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 10.55 am.
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, digitalization
Rs86.9bn allocated for promotion of remittances
Rs1,400 allocated for PSDP
Rs2,122bn to be provided for defense
Rs839bn for civil administration