PSX ends session on positive note
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KARACHI: The capital market closed on a positive note following the announcement of the economic reform agenda of the government aimed to encourage investment and broadening of industrial base.
The stock market recorded an increase of more than 500 points and showed healthy gains under the lead of auto, cement, steel and textile groups. However selling pressure in some of the heavy weights belonging to oil and exploration groups squeezed the overall rally at the local bourse.
Hamad Aslam, director research at Elixir Securities said that cement companies were in the buying chart as budget did not increase the Federal Excise Duty (FED) on the sector.
Auto Sector, on the other hand, posted mixed performance despite being the key beneficiary of the change in government stance announced through mini budget.
Pak Suzuki Motor Company showed an increase of Rs11.48, continued with its winning streak as non-tax filers would now be allowed to purchase cars up to 1,300 CC while profit taking was observed in Honda Atlas Cars Pakistan Limited down by 4.53%, the stock had already gained over 42 percent from its Jan-19 lows on change in import policy and anticipation of favorable announcements in the Budget.
The KSE-100 index recorded an increase 231 points to close at 40289 points, in last four sessions the index climbed by 1000 points where market capitalisation improved by Rs 150 billion.
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