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Stock market: KSE rallies to four-year high
"Positive thing about today’s rally was the rising rupee turnover that crossed [the] Rs9 billion mark,” Equity dealer.
Investors linked rumours of the finance minister’s visit to KSE to an official announcement on relaxation of the capital gains tax regime. PHOTO: AFP
KARACHI:
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.
Reader Comments (9)
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what a country this.. It is wild west on the streets of karachi and the stock exchange hits 4-year highs. Only in Pakistan. Love us or Hate us, you cannot deny our resilience.
Imagine the possibilities if we have even some REMNANT of law and order.
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Artificial and fake market which has no credibility or value.
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@CK yes people investing 9 Billion a day all are fools and stupid….what can I say more..
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@usmanx:
for sure man, if we can achieve at least the bare minimum peace and stability the economy will start roaring again. the current projections for pakistan economic future are meager but i sincerely hope that they are wrong.
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INSHALLAH we will have peace and progress…Beleive in ALLAH alone!
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@saed more monies is traded in one second on the spx than kse in a month so not much to boast about the mkts ar supposed to give a projection going forward six months i dont see things improving going forward with current government in fact they will get far worse pak as limited energy qhich is destroying all sectors factRecommend
technical analysis cannot be applied to kse because ltd liquidity so is easy to manipulate and no law and order so lets see the fundamentals awful why the highs? cheap loans to certain corrupt officials and black market monies its just a money laundering operationRecommend
same old wine in new bottle get ready small investors big fishes will show bullish trend to sell the shares and than get away with the downfall
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@usmanx, the value of the Pakistani rupee is less than half of what it was 4 years ago. So in real terms, the KSE has fallen by over 25% during this period.
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