15,430
April 13, 2008
Friday’s close saw the Karachi stock market back on track with an intra-day high of 15,502 , closing up at 15,430. FFBL was the flavour of the day, recovering slightly from its recent bashing with 29.1 million shares traded. POl has made its highest close of the year at 392.90. Upside resitance is at 15,500 and downside support at 15,350.
Dividends : Pakistan Refinery : EPS : 40.38
News : The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from reputed Pakistani and international parties/consortia interested in acquiring 93.88 per cent strategic shareholding in SME Bank Limited, along with the transfer of management control.The early submission of EoI will enable interested parties to avail the maximum time for the submission of Statements of Qualifications (SoQs). The last date to receive SoQs is May 17. … The News
The government has decided to impose Capital Gain Tax (CGT) on capital market transactions in order to increase its tax revenue to meet the growing expenses,…The government has focused on the earnings of the capital market, as it will be the main taxpayer of CGT. This may generate over Rs100 billion in revenue for the government.However, the rate of CGT on the capital market is under discussion sources said, adding that there were several proposals for the imposition of CGT on short-term and long-term investments in the capital market. “The imposition of 0.5 per cent to 1 per cent CGT is mostly discussed in both, the ministry of finance and Federal Board of Revenue (FBR)” …Sources in the FBR said that there were many reasons for the imposition of CGT other than revenue generation. “The government wants to end speculation from the capital market, so the imposition of CGT will be used as a tool to end the speculation,” they remarked.
The sources further said that the government wants to increase long term investments, and for this, it had proposed that an extension in the exemption should be subject to a holding period of securities for three months. In the case of holding of investment in stocks for less than three months, the gain may be taxed… The News
Market Low : 15,304.92 High : 15,502.40
Market Close : 15,430.89 – 125.97 points up.
