7,538 - WHT to be abolished
July 6, 2009The KSE-100 index stayed positive all day and towards the close shot up to a high of 7,558. The market was boosted on rumours that withholding tax (WHT) would be abolished, which emanated during Tarin’s meeting at the Karachi Stock Exchange today. ( see below )
News : The Advisor to Prime Minister on Finance, Shaukat Tarin, has announced to abolish withholding tax applicable on the sale of shares. Briefing the media after his meeting with members of Karachi Stock Exchange (KSE) here on Monday he also announced that he would advise the Federal Board of Revenue (FBR) to convert the tax being paid under ‘Presumptive Tax Regime’ (PTR) to be made adjustable (as compared to minimum) with final tax liability of members. He also announced that the newly imposed federal excise duty (FED) would be collected directly from members, as prescribed by the FBR. However, the audit process would be made transparent and hassle-free. He said that FED would be collected from members on self-assessment basis. However, around 2.5 percent members from all three stock exchanges would be selected, on random basis, for audit,… Aaj News
The Karachi Stock Exchange (KSE) has reduced the marketable lot size to one share, effective from July 21, 2009. According to the KSE on Monday, the decision has been taken on the recommendation of the Development, Technology and Trading Affairs Committee and the board of directors to facilitate the market participants. However, this decision will not be applicable for orders entered during the pre-open session. As a consequence of the decision, the “odd lot market” will not operate as a separate market also effective from July 21, 2009... Source : The News
Market Low : 7,471.28 High : 7,558.42
Market Close : 7,538.49 – 67.21 points up
