Stock brokers hope budget taxation proposals will spare them

The brokers of the Pakistani stock market are optimistic about the budget for the next financial year 2024-25, saying that if no new tax is imposed in the budget, the market will once again be in top gear.

Talking to the 24NewsHD TV channel, the Pakistan Stock Exchange brokers warned of potential inflationary pressures stemming from higher electricity and gas tariffs after an increase in capital gains tax.

PSX Broker Ahsan Mujtaba noted that any additional tax burden would primarily impact non-filers, with GST hikes posing challenges for the general public.

Echoing similar sentiments, broker Javed Khanani highlighted the budgetary difficulties faced by the common man in the upcoming fiscal year.

However, he emphasized that the market could experience a bullish trend if no further tax amendments were introduced.

Meanwhile, stock market broker Amin Yusuf expressed confidence that an increase in capital gains tax wouldn't significantly sway the market but warned of potential inflationary pressures stemming from higher electricity and gas tariffs.