The Karachi Stock Exchange's KSE-100 index hit a high on Monday as the markets cheered the first-ever democratic change in government in the country's history. The KSE-100 was up 368.12 points or 1.85 per cent and trading well above the 20,000 mark - at 20,284.39 - at the time of writing.
This is its highest close since the index was introduced in November 1991 with a base value of 1,000 points. The Index comprises 100 companies selected on the basis of sector representation and highest market capitalisation, which tracks over 85 per cent of the total market capitalisation of the companies listed on the exchange. It is up 20 per cent since the beginning of the calendar year, and has risen over 42 per cent in a one-year period.
Former Prime Minister Nawaz Sharif is set for his third term in office as his Pakistan Muslim League (Nawaz) looks set to get a healthy lead over his opponents.
The KSE is one of Pakistan's largest tax payers. During fiscal year 2006-07, KSE contributed over Rs 400 crore towards the national exchequer, according to the exchange website.
Also, listed companies contribute over 10 per cent of total revenue collected by the government of Pakistan
KSE brokers, on average, pay more than 50 per cent of their profit before tax as presumptive tax.
