PSX rises on budget approval, IMF deal hopes

Amid optimism for a smooth passage of the budget for fiscal year 2024-25 and a subsequent deal with the International Monetary Fund, the stock market continued its recovery momentum on Thursday. Investors engaged in value-hunting in oil and banking shares, which helped the benchmark index extend its overnight bull run. Ahsan Mehanti of Arif Habib Corporation said the finance minister’s proposal to abolish 15 per cent additional tax on banking profits and the government’s approval of releasing Rs82 billion for Oil and Gas Development Company Ltd and Rs92bn in interest payments in 12 monthly instalments under the circular debt settlement plan drew investors’ interest in the two sectors at attractive valuations.