Stocks surge past 93,000-point milestone

The Pakistan Stock Exchange (PSX) extended its record-setting spree for the second straight day on improved economic indicators, tossing the benchmark KSE 100 index above 93,000 for the first time supported by rupee stability with rising remittances and SBP forex reserves.

The benchmark KSE-100 index hit an intraday high of 93,514.56 and a low of 92,566.49. However, it settled at 93,291.68 after gaining 771.19 points or 0.83pc day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks hit an all-time high amid bull run in global equities and MSCI revised higher standard index weight at 4.4pc inviting foreign interest.

He added that falling bank lending rates and government bond yields contributed to the bullish spell.

Topline Securities Ltd said the declining yields on fixed income instruments and improvement in macroeconomic indicators continued to garner investor interest. Remittances from overseas Pakistanis surged 24pc year-on-year to $3.052bn in October.