Stocks post record weekly gains of 7,697 points

Robust economic data amid an easing of political noise, the stock market maintained its record-setting streak by turning in a stellar performance on extensive mutual fund buying that sent the index soaring by a record point-wise weekly gain of 7,697 points in the outgoing week. Arif Habib Ltd said the market surged to a record high of 109,478 points, driven by improved inflation data, which dropped to 4.9pc, the lowest level since April 2018. Additionally, Saudi Arabia extended a $3bn deposit with Pakistan for another year to support its economy, providing further momentum to the index. Furthermore, Pakistan has converted seven out of the 37 MoUs signed with Saudi Arabia into formal contracts worth $560m on Monday. During the week, PSX held an auction of Ijarah Sukuk in which the government raised Rs353bn against a target of Rs500bn. Additionally, petroleum sales clocked in at a 25-month high of 1.58m tonnes, up 15pc, and the total cement despatches were up by 6pc year-on-year to 4.15m tonnes in November.