The Pakistan Stock Exchange achieved a historic feat with the KSE-100 Index soaring past the 77,000 mark for the first time ever, closing at an impressive 77,177.62. This remarkable surge, a gain of 969.46 points or 1.3%, was fueled by a flurry of buying activity following the recent budget announcement.
Various sectors witnessed substantial traction, notably commercial banks, fertilizer companies, oil and gas exploration firms, oil marketing companies (OMCs), and refineries. Key stocks such as Pakistan Refinery Limited (PRL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), and Oil and Gas Development Company (OGDC) experienced positive trading.
The unveiling of the budget sparked notably positive sentiment in the market, driving the index up by 3,410.73 points or 4.69%, reaching 76,208.16 before breaching the 77,000 mark. This surge underscores the market’s confidence in the government’s fiscal measures.
A significant catalyst behind this bullish trend is the favorable treatment of the Capital Gain Tax. The decision to maintain this treatment has garnered widespread investor approval, further bolstering the positive momentum. This measure is perceived as beneficial for the stock market, fostering increased investment and trading activity.