KSE-100 rises 118 points

Staff Reporter

The stock market reversed its trend on Friday and staged a modest rally, helping the KSE-100 index close with a gain of 118 points.

Automobile sector stocks attracted substantial investor internet on the back of anticipation of reduction in taxes on cars in the budget for fiscal year 2021-22.

The trading at PSX kicked off on a positive note and investor optimism over the budget lifted it by 262 points by the end of first session.

Selling pressure became evident in the second session as investors resorted to profit-booking and erased some of the gains. However, the index managed to end the day in the green.

At close, the benchmark KSE-100 index recorded an increase of 118.17 points, or 0.25%, to settle at 48,211.70.

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