Sunday, July 14, 2024

Pakistan Stock Exchange Jumps Over 2,800 Points, Crosses 75,500 Mark

The Pakistan Stock Exchange experienced a remarkable surge in bullish sentiment, with a significant 2,800-point increase attributed to the anticipated approval of an IMF deal following the new budget announcement.

The benchmark KSE-100 index saw an impressive rise, jumping by 2803.17 points, or 3.85%, during intra-day trading. This increase brought the index to 75,600.60 points, up from the previous close of 72,797.43 points. The substantial gain reflects growing investor confidence in the market’s future prospects.

The federal government’s ambitious target of achieving Rs13 trillion in tax revenue played a key role in bolstering investor confidence. This challenging target demonstrates the government’s commitment to economic stability and growth.

Finance Minister Muhammad Aurangzeb’s budget presentation outlined several crucial goals aimed at stabilizing the country’s financial situation. These goals include stabilizing the public debt-to-GDP ratio and reducing the fiscal deficit.

To diversify revenue streams, the government proposed significant tax hikes on various sectors, including textiles, real estate, and mobile phones. These measures are designed to broaden the tax base and generate additional revenue, contributing to the overall economic stability of the country.

Analysts have responded positively to the budget, noting its potential to secure IMF approval. They emphasize that effective implementation of the proposed measures will be crucial for achieving the desired outcomes. The IMF deal is seen as a vital step in ensuring financial support and stability for Pakistan’s economy.

The surge in the KSE-100 index reflects the market’s optimism about the government’s economic plans and the potential benefits of the IMF deal. Investors are hopeful that these measures will lead to a more stable and prosperous economic environment in the coming months.

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