| GEO Business|
KSE continues its upward march, gains 63 points
| Updated at: 1928 PST, Friday, December 03, 2010|
KARACHI: The local equities market ended higher on Friday led by foreign buying but dealers said the market is likely to stay range-bound in the short-term awaiting clarity on the implementation of reformed general sales tax.
The Karachi Stock Exchange's benchmark 100-share index ended 0.56 percent, or 63.11 points, higher at 11,406.66, its highest close since July 2008.
Turnover was 202.07 million shares, compared to 134.8million shares traded on Thursday.
Bullish sentiment continued to prevail in the market primarily due to foreign buying, a dealer said.
"The sentiment in the coming weeks however will be dependent on the RGST bill which will effect the IMF tranche."
Pakistan's slow implementation of key reforms may again delay the possible release of the sixth tranche of an $11billion International Monetary Fund loan, said a source this week who is involved with talks on the programme.
An IMF mission came to Pakistan last month to review the country's performance and was due to present the country's case to its board in mid-December. Pakistan was hoping to secure the sixth tranche then.
The source said it would be unlikely Pakistan's case would be presented in mid December.