KARACHI: Thanks to the positive conclusion of the quarterly review of IMF, bulls raged all over the bourse today and the KSE-100 index closed in the green with an augmentation of 825 points.
At close, the benchmark KSE 100-share Index was augmented 2.29 percent (824.94 points) to settle at 36,803.10. Both local and foreign investors aggressively participated in the market today.
Foreign institutional investors were net buyers of Rs. 219.6 million worth of shares during the trading session. 282.9 million shares worth Rs. 9.1 billion were traded today. The value of the shares of 304 entities augmented, 59 plummeted while value of the shares of 17 companies remained stagnant.
The investors were confident due to the conclusion of IMF staff mission’s visit to Pakistan with all praise for the authorities for meeting first-quarter targets under the $6-billion Extended Fund Facility, which paved the way for disbursement of $450 million in the month of December (2019).
With 35.9 million shares Bank of Punjab was the volume leader, gaining Rs. 0.46 to close at Rs. 10.41. WorldCall Telecom was the runner-up with 14.5 million shares, gaining Rs. 0.02 to close at Rs. 1.71. Third was Maple Leaf Cement XD XR with 11.8 million shares, gaining Rs. 0.98 to close at Rs. 19.55.
A relevant piece published earlier:
PSX: Political stability encourages bulls roam all over the bourse
KARACHI: KSE-100 Index recovered when the fear over Govt-Opposition confrontation lessened today. As a result, with an augmentation of 0.73%, it closed at 33,439.69 points.
WorldCall Telecom was the volume leader with 17.2 million shares. It was followed by Dost Steels with 5.4 million shares and Lotte Chemical with 5.1 million shares. Others who contributed to the higher turnover included Unity Foods and Bank of Punjab. Sector-wise, cement came under selling pressure whereas, exploration & production added the highest at 96 points. Banks also helped index rise despite a few declining scrips. Engro Corporation and Fauji Fertilizer closed in the green.
Engro Corporation with 2.10pc, Oil and Gas Development Company 1.71pc, MCB 1.86pc, Pakistan Oilfields 2.56pc, Pakistan Petroleum 1.52pc, Nestle Pakistan 4.92pc, Mari Petroleum 2.32pc, Pakistan International Bulk Terminal 6.88pc and Fauji Fertiliser with 0.77pc were the major gainers.
Shares of 353 companies were traded today out of which shares of 214 closed higher, 115 plummeted and 24 remained stagnant.
Pakistan among top 20 reformers globally in Ease of Doing Business: World Bank
ISLAMABAD: World Bank Country Director for Pakistan, Patchamuthu Illangovan has said that Pakistan has made it to WB’s 2020 list of top 20 reformers globally in Ease of Doing Business.
“With 6 reforms, #Pakistan emerges among top 20 reformers globally in Ease of Doing Business. Rankings will be released on Oct 24. We laud the COLLECTIVE action of Federal, #Sindh & #Punjab Govts for an impressive feat. @investinpak @eodbpunjab @EODBSindh,” Illangovan said in a tweet.
WITH 6 REFORMS, #PAKISTAN EMERGES AMONG TOP 20 REFORMERS GLOBALLY IN EASE OF DOING BUSINESS. RANKINGS WILL BE RELEASED ON OCT 24. WE LAUD THE COLLECTIVE ACTION OF FEDERAL, #SINDH & #PUNJAB GOVTS FOR AN IMPRESSIVE FEAT.@INVESTINPAK @EODBPUNJAB @EODBSINDH HTTP://OW.LY/WEWP30PCEFM
Top 20 reformers in Doing Business 2020
According to World Bank report issued earlier this month, Pakistan improved in six areas measured by Doing Business—starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders—reflecting the country’s development of an ambitious reform strategy including the establishment of national secretariat and Prime Minister’s reform steering committee.
“Pakistan made starting a business easier by expanding procedures available through the online one-stop shop,” the WB report said.
“In addition to improvements in property registration, obtaining a construction permit became easier after the Sindh Building and Control Authority and the Lahore Development Authority streamlined approval workflows and improved the operational efficiency of their one-stop shops. The launching of online portals for new commercial connections made getting electricity easier, and tariff changes are announced in advance.”
Moreover, tax compliance has become easier through online payment modules for value added tax and corporate income tax, and a lower corporate income tax rate,” the statement added.
The WB also appreciated ‘enhancing of the integration of various agencies into an electronic system’ and ‘improvement in coordination of joint physical inspections at the port’ which made trading across the borders easier.
Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port.