Blue chip companies listed in Karachi Stock Exchange remained successful in grabbing foreign investors’ attention this week. Karachi stock market observed a bearish trend due to these incremental foreign inflows. However the domestic investors did not show any encouraging activity as per the expectation. Karachi Stock Exchange -100 index was closed on 29,737 point by gaining a significant 3.4 per cent and 981 points on an average. On week on week basis, as mentioned earlier, KSE -100 index rose 3.4 % and week on week volume traded shown a rise of 57%. However the aggregate trend was quite unexpected.
|Top Gainers||Top Losers||Volume Leaders|
|Sanofi-Aventis Ltd||Murree Brewery Co Ltd||BYCO Petroleum|
|Island Textile Mills Ltd||Bhanero Textile Mills Ltd||Lafarge Pakistan Cement Ltd|
|National Foods Ltd||Bata Pakistan Ltd||K-Electric Limited|
|Fazal Textile Mills Ltd||Nestle Pakistan Ltd||Fauji Cement Co Ltd|
|Mitchells Fruits Farms Ltd||Siemens (Pakistan) Engineering Co Ltd||National Bank of Pakistan|
|Abbott Laboratories Pakistan Ltd||Shezan International Ltd||TRG Pakistan|
|Pakistan Tobacco Co Ltd||Service Industries Ltd||Maple Leaf Cement Factory Ltd|
|Packages Ltd||Indus Dyeing & Manufacturing||Pak Elektron Ltd|
|Pakistan Services Ltd||Ismail Industries Ltd||The Bank of Punjab Ltd|
|Philip Morris (Pakistan) Limited||Gadoon Textile Mills Ltd||Engro Corporation Limited|
Following news played an important role in causing a significant fluctuation in the trading activities during the last week:
– Finance minister Mr. Ishaq Dar has proposed an increased in Capital Gain Tax (CGT) to 12.5 % in general annual meeting of Tax Advisory Council (TAC). The current level of CGT is 10% and the scheduled increase was 17.5 %.
– The exact date of announcement of the federal budget FY 14-15 has been revealed i.e., June 3, 2014.
– Encouraging figures of Public Sector Development Program (PSDP) alongside with the huge infrastructure projects will remain in progress
– Cement sector gave a tremendous come back this week after remaining stationary during some past time
– News about the Capital gain tax drove the market towards green region and attracted the foreign investors towards blue chip stocks being traded at Karachi Stock Exchange.
– State bank of Pakistan has issued a circular to all commercial banks in Pakistan consisting of the entire instructions regarding minimum rate of return, collateral requirements, profit bearing deposits and the fixed deposits which will be effective from June 1, 2014.
– OGRA has strongly condemned an increase of Rs. 1.5 per liter as a transportation cost to byco refinery.by