KSE-100 Index Soars Intriguing Market Trends and Impending Budget Changes
The benchmark KSE-100 Index opened with a bullish trend. At 09:27 am, the index gained 200 points before plunging to the lowest level of 72,993.48 points during the intraday trade.
During the intraday session, the 100-index experienced a negative trend with a high recorded at 73,909.14 points while the lowest was recorded at 72,982.59 points before settling at 73,252.56.
Throughout the day, a total of 433 companies’ shares were traded. Among these, the share prices of 133 companies increased, while those of 240 companies decreased.
The market saw more than 350,721,616 shares transacted, with total trading valuing Rs 10.180 billion.
The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.
The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.
The federal budget 2024-25 will likely get approval from the Senate by June 26. The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on the IMF’s demand.
According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.
The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.
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