The Pakistan Stock Exchange (PSX) carried its record-breaking momentum into Tuesday, with the KSE-100 index surpassing the 166,000-point mark for the first time in history.

The benchmark index closed the session at 165,493 points, up 1,645 points or 0.66%. During intraday trade, the index surged to a new all-time high of 166,556 points.

Topline Securities reported that strong performances by United Bank Limited (UBL), Habib Bank Limited (HBL), Meezan Bank Limited (MEBL), Bank AL Habib Limited (BAHL), and Engro Corporation (ENGROH) collectively contributed 1,257 points to the index.

However, profit-taking in Fauji Fertilizer Company (FFC), Oil and Gas Development Company (OGDC), and Pakistan State Oil (PSO) trimmed 280 points from the gains.

Investor participation remained robust, with total traded volumes climbing to 1.34 billion shares and overall turnover reaching Rs76.6 billion.

WorldCall Telecom (WTL) led the activity chart with 113 million shares traded.

The rally coincided with the start of negotiations between Pakistan and the International Monetary Fund (IMF) on the second review of the $7 billion Extended Fund Facility (EFF) and the first review of the Resilience and Sustainability Facility (RSF).

The government briefed the IMF on the national fiscal pact, capital market reforms, and measures to ensure transparency in development spending.

Sana Tawfiq, Head of Research at Arif Habib Limited, said that according to media reports, the IMF does not foresee any major economic impact from the recent floods, terming it an encouraging development.

She added that inflation data, due on Wednesday, is expected to remain in single digits, ranging between 5.5% and 6%, despite some increase in food prices.

“It is reassuring that the inflation impact is not as severe as initially feared. Additionally, following the rollover week, a trend of new buying in the market is expected to continue,” she said.

On Monday, the PSX had also experienced strong gains, with the KSE-100 index closing at 163,847 points, up by 1,590 points.