Karachi: Healthy activities were witnessed during the week, as the benchmark KSE100 index breached the psychological level of 14,000pts after almost 4 years (since May 16, 2008) on the last day of trading.
The positive sentiment was on the back of expectations of the issuance of the much awaited SRO on capital gain tax rules.
As a result, the KSE 100 Index gained 113 points, up 0.8%WoW to close at 13,875 level. The volumes improved by 5%WoW to 387 million shares indicating the upbeat investor sentiments. Foreigners, on the other hand, offloaded shares worth US$1.6million.
However, investors preferred to book profits as the market settled at 13,876 points, gaining 114pts WoW, up 0.8% WoW. This remarkable attainment was made possible by the continuous efforts of SECP and Finance Ministry by giving hopes on the new CGT regime containing amnesties to re-boost investor’s sentiment that attracted them to equities in a big way so far.
Amongst macro indicators, CPI for the month of Mar-12 stood below 11% to 10.79% YoY excluding recent jump in petroleum prices (4%-8%). At the same time, amongst the positives, increase in cement dispatches by 27% MoM in Mar-12 coupled with another surge in domestic cement prices, drove cement sector. Gas resumption to Engro also supported fertilizer stocks to an extent while tax holiday approved for Byco also provided impetus to the company stock. However, as far as foreign flows are concerned, foreign investors offloaded $1.6 million this week as compared to $7.7 million in the previous week.
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