Another bullish week on PSX

KARACHI: The Pakistan Stock Exchange (PSX) maintained its record-breaking spree in the outgoing week, as the benchmark KSE 100 index scaled a new all-time high closing amid a positive economic outlook. Arif Habib Ltd (AHL) said the market maintained its bullish trend driven by promising talks with the IMF on a new loan and the UAE’s commitment to investing $10bn in Pakistan’s promising economic sectors. On the economic front, Pakistan received gross inflows of $171m in Roshan Digital Account (RDA) in April. Moreover, the government raised Rs96.88bn through the PIB auction. The cut-off yield for three-year bonds was reduced by 1bps to 16.64 per cent, for five-year PIBs by 3bps to 15.45pc and for 10-year bonds by 5bps to 14.29pc. The rupee depreciated by 10 paise to 278.3 against the greenback. As a result, the KSE-100 index closed at 75,983 points after gaining 641 points or 0.85pc week-on-week.