According to JS Global Analyst Shakir Padela, the Federal Board of Revenue’s approval over the weekend of recommendations related to the mechanism of the capital gains tax powered the index in earlier hours of trading. However, investors chose to book profits on the overall positivity and the market settled on moderate gains.
The index dallied at an intra-day high of 1.3%, but settled at a more restrained level. Meanwhile, low priced stocks were the pick of the day for investors.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.22% or 29.80 points to end at the 13382.54 point level.
Trade volumes rose further to 576.8 million shares on Monday, compared with Friday’s six-year high tally of 552.8 million shares.
Fatima Fertilizers made news with a better-than-expected dividend of Rs1.5 per share, but failed to excite investors as its share fell 4.3% on rumoured institutional selling in the stock.
NIB Bank Limited was the volume leader with 58.66 million shares gaining Rs0.18 to finish at Rs 3.03. It was followed by Jahangir Siddiqui Company with 54.00 million shares, gaining Rs0.7 to close at Rs 14.66, and Summit Bank Limited with 33.76 million shares, gaining Rs0.03 to close at Rs3.86. NIB Bank and Jahangir Siddiqui Company were also among the top gainers of the day, with share prices improving 6.32% and 5.01% respectively.
Foreign institutional investors were net buyers of Rs365 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, March 13th, 2012.
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