PSX’s KSE-100 surges past 71,000 level

Stocks at the Pakistan Stock Exchange (PSX) extended their upward trajectory on Monday with the benchmark KSE 100 Index surging past the 71,000 level during the intraday trade. 

As per the PSX website, the market opened on a positive note and the index experienced across-the-board buying in key sectors including oil & gas exploration companies, automobile assemblers, chemical, commercial banks, cement, and OMCs, all were trading in green.

The KSE 100 touched an all-time high level of 71,856 at 02:20 pm with an increase of 945 points. At the day's end, the benchmark index ended the session at 71,433.46 level, up by 523.56 points or 0.74%.   

Over the last year, the market has experienced a 74% surge, with a year-to-date increase of 10.43%.

Pakistan is anticipating positive outcomes from the recent visit of the Finance Minister Muhammad Aurangzeb to the United States where he attended IMF-World Bank Spring Meetings and formally requested for a long-term billion-dollar loan program from the IMF. 

On the local front, Iran’s President Ebrahim Raisi landed in Islamabad on Monday morning and hopes are high in the federal capital for a breakthrough on the long-delayed Iran-Pakistan Gas Pipeline.