The Pakistan Stock Exchange (PSX) on Monday – the first day of the new fiscal year – rose by 700 points.
The bullish trend is attributed to expectations of lower inflation and approval of IMF tranche on the heels of passage of the tax-laden budget in the National Assembly.
The KSE-100 index climbed 704.08 points and stood at 79,149.04 on Monday morning. It was last closed at 78,444.96 points.
Analysts say there is expectation of lower inflation and approval of loan tranche by the International Monetary Fund (IMF). A team of the IMF is expected to visit Pakistan in the second week of July.