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Stocks rally for fifth day on budgetary relief
KARACHI: The stock market gave a warm welcome to the government’s relief package, which galvanised the KSE-100 index for fifth consecutive session with a gain of 231.31 points (0.58 per cent) and settle at 40,289.16.
The government announced second supplementary budget which lent support to exports, encouraged investments, lifted the ban on purchase of vehicles by non-filers and gave concessions to increase lending to industry, agriculture and small and medium enterprises. For the stock market, advance tax of 0.02pc on share trading under Presumptive Tax Regime was abolished.
The session started on a buoyant note with the index opening gap up by 534 points as excited investors started to accumulate mid-tier stocks.