Bulls toss index above 67,000 on economic optimism

KARACHI: The stock market maintained a bullish trend in the outgoing week due to aggressive value-hunting, propelling the KSE 100-share index to an all-time high, closing above 67,000, on persistent optimism about economic stability, PIA privatisation and expected inflows from the IMF next month after reaching a staff-level agreement. AKD Securities Ltd said the first four sessions cumulatively added around 2,000 points following a slight profit-taking session noted on the last day of the week. Positivity loomed over the successful last review of IMF’s Stand-By Arrangement (SBA) and the government’s steps and commitment to tax-broadening reforms and privatisation of loss-making state-owned entities. In this regard, the federal cabinet gave its approval to the 11-member board of directors of the PIA Holding Company, paving the way for speedy privatisation of the national flag carrier.