Pakistan’s benchmark share index closed down 1.4% on Monday, after breaching the resistance level of 73,000 to hit a record high during intraday trade, data from the Pakistan Stock Exchange website showed.

The index has surged 72.9% over the last year and is up 10.88% year-to-date. During early trade, the market market hit 73,300 points before reversing course.

The market had rallied by more than 10% since March, as traders factored in the completion of an ongoing International Monetary Fund (IMF) programme and plans to sign up for a new one.

“Continued dividend announcements in the ongoing results season has kept the local bourse multiples compelling, inviting fresh inflows of late,” Amreen Soorani, head of research at JS Global Capital, said.

Explaining Monday’s sell-off after the peak, he said profit-taking had been expected given the extent of the rally.