Stocks hit record high on IMF optimism

n a significant development, the Pakistan Stock Exchange (PSX) surged to an all-time high as political calm and anticipation of approval of a $7 billion Extended Fund Facility (EFF) of the International Monetary Fund (IMF) bolstered investor confidence. In the morning, trading got off to a lacklustre start with the KSE-100 index hitting its intra-day low of 81,524.41 points before midday owing to losses in the prior session. However, as the day progressed, investor interest shifted, helping the index climb rapidly. Key factors fueling the bullish momentum included the falling government bond yields amid easing inflation, rising global crude oil prices and a strengthening rupee. The combination of positive economic indicators helped the bourse break through the critical 82,000-point barrier to touch its intra-day high of 82,331.85 towards the close of trading. The market ended near its peak with significant gains.