PSX soars to an all-time high of 67,756 points.

On Wednesday, the Pakistani stock market surged to yet another record high, driven by positive economic data and expectations of monetary easing. Monetary easing is a key driver of economic activity, which is closely linked to business profits.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) surged by an incredible 869.77 points, or 1.30%, to close at 67,756.03.

Following reports of an increase in both domestic and foreign cement dispatches for March, investors poured a lot of cash into the cement and steel industries on Wednesday, making the cyclic sector the star of the show.

Furthermore, the government’s plans to privatize, particularly the plan to sell off some State-Owned Enterprises (SOEs), gave the market hope because it was widely believed that these businesses would become more profitable and efficient under private ownership.

“After strong privatization progress and foreign portfolio investment in government papers, confidence (is) further improving,” stated Mohammed Sohail, CEO of brokerage firm Topline Securities, in a note sent out during intraday trading.

“With expectations of a rate cut in the upcoming months, cement stocks are also in the spotlight,” he stated.

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