PSX turns bearish, loses 478 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Friday as the KSE-100 index shed 478 points, ARY News reported.

The 100 Index of the PSX lost 478.78 points, a negative change of 0.43 percent, closing at 112,085.30 points as compared to 112,564.08 points on the last trading day.

A total of 457.04 million shares were traded during the day as compared to 596.73 million shares the previous trading day, whereas the price of shares stood at Rs23.215 billion against Rs30.96 billion on the last trading day.

As many as 432 companies transacted their shares in the stock market, 135 of them recorded gains and 237 sustained losses, whereas the share price of 60 companies remained unchanged.

The three top trading companies were B.O. Punjab with 70.05 million shares at Rs11.10 per share, Sui South Gas with 32.78 million shares at Rs32.70 per share and Lotte Chemical with 23.43 million shares at Rs20.20 per share.

Lucky Cement Limited witnessed a maximum increase of Rs124.22 per share closing at Rs1,366.37 whereas runner-up was Lucky Core Industries Limited with Rs67.14 rise in its share price to close at Rs1,183.25.

Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs144.18 per share price, closing at Rs23,338.36, whereas the runner-up was Mehmood Textile Mills Limited with Rs47.15 decline in its per share price to Rs562.66.

Meanwhile, Pakistan government has fulfilled another International Monetary Fund (IMF) condition by withdrawing key powers from the Federal Board of Revenue (FBR) and establishing a Tax Policy Office under the Ministry of Finance, as per a newly issued notification.

As per details, the government has separated tax policy formulation from tax collection to enhance transparency and efficiency. Under the new law, FBR will now focus solely on tax collection and implementation rather than policymaking.

The new Tax Policy Office will report directly to the Finance and Revenue Minister and will be responsible for developing reform agendas and analyzing tax policies and proposals.