With all of its rockets firing, the stock market on Thursday shot up to record highs as investors applauded the federal budget 2024–2025’s status quo on the Capital Gains Tax (CGT).
The benchmark of the Pakistan Stock Exchange (PSX), the KSE-100 Shares Index, saw an incredible enormous leap of 3,410.73 points or 4.69%, the highest-ever single-day increase, to reach an all-time high of 76,208.16 points.
According to Adnan Sheikh, assistant vice president of Pak Kuwait Investment Co., “the market was expecting an increase in capital gains tax and so investors had reduced exposure significantly,” as reported by Reuters.
The market may have a record day following the budget and the central bank’s fall of 150 basis points in the policy rate on Monday, according to Sheikh. “Equities are the best option for the medium term,”
