An important day for Investors, IMF budget is scheduled to be announced today.
The stock market was sluggish on closing day of trading week as investors awaited the announcement of the government budget for fiscal year 2022-23. The PSX trend has turned positive in the last two days as a result of the pre-budget rally, following an eight-week negative trend.
The national budget, on the other hand, is scheduled to be announced today, and the IMF’s next bailout financing procedure is slated to begin soon. We expect the market to perform better when the budget is released, because bilateral deals with other friendly neighbours will also gain from the budget announcement.
Investors are advised to defer buying rumours and selling news since the optimistic trend in the PSX might be short-lived if crude oil prices continue to climb, which would eventually lead to greater inflation, forcing the government to boost interest rates more, choking stock market growth again. So, till Monday, remain put and hope for the best!
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