KARACHI: Pakistan Stock Exchange (PSX) maintained its bullish trend on Wednesday after the government’s commitment to keep its focus on fiscal consolidation has boosted the confidence of investors.
During intraday trading, the KSE-100 climbed 1,954 points with a positive change of 1.61 percent to hit another high of 124,040 points.
The rally also comes as the government has kept the CGT and dividend rates unchanged in the proposed finance bill contrary to expectation of some changes in tax on passive incomes.
A day earlier, the 100-Index also witnessed bullish trend, gaining 383.44 points and closing at 122,024.44 points. A total of 592,952,761 shares worth Rs21.827 billion were traded.
As many as 473 companies transacted their shares in the stock market, 230 of them recorded gains and 200 sustained losses, whereas the share price of 43 companies remained unchanged.
Prime Minister Shehbaz Sharif on Wednesday hailed the record surge in the stock market to 124,000 points and said that the bullish trend reflected the confidence of investors and businessmen in the pro-people budget presented by the government a day earlier.
The prime minister, in a statement, said that in the federal budget 2025-26, the government put no additional tax burden on the common man, and that the pay raise and tax reductions would provide relief to the salaried class.
“Alhamdulillah, the journey to national economic progress has begun. The people of Pakistan made immense sacrifices. Now, we all must work together to improve the common man’s life,” he remarked.Drones
He also appreciated the government’s economic team whose efforts led to the reduction in inflation, increase in foreign exchange reserves, remittances, and exports.
“Pakistan’s return from the brink of default, the beginning of economic stability, and the journey toward progress is a miracle. This historic economic turnaround, achieved through the hard work of the economic team and prioritizing Pakistan’s interests, will be etched in history forever,” he commented.
Budget 2025-26: Govt aims for 4.2pc growth while trimming expenditure
Federal Finance Minister Muhammad Aurangzeb on Tuesday presented the Rs17,573 billion budget for the fiscal year 2025-26, encapsulating measures aimed at promoting inclusive and sustainable economic growth.
Presenting the budgetary proposals, he said the budget for next fiscal year is a beginning of a strategy, crafted to promote competitive economy.
He said it will bolster exports and foreign exchange reserves in order to avoid imbalances in payments and promote economic productivity. He said the budget strategy is aimed at bringing fundamental changes in the country’s economy.
Muhammad Aurangzeb said the economic growth rate is expected to be 4.2 percent and inflation 7.5 percent during the next financial year.
The budget deficit will be 3.9 percent of GDP, while primary surplus will be 2.4 percent of GDP, a third consecutive primary surplus after two decades.
