Stocks witnessed an upwards trajectory on Thursday as the benchmark KSE-100 index reached its all-time high mark of 67,000 during intraday trading.
According to the PSX website, the market open with a positive sentiment backed by several factors and KSE-100 Index was hovering at 67,208.83 as of 12:00 pm, up by 661 points or 0.99%.
Market experts attributed the surge to buying from foreign and local investors driven by positive news on privatisation and the International Monetary Fund (IMF).
Various sectors including automobile assemblers, commercial banks, cement, chemical, oil and gas exploration companies, OMCs, and refineries witnessed buying activity.
The index closed at an all-time high of 67142.12 points, with an increase of 594.34 points or 0.89% high from the previous close of 66547.78 points.
Following a record high closing in mid-December, the index experienced a significant correction, dropping 12.4%.
The recent rebound is attributed to factors such as the conclusion of general elections, expectations for interest rate cuts, anticipation for fresh inflows from the IMF, and government efforts to restructure and privatise Pakistan International Airlines (PIA).
The PIA’s newly formed board approved restructuring plan for debt amounting to Rs 268 billion.
The KSE-100 has gained 25,694 points or 61.98% during the fiscal year and 4,696 points, equivalent to 7.52%, in the ongoing calendar year.
In the broader market, the All-Share index gained 348.68 points to 44,423.80, just below its record high of 44,514.
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