Bullish momentum persisted at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index crossed the 66,500 level, closing at a new record high with a jump of nearly 1% on Wednesday.
At close, the KSE-100 Index settled at 66,547, an increase of 641 points or 0.97%.
The level surpassed its highest level of 66,427 points, achieved on December 12, 2023. The KSE-100 had earlier found the 66,000 level a significant resistance point.
Buying was witnessed among index-heavy sectors, including cement, commercial banks, oil and gas exploration companies and refineries.
Experts said improved sentiment among investors drove the buying spree.
“Good progress on privatisation and a likely new deal with the International Monetary Fund (IMF) helped the KSE 100 reach its all-time high closing of 66,427,” said Mohammed Sohail, CEO of Topline Securities, in a note.
“Moreover, foreign fund buying, as shown by NCCPL data, also supports share prices, which are trading at an attractive PE of less than 4,” he added.
In a separate development, the Board of Directors (BoD) of Pakistan International Airlines Corporation Limited (PIACL) took a significant step towards privatising the national carrier by approving a Scheme of Arrangement (SoA) in its 83rd meeting.
This decision, aimed at restructuring the airline, was sanctioned along with its ancillary modalities and is set to be filed with the Securities and Exchange Commission of Pakistan (SECP).