PSX records fresh gains, 100-index increases by 155 points
The market closed on seven weeks high mark with volumes improved a bit.
KARACHI (Dunya News) – The trend at the share market before the announcement of mini-budget was quite slow as all the investors and financial institutions anxiously waiting for the measures to be announced to boost revenue collection and improve business climate.
The stock market opened on a positive nod and recorded around 290 points rise with choice buying witnessed in the auto, banks, cement and petroleum companies.
Numerous rumors hit the stock market where views were divided that what would be the outcome of the mini-budget. Auto shares recorded gains on expectation that the government would increase the withholding tax on non-filers but would allow them to buy vehicles as it has drastically affected the sales of the auto group.
Moreover banks were in the lime light on the reports and assurance from the Revenue Minister Hamad Azhar to KCCI members that the government would benefit filers by ending the tax on cash withdrawal.
The cash withdrawal Rs50,000 would be exempted from withholding tax of 0.03 percent. This would help improve cash transaction and turnover.
The Stock Market closed with a gain of 155 points to 40057 points. The market closed on seven weeks high mark with volumes improved a bit with business transactions to improve further if government accepts demand of stock brokers pledged some two months back.
Details By Harris Zamir
