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PSX reveals top brokers in GIS Auction for June 2024

SBP's Bai Muajjal auction for GIS receives Rs24.7bn in bids
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July 09, 2024 (MLN): The Pakistan Stock Exchange (PSX) has announced the Brokerage Firm Rankings for June 2024, highlighting the top brokers who participated in the GIS auction and placed the highest bids.

Accordingly, the top three places were secured by Summit Capital Private Ltd, JS Global Capital Ltd, and Next Capital Ltd.

Adam Securities Limited and Optimus Capital Management Pvt Ltd held the fourth and fifth ranks, respectively.

Following them, BMA Capital Management Limited, AL Habib Capital Markets Pvt Ltd, AKD Securities Limited, Topline Securities Limited, and KTrade Securities Ltd secured the subsequent five positions, in that order.

Top brokers who participated in the GIS Auction
1 Summit Capital Private Ltd
2 JS Global Capital Ltd
3 Next Capital Ltd
4 Adam Securities Limited 
5 Optimus Capital Management Pvt Ltd
6 BMA Capital Management Limited
7 AL Habib Capital Markets Pvt Ltd
8 AKD Securities Limited
9 Topline Securities Limited
10 KTrade Securities Ltd 

In June 2024, PSX conducted one auction on June 28 for the sale of Government of Pakistan Ijara Sukuk (GIS) bonds.

The auction received aggregate bids worth Rs263.64 billion for GIS Variable Rental Rate (VRR), GIS Fixed Rental Rate (FRR), and GIS FRD.

However, the government accepted bids totaling Rs41.72 billion against the Rs100 billion target set.

Hence, the local bourse has now disclosed the market trendsetters for Ijara Sukuk bonds.

In a related development, the National Clearing Company of Pakistan Limited (NCCPL) has announced the applicable rates for withholding tax on the GIS traded on the PSX, ranging from 10% to 25%.

As NCCPL is acting as a paying agent on behalf of Pakistan Domestic Sukuk Company Limited, it will compute and withhold tax on Profit accrued on GDS under requirements prescribed under the Income Tax Ordinance, 2001 at the investor level.

This withholding of tax shall be carried out on disposal of GDS along with CGT computation, the clearing company further said.

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Posted on: 2024-07-09T11:02:56+05:00