A day after biggest single-day gains, PSX crosses 77,000 to hit all-time high – Business

The Pakistan Stock Exchange (PSX) on Friday gained more than 1,000 points to hit an all-time high of 77,000, just a day after the trading floor witnessed the biggest single-day gains.

The KSE-100 index gained 1,097.12 points, or 1.44 per cent, to stand at 77,305.28 at 11:04am from the previous close of 76,208.16, the PSX data portal showed.

On Thursday, the benchmark index gained more than 3,400 points in intraday trade, which came a day after the government unveiled the federal budget for the next fiscal year.

The budget cheered investors by avoiding an anticipated increase in capital gains tax, despite an ambitious tax revenue target.

Mohammed Sohail, chief executive of Topline Securities, had attributed the upward trajectory to “no increase in tax on dividend and capital gain [tax] (CGT) for investors in the new budget”.

Raza Jafri, chief executive of EFG Hermes Pakistan, had also highlighted “soft changes to CGT for tax filers, in sharp contrast to the fears in the run-up to the budget”.

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