PSX rallies as budget eases tax concerns, geopolitical tensions subside

(Web Desk): Investor confidence rebounded following the approval of the federal budget and the de-escalation of tensions between Iran and Israel, resulting in a strong bullish start to the trading day at the Pakistan Stock Exchange (PSX), where the KSE-100 index recorded a significant surge of 1,600 points.

On Friday, the last session of the trading week witnessed a remarkable rally, with the KSE-100 index gaining 1,582 points, or 1.3%, reaching 123,628 points in the first session. A day earlier, the index had closed at 120,046 points.

This upward momentum followed the approval of the upcoming fiscal year's budget in the National Assembly, which has a total outlay of PKR 17 trillion. The budget avoided aggressive taxation measures and offered modest relief to salaried individuals and businesses, which was well-received by investors.