Karachi Stock Exchange benchmark KSE – 100 index, during first forty minutes of trading managed to gain more than 250 points. The index achieved an early high of 46400 points at the outset.
Fertilizer, Commercial Banks, and Cement sector scrips are making the early moves in the market.
Finance Minister Mr. Rana Afzal has said that the country currently faces a serious challenge of timely repayment of installments of loans, taken for different projects from various international institutions.
In another news, authorities informed a local newspaper that the government is currently mulling over proposal to tax remittances. The move could turn out to be highly controversial, as Pakistan’s remittances have been deteriorating ever since Gulf countries began deporting foreign workers back to their countries amid economic tensions.
Furthermore, tenth round of China Pakistan Free Trade Agreement (CPFTA) were delayed yesterday after both parties failed to reach an agreement over exemptions of duties. Pakistan has been on the losing side of trade between the two countries. Pakistan’s deficit with China has ballooned to $ 14 billion, more than 40 percent of its entire deficit.
Volume traded during the 40 minutes reached 19.896 million with total value of 1.818 billion.