As the KSE-100 soars above 700 points, bulls rule

ISLAMABAD: Following a week of uncertainty, bulls once more displayed their horns on the trading floor on Friday. Throughout the morning, the KSE-100 of the Pakistan Stock Exchange saw green trading.

The benchmark index increased by 700 points at midday, according to the PSX website, to reach

66,196.74 level, a rise of 1.14%, or 746.56 points.

Index-heavy industries like automakers, cement, commercial banks, fertilizer, oil and gas marketing companies, oil and gas exploration companies, and refineries trading in the green showed widespread buying.

After oscillating in and out of trading on Thursday, the benchmark KSE-100 Index closed at 65,450.19, up 170.03 points or 0.26%.

Experts noted that the momentum coincides with a resurgence of interest from foreign businesses in the nation, raising expectations for higher inflows of foreign currency.

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Experts added that the market is still optimistic despite the International Monetary Fund (IMF) expected to release funds next month.

On January 11, the IMF executive board will convene to discuss final approval for the disbursement of the $700 million tranche from its ongoing loan program to Pakistan.

Aramco, a prominent global integrated energy and chemicals company, has made significant progress towards acquiring a 40% equity stake in Gas & Oil Pakistan Ltd. through the signing of definitive agreements.