PSX Gains Over 2,100 Points in First Hour of Trade After Budget

The Pakistan Stock Exchange gained over 2,100 points in the first 2 hours of trade as buyers flocked to the market after the federal government’s market-positive budget presentation on Wednesday.

After opening trade at 72,797 points, the benchmark KSE-100 index went up by 3 percent or 2,141 points at 11:13 AM to 74,947.

The trend remains strong with the current draw on liquidity at 75,000 now within touching distance once again.

The market is clearly responding well to the minor changes in Capital Gains Tax (CGT) for tax filers. New taxes targeting non-tax filers, as well as some retailers and real estate, are being received positively.

The budget is majorly in accordance with the wishes of the International Monetary Fund and would help unlock the next loan program.

Top Volumes

At the time of filing, Fauji Cement Company Limited (PSX: FCCL), K-Electric Limited (PSX: KEL), OGDC, and Worldcall Telecom Limited (PSX: WTL) were the hottest stocks on the main bourse.

FCCL 23.25 23.75 22.49 0.98 15,660,281
KEL 4.73 4.83 4.67 0.09 12,988,465
OGDC 127.67 128.9 121.4 8.55 10,663,852
WTL 1.32 1.34 1.3 0.03 8,136,983
AIRLINK 78.2 80.0 75.22 -0.14 7,493,116
PIAHCLA 13.56 13.63 12.8 0.75 6,827,815
SEARL 61.17 61.8 59.1 2.56 5,767,570

This is an intraday market update.

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