KARACHI: The Pakistan Stock Exchange (PSX) crossed the 81,000 mark on aggressive buying by local and foreign investors coupled with institutional support.
The benchmark KSE-100 PSX rose 483.98 points, or 0.6%, to 81,050.18 in intraday trade at 11:40 a.m., up from the previous session’s close of 80,566.20.
Analyst Ahsan Mehanti of Arif Habib Corp said the stock hit an all-time high as investors weighed in on privatization of state-owned enterprises (SOEs) following assurances given by Prime Minister Shehbaz Sharif to hold Pakistan. International Airlines (PIA) August tender.
Mehanti also attributed the gain to the rupee’s recovery against the dollar as well as investors’ hopes for a new International Monetary Fund (IMF) deal.
“The easy interest rates of the SBP (State Bank of Pakistan) acted as a catalyst for the bullish activity on the PSX,” he said.
A day earlier, the stock gained 353.41 points or 0.44% to close at 80,566.21.
