The Pakistan Stock Exchange (PSX) on Wednesday continued its bullish momentum as the benchmark KSE-100 Index hit an all-time high of 117,974 points, gaining 973 points (0.83%) in a single session.

According to a market report by Topline Securities, strong institutional buying pushed the index to an intraday peak of 118,244 points before settling slightly lower.

The rally was led by HUBC, MARI, ENGROH, SYS, and PPL, which collectively added 551 points to the index. However, selling pressure in FFC, EFERT, and POL trimmed gains by 54 points.

Trading activity remained robust, with 543 million shares changing hands, amounting to a turnover of Rs 32 billion. PIBTL emerged as the most traded stock, with 52 million shares exchanged.

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Ahsan Mehanti of Arif Habib Corp attributed the bullish close to optimism surrounding the government’s plan to resolve the Rs 1.5 trillion power sector circular debt.

Reports suggest the International Monetary Fund is conditionally prepared to approve the government’s circular debt management strategy, which includes raising Rs 1.25 trillion through commercial banks.

“Higher global crude oil prices and expectations of an industrial power tariff cut played a catalyst role in today’s bullish close at PSX,” Mehanti added.

On the previous day, the KSE-100 Index had settled above the 117,000 mark, reporting an increase of over 800 points.