Record-setting spree continues at PSX

With continued foreign buying driven by positive economic indicators, the stock market maintained its record-setting spree and closed the session at another highest-ever level despite a significant drop in overall trading volume on Thursday. Ahsan Mehanti of Arif Habib Corporation said a reduction of up to 49 basis points in the yields on different T-bill tenors and the inclusion of the National Bank of Pakistan in MSCI’s Frontier Market Index, raising the country’s weight to 4pc from July 1, encouraged foreign portfolio inflows, taking the index to another record close. Extending the overnight positive momentum, trading began well, but the index couldn’t hold at 75,000 due to profit-taking, according to Topline Securities Ltd.