Another bullish week on PSX

The Pakistan Stock Exchange (PSX) crossed another milestone of 75,000 as jubilant investors continued value-hunting in the outgoing week amid an improved economic outlook. Arif Habib Ltd (AHL) said the market performed robustly in all five sessions of the week, closing at an all-time high of 75,342 points. The bullish market sentiment was fuelled by optimism surrounding the potential negotiation of a new IMF package. On the economic front, Large-Scale Manufacturing (LSM) output increased by two per cent year-on-year and contracted 9.35pc on month-on-month for March. Furthermore, the country posted a current account surplus of $491m in April. Also, yields in the secondary market witnessed a decline across all the tenors, with a prominent decline of 62bps in 12-month T-bills, in anticipation of a likelihood of a rate cut in the June monetary policy committee meeting.