In a historic first, PSX breaches 78,000 mark

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PSX booms 78000 point mark cross

The Pakistan Stock Exchange (PSX) reached new peaks as it crossed the 78,000 mark during the intraday trading on Monday.

The benchmark KSE-100 reached an all-time high of 78,115 from the previous close of 77,213.

The KSE-100 index gained 1409 points around 10.55am.

Analysts attributed the upward trajectory to the government’s willingness to unlock a deal with the International Monetary Fund (IMF) after the budget.

Analysts expect the budget for the fiscal year to June 2025 to set ambitious fiscal targets as it looks to strengthen the case for a new bailout deal with the International Monetary Fund (IMF).

Pakistan budget 2024-25

Minister for Finance and Revenue Muhammad Aurangzeb last week presented Pakistan’s budget for the fiscal year 2024-25 with a total outlay of Rs18.877 trillion.

MAJOR POINTS AND ANNOUNCEMENTS

  • GDP growth target set at 3.6pc
  • Inflation rate projected at 12pc
  • Development budget set at Rs1500bn
  • 18pc sales tax on smartphones
  • Reforms to control pension expenditure
  • 101pc increase in development budget
  • Development projects for Azad Kashmir, merged districts
  • 17 major development projects
  • 25pc increase in salaries for BPS1-16
  • 20pc increase in salaries for BPS17-22
  • 15pc increase in pensions for retired employees
  • Minimum monthly wage increased from Rs32,000 to Rs37,000
  • Privatisation top priority
  • Sales tax to be applied to various goods, services
  • 5pc FED proposed on new plots, residential commercial property
  • Establishment of Danish schools in AJK, GB, Balochistan and Islamabad
  • Penalty for selling smuggled cigarettes

MAJOR ALLOCATIONS IN BUDGET 2023-24

  • Rs597 billion allocated for BISP
  • SME credit to be increased to Rs1100bn
  • Rs79bn allocated for IT sector
  • Rs267bn allocated for the energy sector
  • Rs206bn allocated for water resources
  • Rs7bn allocated for FBR reforms, digitalisation
  • Rs86.9bn allocated for promotion of remittances
  • Rs1,400 allocated for PSDP
  • Rs2,122bn to be provided for defence
  • Rs839bn for civil administration


from ARY NEWS https://ift.tt/lqTKPVX

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