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Business Economy Pakistan Trending Now

PSX: KSE-100 Index Gains Over 3,000 Points Post-Budget Announcement

Karachi: The Pakistan Stock Exchange (PSX) witnessed a robust rally in the wake of the federal budget announcement for the fiscal year 2024-25, with the KSE-100 index surging by more than 3,000 points.

By 3:06 PM, the benchmark index had reached 75,993 points, marking a substantial increase of 3195.6 points or 4.39%. The positive market reaction was fueled by across-the-board buying in key sectors such as automobile assemblers, cement, commercial banks, engineering, oil and gas marketing companies, and refineries.

This bullish sentiment followed Finance Minister Muhammad Aurangzeb’s budget presentation on Wednesday, which aimed at a modest 3.6% growth for the coming fiscal year, balancing higher taxation with the need to satisfy the International Monetary Fund (IMF).

Additionally, there were no changes proposed in the tax rates for dividend income for both filers and non-filers, which was well-received by the market.

Cement and engineering stocks particularly benefited from the increase in the Public Sector Development Programme (PSDP) allocation, despite a hike in the Federal Excise Duty (FED) on cement.

The budget earmarked Rs.1.4 trillion for the PSDP, signaling the government’s commitment to infrastructure development. However, the textile sector lagged, reacting negatively to the proposed integration of exporters into the normal tax regime.

The optimistic market response on Thursday followed a positive session on Wednesday, where the KSE-100 index had already gained over 200 points, closing at 72,797.43 after the recent market crash where over the KSE-100 Index lost over 3000 points.

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