PSX scales new highs on upbeat sentiment

Pakistan Stock Exchange (PSX) on Monday surged to unprecedented highs with the addition of over 700 points and at one stage crossed the 74,000 psychological barrier over optimism surrounding the outcome of loan talks between Pakistan and the International Monetary Fund (IMF). In the morning, the KSE-100 index endured a lacklustre start when the KSE-100 index touched the intra-day low at 73,109.76 points. Despite dropping to the day’s low very soon, the market sentiment gradually shifted towards positive cues, which lifted the index upwards. The positive trend was powered by the government’s discussion on privatising the loss-making state-owned enterprises (SOEs) and the proposed setting of ambitious targets for the Public Sector Development Programme (PSDP) for the next fiscal year.