The benchmark index of the Pakistan Stock Exchange (PSX) surged by more than 300 points during intraday trading, crossing the significant milestone of 74,000 points.
As per data from the PSX website, the KSE-100 index climbed by 534.74 points, or 0.72%, reaching 74,333.85 levels at 11:26am, up from the previous closing level of 73,799.11.
Earlier on Monday, the benchmark index briefly breached the 74,000 mark before retracting below it within an hour. Last week witnessed a notable uptick in PSX shares, with a gain of 427 points, propelling the index to a record high of 73,000 points, driven by optimistic projections of inflation declining at a faster pace than anticipated.
This uptrend coincides with ongoing discussions between the government and the International Monetary Fund (IMF) regarding a new bailout package, which the finance minister hinted would be more substantial than previous ones.
During the initial dialogue session, Pakistan assured the IMF of refraining from borrowing from the central bank and committed to meeting all foreign debt obligations promptly.