Stock Market begins fiscal year on a note of confidence

KARACHI: The Pakistan Stock Exchange (PSX) begins the new fiscal year 2024-25 at 78,445 points. Yesterday, President of Pakistan Asif Ali Zardari signed the Finance Bill 2024, effectively implementing the new federal budget from today (July 1).

Fiscal year 2023-24: Pakistan Stock Exchange’s annual overview

While the budget comes with heavy taxes and stringent financial measures, it also brings certainty in future economic direction. This is expected to allow capital market investors to operate with more confidence as well.

Finance Minister Muhammad Aurangzeb, while speaking to media on Sunday, said that the country’s economy is moving towards stability and higher investment, local and foreign, is also expected in the new fiscal year. This is also expected to lend confidence to the stock market participants.