Stock market jumps 1,200 points; trading above 80,000 mark

KARACHI: Yesterday (Thursday), the Pakistan Stock Exchange (PSX) opened after long weekend, at Friday’s (June 14) closing of 76,706.77 points.

During the day the index posted over 2,000 points gains to close at 78,801.53 points. The steep growth continued into Friday’s trading session, when by 9:30 AM, the index had already posted over 800 points growth to trade at 79,639.70 points.

Soon after, the index crossed the psychological mark of 80,000 points trading at 80,015.02 points with 1213.49 points gains.

Stock market jumps over 600 points after last week’s historic high

The benchmark KSE-100 index has been posting incredible rally since the announcement of the federal budget FY 2024-25. Last week, the market grew by 3,411 points, marking the largest increase since the International Monetary Fund’s (IMF) bailout package last year.

Investor sentiment was further bolstered by the government’s decision to keep the capital gains tax rate unchanged in the federal budget 2024-24. Prior to this, the KSE-100 index had seen steep downfall owing to the uncertainty related to the budget.