Market watch
\nBenchmark index gains 596.45 points to settle at 41,665.27
\nnews desk
\nKARACHI
\nBulls held their ground at the Pakistan Stock Exchange (PSX) on Tuesday and helped the KSE-100 index soar nearly 600 points as investors remained optimistic about domestic and global cues.
\nOn the international front, members of the Organisation of the Petroleum Exporting Countries and allies, called OPEC+, dropped signals that there might be consensus on extension in the current supply cuts well into 2021, which may provide further support to oil prices.
\nInvestors had expected oil sectors at the PSX to benefit from the development and as a result both oil-related sectors closed the session entirely in the green.
\nLending further support to the rally, the Federal Board of Revenue (FBR) announced that it would collect capital gains tax (CGT) on stock trading once a year instead of collecting the tax every month. The news, in particular, encouraged market participants to make fresh investment and kept stock trading in the positive territory throughout the day.
\nEarlier, trading kicked off on a positive note and the benchmark index climbed steeply in early trading as a host of positive triggers encouraged investors to pour money into the market. Later, the index flattened, however, the upward momentum still continued and the market ended the day with handsome gains.
\nAt close, the benchmark KSE-100 index recorded an increase of 596.45 points, or 1.45%, to settle at 41,665.27 points.
\nArif Habib Limited, in its report, stated that the market opened on a positive note with +23 points and added a total of 655 points. \u201cBuying activity was observed across the board, however, the power sector (Hubco) contributed heavily,\u201d it said. \u201cCement, fertiliser, banking, exploration and production and oil marketing companies also helped the index put on a formidable number.\u201d
\nInternational crude oil prices inched up during the session, which sparked brisk buying activity in the exploration and production sector.
\nThe Federal Board of Revenue reportedly facilitated investors by announcing collection of CGT once a year in comparison with monthly collection as practiced earlier, the report said.
\nOverall, trading volumes rose to 489.6 million shares compared with Monday\u2019s tally of 388.6 million. The value of shares traded during the day was Rs19.5 billion.
\nShares of 393 companies were traded. At the end of the day, 281 stocks closed higher, 84 declined and 28 remained unchanged.
\nUnity Foods was the volume leader with 67.9 million shares, gaining Rs1.81 to close at Rs27.47. It was followed by TRG Pakistan with 37.2 million shares, gaining Rs0.68 to close at Rs67.4 and Hum Network with 32.6 million shares, losing Rs0.12 to close at Rs6.03.
\nForeign institutional investors were net sellers of Rs877.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Market watch Benchmark index gains 596.45 points to settle at 41,665.27 news desk KARACHI Bulls held their ground at the Pakistan Stock Exchange (PSX) on Tuesday and helped the KSE-100 index soar nearly 600 points as investors remained optimistic about domestic and global cues. On the international front, members of the Organisation of the Petroleum […]<\/p>\n","protected":false},"author":2,"featured_media":138258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-159818","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n