The Pakistan Stock Exchange (PSX) continued its record-breaking run as the benchmark KSE-100 Index crossed the 59,000 level for the first time in history on Friday.
At 10:20am, the benchmark index was hovering at 59,474.58 level, an increase of 574.74 points or 0.98%.
Across-the-board buying was witnessed, with index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs and technology and communication trading in the positive zone.
On Thursday, bulls had also maintained their grip on the bourse, as the benchmark index settled at 58,899.84, up by 701.08 points or 1.20%.
The stock market is enjoying a bullish spree after the Pakistani authorities and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA) last week.
Experts said amid the agreement, the market participants are expecting inflows in the coming weeks.
However, foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $217 million on a weekly basis, clocking in at $7.2 billion as of November 17, data released on Thursday showed.
Moreover, experts said that despite record highs, stock valuations remain attractive.
Source: brecorder.com
