Bulls return to PSX as KSE-100 index gains 1,205 points
- By web desk -
- Jun 26, 2023
KARACHI: Benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Monday gained 1,205 points as the country expects to sign a deal with the International Money Fund (IMF) to unlock much-needed funds after the passage of the federal budget with revised targets.
The benchmark index rose 1,205 at 12:55 pm as the market anticipates that Pakistan can revive the stalled IMF loan to avoid a sovereign default.
The KSE-100 index has crossed the 41,000 points mark and currently trading at 4,1270 points.
According to the market experts, the PSX showing a bullish trend over expectations of the revival of the loan programme with the IMF especially after the passage of the FY2023-24 budget.
On Sunday morning, the National Assembly passed the Finance Bill 2023-2024, giving the go-ahead to the budgetary proposals for the upcoming financial year.
Read more: National Assembly passes Finance Bill 2023-24
The bill with a total outlay of Rs14,480 billion was moved by Finance Minister Ishaq Dar in the house.
The House passed the federal budget with the revised targets to appease the International Monetary Fund (IMF) for the revival of the stalled loan programme.
According to the amendments, the target for tax collection has been revised to Rs 9,415 billion from 9,200 billion.
Rupees Rs801 billion have been allocated for the payments of pension against the earlier allocation of Rs761 billion.