KARACHI: Encouraged by the SBP announcement about lifting the ban on advance payment of up to $ 10,000 per invoice for the import of goods and services, bulls entered the bourse today letting the value of stocks soar to 2019 high.
After a dismal opening the benchmark KSE 100-share Index recorded an increase of 401.40 points, or 1.09%, to settle at 37,166.96. Buying activity was mostly noted in textile, banking and steel sectors that pushed the index up. Selling pressure was faced by the cement sector during the trading session. As far as the stocks in chemicals is concerned Lotte Chemical continued to experience selling pressure as Engro Polymer made gains.
The volumes table was led by cement sector with trading in 32.1 million shares, followed by the technology sector (31.9 million) and engineering sector (25.6 million). Unity Foods led the volumes among individual stocks with 16.4 million shares changing hands followed by WorldCall Telecom (12.9 million) and TRG Pakistan (11.1 million). Out of the shares of 379 companies that changed hands today, value of 230 augmented 130 plummeted while 19 remained stagnant.
Volume leader today was Unity Foods with 16.5 million shares, gaining Rs. 0.48 to close at Rs. 11.66. Next was WorldCall Telecom with 12.9 million shares, losing Rs. 0.03 to close at Rs. 1.63 and TRG Pakistan with 11.1 million shares, gaining Rs. 0.58 to close at Rs. 20.04.
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
“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.