LAHORE - The market recovered on Tuesday as the KSE-100 index gained 718 points to close at 41,238 level, after a decline of 400 points in the previous trading session.

This recovery at local bourse came after the amended Finance Bill for the remaining months of FY19 was read out during Tuesday's session of the National Assembly. The key highlights of mini budget were increase in federal excise duty on imports of luxury items including vehicles expensive cell phones.

Customs duty was increased on more than 5,000 luxury items while increase in regulatory duty was imposed on import of more than 900 items.

Tax relief revoked from salaried persons earning more than Rs200,000 per month. Tax rate for the highest income tax slab was raised from 15pc to 30pc.

Buying was largely driven by value hunters with cements and steel heavyweights LUCK (+5 percent), DGKC (+5 percent), MLCF (+5 percent), PIOC (+5 percent), ISL (+5 percent) and ASTL (+2.29 percent) leading the charts, cumulatively contributing +128 points to the index. Active participation was witnessed in the banking sector with UBL (+1.68 percent), HBL (+1.55 percent), BAFL (+2.21 percent) and NBP (+1.44 percent) closing in the green zone. PPL (+1.80 percent) from the E&P sector declared its FY18 result, where the company posted an EPS of Rs23.24 and a cash payout of Rs1.50 per share along with a bonus of 15 percent. Moving forward it is expected market to remain positive for the coming session where experts recommend investors to buy valued stocks on dip.