PSX consolidates gains ahead of budget session

KARACHI: The Pakistan Stock Exchange (PSX) surged on Wednesday as it seeks to consolidate gains ahead of upcoming budget ahead for the fiscal year 2020-21.  

The benchmark KSE 100 index increased by 261.48 points (0.75%) and closed at 35,065.08 points. The indices crossed the threshold of 35,000 level during intraday trading while ending on a positive note. The total volume of scripts increased to 139.85 million valued at Rs6.25 billion.

The lower bench KSE 30 index gained 123.40 points (0.81%) and closed at 15,311.81 points. The total volume of shares at the bourse was 74.422 million. The KMI 30 index declined by 77.44 points and closed at 55,714.70, while the All-Share index increased by 18.66 points and closed at 17,280.61 points.

The top active stocks were Pak Refinery (PRLR1 0.79%), TRG (1.17%) and BOP (3.06%). The total volume of shares were 11.68 million, 10.896 million, and 8.99 million respectively.

The top contributor to the KSE 100 index were commercial bank (+5.53%) while the highest change was seen in the tobacco sector (+2.54%). The FBR has rejected a proposal to hike advance Federal Excise Duty (FED) on tobacco leaf from Rs10 to Rs500 due to impact on growers.

The stock market seems to consolidate ahead of the dump as investor’s expectation remains high that no additional taxes will be imposed. There has been uncertainty at the stock market as the trading session yesterday ended flat after constantly shifting between green and red zones.