PSX surges over 3,000 points, crosses 75,000 level in post-budget session M Haris

Bulls return to form on the trading floor ending weeks of the downward trend, with the benchmark KSE-100 Index gaining over 3000 points during the intraday trading of the Pakistan Stock Exchange (PSX) on Thursday. 

According to the PSX website, the market opened on a positive note and the KSE-100 Index reached 74,717.95 by 10:15 am, gaining 1,980.52 points or 2.64%. 

The benchmark Index touched the highest level of 75,928.06 during intraday trade, with an increase of 3130 points. By 2:30 pm, the KSE-100 was hovering at the level of 75,880.06 mark, up by 3,082.63 points or 4.23%.

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.

According to budget documents, the government has allocated Rs 1.4 trillion for the federal development plan (PSDP), compared to the Rs 659 billion revised allocation for the outgoing financial year, marking a 112 percent increase.