The PSX-100 index gained a record 1203 points and crossed the 69,000 benchmark to reach 69620 points at the closing time on the first day of the trading week ahead of the Eid-ul-Fitr holidays.
Islamabad: PSX-100 index hits all-time high record, reaches 69620 benchmark. Experts said progress in PIA privatization along with a likely decrease in interest rates.
Last week, Pakistan’s benchmark stock index hit all-time intraday and closing highs on Thursday, extending a rally following a staff-level agreement with the International Monetary Fund earlier this month to free up more financial aid for the country.
The benchmark KSE-100 (.KSE), opens new tab touched a record high of 67,246.02 points in intraday trade, surpassing its previous high of 67,093.96 touched on Dec. 13, before settling at 67,142.12 – a record closing high.
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“Foreign and local institutions buying amid positive news on privatization and IMF,” Topline Securities’ Mohammed Sohail said.
Overall, the index rose 594.34 points on Thursday, up 0.89% from the previous day’s close.
Pakistan and the IMF reached a staff-level agreement on the second and last review of a nine-month, $3 billion Stand-By Arrangement, which, if cleared by the global lender’s board, will release about $1.1 billion to the struggling South Asian nation.
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Both sides have also spoken about negotiating a longer-term bailout and continuing with necessary policy reforms to rein in deficits, build reserves and manage soaring debt servicing.
Read More: Pakistan Stock Exchange sets a new record as investors see rate cuts
Pakistan’s new government, led by Prime Minister Shehbaz Sharif, has also resolved to follow through with a long delayed privatisation process of loss-making state-owned enterprises that have drained critical funds from the cash-strapped government.
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