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KARACHI: Pakistan Stock Exchange witnessed a bloodbath on Friday after the Prime Minister announced a 10 percent supertax on large-scale industries in a bid to shore up revenues for supporting the country’s poor amid rising inflation.

The market opened on a lackluster note, however panic selling was observed on the PM’s announcement that additional one-time supertax of 10 percent is being imposed on FY22 earnings on specified sectors where companies make annual profit of over Rs 300 million.

The benchmark KSE-100 Index plunged by 1665.18 points or 3.90 percent and closed at 41,051.79 points. During the session, the index hit 40,540.58 points intraday low level, down 2176.39 points.

Total daily trading volumes on the ready counter increased to 424.229 million shares as compared to 349.488 million shares traded on Thursday while total daily traded value increased to Rs 12.806 billion against previous day’s Rs 10.136 billion.

BRIndex100 decreased by 195.15 points or 4.58 percent to close at 4,069.12 points with total daily turnover of 370.388 million shares.

BRIndex30 declined by 676.1 points or 4.33 percent to close at 14,926.22 with total daily trading volumes of 254.341 million shares.

Ahsan Mehanti at Arif Habib Corporation said that panic selling was witnessed at PSX in scrips across-the-board after the PM announced 10 percent super tax levy on large scale industrials for one year to bridge gap in fiscal deficit. He said falling rupee and likely SBP policy impact of the IMF monetary targets played a catalytic role in bearish close.

Foreign investors however emerged net buyers of shares with net single day inflow of $2.305 million. The market capitalization declined by Rs 231 billion to Rs 6.862 trillion. Out of total 364 active scrips, 287 closed in negative and only 61 in positive while the value of 16 stocks remained unchanged.

K-Electric was the volume leader with 36.666 million shares and closed at Rs 2.86, up Rs 0.01 followed by Cnergyico PK that lost Rs 0.43 to close at Rs 5.35 with 25.853 million shares. Pak Refinery declined by Rs 1.44 to close at Rs 18.10 with 25.300 million shares.

Mehmood Textile and Philip Morris Pak were the top gainers increasing by Rs 60.48 and Rs 23.00 respectively to close at Rs 866.96 and Rs 563.00 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 200.08 and Rs 162.17 respectively to close at Rs 5700.00 and Rs 2004.66.

An analyst at Arif Habib Limited said that PSX witnessed a bloodbath session as Prime Minister announced a 10 percent tax on large-scale industries in a bid to shore up revenues for supporting the country’s poor amid rising inflation. Volumes remained healthy while selling pressure was witnessed across the board.

Sectors contributing to the performance include Banks (down 404.9 points), E&P (down 220.1 points), Fertilizer (down 205.0 points), Cement (down 192.7 points) and Power (down 108.2 points).

BR Automobile Assembler Index declined by 303.07 points or 3.02 percent to close at 9,727.75 points with total turnover of 4.930 million shares.

BR Cement Index plunged by 254.52 points or 6.07 percent to close at 3,937.46 points with 36.381 million shares.

BR Commercial Banks Index fell by 394.04 points or 4.41 percent to close at 8,537.86 points with 25.368 million shares. BR Power Generation and Distribution Index lost 237.85 points or 4.19 percent to close at 5,432.26 points with 57.143 million shares.

BR Oil and Gas Index decreased by 161.92 points or 4.17 percent to close at 3,717.71 points with 24.147 million shares.

BR Tech. & Comm. Index closed at 3,277.98 points, down 116.76 points or3.44 percent with 66.753 million shares.

An analyst at Topline Securities said that the KSE-100 Index opened on a lackluster note, however panic selling was observed on news that additional one-time supertax of 10 percent is being imposed on FY22 earnings on specified sectors where companies make annual profit of over Rs 300 million.

The KSE-100 Index declined by 3.9 percent to settle at 41,052 level and major contribution to the index came from UBL, HUBC, ENGRO, MCB and LUCK, as they lost value to weigh down on the index by 423 points.

Copyright Business Recorder, 2022

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