Stock market gains 155 points amid low volume

KARACHI: Investors returned after the weekend with optimistic sentiments. Indices swung in both directions in the absence of a trigger while volumes remained thin. Foreign investors ended the last week as net buyers with a net inflow of $17.03 million.

Finance Minister Asad Umer said earlier on Monday that a simplified procedure for tax returns for entrepreneurs would be introduced during the ongoing fiscal year, adding that the government would recognise top taxpayers besides facilitating businesses and investors to bolster the country’s exports.

After a positive start to the day, the KSE 100 index benchmark reached its intraday low of 40,261.39. The index then made a recovery to touch its day’s high of 40,465.15 (up by 200.37 points). It finally settled on the upper side at 40,420.09 after gaining 155.31 points. The KMI 30 index gathered 397.35 points to close at 67,385.26, while the KSE All share index ended at 29,462.82 (up by 95.15 points). The advancers to decliners ratio stood at 162 to 142.

Trading volumes were recorded at 126.01 million on Monday. Pakistan International Airlines Corporation Limited (PIAA +12.54pc) led the volume chart with 15.24 million shares exchanging hands following the news that Prime Minister Imran Khan has discussed major proposals to turnaround the financially-troubled company. TRG Pakistan Limited (TRG +1.40pc) and Fauji Foods Limited (FFL -2.42pc) were next in line on the volume chart. The scripts had traded 7.94 million shares and 6.03 million shares respectively.