KARACHI: Pakistan stocks rallied to a record closing high on Tuesday on news a tax rebate would benefit shariah-compliant companies, dealers said.
The federal government has introduced a two percent tax rebate for shariah-compliant listed companies through the Finance Act 2016, the News International daily of the Jung Group reported on its website.
The rebate came after a suggestion by the Securities and Exchange Commission of Pakistan as part of reforms to develop the Islamic capital market, it said.
The benchmark 100-share index of the Pakistan Stock Exchange ended 1.70 percent higher, or 652.27 points, at 39,020.23, a record high close.
“Bullish momentum was witnessed with supplementary supportive news of tax rebate benefiting shariah-compliant companies,” said Imran Ali, head of research at Invest and Finance Securities Ltd.
Among gainers, K-Eletric was the volume leader with 39 million shares traded.
Cement stocks climbed, with Fauji Cement Company Ltd rising 3.39 percent, D G Khan Cement Company Ltd up 1.85 percent and Lucky Cement Ltd 2.68 percent higher.
Oil stocks also rose, with Pakistan Petroleum Ltd gaining 5 percent and Oil and Gas Development Co Ltd 2.62 percent higher.
The rupee ended flat at 104.79/104.84 against the dollar, compared with Monday’s close of 104.79/104.84.
Overnight rates in the money market fell to 5.60 percent from Monday’s close of 6.25 percent. –Reuters
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
