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Good times are rolling on for the Pakistan stock market. Investors, or at least those with plenty of cash to spare, are making tonnes of money as share prices rock to new highs.
Last week, the benchmark KSE-100 index roared past the 48,000-point level last seen four years ago on June 15, 2017. In May alone, the index gained as many as 3,929 points.
Under such circumstances, the country’s economic managers and taxmen could be licking their lips, wondering about their share in the pie. But Finance Minister Shaukat Tarin, traders say, has already promised he’ll levy no new taxes.
In its budget proposals presented on May 21, the Pakistan Stock Exchange (PSX) has “asked for more”. The core principle in drafting the budget proposals, the PSX said, was to increase the size and depth of the capital market by incentivising new listings and increasing the investor base without impacting government revenues.
Stocks were on a roll in the outgoing week, topping 48,000 points after four years, as investors mostly put faith in the budget stimuli with the trend largely seen enduring, dealers said.The KSE-100.
Stocks moved ahead on Friday after auto sector rallied on expectations of a surge in car sales down the road amid promising economic outlook, dealers said.Pakistan Stock Exchange’s KSE-100.
KSE-100 records impressive 770-point gain, edges towards 48,000 level All share index volume stood at 1.4 billion shares
June 1, 2021
Stocks advanced at Pakistan Stock Exchange on Monday, putting the benchmark KSE-100 index headed towards 48,000 level as a bull-run continues with strong volumes.
On Monday the index clocked at 47,896 level after gaining around 770 points by the closing bell, as the Index remained in a positive territory throughout the session, showing an intraday high of 47,979 after it gained about 850 points.
Irfan Saeed, Senior Vice President, BMA Capital Management Limited, said that Market witnessed strong momentum owing to positive economic indicators across the board, but the strong sentiments can primarily be attributed to the State Bank of Pakistan’s decision to keep its policy interest rate unchanged at 7 percent for the fifth consecutive time, for the next two months.