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Revival Doubtful
The market has not been amused by the emphasis on property and wealth taxes in the Draft Outline of the Fourth Plan. Fresh reports of Pakistani troop movements have also given a jolt. There was some relief when the Finance Minister declared that there was a limit to taxes on higher income brackets. Loading equities, nevertheless, had new friends.
The market has not been amused by the emphasis on property and wealth taxes in the Draft Outline of the Fourth Plan. Fresh reports of Pakistani troop movements have also given a jolt. There was some relief when the Finance Minister declared that there was a limit to taxes on higher income brackets. Loading equities, nevertheless, had new friends.
Speculatives declined all along the line as most bull operators unloaded. Substantial losses were recorded in steel shares, Kohinoor, Standard, National Rayon and Telco. Textile shares also generally tended to drift lower on reports of accumulation of stocks. In the cash section, SLM Maneklal, Sandvik Asia, Chemicals and Fibres and Ceat Tyres declined significantly. Steel shares rallied towards the end of the week on reports of early revision of steel retention prices.
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