Pakistan’s Karachi Stock Exchange 100 Index (KSE100), Asia’s cheapest benchmark gauge, rose to a record after banks and oil companies reported an increase in profits and the government amended a tax on shares.
The index of 100 companies traded on the Karachi exchange rose 0.4 percent to 15,712.21, surpassing the previous record close of 15,676 set on April 18, 2008.
The benchmark index has surged 38.5 percent this year, the third-best performance among 92 stock gauges tracked by Bloomberg, after Pakistan eased rules on a capital gains tax on shares in January to increase investor activity.
“The next six months will see more consolidation,” said Muhammad Imran, head of local equity sales at Arif Habib Ltd. in Karachi.
Overseas investors bought shares worth six billion rupees ($62 million) this year through Oct. 2, according to data on the website of the National Clearing Company of Pakistan, which handles transactions for investors and traders at the exchange.
To contact the reporter on this story: Faseeh Mangi in Karachi at email@example.com
To contact the editor responsible for this story: Naween Mangi at firstname.lastname@example.org