KARACHI: A positive review of the economy by the International Monetary Fund (IMF) and progress on the resolution of energy sector circular debt kept equity investors bullish, driving the benchmark KSE 100 index to scale an all-time high near 119,000 in the outgoing week.

The Pakistan Stock Exchange (PSX) continued its northward journey for the sixth week. The index, which reached an intra-week all-time high of 119,406 after opening at 115,958, fell to an intra-week low of 115,883. Ultimately, it closed at 118,442.18, adding 2,906 points or 2.52 per cent week-on-week.

Arif Habib Ltd (AHL) said the market sentiment was supported by expectations of a Staff-Level Agreement (SLA) between Pakistan and IMF following the conclusion of the first review under the $7 billion Extended Fund Facility, which will be a road to disbursement of the second tranche of $1.1bn.

The IMF shared a draft of the Memorandum of Economic and Financial Policies (MEFP ) with the government, signalling progress. Furthermore, the potential resolution of power circular debt fuelled the positive sentiment.

The Fund has given a nod to the government to recalibrate its tax collection target for FY25 to Rs12.35 trillion from Rs12.97tr.........

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