KARACHI:
The Pakistan Stock Exchange (PSX) witnessed a bullish trend with the index surging and successfully breaching the 75,000-point barrier during intraday trade on Thursday.
The KSE-100 Index saw an increase of 2,297 points initially reaching 75,094 points. The surged later increased to 2,657 points as the index reached 75,454 points.
Mohammed Sohail, CEO of Topline Securities, credited the upward trend to the “absence of tax increase on dividends and capital gains (CGT) for investors in the new budget.”
Read PSX optimistic as uncertainty ends
The upturn followed Finance Minister Muhammad Aurangzeb’s assurance to the nation of efforts to stabilise the economy ahead of the federal budget presentation.
Earlier, the trading session began with a spike but soon investors adopted a wait-and-see approach, keeping a close watch on developments surrounding the budget announcement.
Investor sentiment turned positive as the finance minister revealed while unveiling the Economic Survey 2023-24 on Tuesday that there were constructive talks with the IMF for a new loan programme.
At the end of trading on Wednesday, the benchmark KSE-100 index had recorded an increase of 207.94 points, or 0.29%, and settled at 72,797.43.
