Market Summary
Thin volumes, cautious investors and nervous events kept the bourse under pressure as was indicated by investor behaviour throughout the week. Trading was overshadowed by the growing rifts between the establishment and the military on account of the severity of the memo scandal. Rising oil prices and lack of necessary funds further fueled the negative sentiment amidst a likely embargo to be levied on Iran’s oil supply. However, the index recovered by the end of the trading week on positive news that the SECP proposed new taxation rules to the FBR including a two year capital gains tax exemption and a reduction in corporate tax from 35 percent to 25 percent. The announcement of the Kunnar-Pasakhi Gas Pipeline project also boosted the index by week end.
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