Market watch: KSE-100 rises 118 points on budget optimism
Benchmark index advances 0.25% to close at 48,211.70
KARACHI:
The stock market reversed its trend on Friday and staged a modest rally, helping the KSE-100 index close with a gain of 118 points.
Automobile sector stocks attracted substantial investor internet on the back of anticipation of reduction in taxes on cars in the budget for fiscal year 2021-22.
A news report suggested that the government was considering slashing taxes on new imported and locally assembled cars of up to 800cc engine capacity in the budget.
A spike in international crude oil prices put the spotlight on the local oil-related sectors where market participants made fresh investments.
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Impact of COVID-19 on Automotive Speaker Market Overview, in-Depth Analysis, Forecasts, Applications, Shares & Insights
Automotive Speaker Market Overview 1
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2021 Waterproof Earphones Market Rising Demand Upto 2027 | Apple Inc., Audio-technica, Bose Corporation, Creative Technology
Waterproof Earphones Market Progress 2021
PratikMay 5, 2021 3
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Daily Times
May 3, 2021
The Pakistan Stock Exchange (PSX) is unlikely to escape the bumpy ride this week and stocks are at a major risk of underperforming on back of rising coronavirus cases, lockdown fear, reduced business timing, and extended Eid holidays starting this weekend, besides political instability.
Another factor that can put pressure on stocks is an increase in the Consumer Price Index-based inflation, which surged by 11.1 percent on a year-on-year (YoY) basis in April 2021 as compared to an increase of 9.1 percent in the previous month. On a month-on-month basis, it increased by 1.3 percent in April as compared to an increase of 0.3 percent in March.