Stocks hit another high on positive outlook

The stock market resumed its record-setting spree after a two-day break on Thursday as investors continued value-hunting for improved external funding prospects following the signing of an agreement with the International Monetary Fund (IMF). This helped the benchmark index close at an all-time high. Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high as investors weighed Fitch ratings’ projections for a cut in the State Bank of Pakistan’s policy rate to 16pc by the end of 2024 and 14pc by 2025 on slowing inflation, economic expansion of 3.2pc on the back of high agri growth, easing monetary policy, slowing inflation and cut in fiscal deficit to 6.7pc in FY25. He added that the agreement for a $7 bn loan to push for IMF-mandated fiscal reforms played a catalyst role in the bullish close.