6,969 — 7k breaks
May 21, 2009The KSE-100 index took a big dump on the Information Minister’s vague statement about taxing the bourses in the upcoming budget. The market fell to a low of 6,841 and then recovered on an apparent statement by the Advisor to the Finance Minister saying that there would be no CGT until June 2010. The market has finally closed below 7000 points for the first time since April 1st. Trading could remain shaky and volatile till the budget is announced in June as rumours will be used to conveniently bash the market. Adamjee Insurance went against the downward grain today, closing at its upper limit with the highest volume traded for a particular share, based on rumours of foreign investment in its Life Insurance wing .
Market Low : 6,841.03 High : 7,060.72
Market Close : 6,969.82 – 90.90 points down
