Business

PSX witnesses bullish trend as shares gain over 2,800 points

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Digital Desk

2 years ago

KARACHI: Bulls took control of the Pakistan Stock Exchange (PSX) on Thursday, a day after the government presented the Federal Budget for FY 2024-25.

The benchmark KSE-100 index saw an upward trajectory of 2809 points, or 3.75 percent during the intra-day trade to stand at 75,608 at 12:47 pm.

Analysts attributed the significant rise to the government’s readiness to unlock a deal with the International Monetary Fund (IMF) after the budget.

While presenting the federal budget, the Finance Minister said that the key targets of Budget 2024-25 include targeting GDP growth at 3.6 percent, inflation at 12 percent, and budget deficit at 5 percent of GDP.

The government aims to increase revenue, reduce unnecessary expenditure, and shift towards a market-driven economic model. Key initiatives include reforming the pension system, privatization of state-owned enterprises, and efforts to promote the agriculture and IT sectors.

Budget 2024-25 also includes relaxation of regulatory framework to attract business investment and boost exports.

Finance Minister Muhammad Aurangzeb projected a sharp drop in the fiscal deficit for the new financial year to 5.9% of GDP, from an upwardly revised estimate of 7.4% for the current year.

Digital Desk