Pakistan’s benchmark share index closed at a record high of 71,465 points, up 0.8%, after breaching the key 71,000 level on Monday, according to data from the Pakistan Stock Exchange website.

The index hit an intraday high of 71,861 points and has surged 74.3% over the past year and is up 10.5% year-to-date.

Pakistan is aiming to agree on the outline for a new International Monetary Fund loan on May, and “good March quarter dividends are helping share prices which despite rallying are trading at forward looking price-earning ratio of 4,” said Sohail Mohammed, CEO of Karachi based brokerage company, Topline Securities.