Confidence surges as PSX sets new record

The Pakistan Stock Exchange (PSX) rebounded sharply on Tuesday as improved investor sentiment — buoyed by a high-level meeting between business leaders and the army chief — lifted the benchmark KSE-100 index to a new all-time closing high near the 140,000 mark. Ahsan Mehanti of Arif Habib Corporation said the index rallied after Field Marshal Asim Munir assured business leaders of the military’s support for economic progress. The government’s recent success in securing a majority in Senate seats, coupled with speculation over a potential interest rate cut in the upcoming monetary policy and expectations of strong corporate earnings and dividends, further fuelled the bullish momentum. Topline Securities noted that the bulls roared back to life, pushing the benchmark index up by 1,684 points during intraday trading. The index settled at 139,419, reflecting a gain of 1,202 points or 0.87pc by the closing bell.