Rare Eid eve rally lifts index above 70,000

The rare record-breaking spree continued for the fourth session on the eve of Eidul Fitr, which was supported by two-year high remittances and Saudi Arabia’s commitment to expediting its investment plans in Pakistan, propelling the benchmark KSE 100 index to close at new high above 70,000 level on Tuesday. The Pakistan Stock Exchange (PSX) achieved a remarkable milestone during the outgoing holy month, as it usually sees low volume and lacklustre activities in Ramazan. However, this year, the month proved to be different due to political stability post-election and other developments, tossing the market to new peaks in the last session before Eid holidays. Ahsan Mehanti of Arif Habib Corporation said the equity market settled at a record amid upbeat remittances data rising year-on-year by 16.4pc to $2.95bn in March and affirmation of a $5bn investment package from Saudi Arabia for economic support.