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Sunday, July 21, 2024  
14 Muharram 1446  

Shares at PSX gain over 200 points in intraday trade

Benchmark index was trading at 80,055.06 at 11:49am
Screenshot via PSX website
Screenshot via PSX website

Shares at the Pakistan Stock Exchange’s benchmark index gained more than 200 points in the intraday trading as the country seeks a new bailout package from the International Monetary Fund.

According to the PSX website, the KSE-100 index gained 213.5 points, or appreciated by 0.27%, to reach 80,055 levels at 11:49am.

Pakistan is seeking its 24th bailout package from the IMF and the government has warned that the country would continue to take loans if “strategic reforms” were not done.

According to a report, the Fund has proposed a 45 per cent tax on agriculture income. It has set a structural benchmark that requires provincial governments in the country to amend their laws and impose a standard individual income tax rate of up to 45% on agriculture income.

On Wednesday, the profit-taking saw at the PSX as investors chose to capitalise on the market’s strength. The index reached an intraday high of 299 points but later dipped to an intraday low of 830 points before settling at 79,841, reflecting a decline of 1.03%.

Trading activity at the exchange was robust, with 495 million shares changing hands, amounting to a total value of Rs9.77 billion, according to Topline Securities.

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