KARACHI: The Pakistan Stock Exchange (PSX) maintained upward rally on budgetary expectations and positive statements indicating growth in the economy. KSE-100 Index breached the psychological barrier of 48,500 points level within the first session but failed to sustain it and closed the day below the mark.

The Karachi Share Index (KSE-100) ended the day 53.23 points (0.11 per cent) up at 48,304.72 points against the previous closing of 48,251.49 points. The market went as high as 48,531.40 points during intra-day trading, while recorded as low as 48,243.15 points.

Trading volumes inched down to 1.02 million shares today, as compared to 1.039 billion shares yesterday, while the daily traded value also fell to Rs24.88 billion from Rs26.35 billion in the previous session, the data said.

“The budget speed was at the end of the trading day but the anticipation kept the market in positive mood throughout the day, traders and analysts said. The overall budget seems positive for the capital that can lead to further extension of the current rally in next week also, they added.

The Pakistan Tehreek-e-Insaf (PTI) government has decided not to impose any new taxes on the salaried class in the federal budget for the upcoming financial year, saying no new taxes will be levied on masses to provide relief to them.

The share price of Unilever Foods increased by Rs300 to Rs16,800 while Sapphire Textile gained Rs61.90 to Rs898.90. On the other hand, Rafhan Maize lost Rs398 today to close at Rs9,500 while Wyeth Pakistan Limited lost Rs161.03 to close at Rs2,006.37.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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