Post-budget PSX picks up steam, market up by 519 points - Hum News

Post-budget PSX picks up steam, market up by 519 points

June 12, 2019

KARACHI: The federal budget and the prime minister’s post-budget speech stimulated traders’ interest as the trading session at the Pakistan Stock Exchange (PSX) started on a positive note on Wednesday.

Bulls dominated stocks with benchmark KSE 100-index gaining 519.94 points or 0.35% to trade at the high of 35,137.56 in the first hour of the trading session.

The market opened on a positive note and maintained the mood in the first half of the trading session. Stocks started out higher on Wednesday morning but gave up gains to trade at the day’s low of 34,617.62 points before the market gained a few points to trade at 34,713.02 points.

A total of 57,631,710 million shares worth Rs2.184 billion traded as the market reacted positively to the federal budget presented a day earlier.

Analysts say that traders’ interest and confidence in the stock market was partly stemmed from the prime minister’s post-budget speech in which he announced that the country has eschewed risks of default on foreign loans and the economy has started improving as several loopholes and structural flaws have been overcome in the first nine months of his government’s tenure.

Prime Minister Imran Khan in his televised speech had said that Pakistan was stable now and the pressure to stabilize the economy has been relieved, vowing to go after thieves who left the country badly in debt.