KARACHI: The Pakistan Stock Exchange (PSX) saw strong buying momentum on Monday, with the benchmark KSE-100 Index closing at a new record high, up by 232 points or 0.24%, at 94,995.67.

The index briefly touched an intra-day high of 95,307.92 before a brief dip pushed it to a low of 94,620.45. However, a strong bull-run in the latter part of the session helped the index close just shy of the 95,000 mark. Investor sentiment was buoyed by positive news from the International Monetary Fund (IMF), which concluded a successful mission to Pakistan on November 15. According to the IMF, the delegation had “constructive discussions” with Pakistani authorities about economic policies aimed at reducing vulnerabilities and fostering sustainable growth.

This contributed to optimism in the market, analysts at Topline Securities said in their post-market report. Notable stocks contributing to the index’s rise included FFC, HBL, PSEL, SNGP, and LUCK, which together added 328 points. Conversely, UBL, EFERT, and HUBC faced some profit-taking, dragging the index down by 164 points. In other positive economic news, Pakistan’s current account recorded a surplus of $349 million in October 2024, reversing a $287 million deficit during the same month last year. Additionally, the country saw a 32.3% growth in Foreign Direct Investment (FDI) during the first four months of FY25, totaling $904.3 million, according to data from the State Bank of Pakistan (SBP). Despite the positive local market performance, global equities were mixed as concerns about US interest rates and potential inflation under a second Trump administration weighed on investor sentiment. Volume on the all-share index declined to 765.21 million shares, from 893.17 million on Friday, with a total value of Rs 23.92 billion traded.