PSX gains some ground on budget speculation

Despite enduring a lacklustre session, the Pakistan Stock Exchange (PSX) closed higher on Tuesday, driven by speculation ahead of the announcement of federal budget for 2024-25 in the first week of June. The KSE-100 index dipped to the intra-day low of 74,958.09 points in the morning in the absence of major positive triggers. Later, it gradually climbed up along with minor fluctuations. The upward march was fueled by a robust corporate earnings outlook and an upbeat World Bank forecast that put inflation at a lower level in Pakistan at 15% for FY25. Additionally, the current account deficit at just 0.6% of gross domestic product (GDP), rupee stability and foreign investment inflows also aided the market’s growth. As a result, the index crossed the crucial 75,000 mark, reaching its intra-day high of 75,482.46 points. It closed above the 75,000 mark with modest gains.