Pakistan Stock Exchange (PSX) gained over 400 points before the break for Friday prayers, a day after it was hammered as investors remained concerned about political noise and new tax amendments, reported 24NewsHD TV channel.
The trading was slow during intra-day trading and the PSX’s benchmark KSE-100 index went up by 434.59 points or 0.38% to reach 113,072.85 points.
Economic experts said that pressure was witnessed at the PSX amid concerns over the outcome of government-PTI talks and the restrictions imposed on non-filing PSX investors under new tax amendments.
They said that political uncertainty, apprehensions regarding the SBP’s cautious monetary easing, and fears of slippages on IMF tax collection targets acted as key catalysts for the bearish activity.
On Thursday, the PSX benchmark KSE-100 index had decreased by 1,510.19 points or 1.32 percent to 112,638.26 points.
The drop in the index was mainly driven by ENGROH, MARI, MEBL, LUCK, and EFERT, which collectively contributed to a loss of 615 points. The highest increase was recorded in Rafhan Maize Products Company Limited, which rose by Rs125.47 to Rs9,080.41 per share, followed by JDW Sugar Mills Limited, which increased by Rs90.50 to Rs995.45 per share.
A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs188.99 to Rs20,811.01 per share; Nestle Pakistan Limited followed it, which closed lower by Rs131.02 to Rs7,151.21 per share.
Other significant turnover stocks included Cnergyico PK, Fauji Foods Ltd, Pak Elektron, Lotte Chemical, BO Punjab, Telecard Limited, Pak Refinery and Pace (Pak) Ltd. In the futures market, 298 companies recorded trading, 51 of which increased and 245 decreased and 2 remained unchanged.
Reporter Ayaz Rana