Pakistan Stock Exchange (PSX) on Wednesday witnessed a strong bullish trend as the benchmark KSE-100 Index hit an all-time high following gaining over 2296.25 points.
At 12:10 pm, the stock market was trading at 124,320.69 points with a positive change of 1.88%.
Across-the-board buying momentum was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, and power generation. Index-heavy stocks, including HUBCO, PSO, WAFI, MARI, OGDC, PPL, POL, HBL, MCB, MEBL, and UBL, traded in the green.
It should be noted that the federal government presented the new fiscal year budget in the National Assembly yesterday.
According to economic experts, the reforms in the budget have increased optimism about the country’s economic outlook, thereby boosting investor confidence.
The government has set an inflation target of 7.5% for the next fiscal year. Regarding the fiscal deficit, the government projected a target of 3.9% of the GDP, or Rs5,037 billion, from the outgoing fiscal year’s target of 5.9%. The primary surplus is targeted at 2.4% of the GDP against the budgeted 2% in the current fiscal year, which has been revised to 2.2%.
