PSX surges past 61,000 milestone

KARACHI: The benchmark index of the Pakistan Stock Exchange (PSX) continued its bullish run on Wednesday to cross the 61,000 barrier in a record high.

The KSE-100 index’s trade volume increased by 601 points, trading at 61,331 at 10:20am from the previous close of 60,730.

A total of 779,671,060 shares valuing Rs 26.138 billion were traded during the day as compared to 657,580,760 shares valuing Rs 20.272 billion the last day.

The benchmark KSE-100 index had sustained its rally from the previous week, which analysts had attributed to attractive valuations and the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).

It is to be noted that a team of IMF tax experts reached Pakistan on Monday.

Sources said that the technical experts’ delegation will hold consultations with the Federal Board of Revenue (FBR) over the taxation policy for about one week.

The delegation will suggest measures to the FBR for amendments in the tax policy, sources said. “Introducing amendments in the tax policy aimed at expanding the tax net and collecting maximum tax,” sources said.

Earlier it emerged that the the IMF executive board is likely to approve the staff-level agreement with Pakistan on December 07.

The IMF executive board meeting will likely be held on December 7 and is expected to consider Pakistan’s case in the meeting.

Sources said that after the approval from IMF’s Executive Board around US$700 million will be available to Pakistan, bringing total disbursements under the program to almost US$1.9 billion.