Karachi (Staff Report): Pakistan Stock Exchange (PSX) started the week with bullish trend as the remarkable gain of 1014 points to close at 38562 points.
The KSE 100 index benchmark crossed over 38,000 and reached its intraday high of 38,626.80 after gaining 1,070 points. It finally settled higher by 1,014.91 points or 2.70pc at 38,562.40. The KMI 30 index appreciated by 2,258.27 points or 3.63pc to close at 64,436.83 points, while the KSE All Share index was up by 529.08 points, ending at 28,529.12. Out of total traded scripts, 202 advanced while 100 declined.
The visit of the Crown Prince of UAE sent positive vibes to the stock players as they pinned hope that financial assistance and investment assurance in number of sectors especially setting of a refinery in Pakistan has been good omen.
Commitment from UAE to give $3 billion assistances for Pakistan bodes well and it showed that following the change in the government foreign countries have lot of faith on Prime Minister Imran Khan’s vision to put economy on track and reduce poverty.
Another factor behind the surge was the upcoming mini-budget which according to punters to bring some relief for the capital market players. The government is likely to reduce tax rate on buying and selling of shares by half to 0.1 percent. This step if approve will improve daily volume and will attract new flow of investment.