Stocks rally to settle above 44,000 level

Following a tug of war between bulls and bears in the preceding two trading sessions, the bulls established their stronghold at the Pakistan Stock Exchange on Thursday by breaking the psychological barrier of 44,000 points — a feat that the PSX achieved after a gap of almost 56 weeks. Topline Securities said stocks traded on the higher side after the opening bell and stayed in the green territory for most part of the day. The above-44,000-point level may unlock further upside if the stock market stays positive and closes on the higher side on Friday, it added. The reason for optimism going forward is the meeting of the International Monetary Fund, scheduled for July 12, in which the Washington-based lender is expected to give formal approval to a $3 billion Stand-By Arrangement (SBA) signed with Islamabad last week. As a result, the KSE-100 index settled at 44,178.85 points, up 626 points or 1.44pc from the preceding session.