In a remarkable surge, the Pakistan Stock Exchange (PSX) achieved an all-time high today, crossing the 78,000 mark during Monday’s intraday trading session. The benchmark KSE-100 index soared to an unprecedented 78,115, marking a substantial gain of 1,409 points by 10:55 AM, compared to its previous close of 77,213.
Financial analysts attribute this historic rise to the government’s significant strides towards securing an International Monetary Fund (IMF) deal following the recent budget announcement. The 2024-25 fiscal budget, presented by Finance Minister Muhammad Aurangzeb, outlines ambitious economic targets, including a projected 3.6% GDP growth and a 12% inflation rate. The budget also earmarks substantial allocations for development initiatives, pensions, and public sector salaries.
Key highlights of the budget include Rs597 billion allocated for the Benazir Income Support Programme (BISP) and Rs1,400 billion allocated for the Public Sector Development Programme (PSDP), underscoring the government’s commitment to socioeconomic development and fiscal stability.
Market analysts are optimistic about the PSX’s continued upward trajectory, buoyed by these positive economic indicators and the government’s proactive fiscal policies.
Stay tuned for further updates on this developing story.
