Pakistan stock market soars to all-time high

KARACHI: The Pakistan Stock Exchange (PSX) concluded the trading week on a historic note as the KSE-100 benchmark index soared to an all-time high above 66,000 points, a media outlet reported.

This record closure was boosted by the visit of Caretaker Prime Minister Anwaarul Haq Kakar, who marked the launch of a Rs 30 billion Ijara Sukuk Pak, Express Tribune reported.

The index saw an impressive rise of 4,532 points, or 7.3 percent weekly (WoW), settling at 66,223.63. The notable rise was attributed to the excellent performance of major sectors including banks, fertilizers and exploration and production (E&P).

Throughout the week, bullish sentiments dominated the trading floor, driven by several encouraging factors. These included the anticipation of the International Monetary Fund (IMF) executive board meeting on January 11 for approval of a $700 million loan tranche, the media outlet reported.

The Prime Minister's comments on Pakistan's improving fiscal and external accounts, along with broad participation of foreign investors, high yields and a stable exchange rate, contributed to the index's rapid advance.

The index hit a record high on Monday amid anticipation of a free trade deal with the Gulf Cooperation Council (GCC) and moves to establish a sovereign wealth fund, according to the media report.

The next day, the stock market reached nearly 63,000 points, boosted by a 9 percent month-on-month increase in oil sales and anticipation surrounding the upcoming release of the IMF loan tranche.

On Wednesday, stocks rose to a new high driven by a positive economic outlook and a reduction in external debt, attracting investor interest in specific sectors.

The following day, the PSX broke another record amid heavy trading, with news of a possible Chinese investment worth $1.5 billion in Pakistan Refinery Limited (PRL) inspiring market players to engage in heavy buying. . Additionally, investors were encouraged by the Asian Development Bank's (ADB) project financing of around $650 million for Pakistan.

Friday's extraordinary performance propelled the KSE-100 index to a new all-time high above 66,000 points, with significant strength coming from Prime Minister Kakar's visit for the launch of a Rs 30 billion Ijara Sukuk, reported the media.

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