During the first two hours of trade following the presentation of the federal government’s market-positive budget on Wednesday, the Pakistan Stock Exchange witnessed a gain of over 2,100 points as eager buyers entered the market.
Starting at 72,797 points, the benchmark KSE-100 index surged by 3 percent or 2,141 points by 11:13 AM, reaching 74,947 points.
The positive trend persists, with the current liquidity draw nearing 75,000 points once more.
Investors are notably responding favorably to the slight adjustments in Capital Gains Tax (CGT) for tax filers. Additionally, the introduction of new taxes targeting non-filers, certain retailers, and the real estate sector is being met with approval.
The budget largely aligns with the International Monetary Fund’s preferences and is expected to facilitate the unlocking of the next loan program.
Regarding trading activity, top volumes were observed in Fauji Cement Company Limited (PSX: FCCL), K-Electric Limited (PSX: KEL), OGDC, and Worldcall Telecom Limited (PSX: WTL) at the time of filing.
