Bulls dominated the trade floor at the Pakistan Stock Exchange (PSX) as shares reached an all-time high, nearing the barrier of 118,000 points.

The benchmark KSE-100 index climbed 972.93 points, or 0.83 per cent, to stand at 117,974.02 from the last close of 117,001.09 points.

Mohammed Sohail, chief executive of Topline Securities, attributed the bull run to “expectations that government will agree with banks to resolve old circular debt issues that will help listed energy companies”.

The government last week announced it had reached an agreement with banks to extend PHL, a state-owned entity, Rs1.25 trillion in financing at a favourable floating interest rate of Kibor minus 0.90pc per annum.

The move was described as part of a broad strategy to eliminate the circular debt that has plagued Pakistan’s power........

© Dawn Business