The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index crossed the 47,000 mark on Thursday for the first time since November 2021.
The benchmark index hit an intra-day high of 47,393.47, before retreated slightly to close at 47,076.99 points, after gaining 394.47 points.
According to Arif Habib Limited, the market has gained 5,624 points (+13.6 percent) since the staff level agreement with the International Monetary Fund (IMF) on June 29.
Commenting on the development, Topline Securities CEO Mohammed Sohail said that the main factors of this rally include the IMF deal, dollar inflows from friendly countries, increasing forex reserves, and falling inflation.
He also mentioned that foreign portfolio investors are back with net buying of close to $18 million in July by foreign corporates.
The development was also shared by Finance Minister Ishaq Dar in a tweet.