Pakistan Stock Exchange close to hit record level of 74,000 points

The share prices skyrocketed again at Karachi Stock Exchange (PSX) on Monday as Pakistan kickstarted talks with the IMF on a new bailout package worth over Rs6 billion, reported 24NewsHD TV channel.

The benchmark KSE-100 index surged by 717.27 points or 0.97 percent by noon on Monday, tossing the index to 73,802.77 points from the previous close of 73,085.50.

The bourse was nearly 200 points away from shattering the 74,000-point barrier.

Across-the-board buying was witnessed in key sectors including automobile assemblers, construction, chemical, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including Lucky Cement, Engro, PSO, and SNGPL were in the green.

Experts have attributed the bullish trend at the PSX to an expected fall in interest rate and positive momentum in terms of Pakistan’s pursuit of another larger loan programme with the International Monetary Fund (IMF).

During the last week, the PSX had witnessed bullish trend due to fresh buying on expectations of more foreign inflows, and improving economic indicators. The benchmark KSE-100 index surged by 1,183.41 points on week-on-week basis and closed at new highest-ever level of 73,085.50 points.

Reporter Ayaz Rana