PSX crosses 75,000-level on foreign buying

Bulls extended their record-setting spree for a fourth consecutive session on Wednesday, tossing the benchmark KSE 100 index to an intraday record high above 75,000 as foreign investors continued cherry-picking amid an improved economic outlook. Topline Securities Chief Executive Mohammad Sohail said the PSX was experiencing an unprecedented rally, setting new records at a breathtaking pace. “Foreign portfolio investments have flooded in, amounting to an impressive $150 million within a year, marking the largest influx seen in over six years,” he said. “Within just a year, the PSX has surged by nearly 90pc, marking the swiftest recovery witnessed in over two decades,” he added. Mr Sohail said the market witnessed three initial public offerings in a month, establishing another remarkable milestone. Ahsan Mehanti of Arif Habib Corporation attributed the bull run to government plans to sell all state-owned enterprises, structural reforms in the taxation regime, over 2pc year-on-year growth in large-scale manufacturing in March and a slight reduction in profit rates on some national savings schemes kept investors busy in value-hunting across the board.