A remarkable surge was observed in the Pakistan Stock Market the day after the federal budget was presented, with the KSE-100 Index crossing the 74,000-point mark once again.
On the fourth business day of the week, the stock market exhibited a strong bullish trend, with the benchmark KSE-100 Index rising by 1,909 points.
According to the PSX website, at approximately 10:15 AM, the KSE-100 Index had increased by 1,909 points or 2.62%, reaching 74,707 points, up from the previous day’s close of 72,797 points.
The stock market continued its upward trend, with the 100 Index trading at 74,917 points after an increase of 2,120 points.
It is noteworthy that yesterday, Federal Finance Minister Muhammad Aurangzeb presented the budget for the new fiscal year 2024-25, with a total volume exceeding Rs. 18 trillion. The budget includes a proposed 25% increase in salaries for federal employees and sets the minimum wage for workers at Rs. 37,000. Additionally, Rs. 2,122 billion have been allocated for the country’s defense expenditures.
Meanwhile, the value of the US dollar also increased in the interbank market. On the fourth business day of the week, the dollar’s price in the interbank market rose by 9 paisa, with the dollar trading at Rs. 278.70.
