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Gain Tax issue continues to haunt investors as KSE sheds 21 points

The Karachi stock market closed in the negative zone as investors fretted over continued implementation of capital gains tax (CGT) on certain investments and offloaded their holdings.

The Karachi Stock Exchange (KSE) 100-share index declined 20.79 points or 0.17 percent to close at 12,317.15 points as compared to 12,337.94 points of the previous session. The KSE 30-share index also lost 28.93 points to close at 11,778.40 points as compared with 11,807.33 points.

Analysts said other reasons for the downtrend included, fall in global capital markets and declining value of oil in the international market. Investors preferred to stay to the sidelines owing to lack of positive triggers.

The market turnover went slightly up by 1.16 percent to 54.80 million shares after opening at 54.17 million shares. The overall market capitalisation fell 0.15 percent to Rs 3.256 trillion as against Rs 3.261 trillion. Losers outnumbered gainers 154 to 97, while 104 stocks were unchanged.

"Amid global sell-off in equity markets and fall in commodity prices the KSE continued to correct itself and closed 20 points down," said Topline Sec analyst Muhammad Millwala. "With range-bound activity low-priced stocks remained volume leader. FCCL right led the volume followed by Fatima fertilizer and Bank of Punjab."

The KMI 30-share decreased 44.35 points to close at 21,010.28 points from its opening at 21,054.63 points. The KSE all-share index closed with a loss of 14.13 points to 8,563.10 points as against 8,577.23 points.

"Negative close was witnessed with thin volumes at KSE," said Arif Habib Investment Ltd Director Ahsan Mehanti. "Limited local and foreign interest, uncertainty in global capital and commodity markets played a catalyst role in the bearish sentiment at KSE while developments on Pak-US strategic relationship failed to change the bearish sentiment."

Fauji Cement ® was the volume leader with 4.62 million shares as it closed at two paisas after opening at three paisas, shedding one paisa. Fatima Fert Co traded 4.12 million shares as it closed at Rs 14.57 from its opening at Rs 14.61, losing four paisas. Bank of Punjab traded 4.04 million shares as it closed at Rs 7.12 as against its opening at Rs 7.03, gaining nine paisas. Summit Bank Ltd traded 3.71 million shares as it closed at Rs 4.41 as compared with its opening at Rs 4.31, rising 10 paisas. (Daily Times Pakistan)
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