Mohsin Siddiqui (Chief Reporter)

KSE-100 index stood at 59,790.71, marking a notable increase of 704.36 points or 1.19%. The market witnessed widespread buying, with key sectors such as automobile assemblers, cement, chemical, oil and gas exploration companies, OMCs, and property trading in positive territory.

In the previous week, the PSX achieved its highest-ever level, closing with substantial gains by the week ending on November 24. The benchmark index experienced a remarkable surge of 2,023.19 points on a week-on-week basis, surpassing the psychological milestone of 59,000 points for the first time in its history, ultimately closing at a record level of 59,086.35 points.

The bullish trend in the stock market follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA). Anticipating approval from the IMF’s executive board in December, the government expects to receive the second tranche of the SBA, opening avenues for inflows from other multilateral and bilateral partners.

Market analysts suggest that the upcoming Monetary Policy Committee (MPC) meeting scheduled for next month (December) may witness a policy rate cut. This potential decision is expected to enhance liquidity at the bourse, contributing to the positive sentiment in the market.