Stocks soared to an all-time high, briefly surpassing the 76,000 mark, as investors celebrated progress on a staff-level agreement with the International Monetary Fund (IMF) and a $10 billion investment commitment from the United Arab Emirates (UAE), dealers told Presstonight.
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index rose by 868.56 points, or 1.16 percent, closing at 75,983.04 points. The KSE-30 index climbed by 330.84 points, or 1.37 percent, to 24,444.81 points.
“Stocks reached a record high in the pre-budget rally at PSX, driven by widespread gains following the UAE’s $10 billion investment pledge and a stable rupee amid rising SBP forex reserves,” stated Ahsan Mehanti, an analyst at Arif Habib Corp.
“Expectations of lower SBP policy rates next month, government discussions on privatising state-owned enterprises, and foreign inflows were key factors in the record close,” Mehanti added.
