KARACHI: Stocks on Wednesday soared to an all-time high as the benchmark KSE-100 index crossed the 75,000 mark in the early hours of trading on hopes on positive International Monetary Fund (IMF) talks.
During the intraday trading, the Pakistan Stock Exchange (PSX) shot up to 75,115.32 at 10:11am but came below the 74,000-mark.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, told Geo.tv that the market reacted positively due to the optimism regarding the new IMF programme.
Tariq added that the expectations of an interest rate cut in the next monetary policy due to declining inflation is also pushing the market.
A day earlier, the market reached an all-time high as investors bet on a successful outcome from talks with the IMF on a new loan program and hopes of Saudi investment.
The PSX closed at 74,531.19 points by gaining 732.08 points or 0.99% on Tuesday.
More to follow…
