Source: Google
The Pakistan Stock Exchange (PSX) experienced a historic surge on Thursday, with the KSE-100 Index climbing by over 1.93 percent, reaching 78,213 points at 11:30 am. This increase represents a notable rise from the previous week’s 76,706.77 points.
Following the Eid ul Adha holidays, the market opened positively, with the KSE-100 Index surpassing the 77,000 mark, increasing by 730 points by 09:44 am.
There was robust buying activity in key sectors, including automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Significant stocks like ODGC, POL, SHEL, SNGPL, MEBL, and HBL traded positively.
Fitch Ratings characterized Pakistan’s budget for the fiscal year 2024-25 as “ambitious,” indicating it could enhance the likelihood of securing a deal with the International Monetary Fund (IMF).
Last week, the PSX exhibited a bullish trend, fueled by investor confidence after the tax rate on dividends and capital gains for filers remained unchanged. This led to the KSE-100 index rising by 2,952.75 points over the week, closing at a record high of 76,706.77 points.