ISLAMABAD: The Pakistan Stock Exchange (PSX) on Monday closed at an all-time high of 173,896 points, traders and analysts said, attributing it to investor confidence in a prospective United Arab Emirates (UAE) investment in a Pakistani conglomerate, Fauji Foundation.
The benchmark KSE-100 index gained 1,495.61 points, or 0.87%, to close at 173,896.34, up from the previous close of 172,400.73. The index crossed 174,000 points during intra-day trading, with Pakistan's Finance Adviser Khurram Schehzad calling it a "strong start" to the week.
Ahsan Mehanti, Chief Executive Officer of Arif Habib Commodities, said the government’s deliberation on the privatization of ailing state-owned enterprises, rupee stability, and surging crude oil prices also played a catalytic role in the bullish trend.
"Stocks closed all-time high as investor eye UAE $1 billion rollover liability set to end [by] acquiring shareholding in Fauji Foundation," he told Arab News.
The development came days after Pakistan's Deputy Prime Minister Ishaq Dar said the country was seeking to convert part of its financial support from the UAE into long-term investment to reduce external debt.
