Updated on
Summary KSE benchmark 100-share index closed 0.60 percent, or 85.15 points, higher at 14,217.74.
Pakistani stocks ended on a four-year high on Wednesday on media reports that amendments to the capital gains tax (CGT) ordinance had been signed by President Asif Ali Zardari the day before, dealers said.The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.60 percent, or 85.15 points, higher at 14,217.74, the highest close since May 2008.The market was bullish after the revised CGT was signed by the President. However, investors are a bit cautious as they have not seen the document as yet, said Mohammed Sohail, chief executive at Topline Securities.The CGT ordinance was initially scheduled to be signed after the federal budget, due to be released in May, but reports said the government was pressured by brokers to sign it earlier.There was no confirmation from the Presidents office of the media reports.In the currency market, the rupee ended firmer at 90.78/83 to the dollar, compared with Tuesdays close of 90.87/90 amid a lack of import payments.The rupee has been supported by remittances, which rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.In March, remittances totaled $1.14 billion.In its monetary policy statement this month, the State Bank of Pakistan said the external sector was likely to remain under pressure because of both external debt payments and a lack of foreign aid.Pakistans current account deficit widened to a provisional $3.089 billion in the first nine months of the 2011/12 fiscal year, compared with $10 million over the same period in the previous year, the central bank said on Wednesday.Overnight rates in the money market ended flat at 11.90 percent, unchanged from the previous days close amid tight liquidity in the interbank market.
