Bullish trend continues in PSX with figure surpassing 94,000
Business
Benchmark KSE-100 index stood at 93,823
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) continued to witness bullish trend on Thursday.
The benchmark KSE-100 index surpassed 94,200 after gaining more than 600 points.
It must be noted that KSE-100 index closed at 93,355 points on Nov 13 (Wednesday) after gaining 130 points.
US DOLLAR
On the other hand, the US dollar continued its depreciation streak as it lost Rs0.05.
The US dollar stood at Rs277.80 from previous close of Rs277.85.
The latest surge in stocks is attributed to stability a day after the Federal Board of Revenue (FBR) stated that the IMF was satisfied with the 1.5 percent improvement in the tax-to GDP ratio.
"As a result, no-mini-budget will be introduced and there will be no imposition of General Sales Tax (GST ) on petroleum products," said an official.
According to FBR sources, the annual tax target of Rs12,970 billion will be maintained. The tax-to GDP ratio has increased from 8.8 percent to 10.3 percent.
Tax collection on agricultural income will commence.
