Business
Pakistan Stock Exchange records highest single-day gains – OpEd – Eurasia Review
Over the past week, the market lost ground in the first two days amid rumors of potential increases in capital gains tax (CGT) due to which the KSE100 index remained bearish and reached the level of 72,589 before showing signs of recovery on Wednesday. The market recovered quickly after the announcement of the federal budget for FY25. The tax measures introduced in the budget were not as adverse as initially expected. On Thursday, the index gained 3,410 points, the most in a single day, and closed at the 76,706 level on Friday, reaching the highest closing level on record, with a gain of 2,952 points, up 4 % on WoW.
Despite initial concern over the proposed tax changes, the market has recovered, reflecting investor confidence amid pre-budget uncertainty. The week also saw the State Bank of Pakistan (SBP) announce a first symbolic rate cut of 150 basis points, reinforcing the positivity.
As the inflation outlook improves, yields at the latest Treasury auction have fallen.
Overall, average trading volumes decreased 3.8% to 409.6 million shares, compared to 423.3 million shares a week ago.
On the currency front, PPR depreciated by 0.11%WoW to close at 278.51/US$.
Other major news of the week include: 1) RPK 9 billion approved to offset WTO PDCs, 2) ECC allowed conditional export of 0.15 million tonnes of sugar, 3) in the budget of FY25, the government announced that it will increase the tax to GDP ratio to 13%, 3) the government also announced the issuance of US $1 billion bonds and obtaining loans 4 billion US dollars from foreign banks, 4) FY25 budget aimed to increase PKR 3.8 trillion in new taxes and, 5) World Bank projected Pakistan's GDP growth at 2, 3%.
According to AKD Securities, commercial banks, pharmaceuticals, oil and gas exploration companies, oil and gas marketing companies and paper and paperboard were among the best performing sectors, while laggards included composite textiles, wool, leasing companies, food and personal care products and textile spinning. .
Significant net sales were recorded by individuals with a net sale of US$8.9 million. Mutual funds absorbed the majority of the sales with a net purchase of US$11.1 million.
The best performing scripts of the week were: BAFL, MCB, NCPL, UBL and KOHC, while the laggards included: ILP, PTC, YOUW, COLG and 5) PGLC.
The post-budget market has gained some certainty, particularly in sectors that have benefited from fiscal measures. With the start of monetary easing, optimism is expected to increase, particularly in cyclical sectors.
Furthermore, the approval of the budget paves the way for the next IMF program, which will likely become an important market catalyst in the future.
|
Sources 2/ https://www.eurasiareview.com/16062024-pakistan-stock-exchange-records-highest-single-day-gains-oped/ The mention sources can contact us to remove/changing this article |
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
 |
 |
 |
