Pakistan Stock Exchange Surges Post-Eid Holidays

The Pakistan Stock Exchange (PSX) has shown a positive trajectory in its first session after the Eid holidays. This surge is attributed to discussions with the International Monetary Fund (IMF) and the unveiling of Budget 2024-25. The KSE-100 index witnessed a significant increase of over 1400 points by 11:16 am, reaching 78,142.67 points. Analysts are optimistic about further growth, with notable buying activities observed in sectors like commercial banks, fertilizers, and oil and gas exploration companies.

The market's favorable response can be linked to the recent budget announcement for the fiscal year 2024-25 by the federal government. The budget includes tax hikes for the salaried class, impacting investor sentiment positively. The current uptrend in stock purchases is a result of the fiscal measures outlined in the 2024-25 federal budget.

The Pakistan Stock Exchange's upward trend post-Eid holidays reflects the market's optimism following key developments such as discussions with the IMF and the unveiling of Budget 2024-25. The buying activities in various sectors indicate investor confidence in the government's fiscal policies. As the market continues to respond positively to these factors, stakeholders are hopeful for sustained growth in the coming days.