The benchmark KSE-100 index surged 1,447 points intraday before closing at 118,769, up 795 points (0.67%).

According to Topline Securities, the strong rally was fuelled by aggressive buying from local mutual funds, as investors remained optimistic about an imminent IMF review, which might be completed earlier than expected.

MARI stole the spotlight, posting an impressive Rs7.17 billion in traded value amid speculation over a potential announcement at its emergent board meeting on Friday.

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The market’s upward trend was largely driven by MARI, SYS, FFC, PPL, and HUBC, which added 850 points to the index. However, ENGROH, UBL, and BAHL trimmed 142 points from the gains.

Trading activity remained robust, with 666 million shares exchanged, generating a turnover of Rs38.5 billion. CNERGY dominated the volume charts with 163.9 million shares traded.

Ahsan Mehanti of Arif Habib Corp attributed the rally to strong interest in blue-chip stocks, citing investor confidence in the IMF’s readiness to approve a Rs1.5 trillion circular debt management plan and projections for low inflation in March 2025.

He further noted that government deliberations on privatising state-owned enterprises and expectations of IMF approval for an industrial power tariff cut played a catalyst role in the bullish close at PSX.