PSX bounces back, gains 207 points

KARACHI: After registering loss for two consecutive days, the Pakistan Stock Exchange (PSX) recovered on Wednesday as the KSE-100 index gained 207 points, a positive change of 0.29 percent, before closing at 72,797.43 points against the previous day close of 72,589.49 points, ARY News reported.

The 100 index of KSE registered gains as the budget – estimated outlay of over Rs18 trillion – for the fiscal year 2024-25 is scheduled to be presented today.

During the intraday session, the 100-index experienced a negative trend with a high recorded at 73,169.00 points while the lowest was recorded at 72,464.24 points before settling at 72,797.43 points.

Throughout the day, a total of 433 companies’ shares were traded. Among these, the share prices of 231 companies increased, while those of 129 companies decreased, and the shares of 73 companies remained unchanged.

The market saw more than 293,083,473 shares transacted, with a total trading valuing Rs 10.541 billion.

It is pertinent to mention here that the Pakistan Muslim League-Nawaz (PML-N) led federal government will present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion, on June 12 (today).

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb will present the budget on the National Assembly floor.

“The budget will be aimed at mitigating the people’s sufferings, transforming the agriculture sector, promoting information technology (IT), and boosting exports,” the government sources said

The government also claimed that in addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures, job creation and people-friendly policies for the socioeconomic prosperity of the country would feature in the budget.

The preparations for the announcement of the federal budget for fiscal year 2024-25 continued in full swing by the prescribed timelines.

The budget is being prepared in close coordination among all the departments and ministries involved in the budget-related events, including the presentation of the budget in the Parliament and the launching of the Economic Survey.