KARACHI: As the buying frenzy spurred by the Capital Gains Tax (CGT) hold in the Budget FY25 stuck on promises of an economic turnaround and International Monetary Fund (IMF) rescue, stocks broadened the post-budget rise on Friday, testing a new record high of above 77,000, according to dealers.
But late profit-taking reduced the early gains by almost half.
The benchmark KSE-100 shares index closed at a record 76,706.7 points, up 498.61 points or 0.65%.
The apex index previously broke beyond the 77,000 barrier by increasing by more than 1,000 points during intraday trade.
The KSE-100 increased by 1,005.15 or 1.32% from yesterday’s finish of 76,208.16 points to an all-time high of 77,213.31 at lunchtime.
Speaking to tv, Intermarket Securities Director of Research Saad Ali stated that the market has rebounded sharply since the announcement of the budget 2024-25 as the feared increase in Capital Gains Tax (CGT) did not come through.
Furthermore, the market’s good reaction has revived prospects of a resumption of talks with the IMF for a new program, he continued.
The stock market had an extraordinary massive jump of 3,410.73 points, or 4.69%, the day before, when it hit an all-time high of 76,208.16 points.
