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

KARACHI: Pakistan Stock Exchange (PSX) opened after long weekend today, at Friday’s (June 14) closing of 76,706.77 points. The index closed on Friday at a historic high with 498.61 points gain. Soon after opening, the index was seen hovering at 77,384.41 points, showing 677.64 points gains around 10:10 AM.

Major growth came in the benchmark KSE-100 index a day before, when the market grew by 3,411 points, marking the largest increase since the International Monetary Fund’s (IMF) bailout package last year.

PSX ends week with nearly 3,000-point gain

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.

Today, after the weekend and Eid holidays, the index will begin trading once again, with hopes of continued positive momentum.