PSX Jumps Over 2,000 Points to Hit New High As Budget Momentum Persists [Updated]

Bulls returned to the Pakistan Stock Exchange (PSX) post-Eid ul Azha with the benchmark KSE-100 index rising more than 2,000 points as momentum from last week’s budget presentation continued to push equities upwards. The KSE100 crossed 78,000 and hit an all-time high level of 78,237 after going up by 1,531 points or 2 percent in the first 90 minutes of trade. At 11:30 AM, it was up 1.94 percent or 1,489 points at 78,196. It closed at 78,801, up by 2,094 points or 2.73 percent. This is the highest-ever close recorded by the benchmark index. PSX has been on the run after the federal government last week decided not to announce any change in treatment of income from Capital gain and dividend to normal tax in the new federal budget. The highest participation was witnessed in Silkbank Limited (PSX: SILK) with over 53.5 million shares traded, followed by K-Electric Limited (PSX: KEL) and Habib Bank Limited (PSX: HBL). The scrips had 23.1 million shares and 20.9 million shares traded, respectively.