PSX hits historic high, closes above 76,000 points for first time

KSE-100 surges by 3,410 points during intra-day trading

KARACHI:

Pakistan Stock Exchange (PSX) reached an all-time high, closing above the 76,000-point milestone for the first time in intraday trading on Thursday.

The KSE-100 Index saw an increase of 3,410 points, surpassing key thresholds of 73,000, 74,000, 75,000, and 76,000 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.