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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.