The Pakistan Stock Exchange (PSX) saw bullish trading on Thursday, with the index rising by 1.78 percent over the previous close.
After a positive week that saw the index regain some of its lost glory, the index opened at 41,723.32 points.
However, on Thursday, it increased by a total of 743.27 points, breaking through the psychological barrier of 42,000 points and returning to a level where it has not traded since early December 2022.
The index closed at 42,150.10 points on December 2, 2022. On that day, Pakistan was on the verge of paying off a $1 billion Sukuk bond while it awaited the start of the ninth IMF review, which would not begin until the beginning of February 2023.
Optimism took over the market on Thursday as the government suggested that Pakistan was close to passing the ninth review and resuming the loan. Optimism was boosted by the clearance of approximately 2,400 stranded containers at the ports.
However, despite assurances from the government, there was talk of a fuel shortage, which led to the most activity in shares of oil and gas companies.
205 million shares worth approximately Rs11.95 billion are said to be traded on the day.
WorldCall Telecom Limited ((WTL)) saw the most activity, with 35.16 million shares traded and a change in share price of 2.29 percent, or three paisas, to Rs1.34.
Hascol Petroleum Limited (Hascol) came in second, with approximately 25.253 million shares being traded. Its share value increased by 5.06 percent, or 30 paisas, to Rs6.23.
18.218 million shares of the Oil and Gas Development Company (ODGC) were traded, resulting in a price increase of Rs6.17, or 6.18 percent, to Rs105.95.
Tri-Star Mutual Fund Limited (TSMF), whose share price increased by 21.25 percent, or 85 paisas, to Rs4.85, was among the top advancers.
The Universal Insurance Company Limited (UVIC) came in second, with a rise in share price of 20.54 percent, or 68 paisas, to Rs3.99.
With approximately 2.356 million shares traded, Waves Home Appliances Limited (WHALE) saw its share prices rise by 13.64 percent, or about 84 paisas, to Rs7.