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Stock market forgets super tax agony, gains 800+ points anticipating good news from IMF

The KSE-100 index surged to 41,878 points on Monday with a net gain of 826.78 points _ 2.01 percent while the volume of shares amounted to 122.621 million, involving an amount of Rs4.949 billion.

ISLAMABAD: Pakistan’s stock market has forgot the agony of super tax and gained 800 points on Monday, the first working day after the government’s decision to impose 10pc super tax on mega companies operating in the country.

On Friday, the KSE-100 index crashed with a loss of over 2000 points when Prime Minister Shehbaz Sharif announced 10pc super tax on big corporate entities. Nonetheless, the market has gained more than 826 points on Monday (June 27), setting aside the hue and cry the investors had raised over the government’s decision to slap super tax.

The KSE-100 index surged to 41,878 points on Monday with a net gain of 826.78 points _ 2.01 percent while the volume of shares amounted to 122.621 million, involving an amount of Rs4.949 billion. Today’s lowest level of KSE-100 index was 41,051 points during intra-day trading and it surged to 41,878 amid speculative buying spree.

If the IMF okayed resumption of loan, the stock market would further demonstrate growth while dollar is expected to fall below 200 rupees level against its current rate of 208 rupees in the inter-bank trading.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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