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The Pakistan Stock Exchange (PSX) continued its record-breaking streak as the KSE-100 index surged to an all-time high above 80,000 points in intraday trading on Friday.
This remarkable rally persists despite mounting apprehensions surrounding proposed fiscal measures for the fiscal year 2024-25.
The KSE-100 index soared over 1,200 points to breach the 80,000 milestone, closing at 78,801 the previous day amid bullish market sentiments. Analysts attribute the surge to investor optimism following the government’s progress in finalizing negotiations with the International Monetary Fund (IMF) following the announcement of the 2024-25 budget.
This year’s budget aims to achieve fiscal targets crucial for securing a new IMF bailout deal. Furthermore, recent upbeat assessments from rating agencies such as Fitch and Moody’s have also bolstered market sentiment, contributing to the ongoing rally.
It should be noted that discussions on the budget for 2024-25 are ongoing in parliament, and it is expected that the budget will be passed with several amendments related to taxes.