PSX Witnesses Bullish Trend As KSE-100 Crosses 74,000 Mark

The PSX gained 427.45 points, or 0.59%, to close at 73,085.50 points on Friday.

PSX Witnesses Bullish Trend As KSE-100 Crosses 74,000 Mark

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."