Bulls roared on the trading floor of the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index gaining 3,400 points—the highest in a single session—and closing the day above the 76,000 level for the first time.
The market opened on a positive note as the investors reacted positively to the federal finance bill for the fiscal year 2024-25, although it was burdened with many new taxes.
According to the PSX website, the KSE-100 Index crossed the 74,000 mark by 10:15 am, with an increase of 1,980 points or 2.64%.
At the day close, the KSE-100 settled at 76,208.16, a jump of 3,410.73 points or 4.69% compared to the previous close of 72,797.43 points.
Key sectors, including OMCs, refineries, automobile assemblers, cement, and banks saw across-the-board buying.
Finance Minister Muhammad Aurangzeb on Wednesday announced the federal budget for 2024-25 totalling Rs 18.9 trillion. The budget aims to meet the expectations of the International Monetary Fund (IMF) and balance the fiscal deficit with higher taxation.
The budget for the upcoming year aims for a modest 3.6% GDP growth, and sets an ambitious Rs13 trillion tax collection target, raising taxes on salaried classes and removing tax exemptions for the rest.
