Stocks cross 63,000 level on aggressive buying

KARACHI: Political stability and strong corporate results continued driving bullish sentiments on the stock market as a result the KSE-100 index extended its overnight gains to settle above the 63,000-point level on Monday. Ahsan Mehanti of Arif Habib Corporation said the easing of political noise as was reflected in the smooth election of Punjab and Sindh chief ministers ended the uncertainty to a greater extent bringing about clarity on the formation of federal government in due course of time and bolstering investor confidence. He said the reports that the government was making efforts to secure up to $8 billion in a new IMF bailout package under the Extended Fund Facility (EFF) and climate financing also played a catalyst role in the market’s robust performance. However, the market came under mid-session selling pressure on concerns about the political outcome of the national assembly session convening delays by President Arif Alvi.