Stock Watch: Pakistan market rallies past 90,000 level

After taking a breather in the middle of the week, bulls took the driving seat again taking the KSE-100 index past the 90,000 level to close at yet another record high.

The KSE-100 index closed the week with a gain of 866 points or 0.96% at 90,860. Once again, Oil and Gas Exploration and Banking stocks led the rally. Among individual stocks, investors were bullish on PSO and Sui Northern Gas Pipelines Limited.

While tax collection in October missed the target by PKR 102 billion, Pakistan managed to post a budget surplus in the first quarter of the current fiscal year after a gap of 20 years. This was mainly achieved through a profit of PKR 2.5 trillion by the State Bank of Pakistan.