PSX ends on a flat note after a volatile day

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KARACHI: Pakistan Stock Exchange ( PSX )  ended volatile trading session on a flat note. After falling over 700 points during the intraday the Pakistan Stock Exchange bounced back later in the last few minutes, with the KSE 100-index settling at 43783.55 points. The benchmark index made a recovery and was closed at a flat note with – 8.64 points.

Volatility remains high, ever since the Panama verdict on April 20. The Supreme Court is due to review findings that Sharif was unable to account for the disparity between his wealth and known sources of income, and will convene a hearing on July 17. If the court accepts the charges, it may lead to Sharif’s resignation or removal from power. Whereas most market players agree that the market will head north once the JIT smoke clears up.

The high intraday volatility at psx has already left small individual investors on the sidelines, and there remain the big guns to decide where it goes. Till next Monday, the index should move in a narrow band with high volatility.

Whereas according to Bloomberg, “It’s not turned out that way for Pakistan, the benchmark KSE 100 Index has plunged 10 percent since the start of June, when the nation was elevated from frontier to emerging market. The index soared to a record high in May in the run-up to the change but has since dropped 17 percent.”

Uncertainty created by the political crisis surrounding Prime Minister Nawaz Sharif is seen as a major factor for the rally fizzling out.

The psx index tested the day’s high at 44121.30 points. The day’s low of 43060.98 came towards market close. Overall the volumes were lower than yesterday, 125 million shares were traded, While in KSE 100 index only 76 million shares were traded with a total worth of nearly Rs 6.11 billion.

POWER GENERATION was the top traded sector with total traded volume of 21,165,400 shares. It was followed by COMMERCIAL BANKS with a total traded volume of 17,018,800 shares and TECHNOLOGY AND COMMUNICATION sector with a total traded volume of 12,126,000.

Shares of 345 companies were traded. At the end of the day, 145 Stocks closed higher, 183 declined while 17 remained unchanged.

K-Electric Ltd was the volume leader with 19.72 million shares, gaining Rs 0.12 to close at 6.79 It was followed by TRG Pak Ltd with 8.42 million shares, Losing Rs 0.76 to close at Rs35.58, Engro Polymer 6.56 million shares, losing Rs 0.34 to close at Rs 32.94 and Bank of Punjab with 4.71 million shares, gaining Rs 0.28 to close at Rs 11.51

Top advancers of the market were:

Top decliners of the market were:

National Clearing Company of Pakistan has enforced capital gains tax (CGT) regime in the range of 7.5 and 20 percent on shares with effect from July 1, in line with the amendment into the Finance Act 2017, a notice said on Wednesday.

The Finance Bill 2017/18 proposed fixed rate of 15 percent for filer and 20 percent for non-filer irrespective of holding period of securities. However, the government reconsidered the proposal and restored the slab-mechanism in the Finance Act 2017.

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