Pakistan Stock Exchange after closing the previous week at the year’s lowest level, falling below 40,000 points level has staged a comeback on Monday.
The KSE-100 Index has surged more than 700 points at 01:40 p.m. as the investors increased participation after Mr. Shahid Khaqqan Abbasi promised brokers to help the market recover.
In a meeting held between, brokers and the Prime Minister, in-depth discussions were held in order to help rebuild investor confidence in the Stock Market. In the meeting, senior stock brokers proposed several measures to revive the confidence in the Stock Market.
Investors informed the Prime Minister that since the budget was announced on May, 2017 with its new tax structures the markets have witnessed a steep downfall in the investor participation.
Prime Minister promised to setup a committee under the Chairmanship of Governor Sindh, Mr. Zubair.
In their demands, the stock brokers demanded the government to revive Capital Market Fund which was setup in 2008. In addition to that, brokers also asked the PM to reinstate the old tax structure of bonus shares, capital gains tax and tax on brokers.
Prime Minister in turn gave full assurance to the brokers that the news taxes will be revisited and other pertinent measures will be taken in order to strengthen consumer confidence.