PSX index tops 122,000 mark as share prices surge ahead of budget

The Pakistan Stock Exchange (PSX) opened on a positive note on Tuesday, the first day of trading after Eidul Azha holidays, with the benchmark reaching fresh high ahead of the announcement of the federal budget, reported 24NewsHD TV channel.

At the end of the day, the PSX’s KSE-100 index gained 383.44 points or 0.31% to reach 122,024.44 points to hit all-time high. 

Experts have attributed the upward movement to cautious optimism among investors, who are closely observing the ongoing budget proceedings and macroeconomic developments, including Pakistan's discussions with the International Monetary Fund (IMF).

They expect that trading would remain range-bound until the budget is fully unveiled and key taxation and spending measures are confirmed.

Earlier on Thursday, last day of trading before Eidul Azha holidays, the Pakistan Stock Exchange (PSX) had witnessed steady trading with the benchmark KSE-100 Index shedding 157 points or -0.13%. The market closed at 121,641.

During the trading hours, the market activity displayed a mixed trend across key sectors, including automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, and oil marketing companies (OMCs).

Notably, heavyweight stocks such as MARI, POL, WAFI, and MCB traded in the green, providing some support to the index.

Reporter: Basim Iftikhar