Stocks cheer ‘stability’ with 626-point rally

KARACHI: Bullish sentiments prevailed in the stock market for the fourth consecutive session on Monday, briefly propelling the KSE 100-share index above the 66,000-point level. The emerging political stability after the smooth election of Shehbaz Sharif as the 24th prime minister of Pakistan helped the market sustain its overnight bullish momentum. Topline Securities Ltd said the market extended its winning streak on the prevailing political optimism as the index reached an intraday high of 681.75 points climbing to 66,007.44 and a low of 206.90 points to 65,325.68 points. Furthermore, the International Monetary Fund (IMF) has proposed a doubling of taxes for both salaried and non-salaried individuals to the Federal Board of Revenue. Additionally, it recommends raising the general sales tax rate to 18pc for various essential items such as unprocessed food, stationery, medicines and POL products.