Karachi stocks continue to remain upbeat

KARACHI: The stock market continued to remain buoyant Friday with bullish investors helping the market to surge by 250 points breaking all past records of the benchmark KSE-100 index reaching at 29,792 points.

The market opened upbeat on the note of some positive speculations regarding the upcoming budget serving as catalyst to the already bullish investors, who thronged for buying blue chips that saw the index touching highest ever peak at 29,792 points, surged by 250 points.

Stocks analysts said that the confidence of the local and foreign investors further got a boost with a rumor buzzing in the market that the increase in capital gain tax likely to be around 2.5 percent only instead of 7.5 percent in the upcoming budget.

The available data shows that the foreign investors have purchased shares worth over $60 million since the beginning of this month to date.

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