PSX bleeds as benchmark index sheds over 1,100 points
Business
PSX bleeds as benchmark index sheds over 1,100 points
KARACHI (Dunya News) – The stock market plunged in its first post-budget session, as the benchmark KSE-100 Index was plummet 1,134.80 points to close well below the 41,000 mark.
A total of 163,793,751 shares were traded during the day compared to the trade of 115,874,000 shares the previous day, whereas the price of shares stood at Rs 4.352 billion against Rs Rs.3.069 billion on last trading day.
As many as 331 companies transacted shares in the stock market,50 of them recorded gain and 263 sustained losses, whereas the share price of 18 companies remained unchanged.
The three top trading companies were Hum Network with a volume of 24,561,500 shares and price per share of Rs.7.08, Cnergyico Pk with volume of 6,893,694 and price per share of Rs.5.11 and K-Electric Ltd with volume of 6,527,000 and price per share of Rs.2.55. Millat Tractors witnessed a maximum increase of Rs.11.89 per share, closing at Rs.876.94 whereas the runner up was Al-Ghazi Tractors, the share prices of which climbed up by Rs.11.66 to Rs390.
Unilever Foods witnessed maximum decrease of Rs1,800 per share closing at Rs23,000 followed by Sapphire Tex, the share price of which declined by Rs78.83 to close at Rs.1,095.67.
On Friday, the KSE-100 index rose 278.77 points or 0.67% to close at 42,014.73 points in anticipation of the budget.
The federal government on Friday proposed to increase the tax rate for banking sector, i.e., from 39% to 45%, including Super Tax for the next fiscal year.
In his budget speech, Federal Minister for Finance Miftah Ismail said that the banking sector has earned windfall gains due to higher interest rates and risk-free investment in government securities. Therefore, in order to capture the real tax potential, the tax rate on banking companies is proposed to be enhanced to 45%.
