PSX Closing Bell: A Penny Saved Is A Penny Earned

June 14, 2024 (MLN): Stocks continued their bullish momentum on Friday, with the benchmark KSE-100 index surging another 498.61 points or 0.65% to a record 76,706.7.

Yesterday, the index soared 3,411 points or 4.7%, the biggest jump since the International Monetary Fund's (IMF) bailout package last year.

The positivity comes after the government kept the capital gains tax rate unchanged.

The index traded in a range of 1,206.89 points showing an intraday high of 77,310.45 (+1,102.29) and a low of 76,103.56 (-104.6) points.

The total volume of the KSE-100 index was 212.69 million shares.

Arif Habib Limited in its budget review said, "We believe that the change in the CGT rate was one of the major uncertainties and caused panic in the market during the last couple of weeks.

"Maintaining the current CGT rates for filers would positively impact the market."

Of the 100 index companies 43 closed up, 53 closed down, 3 were unchanged, while 1 remained untraded.

KSE-100 index was supported by Commercial Banks (706.41pts), Food & Personal Care Products (32.05pts), Power Generation & Distribution (26.18pts), Inv. Banks / Inv. Cos. / Securities Cos. (25.69pts), and Tobacco (7.43pts).

On the flip-side, the index was let down by Cement (71.28pts), Technology & Communication (57.35pts), Textile Composite (29.31pts), Automobile Parts & Accessories (22.92pts), and Miscellaneous (22.9pts).

Companies adding points to the index were MEBL (135.26pts), MCB (127.12pts), BAFL (117.01pts), UBL (114.86pts), and BAHL (94.34pts).

Meanwhile, companies that dragged the index lower were PPL (65.7pts), SYS (37.6pts), ILP (37.47pts), LUCK (30.24pts), and PSEL (25.89pts).

In the broader market, the All-Share index closed at 48,710.98 with a net gain of 213.90 points.

Total market volume was 395.90 million shares compared to 635.53m from the previous session while traded value was recorded at Rs21.37 billion showing a decrease of Rs9.41bn.

There were 234,842 trades reported in 439 companies with 160 closing up, 205 closing down and 74 remaining unchanged.

To note, the KSE-100 has gained 35,254 points or 85.05% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 14,256 points, equivalent to 22.83%.

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