Bulls ruled the Pakistan Stock Exchange (PSX) on Monday, as the market reached a new high by exceeding the 74,000 mark.
The benchmark KSE-100 index rose to 74,086.54 points during intraday trade, up 1,001.04 points, or 1.37%, from the previous close of 73,085.50 points.
Intermarket Securities Director of Research Muhammad Saad Ali stated that the market euphoria was fueled by a generally optimistic International Monetary Fund (IMF) review report released last Friday.
Ali stated that the global lender praised Pakistan's progress toward better macroeconomic stability.
Last week, stocks reached a record high, with the KSE-100 closing above 73,000 for the first time, as investors hailed strong remittance data and a drop in inflation figures.
On Friday, the PSX closed at 73,085.50 points, up 427.45 points, or 0.59%.
Analyst Ahsan Mehanti said, "Stocks closed at an all-time high in the PSX's pre-budget rally after robust data on $2.81 billion remittances surged by 28% year on year in April."