According to the PSX website, the KSE-100 index gained 350.25 points to reach at 63,353.16 levels at 10:18am.

In a statement, the Tresmark said: “The government, already allocating over 50% of the budget for debt servicing, is grappling with the challenge of curbing this financial bleed. Banks, however, have reaped the benefits, doubling their profits in the calendar year 2023.”

The firm warned that both domestic and foreign investors remain skeptical due to political uncertainties.

“The prevailing high-cost money, characterized by a base rate of 22%, poses challenges in making ventures profitable, reminiscent of the negative economic growth observed in FY23.”