Saturday, July 20, 2024

A Day After Biggest Single-Day Gains, Pakistan Stock Exchange Crosses 77,000 to Hit All-Time High

The Pakistan Stock Exchange has reached a historic milestone as the KSE-100 Index climbed past the 77,000 mark for the very first time. It closed at an impressive 77,177.62, marking an increase of 969.46 points or 1.3%. This remarkable surge was driven by a buying spree following the recent budget announcement.

Several sectors saw significant activity, particularly commercial banks, fertilizer companies, oil and gas exploration firms, oil marketing companies (OMCs), and refineries. Among the key stocks that traded positively were Pakistan Refinery Limited (PRL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), and Oil and Gas Development Company (OGDC).

The announcement of the budget has created a notably positive sentiment in the market. Since the budget was unveiled, the index has risen by 3,410.73 points or 4.69%, reaching 76,208.16 before surpassing 77,000. This surge reflects the market’s optimism about the government’s fiscal measures.

One of the key factors contributing to this bullish trend is the favorable treatment of the Capital Gain Tax. The decision to retain this treatment has been well-received by investors, adding to the positive momentum. This move is seen as beneficial for the stock market, encouraging more investments and trading activity.

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