Business

KARACHI (Web Desk) – Pakistan stocks rallied to a record closing high on the second day of the week.

The benchmark 100-share index of the Pakistan Stock Exchange ended 1.70 percent higher, or 652.27 points, at 39,020.23, a record high close.

Among gainers, K-Eletric was the volume leader with 39 million shares traded.

“Bullish momentum was witnessed with supplementary supportive news of tax rebate benefiting shariah-compliant companies,” dealers said.

The federal government has introduced a two percent tax rebate for shariah-compliant listed companies through the Finance Act 2016, the News International daily of the Jung Group reported on its website.

The rebate came after a suggestion by the Securities and Exchange Commission of Pakistan as part of reforms to develop the Islamic capital market, it said.

The rupee ended flat at 104.79/104.84 against the dollar, compared with Monday’s close of 104.79/104.84.

Overnight rates in the money market fell to 5.60 percent from Monday’s close of 6.25 percent.