PSX surges past record 60,000 milestone

The benchmark index of the Pakistan Stock Exchange (PSX) continued its bullish run on Tuesday to cross the 60,000 barrier in a record high. At closing, the KSE-100 index’s trade volume increased by 918.92 points, or 1.54 per cent, standing at 60,730.26 from the previous close of 59,811.34. The index reached a high point of 60,845.60 points at 3:30pm, while the lowest was 60,023.8 around 9am. The benchmark KSE-100 index had sustained its rally from the previous week, which analysts had attributed to attractive valuations, corporate profits, reduced economic volatility, and the successful conclusion of a staff-level deal with the International Monetary Fund (IMF). Moreover, experts predicted a continuing positive momentum amid expectations of “peaked out inflation and monetary easing onwards”. Sana Tawfik, deputy head of research at brokerage and investment banking firm Arif Habib Limited, attributed the rally to the International Monetary Fund’s (IMF) inflows expected next month and strong fundamental performances of sectors along with attractive valuations.