Govt all set to auction bonds at PSX

For the first time in the history of Pakistan, the government decided to auction the bonds in the Pakistan Stock Exchange (PSX) market, ARY News reported on Thursday, citing sources.

Sources close to the development stated that the caretaker Prime Minister Anwarul Haq Kakar in his short visit to Karachi will inaugurate this initiative, after which the trade of the bonds will not only restricted to the banks but the brokers will also be allowed trade bonds in the stock market.

Sources state that the government can provide 20 to 22 percent profit on bond trading, adding that the government is expected to collect Rs 30 billion in revenue by listing bonds in stock market auctions.

In another development, the benchmark index of the Pakistan Stock Exchange (PSX) continued to break records as it crossed the 64,000 barrier.

The benchmark KSE-100 index had sustained its rally and attracted investors after the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).

The KSE-100 index’s trade volume increased by 413 points and was trading at 64,330 at 09:48 am.

Meanwhile, a total of 984,813,834 shares valuing Rs 35.094 billion were traded during the previous day.

However, some 383 companies transacted their shares in the stock market; 258 of them recorded gains and 117 sustained losses, whereas the share prices of 08 remained unchanged at the Pakistan Stock Exchange.