A woman takes pictures of the electronic board displaying data at the Pakistan Stock Exchange in Karachi, on December 21, 2022. — PPI

KARACHI: Just a day after making highest single-day gain, the stock market reached at an all-time high of 77,000 points in intraday trading on Wednesday as it gained over 1,000 points. 

The benchmark KSE-100 gained 1,005.15 or 1.32% to reach at 77,213.31 as compared to Thursday close of 76,208.16 points.

The picture shows KSE-100 graph. — PSX
The picture shows KSE-100 graph. — PSX

Intermarket Securities Director of Research Saad Ali, while speaking to Geo.tv, said that the market has rebounded sharply since the announcement of budget 2024-25 as the feared increase in Capital Gains Tax (CGT) did not come through.

Moreover, the expectations of a revival of talks with the International Monatary Fund (IMF) for a new program have resurfaced which is attributing to the market reacting positively, he added.

A day earlier, the stock market reached an all-time high of 76,208.16 points, showing an unprecedented giant leap of 3,410.73 points or 4.69%.

The budget aims for a modest 3.6% growth, a move seen as a delicate balancing act to satisfy the IMF while addressing the nation’s fiscal challenges with heightened taxation.

It’s been designed to strengthen the case for a new bailout deal from the IMF, as Pakistan seeks an estimated loan ranging from $6 billion to $8 billion, to avert default in an economy growing at the region’s slowest pace.

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