KARACHI: Pakistan Stock Exchange (PSX) witnessed an upward trajectory on Wednesday, with shares climbing 900 points in intraday trade ahead of the budget announcement on June 10.
PSX benchmark KSE-100 Index climbed to an intraday high of 121,851.90, gaining 1,401.03 points, or 1.16%. The session’s low was recorded at 120,896.13, reflecting a gain of 445.26 points, or 0.37%.
Sana Tawfik, head of research at Arif Habib Limited, attributed the bullish momentum to the news of the approval of a new financial package between Pakistan and the Asian Development Bank (ADB).
The rally came as Prime Minister Shehbaz Sharif declared that talks with the International Monetary Fund (IMF) over the upcoming federal budget had been successful, hailing it as a step towards a new era of economic development.
Speaking in Peshawar on Tuesday, he said the government’s focus would now shift from stabilisation to sustainable growth, backed by institutional reforms.
Meanwhile, Pakistan’s economic team has reportedly persuaded the IMF to drop its demand for an increase in the Federal Excise Duty (FED) on fertiliser from 5% to 10% in the upcoming budget, a move expected to provide relief to the agriculture sector.
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