KARACHI: Pakistan’s financial markets witnessed historic highs on Monday as the Pakistan Stock Exchange (PSX) continued its bullish rally with the benchmark index crossing the 163,000-point mark while gold prices surged to record highs in the domestic market.
The benchmark KSE-100 Index surged over 1,298 points to cross a new milestone of 163,000 points.
According to the PSX website, the market saw robust gains soon after opening on Monday, with the index climbing 747 points by 9:58am to cross the 163,000 level. By 2:54pm, the index had gained 1,324 points, or 0.82 per cent, reaching 163,581.
On Friday, the market had closed at 162,257 points at the end of the previous week.
Following the rise internationally, the domestic market saw the price of gold increase by Rs5,900 per tola, reaching a record Rs403,600.
Similarly, the price of 10 grams of gold surged by Rs5,058, hitting a new all-time high of Rs346,021.
In the global bullion market, the price of gold jumped sharply by $59 per ounce to a new peak of $3,818.
On the other hand, the Federal Board of Revenue (FBR) has dismissed reports circulating on social media about an extension in the deadline for filing income tax returns.
In a statement, the FBR said that some elements even attempted to link the alleged extension to recent floods, but such claims were “baseless and misleading.”
It clarified that the deadline for filing returns would not be extended, and penalties under the law would be imposed on those failing to file by the due date.
The tax authority urged taxpayers to submit their returns before the September 30 deadline, noting that the majority of taxpayers live in areas unaffected by floods and had already been given sufficient time to fulfil their national duty.
The FBR also rejected claims of a slowdown in its IRIS system, saying the platform was fully functional. Taxpayers can file their returns using the new simplified return form, it added.
The FBR further clarified that in case of genuine difficulty, taxpayers may seek a 15-day extension with the approval of the relevant committee, provided that the due tax is paid by September 30.
Earlier, the FBR extended the deadline for filing monthly sales tax and federal excise returns for the tax period of July 2025.