The Karachi stock market continued its resolute upward march on Wednesday, shrugging off incidents of arson and violence witnessed in the city a day earlier as it closed at four-year-high levels.
Analysts and dealers attribute the bout of resilient optimism to reports circulating in the market that relief on the capital gains tax regime may be just around the corner, while positive expectations for first quarter earnings have also helped boost investors’ interest.
Topline Securities Equity Dealer Samar Iqbal noted that “the positive thing about today’s rally was the rising rupee turnover that crossed [the] Rs9 billion mark.”
Mujtaba Barakzai, analyst at JS Global, said investors linked rumours of the finance minister’s visit to KSE to an official announcement on relaxation of the capital gains tax regime.
Published in The Express Tribune, March 29th, 2012.