Stocks crossed the 77,000 level for the first time in the history of the Pakistan Stock Exchange (PSX) on Friday, mainly backed by positive sentiments from investors.
According to the PSX website, the market opened on a positive note and continued its upward momentum. At 11:02 am, the benchmark KSE-100 Index surged by over 1,100 points to reach the 77,310.45 level.
At day closing, the market settled at 76,706.77 points, up by 498.61 or 0.65% from the previous close.
Significant buying was witnessed in key sectors, including commercial banks, fertilizer, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Index-heavy stocks such as PRL, PSO, SNGPL, and OGDC traded positively.
On Thursday, the PSX opened on a strong note in the post-budget session, with the benchmark KSE-100 index crossing the 76,000 level to settle at 76,208.16, an increase of 3,410.73 points or 4.69%.
The recent buying spree is attributed to the market’s positive reaction to measures announced in the federal budget 2024-25. Analysts noted that the budget for FY25 is favorable for the market, as the government has not changed the treatment of Capital Gain Tax (CGT) to normal tax.
