PSX hits historic high of 77,000 points as post-budget surge continues

KSE-100 benchmark closed at 76,706.77, marking a 0.65% rise from the previous close

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed a significant surge on Friday, with the KSE-100 index rising by 1,046 points. This rally propelled the index to a new all-time high, surpassing the 77,000-point mark for the first time in the country's history.

At 11am on Friday morning, the KSE-100 index stood at 77,252.44, reflecting a 1.36% increase from yesterday's close, as the PSX continued its upward trajectory.

The stocks closed at 76,706.77 on Friday.

Investors have been cheered by the absence of any hike in taxes on capital gains and dividend income in the federal budget for the fiscal year 2024-25, contributing to a positive sentiment.

Additionally, projections of a substantial increase in dividends from state-owned enterprises (SOEs) have further added to the overall optimism.

Yesterday, the stocks reached an all-time high, closing above the 76,000-point milestone for the first time in intraday trading.

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."

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.