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Stocks end flat with hopes pinned on spending budget
June 12, 2021
Stocks remained range-bound in Friday’s session, wherein the benchmark index opened on a positive note and closed in the green territory with investors’ optimism primarily fuelled by hopes of an investor friendly federal budget, dealers said.
Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by selected scrips across the board as investors weighed IMF relaxations in federal budget FY22, GDP growth target of 4.8 percent for FY 22, progress in resolving Rs2.1 trillion circular debt and record remittances of $2.5 billion in May 2021.
“Higher global crude oil prices at over $70, surging foreign exchange reserves to $16.4 billion and rupee stability played a catalytic role in the positive close,” he added. ....

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