Stocks stage 1,000-point rally

After a few sluggish performances, the stock market staged a spectacular rally on Friday on economic optimism, driving the benchmark KSE 100 index close to the 76,000 level as investors remained busy in value-hunting. Speaking to Dawn, Ahsan Mehanti of Arif Habib Corporation credited the pre-budget rally to widespread buying triggered by reports of a significant increase in the PSDP size to Rs1.22 trillion, a GDP growth target of 3.6pc for 2024-25, and the expectation of resolving over $2 billion dues owed to Chinese IPPs during the prime minister’s upcoming visit to Beijing. Mr Ahsan added that the PSX attracted $140m in foreign portfolio investment in the last year, and a favourable foreign policy during the IMF programme had improved investor confidence despite economic challenges.