Karachi: Positivity continued to shower its blessings towards capital market, as the benchmark KSE-100 index gained 264 points during the week to close at 12,450 points, up 2.2 percent from previous week.
Despite no change in policy rate, positivity came out after officials of Federal Board of Revenue (FBR) visited stock market and Central Depository Company (CDC) to review the CGT collection mechanism.
Investors took it as a step towards realization of Finance Minister promises for equity market reforms.
Meanwhile, the discussions with India on MFN status and trilateral talks between Pakistan, Iran and Afghanistan also supported market activity as leading sectors landed in green. Iran has agreed to extend trade with Pakistan to $10 billion and showed its interest to provide oil to Pakistan on deferred payments.
On economic front, due to substantial rise in imports, trade deficit in 7MFY12 stood at $13.17 billion up 39.8 percent YoY, which was somewhat supported by remittances that showed a growth of 21.54 percent to % 7.44 billion.
Though FDI were still down by 41 percent to only $594 million in Jul-Jan12 period but foreign investors offloaded $ 0.84 million in the week as compared to inflow of $ 5.9 million the previous week.
The average traded volume in the ending week stood at 175 million shares, down 3.2 percent from its previous week), while average traded value decreased by 14 percent to $50 million.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription