June 24, 2019 (MLN): In response to the most recent course of events, the domestic equity market contracted yet again as the benchmark KSE – 100 index lost around 660 points in early trade, mostly to the outcomes of the recently held meeting of All Pakistan Cement Distributors Association (APCDA).
At this meeting held on Friday, the General Body of APCDA denounced the proposals of the budget 2020 regarding discontinuation of Commission Agent and introduction of turnover tax.
With mutual consent the distributors from all over Pakistan unanimously suggested that the incumbent government must dismiss the new proposal and restore the old system.
They further added that in case the aforesaid is not put into effect, the entire distributor community will be forced to discontinue their work from the coming month.
Reflective of this, losses incurred by the Cement and Fertilizer sector so far seem to be the leading drivers of the 100 – index which has apparently decided to stay put at around 34,460 points as of now (at 12:40 PST).
An overall intraday high as been recorded at 35,194 points while the intraday low stands at 34,455 points.
So far, 73 of the companies whose shares have been traded today, have observed a step down in their share prices while only 7 companies have observed a rise.
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