ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday lauded the Pakistan Stock Exchange (PSX) for surpassing the significant 119,000-point threshold for the first time, saying the market’s bullish opening session mirrored growing investor confidence.​

The benchmark KSE-100 index soared by over 1,400 points shortly after trading commenced, reaching an all-time high of 119,421.81 points.

The market rally coincides with Sharif’s four-day visit to Saudi Arabia, where he met separately with Crown Prince Mohammed bin Salman and Investment Minister Khalid Al-Falih to discuss strengthening economic cooperation.​

“The positive trajectory in the Pakistan Stock Exchange signifies the increasing trust of traders and investors in the government’s economic policies,” the prime minister said in a statement issued by his office from Jeddah.

“The government is providing all necessary facilities on a priority basis to ensure a conducive environment for business and investment in the country,” he added.

Earlier this month, an International Monetary Fund (IMF) team concluded its review of Pakistan’s economic reforms under a $7 billion loan program.

The international lender described Pakistan’s progress as “strong,” though its mission departed without finalizing the staff-level agreement.

The IMF’s positive assessment, nevertheless, led to bullish sentiment in the market, despite recent upticks in militant violence.​

The ongoing PSX session saw the KSE-100 index dip below its earlier high, trading at 118,526.63 points at the time of filing this report.