Index gained 0.18 percent or 52.16 points to 29,789.85 points Monday as against 29,737.69 points posted Friday.

The KSE All Share Index inched down slightly by 0.01 percent or 2.74 points to 21,958.04 points, the KSE 30-Index increased by 0.3 percent or 61.71 points to 20,414.06 points, whereas the KMI 30- Index surged by 0.48 percent or 226.94 points to 47,213.18 points.

During Monday’s trading session, the key index touched an intraday high of 29,925.61 points as against an intraday low of 29, 574.38 points.

Some profit-taking at end of session curbed initial gains as market remained skeptic on capital gains tax rate and tax on bonus shares. May Inflation of 8.34 percent was in line with expectations.

Renewed interest was seen in cement stocks where Fauji Cement closed at upper circuit breaker, Lucky Cement gained 4 percent and Maple Leaf Cement rose by 2.3 percent.

Market volumes reduced by 60.472 million shares to 270.342 million shares, capitalization decreased by 1.985 billion rupees ( 19.853 million U.S. dollars) to 7.040 trillion rupees (70.408 billion U.S. dollars), whereas trading value depleted by 4.393 billion rupees (43.933 million U.S. dollars) to 13.348 billion rupees (133.48 million U.S. dollars).

Among 373 active scrips Monday, prices of 175 issues advanced, 180 declined, whereas values of 18 other companies stayed unchanged at previous week’s levels.

Fauji Cement, Lafarge Pakistan and Maple Leaf Cement were the top traded companies with turnovers of 36.588 million shares, 28. 296 million shares and 24.037 million shares, respectively.

Fazal Textile was the top price gainer with increment of 38.10 rupees (38.10 U.S. cents) to 800.22 rupees (8.002 U.S. dollars) whereas Bata Pakistan came out as the major price shedder with decrement of 90 rupees (90 U.S. cents) to 3,607 rupees (36.07 U.S. dollars).