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Wednesday 28th September 2022 / 2 Rabiulawal 1444

PSX: KSE-100 recovers slightly after 2055 points’ fall

KARACHI: KSE-100 index on Friday closed 1,665.18 points lower after the Pakistan Stock Exchange (PSX) witnessed a bloodbath at midday due to Prime Minister Shehbaz Sharif’s announcement about super tax.

The benchmark index plummeted 2,055 points in less than 20 minutes, however, as clarity emerged that the government intends to impose a super tax as a one-time levy, stocks gradually recovered.

 At close, the KSE-100 Index settled at 41,051.79, still a fall of 1,665.18 points or 3.9%. On a day-to-day basis, it is the highest decline since December 2, 2021. On a weekly basis, the benchmark index lost 2.58%.

Meanwhile, sectors on which the super tax has been imposed include cement, steel, sugar, oil and gas, fertiliser, LNG terminal, textile, banks, automobile, tobacco, beverages, and chemicals. Since most of these sectors are part of the listed companies on the PSX, investors hurriedly rushed to sell their holdings, in a bid to conserve their capital.

 The analyst, however, remained optimistic as there are a number of positive developments in the offing.

Meanwhile, sectors dragging the benchmark index lower included banking (404.90 points), oil and gas exploration (220.06 points), and fertiliser (204.99 points).

Volume on the all-share index increased to 424.23 million from 349.5 million on Thursday. The value of shares traded also increased to Rs12.81 billion from Rs10.14 billion recorded in the previous session.

K-Electric Limited was the volume leader with 36.67 million shares, followed by Cnergyico PK with 25.85 million shares, and Pak Refinery with 25.3 million shares.

Shares of 364 companies were traded on Friday, of which 61 registered an increase, 287 recorded a fall, and 16 remained unchanged. 

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