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PSX sheds points in Post-Budget Session on Monday

Karachi (May 29, 2017):The Pakistan Stock Exchange has started the week on a negative note, with the benchmark KSE-100 index losing 497.97 points, or 0.95 per cent, by the close of the trading session to reach 52,138.90.

According to the details, Government’s decision to impose taxes on dividends and capital gains along with reintroduction of super tax hurt investors’ sentiments at the stock exchange on Monday as they moved to book profits.

At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a fall of 497.97 points or 0.95% to end at 52,138.9.

According to a report of Elixir Securities, equities closed lower on the first trading day after budget announcement as losses in index names pulled the benchmark lower near 52,100 points.

Volumes were led by cement company stocks.

63.34 million shares changed hands by the end of the session, with a total worth of nearly Rs9.46 billion.

Shares of 375 companies were traded. At the end of the day, 105 stocks closed higher and 258 declined while 12 remained unchanged. The value of shares traded during the day was Rs12.97 billion.

Power Cement (right shares) was the volume leader with 23.5 million shares, losing Rs0.04 to close at Rs2.79. It was followed by Aisha Steel Mills with 11.9 million shares, losing Rs0.39 to close at Rs25.39 and The Bank of Punjab (right shares) with 10.5 million shares, losing Rs0.02 to close at Rs1.78.

Foreign institutional investors were net sellers of Rs729.6 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

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