KSE closes above 12,300 points

The Karachi Stock Exchanges (KSE) remained positive on the news that the two major provinces of the country are going to present a tax-free budget and balanced budget for fiscal year 2011-12.The benchmark of the KSE-100 index ended 0.39 percent, or 47.63 points higher at 12,377.77 points level.According to market experts, the increase in international oil prices also helped the KSE-100 index to close up. Dealers expect a steady market in the coming days, despite the hit to sentiment from the government’s decision to maintain a capital gains tax on individual investments in the budget for the fiscal year 2011-12.