Index hits record high on economic optimism

The stock market continued its record-setting streak for the second consecutive session on Thursday, pushing the benchmark KSE 100 index above 118,000. Topline Securities Ltd said the stock market continued its bullish momentum, reaching record-high levels with a record-high trading value in nearly two months. The benchmark index surged to an intraday high of 1,447 at 119,421.81 points before settling at 118,769.77, a rise of 795 points or 0.67pc day-on-day. This strong upward movement was primarily driven by aggressive buying from local mutual funds, as investor confidence remained high on expectations of an imminent IMF review, which might be completed earlier than expected. Mari Energies stole the spotlight, recording a staggering Rs7.17 billion in traded value, as investors speculated on a potential announcement in its emergent board meeting scheduled for Friday.