Index shoots up by 263 points

KARACHI: The KSE 100-share index on Monday shot up by about three per cent or 262.98 points and breached through the barrier of 12,037.68 points on panic covering purchases, triggered after the acceptance of SECP proposals by the finance minister, notably two-year freeze on Capital Gain Tax and cut in cash margin requirements to 15 per cent. “But what seems to have significantly boosted the sentiment was government assurance that no source will be asked about the funds invested in shares,” said a leading analyst Ahsan Mehanti. He said there was a perception that more funds would inflow in the shares business in future from various quarters, which could push the benchmark as well share values to new peak levels in the coming...

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