Stock
Karachi Stocks Up 51.31 Points:
KARACHI, May 25: The KSE-100 index was at 12181.89, up 51.31 points. (Bureau Report) (Updated @ 11:45 PST)
KARACHI, May 25: The KSE-100 index was at 12181.89, up 51.31 points. (Bureau Report) (Updated @ 11:45 PST)
May 24, 2011
| KSE 30 – Shares Index | Previous 11,658.70, Tuesday’s 11,754.80, plus 96.10 points |
| KSE 100 – Shares Index | Previous 12,030.64, Tuesday’s 12,130.58, plus 99.94 points |
| MARKET CAPITALIZATION | Previous Rs 3,188.393bn,Tuesday’s 3,214.111bn, plus 26.718bn |
| VOLUME LEADERS | NIB Bank 9.282m, Byco Petroleum 6.480m, J.S.& Co 6.406, Azgard Nine 4.804m, Arif Habib Corpn 3.866m shares. |
| TOTAL VOLUME | 70.111m shares |
| TOTAL | TONE:firm, total listed 638, actives 351, inactives 111, plus 173, minus 67, unchanged 111 |
 | |
| Rafhan Maize | Rs 88.44 | Bata (Pak) Ltd | Rs (5.02) |
| UniLever Pak | Rs 41.27 | Pak Engineering | Rs (3.26) |
| Attock Refinery | Rs 5.46 | Ideal Spinning | Rs (2.98) |
| Thal Ltd | Rs 4.99 | Gadoon Textile | Rs (1.50) |
| Pak Tobacco | Rs 4.49 | Quetta Textile | Rs (1.44) |
NOTE: All rates in Rupees. Unless indicated otherwise, each share is valued at Rs.10.
* Shares valued at Rs.5, ** Shares valued at Rs.50, *** Shares valued at Rs.100
Govt to review Capital Gains Tax on stocks
KARACHI, May 24: The meeting between the Ministry of Finance, headed by Federal Finance Minister Abdul Hafeez Sheikh and the Pakistan Business Council (PBC) in Islamabad on Monday and Tuesday focused on several matters of interest and concern to the business community.The Capital Gains Tax on stocks–mainly the methodology of its collection came under consideration and also issues relating to the turnaround and privatisation of state-owned enterprises (SOEs).
A third round of the marathon consultations would be held in the next few days.
Sitting on the PBC side of the table were also the chairman KSE Munir Kamal and market expert/ broker Arif Habib and Aqeel Karim Dhedhi.
Earlier on Monday, the delegation had met the President, Asif Ali Zardari.
From the stock exchange point of view, the burning issue was the CGT, which the business/brokers pointed out was unable to generate required revenue for the government, but was the principal factor in depleting volumes at the market.
A member present at the meeting said that it was emphasised that the method of collecting CGT had raised concerns among small investors.
Instead of the CGT, the revival of withholding tax at 0.02 per cent on trading was recommended to the government.
In the earlier meeting with the President on Monday, a member said that the President had directed the Finance Ministry to review the matter.
Other than that, the government was anxious to revitalise the ailing public sector units. The ministry proposed to hand over management control of such sick state-owned enterprises (SOEs) to a consortium of private parties, which could push to turnaround and wipe the red off their balance sheets. The units could then be offered for privatisation. In respect of SOEs—both sick and healthy—four proposals were laid on the table for discussion: One to hand over the management through contracts; two to privatise (units like SLIC etc); three to list on the stock exchanges and four to divest more of government-held equity in blue chip companies, such as PPL, OGDC and others.
It was agreed that subsidies provided to worthless units should be withdrawn.
The KSE side also asked for 15 per cent tax rebate for five years to new companies that enter the capital market for listing and a cut in tax rate for listed companies that distribute 50 per cent or more of their yearly profit in dividends to shareholders.
Stocks extend overnight rally
KARACHI, May 24: The benchmark KSE 100-share index on Tuesday consolidated well above the barrier of 12,000 points for the fourth time during the last couple of weeks.The strength of leading base shares in the oil sector including OGDC, National Refinery, Pakistan Petroleum, Pakistan Oilfields, PSO and some others enabled it to consolidate well above the barrier.
The KSE 100-share index added another 99.94 points at 12,130.58 as compared to 12,030.64 a day earlier reflecting the strength of leading base shares, notably the 31 top companies which were awarded corporate excellence awards by the president on Monday amid frank discussions on the problems being faced by the trade and industry.
But index is expected to sustain this level during its current attempt aided by some of changes in the basic fundamentals, notably on the strength of positive budgetary leaks and return of foreign investors, analyst Hasnain Asghar Ali speculates.
Analyst Ahsan Mehanti said the leaks from the budget were not many but one about the reported changes in the collection of capital gains tax from the small investors continued to play an inspiring role in a firm market.
He said a substantial increase in the volume figure reflected the return of some leading investors though on selective counters.
Prominent gainers were led by Rafhan Maize and Unilever Pakistan, up by Rs88.44 and Rs41.27, while losses on the other hand were modest barring Bata Pakistan and PECO, which fell by Rs5.02 and Rs3.26 respectively.
Traded volume rose to 70.111m shares from the previous 40 shares as gainers held a strong lead over the losers at 173 to 67, with 111 shares holding on the previous levels.
The active list was topped by NIB Bank, easy by four paisa at Rs1.50 on 9m shares followed by Byco Petroleum, up 99 paisa at Rs9.14 on 7m shares, JS & Co, firm by 34 paisa at Rs7.51 on 7m shares, Azgard Nine, steady by 23 paisa at Rs6.02 on 5m shares, Arif Habib Corporation, up Re1 at Rs22.39 on 4m shares, Lotte Pakistan, up 19 paisa at Rs15.25 on 3m shares and Fauji Fertiliser Bin Qasim, higher by 53 paisa at Rs42.48 on 3m shares.
They were followed by Bank Alfalah, steady by 12 paisa at Rs10.63 on 2m shares, D.G.K. Cement, up 52 paisa at Rs22.39 on 2m shares and Netsole Technologies, up 94 paisa at Rs21.52 also on 2m shares.
FUTURE CONTRACTS: Active trading was witnessed in the shares of Hub-Power, which was quoted higher by 23 paisa at Rs38.18 on 2m shares followed by both settlements of D.G.K. Cement, up by 49 and 42 paisa at Rs22.37 and 22.25 respectively on 0.923m and 0.863m shares.
Pakistan Petroleum and Pakistan Oilfields followed them, higher by Rs2.90 and Rs2.03 at Rs213.09 and Rs330.98 on 0.220m and 0.208m shares respectively.
DEFAULTER COMPANIES: The active list on this counter was led by Invest Bank, higher by six paisa at Rs0.40 on 0.461m shares followed by Mukhtar Textiles, steady five paisa at Rs0.50 on 70,116 shares and Japan Power, easy one paisa at Rs1.22 on 62,599 shares.
They were followed by Dadabhoy Cement, lower by two paisa at Rs1.98 on 40,006 shares, Ravi Textiles, easy by four paisa at Rs0.93 on 16,131 shares, and Sajjad Textiles, higher by 43 paisa at Rs1.43 on 11,718 shares.
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