Karachi: Positivity continued to shower its blessings towards capital market, as the benchmark KSE-100 index gained 264 points during the week to close at 12,450 points, up 2.2 percent from previous week.
Despite no change in policy rate, positivity came out after officials of Federal Board of Revenue (FBR) visited stock market and Central Depository Company (CDC) to review the CGT collection mechanism.
Investors took it as a step towards realization of Finance Minister promises for equity market reforms.
Meanwhile, the discussions with India on MFN status and trilateral talks between Pakistan, Iran and Afghanistan also supported market activity as leading sectors landed in green. Iran has agreed to extend trade with Pakistan to $10 billion and showed its interest to provide oil to Pakistan on deferred payments.
On economic front, due to substantial rise in imports, trade deficit in 7MFY12 stood at $13.17 billion up 39.8 percent YoY, which was somewhat supported by remittances that showed a growth of 21.54 percent to % 7.44 billion.
Though FDI were still down by 41 percent to only $594 million in Jul-Jan12 period but foreign investors offloaded $ 0.84 million in the week as compared to inflow of $ 5.9 million the previous week.
The average traded volume in the ending week stood at 175 million shares, down 3.2 percent from its previous week), while average traded value decreased by 14 percent to $50 million.
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