Intraday: PSX crosses 94,200 points to hit new high as mini-budget fears ease
1. KSE-100 index surged by 865 points, reaching a record high of 94,225 points in intraday trade
Stocks reached a new all-time high on Thursday, surpassing the 94,200-point mark, driven by strong optimism about a smooth economic transition. This surge followed reports that the International Monetary Fund (IMF) is unlikely to require Pakistan to implement a mini-budget.
By 12:22pm, the Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index had risen by 865 points, hitting a record high of 94,225 points.
The IMF mission, after discussions with Pakistani officials, has reportedly approved an increase in the tax-to-GDP ratio by nearly 1.5 percentage points—a notable achievement for Pakistan's Federal Bureau of Revenue (FBR).
This improvement reduces the immediate need for additional tax measures through a supplementary finance bill. It’s important to note that the IMF had previously set a target for Pakistan to raise its tax revenues by 1.5% of GDP in the fiscal year 2024-25, aiming for a total increase of 3% over the course of the 37-month program.
