KARACHI - Stock market on Thursday closed slightly negative by 79.1 points or 0.24pc to close at 32,763.48 points mainly due to proposal of CGT and gas tariff hike. Uncertainty in the upcoming Federal budget affects investors’ sentiment.

Thus, volume and value traded clocked-in at 148m share and Rs5.3b ($52m). Federal Board of Revenue (FBR) proposed increase in capital gain tax (CGT) in upcoming Federal Budget FY16 on sale of shares. Due to trembled investors’ confidence, market closed in a negative zone. Proposed gas tariff hike by Ministry of Petroleum and Natural Resources (MPNR) bode positively on share prices of gas distribution companies i.e. SSGC and SNGPL. Both scrips witnessed increase of 1.86pc and 5pc, respectively, said a Topline Security report. Major activity was seen in PAEL (14m shares), BYCO (12m shares) and GAIL (12m shares). Collectively, they had 25pc of today’s traded volume. Sentiments remained bearish on reports for Govt proposal on CGT rates and slab revision in the up-coming federal budget, observed analyst Ahsan Mehanti. Profit-taking witnessed in selected stocks across the board on concerns for falling banking spreads and uncertainty over federal budget 2015-16. Weak global crude prices played a catalyst role in bearish activity at KSE amid late session support in leveraged stocks likely to gain from discount rate cut on Saturday.