The Pakistan Stock Exchange (PSX) experienced a buying frenzy as the benchmark KSE-100 index surged by over 1,500 points during the opening hours of the first trading session following the Eid holidays on Thursday.
The bullish spell is mainly observed in the Banking stocks i.e. UBL, MCB, HBL, BAHL, MEBL stock.
In a key development, Fitch Ratings on Tuesday called Pakistan’s budget for fiscal year 2024-25 “ambitious”, but stressed that it strengthens prospects for a deal with the International Monetary Fund (IMF). “It is uncertain whether fiscal targets will be hit, but even assuming only partial implementation of the budget, we forecast the fiscal deficit will narrow. This should reduce external pressures, albeit at a cost to growth,” it said in the commentary.
