The scholarship continued its momentum on the rise on Thursday while the confidence of investors remained strong following the federal budget and the increase in funding.
Pakistan Pakistan Pakistan Benchmark KSE-100 index of Pakistan Pakistan climbed to an intra-day summit of 125,490.79, winning 1,138.11 points, or 0.92%, and affected a minimum of 124,807.09, reflecting an increase of 454.41 points, or 0.37%.
“The market has rallied in the last sessions due to budgetary expectations. A silent budget which remains the way for consolidation and maintains continuity gives certainty to the market,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
“This as well as the Minister of Finance’s remarks for new rate drops fuel the market,” he added.
Funding to Pakistan increased to $ 3.7 billion in May, marking the second highest registered monthly influx. The figure reflects an increase of 16% compared to April and an increase of 13.7% compared to May of last year. Cumulative entries for the first 11 months of the 2010 financial year reached $ 34.9 billion, up 28.8%, compared to 27.1 billion dollars during the same period of 24.
Analysts have linked growth to the economic recovery supported by the IMF, an improvement in the stability of the exchange rate and structural improvements in the banking system, which encouraged more formal use of channels by Pakistanis abroad. The Pointe de Mai was also allocated to transfers related to Eid for purchases of sacrificial animals.
During Wednesday auction of the market cash flow bills, the government raised Rs853 billion, slightly lower than the target of 900 billion rupees, in the midst of total offers worth 2,992 billion rupees.
The cut -off yields decreased in all tenors: one month per 1 SBPS to 11.09%, three months per 10 bp to 11.05%, six months per 22 s at 10.97%and 12 months per 25 pb to 10.95%.
Wednesday, the KSE-100 index jumped 2,328.24 points, or 1.91%, to close to a record of 124,52.68. The top and bottom of the day were respectively at 124,588,17 and 123,237.99, because the market applauded the pursuit of the tax policy of capital gains and the broader budgetary discipline.