In a historic first, KSE-100 crosses 77,000 points

Source: The News International

KARACHI: Just a day after making highest single-day gain, the stock market reached at an all-time high of 77,000 points in intraday trading on Wednesday as it gained over 1,000 points.

The benchmark KSE-100 gained 1,005.15 or 1.32% to reach at 77,213.31 as compared to Thursday close of 76,208.16 points.

Intermarket Securities Director of Research Saad Ali, while speaking to Geo.tv, said that the market has rebounded sharply since the announcement of budget 2024-25 as the feared increase in Capital Gains Tax (CGT) did not come through.

Moreover, the expectations of a revival of talks with the International Monatary Fund (IMF) for a new program have resurfaced which is attributing to the market reacting positively, he added.

A day earlier, the stock market reached an all-time high of 76,208.16 points, showing an unprecedented giant leap of 3,410.73 points or 4.69%.

The budget aims for a modest 3.6% growth, a move seen as a delicate balancing act to satisfy the IMF while addressing the nation's fiscal challenges with heightened taxation.

It's been designed to strengthen the case for a new bailout deal from the IMF, as Pakistan seeks an estimated loan ranging from $6 billion to $8 billion, to avert default in an economy growing at the region's slowest pace.