KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index crossed the 49,000 mark on Thursday for the first time in six years after gaining more than 500 points.

The index gained 578.13 points from the previous close of 48,764.55 points and stood at 49,342.68 points at 11:40am.

Arif Habib Corporation said that the KSE-100 index had crossed 49,000 points for the first time in six years, adding that the stock market had last achieved this milestone on June 9, 2017.

It further said that the stock market had gained 7,686 points, or 18.5 per cent, since Pakistan had reached a standby agreement with the International Monetary Fund (IMF).

Arif Habib Corporation’s Ahsan Mehanti said that stocks were bullish as investors weighed the easing of inflation to 28.3pc in the first month of the current fiscal and the State Bank of Pakistan’s decision to keep the policy rate unchanged.

“Improved $1.6bn trade deficit data for July 2020, the government’s plan to resolve the gas circular debt crises and higher foreign exchange reserves played a catalyst role,” he said.