July 01, 2024 (MLN): Pakistan stocks started the first session of the new fiscal year on a positive note, with its key benchmark KSE-100 index gaining 701.28 points or 0.89% to 79,146.24 by 11:00am.
The index was being supported by Commercial Banks (+448.49pts), Power Generation & Distribution (+68.13pts), Inv. Banks / Inv. Cos. / Securities Cos. (+66.02pts), Leather & Tanneries (+48.71pts), and Fertilizer (+38.83pts).
Companies adding points to the index were UBL (+154.41pts), MCB (+76.11pts), DAWH (+66.18pts), HUBC (+56.89pts), and FABL (+53.45pts).
In the broader market, the All-Share index was at 49,951.54 with a net gain of 267.79 points or 0.54%.
In a major development, President Asif Ali Zardari on Sunday accorded his approval to Finance Bill 2024 for the new fiscal year.
The Finance Bill will be effective from July 01, 2024, President Secretariat Press Wing said in a press release on Sunday.
On June 28, the National Assembly passed the Finance Bill, 2024 with certain amendments, adopting the financial proposals for the fiscal year beginning on July 01, 2024.
The KSe-100 Index in fiscal year ending June 2024 climbed 89.2% or 36,992 points to post its biggest yearly gain since FY 2003.
In USD terms, the gauge climbed 94.4% to become the best-performing market among more than 80 global equity indexes tracked by MG Link.
