PkRevenue.com – The Pakistan stock market witnessed a significant rebound on Wednesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) recording an increase of 208 points on the day of the budget presentation.
The KSE-100 index closed at 72,797 points, up from the previous day’s closing of 72,589 points, reflecting a positive sentiment among investors. Analysts at Topline Securities noted that the market started the day on a positive note, with the KSE-100 index reaching an intraday high of 73,169 points (+579 points; up 0.80%) and an intraday low of 72,464 points (-125 points; down by 0.17%) before settling at 72,797 level, marking a gain of 207 points.
The rebound in the Pakistan stock market comes after two consecutive negative sessions. Notable contributors to the positive index included PPL, SYS, ENGRO, POL, and PSO, collectively adding +139 points, while NBP, BAFL, COLG, LUCK, and HMB collectively contributed -110 points to the declining index.
Trading activity remained robust, with over 292 million shares exchanged, totaling a value of Rs 10.5 billion. K-Electric Limited (KEL) led the volume chart, with over 28.4 million shares traded, indicating active participation from investors across various sectors.
The rebound in the stock market on budget day reflects investors’ optimism and confidence in the economic policies outlined in the budget proposal. The budget announcement often serves as a crucial event for investors, as it provides insights into the government’s fiscal priorities, taxation policies, and economic outlook, influencing investment decisions.
Analysts believe that the positive momentum in the stock market following the budget presentation indicates a favorable response from investors to the government’s economic agenda. The market’s resilience and ability to rebound after recent downturns underscore investor confidence in the long-term prospects of the Pakistani economy.
As the budget proposals are scrutinized and their implications are assessed in the coming days, market participants will closely monitor developments and adjust their investment strategies accordingly. The rebound in the stock market serves as a positive indicator for economic stability and growth, reaffirming Pakistan’s position as an attractive destination for investment despite global uncertainties.
