Pakistan's FY27 budget decoded: Market impact, and sector winners and losers

Pakistan has unveiled its FY27 Budget with a total outlay of PKR 18.7 trillion, reflecting a 20% YoY increase, and an FBR tax collection target of PKR 15.3 trillion, up 18% from the revised FY26 estimate. The budget appears to tilt towards growth while maintaining fiscal discipline. In this episode, we break down the key measures, assess whether the budget is market-friendly, analyze its impact on the PSX and major sectors, and discuss the key winners, losers, and investment implications for the economy going forward.